The real estate market runs in cycles, from periods of unexplainable rapid appreciation to periods of consistent and predictable price escalation, to leveling periods to declining periods. Times of consistent and predictable appreciation is obviously the best time to sell.
A variety of factors to watch are political policies, presidential elections, employment trends, trade and commerce, utility prices, oil and gas prices, dramatic drops in the stock market, terrorism, pandemics, homes for sale inventories on the rise, properties continually being re-listed or on the market for unusually long periods, price reductions becoming more common and frequent, and when bidding wars become more rare than common.
Where does the market stand now? Interest rates are at historic lows. The inventory of homes for sale are down as buyers continue to enter the marketplace. It appears to be a good time for sellers, and a fairly competitive time for the buyers that are out there. For more precise information about your homes value, where the market stands, and any concerns or questions you might have feel free to contact us.
2 Minute Video from Fox Business regarding the Covid Virus and it’s affect on the Real Estate Market
Santa Barbara Homes and Estates
