This year has seen an extraordinarily strong real estate market, with strong housing demand in practically every part of the country.
Due to a lack of supply and decreasing interest rates or borrowing costs, home prices are continuing to rise. More purchasers are joining the market as the economy improves. And, because there is still a limited supply of housing inventory, home prices could climb even more in a low-interest-rate scenario. In March 2021, the average price of single-family houses with Fannie Mae and Freddie Mac mortgages increased 1.4 percent from a month earlier, the largest since last October and following an upwardly corrected 1.1 percent increase in February.
There are huge distinctions between today's frantic housing market and last year's frozen market. The improved economy and millennials entering their peak homebuying years are fueling a residential housing boom. Low mortgage rates and a rise in working from home, sparked by the epidemic, have driven a surge in housing demand, particularly in lower-density suburbs. In 2020, more existing homes were sold than in any other year since 2006.
The top real estate agency in Northern California, Sexton Group Real Estate | Property Management in Berkeley, California is a boutique real estate company specializing in residential sales for properties throughout the San Francisco Bay Area. To better serve our clients we have three local offices, one in the heart of picturesque Berkeley, one near downtown Oakland and the third in the heart of historic Lafayette, California. The Sexton Group encompasses the essence of Berkeley’s charm, Oakland’s history and Lafayette’s family-oriented vibe all with a relaxed, down-to-earth nature. We are an amazing group of real estate agents whose wealth of experience spans more than 25 years in the industry. Looking to buy a home in Contra Costa or Alameda County? Contact us today for your free consultation!