When the number of homes pending/sold are more than active, it is definitely an active seller's market! When will it slow down? Now that the election is over, do we expect the market to adjust? Perhaps, the market will correct itself once the vaccine is available!
One thing for sure - when interest rates goes up, home price will stabilize! In the meantime, it is very much a seller's market as buyers are taking full advantage of the low interest rates!!!
Here is one additional graph unrelated to real estate. It is interesting to see how there are little correlation between COVID cases and the market!
Sellers, it is still the best time to sell! Call me for a free consultation. With interest rates as low as 2.125% for 15 years fixed and 2.625% for 30 years fixed, the best time is now...
Nick Pham | PN Real Estate Group | 408.425.5304
With the interest rates remain an all time low, it definitely fueled the market in ways most of us couldn't imagine. When most of the small businesses are shutdown, one has to wonder how the market remain so active.
It has been 8 months since most of the country got shut down due to COVID-19. Our local economy seemed to stand still, as all businesses suffered from the Stay In Place order. Our real estate market has on the other hand been extremely active. The number of single family home remains low since through the summer in Santa Clara County. Inventory is typically higher during summer normally, as most families move while school is out.