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Why Should You Hire a Realtor
Buying or Selling a home can be an overwhelming process. From financing to negotiating offers to closing, there are a lot of moving pieces that can leave home sellers and prospective buyers bewildered. I can help guide you through each step of the process, offering sound advice along the way.
Here are some of the key areas that I can help you with do during the process.
Getting pre-approved by a lender: Your real estate agent can assist you in getting pre-approved by a reputable lender. The lender will then go over your financing options, what monthly payment amount you can afford, and what you can expect for down payment requirements and closing costs.
Choosing a home: For most buyers, choosing a home is an emotional process. An agent can assist you in this process by offering objective information about each property you look at. From local community information like schools and zoning to home-specific details like condition and amenities, an agent can help you find exactly what you’re looking for.
Making an offer: Once you’ve found the home of your dreams, an agent will research recent comparable sales of similar homes in the area to help determine a fair selling price. Based on those comparable sales, as well as other factors like inspections and repairs, an agent will then help you structure an offer and negotiate to get the very best deal possible.
Closing: Closing or settlement, can be a complicated process. In some areas, the escrow or title company handles the closing process, while in other areas an attorney handles it. Regardless of where you’re buying, a real estate agent can help ensure that everything goes smoothly.
Search for Your New Home
You will say WOW from the curb to the back yard and every inch between! Set well back from the quiet street with a private gated courtyard, the home has a distinct execut...
- 4 Beds
- 3 Baths
- SW21046403 MLS
- Coming Soon Status
Great opportunity to own a cozy, single-story home in the heart of Murrieta! From the entryway, you are greeted by a large and open family room & kitchen. This space is b...
- 3 Beds
- 2 Baths
- SW21046357 MLS
- Coming Soon Status
A World Class Equestrian Ranch in the heart of Temecula Wine Country. The exceptional amenities are sure to satisfy the demands of all levels of equestrian activities. 12...
- 6 Beds
- 8 Baths
- 21701058 MLS
- Active Status
An impressive upgraded home located on a corner lot and cul de sac street in the coveted Paseo Del Sol community! This home shows like a model home with its wood flooring...
- 5 Beds
- 3 Baths
- SW21043446 MLS
- Active Status
Imagine living in a "staycation" everyday in the beautiful Chardonnay Hills Community. This 4 bedroom, 3 bath home with a bonus room can be yours. This home was built w...
- 4 Beds
- 3 Baths
- SW21045459 MLS
- Active Status
STUNNING PRIVATE ESTATE in the PRESTIGIOUS gated community THE RESERVE - Sprawling 5,543 sq ft SINGLE STORY POOL HOME on approximately 2.50 acres with private gated entry...
- 4 Beds
- 5 Baths
- SW21044932 MLS
- Active Status
WELCOME!!!! This two-story HOME is located in the beautiful Addison Pointe community by Express Homes by D.R. Horton. THIS HOME HAS SO MANY UNIQUE FEATURES! DON'T LET ME ...
- 5 Beds
- 3 Baths
- IG21046078 MLS
- Active Status
*** Tenant occupied. Buyer to assume current lease agreement. *** This spectacular 4 bedroom / 3 bathroom home in West Murrieta features a custom sparkling pool with a w...
- 4 Beds
- 3 Baths
- OC21045977 MLS
- Active Status
ABSOLUTELY BEAUTIFUL 5 Bedroom Home in the highly desired area of West Murrieta! Beauty Abounds in this spacious home. Grand Entry with Formal Living and Dining Room, Fam...
- 5 Beds
- 3 Baths
- SW21045960 MLS
- Active Status
PAID OFF SOLAR included. TESLA charging station included. Beautiful 5 bedroom home with extra loft area with formal dining room and living room with an outstanding butler...
- 5 Beds
- 3 Baths
- SW21045587 MLS
- Active Status
Welcome to the desirable and Beautiful free standing (no shared walls) Two story end unit condo located in "The Paseos" Murrieta. The home is just under 1600 SF with 3 be...
