No one can deny that 2020 caught everyone off guard. We could not have anticipated all the struggles and turmoil that the Novel Coronavirus has caused.
So what can we expect from 2021?
Here are some important changes that will help buyers and sellers:
1) Proposition 19 allows sellers to keep their existing tax rate when they sell and move to other counties.
2) Fanny Mae and Freddy Mac raises conforming loan limits to $822,375, almost a $60k increase over last year’s limits.
In our Westside market, we have seen some jaw dropping activity. The average price per foot from January to the beginning of June was $679/ft and we were averaging about 5 sales a month. From June until the beginning of December 2020 our price per square foot was $719 and we averaged over 30 homes per month sold. That’s 6 times the volume of homes sold and over a 5% increase in price per square foot. This trend is expected to continue in 2021. Many factors influence this prediction, such as the buyers from the Peninsula and SF who want larger lots and more space than their current high density living conditions, interest rates remain at an all time low, and there is a higher demand for families needing home office space or remote learning space and our Westside homes offer the opportunity for this with large lots and spacious ranchers.
We have also seen a large exodus of families leaving California. Factors that are influencing this trend are lower cost of living in other states, ability to work remotely versus living within commute distance to work, and selling their home for all time high prices.
I am hopeful that all of you will stay healthy and safe in 2021. We are a wonderful community made up of people who care and support each other. I am grateful to be part of this awesome place we all call home. If you are thinking of moving, it is still a great time to take advantage of a healthy market. If you are thinking of buying, our current low interest rates will give you the most buying power in the last 40 years. Call me to help you navigate this special time in our real estate market. My 30 years selling experience is needed to help you find your next dream home.
By Janice Jordan, Compass, Resident since 1998
Janice Jordan is a third generation real estate expert. She has lived in Danville for over twenty years. In her spare time Janice loves to hang out with her daughter Jenna and go on outdoor adventures of all kinds.