I Was Kidding, I Don't Have a Crystal Ball
I've given up trying to predict the real estate market because so far all my predictions have been wrong. All I can do is look at the numbers to see what is going on currently. I also like to get different viewpoints on where the SoCal real estate market is headed. Everyone has an opinion. In my opinion, if you need to sell, sell. With low inventory combined with historically, low interest rates (I heard rates may drop to 2% by end of 2020), sellers are getting their target price and above. In other words, home prices are up! Who would've thought in the middle of a global pandemic.
Rent Moratorium is extended to September 30
Around 10% of California renters did not pay their rent in April. 33% of California renters said they had less confidence they could pay their rent in June. 20% of U.S. renters did not pay their rent in May. The California Apartment Association opposes the moratorium, of course. Individual, or mom and pop, landlords are going to suffer the most because they may depend on rental income for expenses. There is a bill proposed that will give California tenants 10 years to pay back past due rent without penalties or fees. Also cities in California are allowed to enact their own tenant eviction protections.
Some Market Details
Median sold price for May year over year is up 27%. Wow! I did a double take on that one. In May 2019, median sold price was $508,000, and in May 2020, median sold price was $540,000.
Median sold price for May year over year is up 31%. Another double take. In May 2019, median sold price was $539,000, and in May 2020, median sold price was $579,000.
Main Steps to Prepare to Sell
It's fairly simple. De-clutter, and de-personalize before putting your home on the market. Show buyers you mean business and are ready to move! This is not a "let's test the market" market. Because of low inventory, buyers are going to respond immediately to a new listing. San Bernardino county has a 2.3 month supply, which is very low, and median days to sell is 23, also very low, compared to 45 days in recent memory.
Rancho Cucamonga has 2.4 month supply, and median days to sell only 19. Upland has 2.5 months supply of inventory, and median days on market 16. Redlands has 2.6 months supply, and median days on market is 22. It truly is a seller's market as of today.
“So, first of all, let me assert my firm belief that the only thing we have to fear is fear itself—nameless, unreasoning, unjustified terror which paralyzes needed efforts to convert retreat into advance.” Franklin D. Roosevelt, speech made in 1933 during the Great Depression
My parents were born during the Great Depression. As I recall hearing the stories, most of the fear revolved around not having enough food, or limited supplies of food, such as sugar (although sugar isn't a food). My mom was very frugal, too much so, I used to think. However, I realize I picked up many of her cost saving ways. I've stretched a dollar or two in my time. Obviously, both of my parents thrived, grew up to meet 20 years or so later, and here I am. Personally, I am not afraid of a virus. I've had a great life. Of course, I want to stick around because I believe there's more in store for me. I'm more afraid of metabolic dysfunction that produces obesity, heart disease, cancer, diabetes, and other inflammatory chronic conditions. Physical, mental and financial health are important to me, and for the people I care about. So although I may seem cavalier, I really do care because I know fear can paralyze.
Other than feeling fear, the other thing, I don't want for my clients, when selling their home, is to get bogged down in the details of selling. That's my job. I'm willing to do whatever makes a seller feel comfortable when selling. I'll personally attend showings, and inspections. I'll make the phone calls for whatever is needed, as well as schedule appointments. I'll even collect and deliver paperwork.
There is only one thing I won't do, and that is entertain fear.
If you are ready to sell in this fast-paced, seller's market, please feel free to contact me! I can be reached at tel 951.491.4063. Pamela Seley, CalBRE Lic #01824145, serving Inland Empire since 2007.
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