- 3 Beds
- 3 Baths
- SW21036966 MLS
- Active Status
53 acres of income producing vineyard and orchard in the Temecula Wine Country. Gentle sloping uphill from the street, you will to come to a breath taking view of the wi...
- TR21044521 MLS
- Active Status
Lovely south Temecula pool home on a corner lot in a quiet neighborhood. Updated eat-in granite kitchen with stone backsplash, with views of the backyard and hillside. ...
- 4 Beds
- 3 Baths
- 210005653 MLS
- Active Status
Beautiful West Murrieta Pool Home! Completely Turnkey!! This spectacular home features an Entertainer's backyard - with giant patio cover, Built in BBQ with two refrige...
- 4 Beds
- 3 Baths
- SW21045365 MLS
- Active Status
WELCOME HOME! This completely PRIVATE and GORGEOUS remodel in prestigious MEADOWVIEW awaits you! The stunning 4 bedroom, 3 bath home has been UPGRADED and UPDATED, comple...
- 4 Beds
- 3 Baths
- SW21043149 MLS
- Active Status
Welcome Home to this beautiful 3 bedroom, PLUS LOFT, home in terrific Murrieta location! Walk in the front door to huge vaulted ceilings in the open "great room" with wa...
- 3 Beds
- 3 Baths
- SW21044480 MLS
- Active Status
Built in 2016, this Murrieta two-story cul-de-sac home offers a patio, and a two-car garage.
- 4 Beds
- 3 Baths
- IV21045275 MLS
- Active Status
Just in time for spring an amazing find on Murrieta’s west side. Original owner turn-key pool home with spacious 3675 SF floorplan, no rear neighbors and 32 panel seller-...
- 6 Beds
- 4 Baths
- SW21045181 MLS
- Active Status
Pride of ownership shows through in this immaculate and beautifully upgraded 4 bedroom home. Enjoy a light and airy feel with plenty of natural light and recessed lightin...
- 4 Beds
- 3 Baths
- SW21045167 MLS
- Active Status
Welcome to this GORGEOUS turnkey Salt water pool home located on a cul-de-sac in the beautiful Redhawk Community. This home features 4 bedrooms 2.5 baths Tile flooring, p...
- 4 Beds
- 3 Baths
- SW21045168 MLS
- Active Status
Don’t miss this UNOBSTRUCTED VIEW home! With picturesque mountains framing your backyard view, and NO REAR NEIGHBORS, you’ll never be disappointed with this peaceful retr...
- 4 Beds
- 3 Baths
- SW21041559 MLS
- Active Status
Gorgeous, 2017, Turn-Key, Better than New, Townhome in the Prestigious Community of “Arroyo Vista“ in the heart off Murrieta w/ LOW TAXES and Low HOA! This stunning 3 bed...
- 3 Beds
- 3 Baths
- SW21045105 MLS
- Active Status
Welcome to this beautiful, remodeled POOL home in the heart of Murrieta. Situated on a large corner lot, the home displays vibrant curb appeal with lush landscaping, rive...
- 3 Beds
- 2 Baths
- SW21044512 MLS
- Active Status
Welcome home to Spencers Crossing. Location, Location, Location! This home is located right across the street from one of the community's pools and features four bedroom...
- 4 Beds
- 3 Baths
- SW21040065 MLS
- Active Status
Enjoy million dollar views for much much less in this beautiful split level home in Murrieta. There have been a lot of recent updates including gorgeous luxury plank viny...
- 3 Beds
- 3 Baths
- SW21044818 MLS
- Active Status
Looking for a rental with a tenant in place? Feels like a mountain setting. Loads of mature trees help keep the house cool and A/C costs down. This 3br/2ba home sits well...
- 3 Beds
- 2 Baths
- 210005587 MLS
- Active Status
Beautiful 2 story home with 2,417 sf with 4 beds, 3 baths and tandem 3 car garage in the distinguished Great Oak School district and fun Wolf Creek community. The home ha...
