July 2021 Real Estate News Letter
Outside temps just as hot as the real estate market.
WOW!!! As of the writing of this newsletter (6-28-2021) we have had a year over year home price increase of over 23%. I’m not sure home prices will continue to rise at this pace but the demand is still high AND the interest rates are still low. So, as the economy continues to improve, this might go on for a number of years… just probably not at 23% a year.
Another telling statistic is the ‘Sale price to original List price ratio’. A year ago, it was 98.4%. Today, it is 103.1%. This ratio represents how close to the actual listed price the home sold for. So, a year ago, the average was just below 100% and now, it’s over 100%. Meaning… multiple offers are driving the prices up.
REAL TIME DATA
We had 2 homes that just closed escrow (Last week). One was listed at $325,000.00 and closed at $345,000.00 and the other one was listed at $389,000.00 and closed at $420.000.00. The $420,000.00 home received 23 offers in 3 days. Like all of our homes, we priced this one aggressively, and (as we monitored the market) were hoping for $399,00.00. Multiple offers bid up the price. Then, it was up to me (and our staff) to help get the appraisal to come in at the agreed upon sale price… and it did. This home was clean, well upgraded, AND… it had a POOL!!
Strange thing, there was another home (VERY SIMILAR) that was in escrow (under contract, not mine) while we were marketing the $420k home… and it closed at $385,000.00. Yes, we get more for our home sellers because we have a PROVEN METHOD, tried and true. Been using it for 25 years.
If you have any questions regarding this or any other real estate matter, feel free to call, text or email me AND, Especially call, text or email me if you know someone that is thinking about SELLING or Buying… and We’ll take EXCELLENT care of them. By continuing to do business by referral, we can continue to give the Highest Quality of Service.
Take care, be safe out there and have a GREAT DAY!