Where Is Our Real Estate Market Heading?

With the current surge in home prices and the median price for a residential property now at the all-time high of $377,000, along with historically low interest rates and current residential inventory hitting the lowest level that I have ever recorded at 291, our market remains a sellers market in the new year. There are however some possibilities with a new administration impact our local Real Estate Market. A looming threat of continuing increases to our national debt could cause increases to our personal taxes. A sluggish economy could also see a reduction in the number of home buyers. What can savvy buyers be doing right now? Get pre-approved early, hire a good agent to do the leg work for you, and when you see a buying opportunity act quickly in order to avoid being put in a bidding war. If your a seller, get your home ready to go on the market now, don’t wait until spring. Price it correctly. Don’t wait, all markets can change very quickly. No market can continue to go up indefinitely. Good luck to all , and may 2021 be far better year for everyone.