- 4 Beds
- 3 Baths
- SW21043932 MLS
- Active Status
Welcome to this stunning Murrieta POOL home that sits on top of a 10,019 sq.ft. lot that features 5 large spacious bedrooms, an additional room down stairs can be convert...
- 5 Beds
- 5 Baths
- SW21044495 MLS
- Active Status
Located within the "Temecula Winery District" this 20.05 gross acres consists of 2 LEGAL TEN ACRE PARCELS (10.02 and 10.03 gross acres respectively). The produc...
- SW21044578 MLS
- Active Status
Upgraded 2 Bedroom (+ Office) Home in the 55+ Gated Golf Course Community at The Colony. The Home is in a Prime Location - Close to the Front Gate and Clubhouse. This "Mo...
- 2 Beds
- 2 Baths
- SW21044555 MLS
- Active Status
Stunning Vintage Reserve Pool home loaded with upgrades! This amazing home is 2531 sf w/ 3 car garage & set on a large 7841 sf lot. Just some of the features include gorg...
- 4 Beds
- 3 Baths
- SW21044007 MLS
- Active Status
Amazing ONE OF A KIND Murrieta home that comes with PAID SOLAR, A 14,375 sq. ft Lot that backs to walking trails and NO REAR NEIGHBORS. This SPACIOUS 4,091 sq. Ft home Fl...
- 3 Beds
- 4 Baths
- SW21035581 MLS
- Active Status
Stunning, private, executive, Mediterranean, ranch style one story home located in the highly sought-after Bear Creek community in Murrieta. This beautiful, open & airy h...
- 4 Beds
- 5 Baths
- SW21044401 MLS
- Active Status
Welcome home to this gorgeous turn-key single-story home in the highly desirable Copper Canyon neighborhood in West Murrieta. Copper Canyon is home to several parks, walk...
- 3 Beds
- 2 Baths
- SW21041213 MLS
- Active Status
First time on the market! This beautifully upgraded home features great curb appeal, a spacious floorplan, a custom paint scheme, recessed lighting, carpet flooring, and ...
- 5 Beds
- 3 Baths
- 210005508 MLS
- Active Status
VIEWS! VIEWS! VIEWS! Nestled within the gated community of Roripaugh Ranch surrounded by rolling hills and scenic vineyards, this beauty enjoys spectacular views of the v...
- 4 Beds
- 3 Baths
- SW21043136 MLS
- Active Status
Welcome home. This beautiful, turn-key, POOL home offers the most amazing Panoramic View in all of Morgan Hill. Beautiful 4 bedroom 3 and 1/2 bathroom home (to include do...
- 4 Beds
- 4 Baths
- SW21039801 MLS
- Active Status
MORE PICTURES COMING SOON! A home completely updated! Beautiful crown molding and crown base throughout the home, along with fresh paint and new flooring in formal dinni...
- 3 Beds
- 3 Baths
- SW21043986 MLS
- Active Status
ABSOLUTELY BEAUTIFUL SINGLE STORY HOME in the highly desired community of Murrieta! 3 Bedrooms 2 Baths with Upgraded Flooring, Kitchen Counters, Freshly Painted and Move ...
- 3 Beds
- 2 Baths
- SW21043995 MLS
- Active Status
Welcome To This Exceptional Custom Estate Home Behind The Secluded Gates Of Bear Creek Golf Club, A Jack Nicklaus Signature Course Voted Best Course In Riverside County Y...
- 4 Beds
- 5 Baths
- SW21043386 MLS
- Active Status
Welcome to the highly desirable Crown Hill neighborhood. This home is highly upgraded and has been meticulously maintained. Featuring 5 bedrooms and 4 full bathrooms, a...
- 5 Beds
- 4 Baths
- 210005464 MLS
- Active Status
Price reduced...Fantastic Location with lots of activities that makes this all flat and usable land a super place to built your dream home. This land located in a famous ...
- SW21043623 MLS
- Active Status
You will not find a more upgraded pool home within the guard gates of Greer Ranch! 5 bedrooms plus custom office, theater room, AND game room, 5 bath within a 4,311 squar...
