December Market Update and "Coats for Kids" Charity Drive
Hello and Happy December! It's hard to believe we are already here and yet we have all faced an unprecedented year both professionally and personally. I hope this blog finds you and your family safe and healthy.
The Real Estate Market has seen skyrocketing home values, bidding wars, and extremely low inventory. It’s a difficult time for buyers. Today, most are having to spend a lot more cash in order to buy the home of their dreams. Gone are the days of low priced offers and seller concessions. First Time Home Buyers are trying to cope with the extreme competition, a mindset of submitting an offer over asking price, waiving appraisal, or how to “sweeten” it enough that a seller will still chip in with closing cost assistance. Even experienced buyers are struggling with the shift in perspective and what it takes to win a home in today’s market. This is the ultimate time for sellers as they get to call the shots. Homes are selling at or above asking price in hours with many seeing over 20 offers per home in prices under $300,000. Even the luxury market is moving swiftly with homes moving in 30-40 days in most of the valley. Rent prices are also soaring with the average rent across the valley at $1700 a month, investments are seeing high returns and low interest rates are pushing renters to work hard to buy a home instead of rent.
So what is driving this madness?
A shift in home owner’s perspective’s on what home ownership is combined with low interest rates. People want a place to call home that is safe and quiet. Home has taken on a new term as it also resides the classroom and workplace. Some are downsizing and spending most of their days on the road since work and school can be done remotely from anywhere. Others are finding that their current environment isn’t suitable to their new lifestyle and are making the rush to change this as swiftly as possible so they can have some security and peace. Large urban areas with higher taxes are no longer the place to be, and we are seeing an influx of new Phoenicians come from New York and California seeking a new way of life. As 2021 approaches, we expect to see this trend continue in the first few months of the year as shutdowns continue across the country.
Despite a tumultuous year, I have had a record breaking 2020 and I am grateful for your support and referrals as we close out the year. As most of you know, giving back is my primary goal and in 2020 I have donated over $3,500 to the Tour De Force Charities, hosted a successful food drive for St Mary’s Food Bank, and I am currently hosting a Coats for Kids Drive in partnership with UMOM. If you have any gently used coats that you don’t need, please respond to this email and I will coordinate to pick them up so we can give them to homeless kids at the UMOM shelters around the valley. So far I have collected over 200 coats and hope to have a coat for all of the kids across the valley that are residing in the shelter. Here is our flier:
Wishing you a Safe and Healthy Holidays. If you have any real estate related questions or needs, don’t hesitate to reach out.
Love and Hugs,
Lindsay
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