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The 2021 Forecast: A hot year for housing

The 2021 Forecast: A hot year for housing

The year 2020 was going to be one of the hottest years on record for the U.S. economy. That all came to an abrupt halt in March due to Coronavirus Pandemic.

With a national emergency and stay-at-home orders across the country, the U.S. was thrown into a recession. Yet, this was not like any other recession.

Recessions are typically caused by one sector of the economy dramatically turning negative, which pulls down the entire country to negative territory.

This time it was a forced shutdown of the economy to save lives from a once-in-a-lifetime pandemic.

Every economic chart was impacted, from consumption to unemployment to equities, nothing was spared.

The Federal Reserve did everything in their power to mitigate the damage to the economy, and Washington, D.C. provided major relief packages to aid the unemployed and small business owners.

The GDP had its worst quarter over quarter reading in the history of the U.S. during the second quarter, followed by the best quarter over quarter reading during the third quarter.

The economy has dramatically improved, but there is still a long way to go.

It will take a bit more time due to the slow rollout of the recently approved vaccines. The low interest rate environment will continue and will be a tailwind that will not only aid the recovery to the economy, but it will also continue to fuel the incredible run on housing in 2021.

As a result, the local housing market is going to be HOT in 2021. Bottom line, 2021 will continue where the second half of 2020 left off, HOT.

It will be a hot seller’s market from the start of the year through the summer market. Multiple offers and bidding wars will be the norm for home priced below $1.25 million. Once again, the market will heavily favor sellers.

Buyers will have to pack their patience to isolate their piece of the American Dream and take advantage of record low mortgage rates.

From mid-August on, the beginning of the autumn market, housing will evolve into a slight seller’s market, where sellers still get to call more of the shots, but home values do not change as much.

Buyers will be willing to stretch prices from January through July, if sellers do not over-price, but cautiously pricing will be even more important during the second half of the year.

Realtor Redux: An Inspired Improvement in Tustin

Realtor Redux: An Inspired Improvement in Tustin

When a past client from nearly 10 years ago contacted us to assist with the sale of his home in Tustin, we were thrilled to be trusted and for his loyalty.

He acknowledged that the home could stand for a bit of inspired improvement, and Martina was just the person to coordinate our efforts and oversee those improvements.

Due to the seller’s out of state moving schedule, we started the redux on the exterior of the home beginning with major growth and shrub removal from the backyard.

This was an impactful change as the yard had become overgrown and neglected, the owner liked the way the prior growth provided privacy for him but we knew it needed to be cleaned up to best show the size of the yard, and to allow more light into the home.

The client was entirely open to our ideas and suggestions and the work proceeded. The entire exterior of the home was repainted as well, but prior to the paint termite and wood rot repairs were completed.

Once the client moved out of the home, we were able to finish the interior improvements within three weeks’ time, which included: interior paint, new carpet, select lighting, mirror and faucet replacements and a deep cleaning of the home and windows.

Once ready for customized staging, Martina completed that task beautifully and made the home both feel more welcoming and feel much more modern than its 1968 age would normally show.

We completed the Redux by hiring our professional photographer to take beautiful photo and to complete a Matterport virtual tour.

Will our inspired improvements be enough to inspire a buyer to make an offer? Check back with us for the outcome of this significant Redux.

Video: Fourth Quarter Real Estate Market Update

We wanted to share an update with homeowners like you on the current market conditions in your neighborhood.

Despite the challenges of coronavirus, and perhaps because of them, we've witnessed an unprecedented year for real estate 2020 driven by strong buyer demand. We've had multiple offers on many of our listings.

We endeavor to be experts in the presentation aspects of a home because it has been demonstrated time and again that key investments can trigger the attention of home buyers and produce higher returns in fewer days on market.

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Company License #01272441

Company License #01272441

DRE #01189723 (Martina Bobbett)
DRE #01272441 (James Bobbett)