- 5 Beds
- 5 Baths
- SW21041745 MLS
- Active Status
Welcome Home!!! This end unit, 3 level townhome is located in the beautiful gated community of Temecula Lane. It features 3 bedrooms, 2.5 bathrooms, A/C, private courtyar...
- 3 Beds
- 3 Baths
- PTP2101393 MLS
- Active Status
This gorgeous two story home features 4 bedrooms, 2.5 bathrooms, bonus room, gourmet sized kitchen and walk-in pantry. On the second floor are spacious bedrooms and a hug...
- 4 Beds
- 3 Baths
- IG21043581 MLS
- Active Status
This beautiful cal-de-sac home has lots of upgrades and features, It offers open specious layout, large double door and tile entry , sweeping circular staircase, stately ...
- 6 Beds
- 4 Baths
- RS21043507 MLS
- Active Status
2-story home on a quiet cul-de-sac! ***Bright and open living area with soaring ceilings and great natural light. ***Spacious kitchen with a breakfast bar and opens to a ...
- 3 Beds
- 3 Baths
- 210005424 MLS
- Active Status
"Immaculate Single Story in Marbella at Terracina - One of Temecula's newest and most in demand communities! This Turnkey home with 4 BR plus den,3 1/2 BA, and over 280...
- 4 Beds
- 4 Baths
- SW21043103 MLS
- Active Status
Harveston like you have never seen before. This property truly has it all!. 29186 Providence is Located only a few hundred yards away from Ysabel Barnett elementary. Easy...
- 5 Beds
- 4 Baths
- SW21043285 MLS
- Active Status
Absolute stunning home located in the city of Temecula with no HOA, and low Taxes. Families looking for a place to call home and create lifelong friendships, will be deli...
- 5 Beds
- 3 Baths
- SW21042901 MLS
- Active Status
Welcome home to the most amazing piece of land available today in the prestigious community of De Luz, in Temecula! This 7 acre parcel offers it all, from pure beauty to ...
- SW21023133 MLS
- Active Status
Beautiful Murrieta home in need of TLC, Features 5 bedrooms, 3 bathrooms with over 4261 square feet of living space on a 10,000+ square foot lot, perfect backyard for ent...
- 5 Beds
- 3 Baths
- RS21043126 MLS
- Active Under Contract Status
This house has new carpet and paint. Granite counter tops in kitchen and all bathrooms. All the lighting in the house has been upgraded to LED's for a very low light bill...
- 3 Beds
- 3 Baths
- PW21042951 MLS
- Active Status
Beautiful Temecula home located on huge pie shaped lot, located at the end of the cul-de-sac with views of the valley. Well taken care of by the original owner-- 4 bedroo...
- 4 Beds
- 3 Baths
- SW21042964 MLS
- Active Status
This is the home, you've been looking for. While it's exterior is an eye catching Sea Foam Green, the interior welcomes you with entryway French Doors and once you walk t...
- 4 Beds
- 3 Baths
- SW21042335 MLS
- Active Status
Gorgeous Move In Ready Home in South Temecula in Gated Temecula Lane. Remodeled Kitchen with Granite Countertops, Tile Backsplash & Recessed Lighting. Kitchen also featur...
- 3 Beds
- 3 Baths
- 210005325 MLS
- Active Status
Prime Investment Opportunity on a corner in the path of growth. Terrific location 4 blocks to I-15 Freeway. Property is zoned Community Commercial. Great office property ...
- SW21042707 MLS
- Active Status
Sold before listing in the MLS
- 5 Beds
- 3 Baths
- SW21042262 MLS
- Active Under Contract Status
Prime commercially zoned property with amazing views and freeway visibility. Property currently contains a 1722 SF manufactured structure and a large steel building/wareh...
- SW21042395 MLS
- Active Status
Gorgeous single story 4bd, 3ba, 2351sq ft with 2 car garage in the Spencer's Crossing community of Murrieta! SOLAR will be paid off thru escrow by the seller!! Murrieta S...
