Even after a devastating pandemic, the subsequent economic downturn, and even more uncertainty, Port Liberte’s real estate market has remained fairly stable throughout 2020. As more and more buyers race to secure the home of their dreams, inventory simply can’t keep up. This creates a unique opportunity for sellers—as well as some challenges for purchasers.
If you’re thinking about making a move soon, I have a few details you should know about the Port Liberte market.
3 Things to Keep in Mind When Navigating the Port Liberte Market
Both nationally and here in Port Liberte, the real estate market has experienced an unprecedented boom. While many experts predicted a crash akin to what we saw in 2008, we actually saw the opposite: a speedy recovery and a market skewed in favor of sellers.
Feeling a little overwhelmed by 2020’s confusing and competitive market? Let’s take a look at what every buyer and seller should know before taking the plunge.
Pandemic buying has increased home prices
As buyer demand surged amidst coronavirus-induced shutdowns, many would-be sellers refrained from putting their homes on the market. High demand and low supply means increased prices—and in July, home prices grew by 4.8% year-over-year.
Despite rising home prices, more and more buyers are continuing their search for a new place to live. According to a recent report by CoreLogic, existing home sales surged by 10.5% in August. We even saw a 44% increase in sales of homes priced over $1 million!
Pending home sales hit a record high
As we inch closer to the end of 2020, the national housing market continues to set records—and we’re also seeing local gains here in Port Liberte. Back in August, the National Association of Realtors reported an 8.8% month-over-month increase in pending home sales. That’s the largest gain recorded since the NAR began tracking this statistic in 2001.
Wondering what’s to blame for these astronomical increases? Many buyers are deciding to move due to low mortgage rates, which can save you thousands over the duration of your loan.
Mortgage rates remain low
Believe it or not, mortgage rates have never been lower than they are right now. But until you crunch some numbers, it’s hard to fathom just how much you could save by buying this year.
Low mortgage rates give buyers increased purchasing power, even as prices continue to rise. Today, the average rate is around 2.87%—and when you translate that into a monthly payment, you’ll pay around 6% less each month compared to buyers who purchased a home last year. That little bit of monthly savings can snowball into thousands of dollars over time!
Bottom Line: Now Is a Great Time to Move!
If you’re thinking about buying or selling a condo in Port Liberte, I’d love to lend you my expertise. As prices continue to increase, sellers can cash out on the equity they’ve built up over time. And if you’re thinking about buying, having the help of a professional agent can help you navigate a hyper-competitive market with ease.
Get the Latest Information on the Port Liberte Market
If you’re on the fence about moving, I’d be happy to provide a complimentary home evaluation. There’s never been an easier way to find out just how much your property has increased in value!