2020. Oh my gosh, what kind of year has this been? 2020 has tested us all as human beings. It's been overwhelming.
So in 2020, should you consider buying a house or should you wait? That's kind of a catch 22 because inventory is pretty tight right now. There's a lot of competition if you're a buyer. You can get good houses and there's plenty of people that want to sell.
And I think there's going to be more and more people wanting to sell as the year goes on and especially in the spring of 2021.
So I would say based on supply and demand, you're going to be in a competitive market when you go to buy. Your choices are going to be somewhat limited, but that doesn't mean that there's not going to be the perfect house waiting for you.
And what I'm also noticing is when it comes to the perfect house, which I call the “Pinterest House”, the house that everybody sees on the internet and is like, "Oh my gosh, I want it."
No matter what price bracket it's in when that house comes up, it's like bees to honey.
So if you don't want to deal with that, I guess there are two ways you can solve the problem.
Number one, work with an experienced agent. Just the other day we were working with a client, and we were able to avoid a multiple offer situation because experience matters.
Second, just wait. Watch for more inventory to come on. There could be some good deals coming on in the future.
People are stressed. They're stressed because they might not have a job. They're stressed because of everything going on in our environment. COVID, financial pressures. So there could be other opportunities that come up.
But I don't foresee demand for the purchase of a home going down relative to supply. So I think that it will be a seller’s market here for the next little while. And I don't foresee that changing for the next 12 to 18 months.
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