Posted on Dec 2, 2020
Here are some of the figures and facts behind our real estate market.
Today we’re talking about our current crazy seller’s market, what’s causing it, and how you can take advantage of it.
Mortgage interest rates have significantly shifted in the last year. They’re down from 3.75% to 2.75% on average. This makes a tremendous difference in terms of affordability. For example, the monthly payment on a $750,000 house with 20% down decreases by 10% with just a 1% drop in interest rates.
In Southern Solano County, the average number of homes for sale has decreased by 50% from October 2019 to October 2020. With an increase in demand and decrease in supply, the value of your home is going up. The price per square foot in Southern Solano County is up by 6%.
“In Central Costa County, the average price is up 13% from 2019.”
In Central Contra Costa County, the same data trends emerge. A huge decrease in the supply of homes year over year and an increase in demand has led to a 13% increase in the price for the average single-family home.
All of this means it’s an absolutely wonderful time to get your home on the market. We’d be happy to share even more data with you. If you have any specific questions or just need some advice based on the numbers, don’t hesitate to reach out via phone or email. We look forward to hearing from you.