- 4 Beds
- 3 Baths
- SW21042187 MLS
- Active Status
Get ready for summer and jump into this lovely pool home. Completely refurbished home from top (new roof) to bottom (new carpet.) Property has great curb appeal with the...
- 4 Beds
- 3 Baths
- SW21042314 MLS
- Active Status
Prime commercially zoned property with amazing views and freeway visibility. Property currently contains a 1722 SF manufactured structure and a large steel building/wareh...
- SW21042258 MLS
- Active Status
Semi-custom home w/solar, pool & gated RV parking on a large 1/3 acre lot. Open floor plan includes a separate living, formal dining, family and an additional multi-use ...
- 4 Beds
- 3 Baths
- SW21042042 MLS
- Active Status
CHARDONNAY HILLS ELEGANCE! This TURNKEY, LOW TAX RATE, UPGRADED, corner lot home boasts of quality craftsmanship & attention to detail! BRIGHT & OPEN FLOOR PLAN. Side y...
- 6 Beds
- 3 Baths
- SW21041970 MLS
- Active Status
Great 4 Bdrm with 1 down, 2.5 Bath 3 Car Garage and 42 foot deep gated R.V storage. This home is located on the end of a cul-da-sac in an development with NO HOA. Securit...
- 4 Beds
- 3 Baths
- SW21038833 MLS
- Active Status
Investors!! This beautiful four bedroom, three bath home is currently rented out with a one-year contract with the option to extend. It is in a great location across from...
- 4 Beds
- 3 Baths
- OC21041783 MLS
- Active Under Contract Status
Look no further !This Fantastic family home has its own "Water Polo size" in-ground POOL with spa and SOLAR. New roof and electricity panel. The rear covered patio for ou...
- 3 Beds
- 3 Baths
- SW21041698 MLS
- Active Status
Witness the endless possibilities with this Wolf Creek beauty! This home boasts the unparalleled expression of casual elegance. MOVE-IN READY! Gorgeous home in the highl...
- 4 Beds
- 3 Baths
- SW21041664 MLS
- Active Status
Remarkable single story in a coveted area of Morgan Hill! This home is in turnkey condition, with Gorgeous upgrades throughout. 10 foot high ceilings add to the open and ...
- 3 Beds
- 3 Baths
- SW21036079 MLS
- Active Status
Welcome to your Ranch Retreat Home! This private piece of paradise sits atop a scenic plateau, with panoramic views all around. Boasting 3 bedrooms and 2 full baths, Ma...
- 3 Beds
- 2 Baths
- NDP2102149 MLS
- Active Status
Welcome home to this STUNNING CUL-DE-SAC LOCATION 4 bedroom, 2.5 bath home {plus a loft!} in the desirable Temeku Hills neighborhood! Inside this home shows like a model ...
- 4 Beds
- 3 Baths
- SW21041470 MLS
- Active Status
Welcome home to this Harveston Stunner! Built in 2010 by Richmond American, this 4 Bedroom, 2.5 Bath Home Plus Downstairs Office is not to be missed. This upgraded home...
- 4 Beds
- 3 Baths
- SW21041452 MLS
- Active Status
Just in time for summer! Beautiful home located in Vail Ranch in South Temecula with huge backyard for entertaining! Two story with neutral carpet and custom paint throug...
- 4 Beds
- 3 Baths
- SW21041449 MLS
- Active Status
FRENCH VALLEY Absolutely Stunning two-story pool home just in time for the new season! Located on an approximately 8,712 Sq. Ft. lot, 4 bed, 2.5 bath home with a 3-car ga...
- 4 Beds
- 3 Baths
- IG21036190 MLS
- Active Status
YOUR OWN RESORT AND PRIVATE OASIS!! Entertainer’s Dream on over a quarter-of-acre. Home is turnkey and features 4 bedrooms, 3 bath plus a first floor office. Owner has...
