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Nice photos but I doubt the agents were happy when they realized they had just worked for nothing!
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It’s a seller’s market and homeowners are holding firm on the price. More than half of about 1,000 real estate professionals recently surveyed believe the biggest challenge that home sellers will face in 2021 is the temptation to overprice their homes due to the hot market conditions.
Nearly 15 percent of real estate pros surveyed also said they were concerned that bidding wars will drive more offers above appraised values in 2021.
The homebuying frenzy since the pandemic, mixed with a low inventory of homes for sale, has placed sellers in the driver’s seat. Home prices have been rising by double-digit percentages annually.
Home Prices, Real Estate
Despite a global pandemic that lingered most of the year, two lockdowns and a struggling economy, California’s housing market closed out 2020 on a high note, recording solid sales and a fifth record-high median price in December, the CALIFORNIA ASSOCIATION OF REALTORS® said.
December home sales ticked up 0.2 percent from 508,820 in November and were up 28 percent from a year ago, when 398,370 homes were sold on an annualized basis. The year-over-year, double-digit sales gain was the fifth consecutive and the largest yearly gain since May 2009. For the year as a whole, annual home sales rose to a preliminary 411,870 closed escrow sales in California, up 3.5 percent from 2019’s pace of 397,960.
“It’s a testament to the strength of the market that even after the pandemic effectively shut down the spring home-buying season in 2020, the market still was able to recover the substantial sales lost in the first half of the year and even top 2019’s levels,” said C.A.R. President Dave Walsh, vice president and manager of the Compass San Jose office. “With mortgage rates expected to stay near the lowest in history, demand for homeownership will continue to be strong, so home sales should remain elevated into the first half of 2021, as motivated buyers take advantage of the increased purchasing power.”
Home Prices, Real Estate
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