First of all, during this crazy Holiday season, I want to wish you the warmest Holiday wishes! While we can’t be with all of our loved ones or do many of the things we love, I hope you’re able to find some joy, even if that is just in knowing that 2020 is almost over!!
In other news (or as a distraction), I’m excited to share this market report with you. Even I was surprised when I pulled the data! I encourage you to skim the data, but here’s the TL;DR:
California Leads the Way
Despite everything we’ve been through and what the media says about everyone “bailing from California,” CA markets are actually leading the way nationally, particularly at the higher end of the market (above $2M). In fact, the amount of home equity in CA is outpacing the rest of the country.
Prime Opportunity for First Time Home Buyers
That said, San Francisco prices are down slightly. AKA: First time home buyers who have been priced out for so long may now be priced in over the next ~3 quarters. (Exactly how long will, of course, depend on the vaccine rollout.) Plus, with conforming loan limits increasing in 2021, you can get loans with less money down. In addition, buyers can have extra leverage. I’m getting many offers accepted with contingencies, giving buyers more breathing room when making such a big decision.
People are Wearing Pants Again
Yes, you heard that right…people are wearing pants again! Apparel stocks (which are an indicator of the economy that we keep an eye on) are on the rise.
Stay well. Stay safe. Happy Holidays!
P.S. Reach out if you’re curious about how to still *safely* see homes during this time.
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