- 4 Beds
- 3 Baths
- IV21041096 MLS
- Active Status
Based on information from California Regional Multiple Listing Service, Inc. as of . This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
Address Search
Four Expert Views on the 2021 Housing Market
The housing market was a shining star in 2020, fueling the economic turnaround throughout the country. As we look forward to 2021, can we expect real estate to continue showing such promise? Here’s what four experts have to say about the year ahead.
Lawrence Yun, Chief Economist, National Association of Realtors (NAR)
“In 2021, I think rates will be similar or modestly higher, maybe 3%...So, mortgage rates will continue to be historically favorable.”
Danielle Hale, Chief Economist, realtor.com
“We expect sales to grow 7 percent and prices to rise another 5.7 percent on top of 2020’s already high levels.”
Robert Dietz, Senior Vice President and Chief Economist, National Association of Home Builders (NAHB)
“With home builder confidence near record highs, we expect continued gains for single-family construction, albeit at a lower growth rate than in 2019. Some slowing of new home sales growth will occur due to the fact that a growing share of sales has come from homes that have not started construction. Nonetheless, buyer traffic will remain strong given favorable demographics, a shifting geography of housing demand to lower-density markets and historically low interest rates.”
Mark Fleming, Chief Economist, First American
“Mortgage rates are expected to remain low for the foreseeable future and millennials will continue forming households, keeping demand robust, even if income growth moderates. Despite the best intentions of home builders to provide more housing supply, the big short in housing supply will continue into 2021 and likely keep house price appreciation flying high.”
Bottom Line
Whether you’re ready to buy or sell a home in 2021, if you’re planning to take advantage of the market this winter, let’s connect to talk about the opportunities available in our local market.
Is This the Year to Sell My House?
If one of the questions you’re asking yourself is, “Should I sell my house this year?” consumer sentiment about selling today should boost your confidence in the right direction. Even with the current health crisis that continues to challenge our nation, Americans still feel good about selling a house. Here’s why.
According to the latest Home Purchase Sentiment Index from Fannie Mae, 57% of consumer respondents to their survey indicate now is a good time to buy a home, while 59% feel it’s a good time to sell one:
“The percentage of respondents who say it is a good time to sell a home remained the same at 59%, while the percentage who say it’s a bad time to sell decreased from 35% to 33%. As a result, the net share of those who say it is a good time to sell increased 2 percentage points month over month.”
As you can see, many still believe that, despite everything going on in the world, it is still a good time to sell a house.
Why is now a good time to sell?
There simply are not enough homes available to meet today’s buyer demand, and they’re selling just as quickly as they’re coming to the market. According to the National Association of Realtors (NAR), unsold inventory available today sits at a 2.3-month supply at the current sales pace, which is down from a 2.5-month supply from the previous month. This record-low inventory is not even half of what we need for a normal or neutral housing market, which should have a 6.0-month supply of unsold inventory to balance out.
With so few homes available for buyers to choose from, we’re in a true sellers’ market. Homeowners ready to make a move right now have the opportunity to negotiate the best possible contracts with buyers who are feeling the pull of intense competition when it comes to finding their dream home. Lawrence Yun, Chief Economist for NAR, notes how quickly homes are selling right now, further confirming the benefits to sellers this season:
"The market is incredibly swift this winter with the listed homes going under contract on average at less than a month due to a backlog of buyers wanting to take advantage of record-low mortgage rates."
However, this sweet spot for sellers won’t last forever. As more homes are listed this year, this tip toward sellers may start to wane. According to Danielle Hale, Chief Economist at realtor.com, more choices for buyers are on the not-too-distant horizon:
“The bright spot for buyers is that more homes are likely to become available in the last six months of 2021. That should give folks more options to choose from and take away some of their urgency. With a larger selection, buyers may not be forced to make a decision in mere hours and will have more time to make up their minds.”
Bottom Line
If you’re ready to make a move, you can feel good about the current sentiment in the market and the advantageous conditions for today’s sellers. Let’s connect today to determine the best next step when it comes to selling your house this year.
