Welcome to this month's blog, where I want to discuss Appraisals and the recent Market Report. Image courtesy of PixabayAppraisals:One of the most challenging stages of Real Estate
Equity and the Seller's Market
Dated: January 17 2021
Has 2021 been good to you so far?
It's just a few weeks into the new year and I'm hopeful that Covid-19 will become less and less of a concern as these next months go by. I know many who are getting the vaccine and am keeping my fingers crossed.
This newsletter is about a week later than I usually get it out, thanks to all of the listings and buyers I'm currently helping... but you won't catch me complaining as it's great to be busy!
Maybe it will slow down a bit around the start of the gardening season so that all my grand plans can still happen this year:)
Let's start with the Dec 2020 Real Estate Numbers:
Images courtesy of Pixabay
Per our Local Realtor association:
Highlights (the highlights are a comparison between December 2019 and December 2020)
- the median detached home price rose 17.3 percent to $265,000
- the average detached home price increased 18.4 percent to $313,254
- the overall inventory of detached homes for sale decreased 56.9 percent to 866.
The following images are snapshots of full reports which can be found directly on the GAAR website:
You can appreciate the prices have been driven up by incredibly low inventory plus high buyer demand and low mortgage interest rates.
There is less than one month of inventory on the market and a balanced market is 6 months of inventory.
It's estimated that about 7 out of 10 home-owners do not know what their home is worth nor how much equity they have.
Without knowing that, they are unclear on how much money they have to put towards another home if they were to sell.
If there's someone who has considered selling and needs help understanding their current equity, I would love to help.
Low interest rates, high rental costs and Covid-created changes in lifestyle mean plenty of buyers looking for their first home or one that meets their new needs.
Low inventory and strong appreciation in home values have created a very strong seller market.
If you have questions and want to discuss your needs, give me a call anytime!
Lydia was born in Canada and spent the majority of her years in Calgary, Alberta working as a Physical Therapist. When Lydia and her husband Kevin chose to relocate to the US and the time came to se....