What a relief! What a crazy year we have all had. Congratulations on making it through this year, which is an accomplishment in itself. Fortunately, while the small-hearted Grinch was in charge much of this year, the Spirit of Christmas has run through our year in real estate, so we do have something to celebrate..
First, the good news for everyone is that vaccines are coming, and there is a light at the end of our tunnel. Our lifestyles have changed, and some changes are good. Let’s keep them! People will continue to work from home more than they have in the past, so buyers are looking for more space, inside and outside their homes, and distance from work and amenities is not as important as it used to be. Sales in Seattle are good, but sales outside of Seattle are sizzling hot!
Real estate has definitely been affected by COVID-19, and not in a bad way. The effect of our home-based lifestyles will probably continue for a while. For all who own a real estate in King County, your equity has increased by an average of 11% during 2020, although different areas have different amounts of appreciation. There are fewer homes on the market right now on the Eastside than we have had in the last 10 years, with only about two weeks’ inventory available! Many homes are receiving many offers and much higher prices than expected.
Extremely low interest rates are keeping buyers interested and allowing for higher offers. Interest rates are currently below 3% and may be bottoming out, but will probably not go up too much next year. Janet Yellen is expected to keep interest rates low which will help, and we’re still not through the pandemic economy.
If you’ve been thinking that it’s time to downsize, 2021 may be the year. With senior congregate housing residents at the top of the list for the vaccine, most senior housing will start back with the social aspects that make living there so much fun! Dining rooms will reopen, and visitors will be welcome again. The ElderMove Alliance team approach to downsizing can make it a fairly easy process, so give us a call! We’d love to help!
Happy New Year!