Home Buying
Owning a Home Is Still More Affordable Than Renting One
If spending more time at home over the past year is making you really think hard about buying a home instead of renting one, you’re not alone. You may be wondering, however, if the dollars and cents add up in your favor as home prices continue to rise. According to the experts, in many cases, it’s still more affordable to buy a home than rent one. Here’s why.
ATTOM Data Solutions recently released the 2021 Rental Affordability Report, which states:
“Owning a median-priced three-bedroom home is more affordable than renting a three-bedroom property in 572, or 63 percent of the 915 U.S. counties analyzed for the report.
That has happened even though median home prices have increased more than average rents over the past year in 83 percent of those counties and have risen more than wages in almost two-thirds of the nation.”
How is this possible?
The answer: historically low mortgage interest rates. Todd Teta, Chief Product Officer with ATTOM Data Solutions, explains:
“Home-prices are rising faster than rents and wages in a majority of the country. Yet, home ownership is still more affordable, as amazingly low mortgage rates that dropped below 3 percent are helping to keep the cost of rising home prices in check.”
In 2020, mortgage rates reached all-time lows 16 times, and so far, they’re continuing to hover in low territory this year. These low rates are a big factor in driving affordability. Teta also notes:
“It’s startling to see that kind of trend. But it shows how both the cost of renting has been relatively high compared to the cost of ownership and how declining interest rates are having a notable impact on the housing market and home ownership. The coming year is totally uncertain, amid so many questions connected to the Coronavirus pandemic and the broader economy. But right now, owning a home still appears to be a financially-sound choice for those who can afford it.”
Bottom Line
If you’re considering buying a home this year, let’s connect today to discuss the options that match your budget while affordability is in your favor.
What Experts Are Saying about the 2021 Job Market
Earlier this month, the Bureau of Labor Statistics (BLS) released their most recent Jobs Report. The report revealed that the economy lost 140,000 jobs in December. That’s a devastating number and dramatically impacts those households that lost a source of income. However, we need to give it some context. Greg Ip, Chief Economics Commentator at the Wall Street Journal (WSJ), explains:
“The economy is probably not slipping back into recession. The drop was induced by new restrictions on activity as the pandemic raged out of control. Leisure and hospitality, which includes restaurants, hotels, and amusement parks, tumbled 498,000.”
In the same report, Michael Pearce, Senior U.S. Economist of Capital Economics, agreed:
“The 140,000 drop in non-farm payrolls was entirely due to a massive plunge in leisure and hospitality employment, as bars and restaurants across the country have been forced to close in response to the surge in coronavirus infections. With employment in most other sectors rising strongly, the economy appears to be carrying more momentum into 2021 than we had thought.”
Once the vaccine is distributed throughout the country and the pandemic is successfully under control, the vast majority of those 480,000 jobs will come back.
Here are two additional comments from other experts, also reported by the WSJ that day:
Nick Bunker, Head of Research in North America for Indeed:
“These numbers are distressing, but they are reflective of the time when coronavirus vaccines were not rolled out and federal fiscal policy was still deadlocked. Hopefully, the recent legislation can help build a bridge to a time when vaccines are fully rolled out and the labor market can sustainably heal.”
Michael Feroli, Chief U.S. Economist for JPMorgan Chase:
“The good news in today’s report is that outside the hopefully temporary hit to the food service industry, the rest of the labor market appears to be holding in despite the latest public health challenges.”
What impact will this have on the real estate market in 2021?
Some are concerned that with millions of Americans unemployed, we may see distressed properties (foreclosures and short sales) dominate the housing market once again. Rick Sharga, Executive Vice President at RealtyTrac, along with most other experts, doesn’t believe that will be the case:
“There are reasons to be cautiously optimistic despite massive unemployment levels and uncertainty about government policies under the new Administration. But while anything is possible, it’s highly unlikely that we’ll see another foreclosure tsunami or housing market crash.”
Bottom Line
For the households that lost a wage earner, these are extremely difficult times. Hopefully, the new stimulus package will lessen some of their pain. The health crisis, however, should vastly improve by mid-year with expectations that the jobs market will also progress significantly.
