Now that 2020 is in the past, we look at some highlights in the real estate market. It was by far like nothing Laura has seen in 30 years of working in the business. The housing prices in 20 large American cities rose at a 7.9% yearly pace in October, while prices increased a staggering 8.4% nationwide. These rates represent the fastest growth the market has seen in 6 years and also signal a booming housing market despite the ongoing pandemic (based on reporting from Realtor Magazine and Realtor.com). By December 2020, the number of homes for sale sank to an all-time low, ever. With demand remaining high, homebuyers can expect to compete for their dream home more than they would have just one year ago. We think that if you’re going to be in a home for at least three to five years, it’s always time to buy.
On a positive note, the mortgage rate market continues to be awesome!. According to our partners at Draper & Kramer, purchase loans are closing in 30 days, so if you need a quick close, we along with our mortgage partners can facilitate that. The rate outlook remains stable and is expected to hold these levels over the next few months. So call us to start your search for your dream home on LBI..
In case you are wondering, our new puppy Charlie, that we got from the rescue center called The Animal Alliance, is acclimating very well to his new home. He discovered the LBI beaches recently and now that it is real cold, we wonder what he will think of snow.
Our outlook is always positive, mostly due to Laura’s beautiful demeanor. We have high aspirations that 2021 will bring more health and stability to our community, our nation and the world. Farewell for now.