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Open House tips

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Eventually, open houses will return and, while online tours are convenient, there’s nothing like actually stepping inside a real house to get a feel for what it’s all about. If you’re a first-time buyer, here are a few things to remember:

  • Before you rush inside, take a good long look from the curb. How does the roof look? And the siding? Any standing water? All of these can be signs of trouble if something doesn’t look right.
  • These days staging is very common so it’s important to look beyond – and sometimes behind – the props. Cracks in the ceiling? Stains or signs of mold? Uneven floor? Take your time.
  • If the house has a basement, this can tell you plenty about the overall health of the house. Foundation cracks? Dampness after a good rain?

Make note of any irregularities and compare notes with a home inspector before you buy. You’ll be glad you did.

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Yet another 2021 forecast

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We’ve looked at 2021 real estate forecasts from Zillow and Bay Area realtors, here are more trends to expect in 2021.

  • Space will remain crucial: Remote working is here to stay – at least on some level – and the ability to work from home will continue to be important. And this means having space.
  • Don’t expect open houses any time soon: Not having open houses have not had an adverse effect from a seller’s point-of-view. The trend toward virtual tours will continue.
  • A good time to buy a condo: Prices are currently at 2018 levels and some analysts expect then to decrease even more. Eventually, they will bottom out and start to rise so now maybe a good time to buy.
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Bay Area realtors 2021 forecast

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A recent article in the San Francisco Chronicle offered a roundup of 2021 housing market predictions by several Bay Area realtors. Highlights include:

  • All see a robust market in 2021 as the pandemic winds down, the economy rebounds, and interest rates remain super low.
  • Demand for spacious single-family homes will remain very high as many employees continue to work remotely.
  • The condo market will rebound as some workers return to the city
  • Overall optimism will increase as the future looks brighter.
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Zillow 2021 Predictions

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Zillow’s 2021 housing predictions are out and some of the more interesting ones include:

  • Spring 2021 will be one of the hottest real estate seasons in memory as vaccines continue to roll out, local economies and schools begin opening back up, and a growing concern over higher mortgage rates in the fall.
  • Advances in technology and a growing comfort in shopping from home will lessen the traditional seasonality of house buying.
  • Home sales growth will be the largest since the 1980s as they expect a 21.9 percent growth rate and a total of 6.9 million homes sold.
  • Rent prices will increase as there will be fewer concessions from landloards.
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Bay Area sales to continue strong

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Real estate analysts expect demand – and sales – for Bay Area homes to remain strong throughout 2021. Demand is expected to increase as (hopefully) the pandemic winds down and prices are expected to rise as well although probably at less than the 5 percent rate predicted nationally.

Experts expect the outwork migration from major cities to continue as remote work becomes more commonplace. Interest rates are expected to remain around 3 percent for the foreseeable future.

Analysts are concerned over the Bay Area’s housing deficit as inventory remains low and new construction is limited by increased construction costs.

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Multigenerational homes increasing

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according to data provided by the National Association of Realtors, families are combining financial resources and purchasing homes that can accommodate multi-generations under one roof. Since the start of the pandemic, approximately 16 percent of home buyers have purchased multigenerational homes, compared with 11 percent the previous year.

in many cases, older parents are moving in as well as younger adults.

Unfortunately, homebuilders have not been able to keep up with the demand. Inventory remains low and builders continue to struggle with a shortage of labor, building materials, and available lots.

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Cash sales increasing

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According to realtor.com, all-cash real estate deals are increasing, and now constitute approximately 36 percent of transactions in certain U.S. markets, particularly the Northeast, the West, and Florida.

The highest percentage of these deals are for homes priced $100,000 or less followed by those from $100,000 to $200,000. This means that first-time homebuyers are being affected the most as these are the most affordable homes on the market.

Analysts agree that investors are most likely to use cash.

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Housing market 2021: Another forecast

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Another housing market forecast for 2020:

With low inventory and (relatively) strong demand, home prices will continue to increase. September 2020 saw an 11 percent increase over the previous year while inventory decreased 39 percent year-over-year. The suburbs and smaller towns will continue to draw interest as working remotely continues and, with it, the need for additional space.

There is some optimism in housing starts but this will undoubtedly depend on the economy and, of course, the pandemic.

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Condo sales increasing

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As many homebuyers look to upsize as a result of remote working arrangements or move to the suburbs or more isolated towns, some are finding they are being priced out of single-family homes as prices increase due to low inventory. The next best thing: affordable condos.

As the average single-family home s the U.S. costs $58,000 more than the average condo, more and more families are looking at condos.

Condo sales fell more than 50% in the spring and many are currently heavily discounted. October saw sales increase nearly 23 percent compared to 2019 so this is clearly a growing rend.

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Advantages and disadvantages of buying during Covid-19

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We’ve discussed buying a home during the holidays; let’s take a closer look at the general advantages and disadvantages of buying during the current pandemic.
Advantages:

  • Histroic low interest rates: With no end of the pandemic in sight, interest rates are expected to remain low for the forseeable future.
  • Low competition: Between Covid-19 and the economic downturn, there are less people looking to buy or sell. Once the crisis passes, house hunters will be out in full force. If you’re able, this might be a golden opportunity to buy.
  • Finding a good real estate agent: Again, with less competition, you should be able to find an agent who knows the market and is willing to spend time with you.
  • Appreication: As housing supply remains low and new construction is limited, if you’re able to buy now, your home will doubtless increase in value as the world returns to normal.

Disadvantages:

  • Economic uncertainty: Would-be buyers need to be as sure as possible that their employment siutation is secure.
  • Buying sight unseen: Some buyers are so eager to purchase a new home that they’re buying a property without actually visiting it. Are you willing to take that risk?
  • Project delays: Delays are bound to happen from inspections to financial arrangements. Are you able to cope with the inevitable slowdowns?
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