Shifting real estate market during Covid-19
Roseville,CA- The Sacramento real estate market changed when the coronavirus stay-at-home order was issued. The number of listing coming on the market dropped and agents were told they could not hold an open house. In addition, COVID guidelines were issued for all showings. This and the unknown nature of the pandemic caused the market to slow down.
Today, the market has changed again. The number of listings and sales are increasing. Over the past month we are seeing both buyers and sellers becoming more comfortable dealing with the COVID restrictions and the housing market. Sellers seem to require a stronger reason to sell than buyers who want to purchase.
In addition to the growing number of buyers and sellers, we are now seeing a dramatic increase in competition. Almost every buyer we have worked with since May has been faced with multiple offer situation. We had a well-qualified couple make five offers before they finally had one accepted. Buyers can’t make low offers or ask for large credits when most sellers have multiple offers to choose from. We have learned to make our offers stand out.
The reason for the market favoring sellers is because there are more buyers entering the market. We are seeing buyers who currently live in small home but now want to buy a bigger property because they are working from home and have children who are in distance learning and not going to school. In addition, we are having more residents from the Bay Area wanting to buy in our area because the cost of homes is lower. Many of these buyers are now able to work from home and now can live further away from their jobs. With the increase in buyers outpacing new listings it is putting upward pressure on prices and making our housing market competitive.
Julie Jalone – Magnum One Realty
If you have questions about the current market or a homeowner considering selling and have questions, please feel free to contact me. I can be reached at the MagnumOne Realty office in Roseville (916) 899-6571 or by email to email@example.com (DRE# 01418097)