Right now, the market is as hot as a pizza oven. Prices are climbing and buyers are competing to buy homes. I put a $1.7M Mesa home on the market for sale on Thursday at 4 PM and by 8 PM there were 6 appointments to show it. Through the weekend there were 20 showings and it sold for over full price by Tuesday.
For the six months since May 2020, the market has been rising more rapidly than I have ever seen in my 43 years of selling local homes. If you are a homeowner, these months of equity increase will make you smile. You home is zooming up in value while you sit back and relax.
A Mesa home worth $1.35M in May was worth $1.65M in November. That’s a $300,000 increase in 6 months. In essence, you’re being paid $50,000 per month just to own your home.
With these numbers, overcrowding from showings while the house is up for sale can be a problem. For this situation to work for the homeowner, we select a two hour time window each day such as 2 – 4 PM and schedule showings in 15 minute increments. In this way we create a semblance of normalcy for the occupants.
Mesa Market Report
If you’re thinking of getting in on this wave, please give me a call for a hassle-free, zero pressure Value Market Analysis of your home.
Condos
While condos are not accelerating as much as houses, median prices have risen 9 percent from May to November. In addition, they have experienced a 19 percent jump in sales volume. There is plenty of pressure on buyers to compete in this section of the market. A well-priced condo is just as likely to get multiple offers as a house. A $650,000 condo in May became a $720,000 one in November.That is $12,000 per month or $400 per day you are getting paid to live in your condo.
Condo Law Change
If you own a condo in California or want to buy one, a new condo law goes into effect January 1, 2021. Currently, Home Owner Associations (HOAs) can restrict the number of units rented and some HOAs do not allow rentals at all. This new law (AB 3182) ends the prohibition of rentals.There will be many fewer restrictions on renting out a condominium. If you’d like to discuss the impacts of this, please give me a call.
Client Talk…
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