The trend has not changed. Inventory continues to be extremely low. The real question people are asking is about is when there will be a market correction. The truth is, what I see is many years ahead of low inventory. New home builders cannot build fast enough, and the limited number of resale homes coming onto the market are being bought up with high demand because of low-interest rates. Prices are rising and remaining stable.
Foreclosures are in a moratorium, and I believe they will continue to be further into 2021. How many will get loan workouts? How many will have payments pushed to the back of their mortgages, and how many will make it to the market as short sales and bank-owned? This is to be determined. The truth is, anything that does come onto the market will be bought up quickly. This means no foreseeable price drops.
This link will take you to the Dec. 2020 market reports. You’ll also find a statewide report, regional reports, and you can search by your zip code. The zip code report is beneficial. I suggest looking there if you do not have time to review more reports.
At the very least, watch this video, and you will get a great overview of the market conditions.
