Why do home prices continue to increase during a pandemic?
As more and more people work from home folks are looking for a larger home to purchase with a home office, home schooling area or space for a new home based business. This has brough a high demand for buyer’s looking to upgrade to a larger home along with historiclly low interest rates. First time home buyers are jumping into the market with a low down payment and taking advantage of low interest rates as well. However, Buyer’s are experiencing less homes on the market, multiple offers and often homes selling for thousands of dollars above the asking price.
At the same time Seller’s are taking advantage of refinancing to reducing their mortgage payment at those same low interest rates rather than selling their home which is bringing a supply and demand issue to our housing market.
What are you experiencing with our housing market? I would love to hear about it. Let’s talk when you have time and discuss any challenges you may be experiencing with home buying or selling.
Wondering what your home is worth in todays market? Go to JoAnnDickinsonHomes.com and see what your home is worth in todays market.
Huntington Beach Median Home Sales
- Median List Price$985K
- Avg. Sale / List99.0%
- Median List $/Sq Ft$566
- Avg. Number of Offers3
- Median Sale Price$925K
- Avg. Down Payment43.3%
- Median Sale $/Sq Ft$534
- Number of Homes Sold161
Irvine Median Home Sales
- Median List Price$979K
- Avg. Sale / List99.4%
- Median List $/Sq Ft$508
- Avg. Number of Offers6
- Median Sale Price$901K
- Avg. Down Payment38.1%
- Median Sale $/Sq Ft$492
- Number of Homes Sold228
