Sellers’ market continues into new year

He said the historically low interest rates are driving many people to the market in search of their first home or an upgrade on their current home. Though he can see the evidence daily, he said he is still surprised.

“You have the country divided, but it’s been that way for a year,” he said. “The reports from Zillow show that values have gone up 7% in the last 12 months, and they are projected to go up another 10% in 2021. It doesn’t make sense. We have a pandemic, there have been layoffs, but then the economy appeared to be doing well, but the news said something else. But in spite of it all, the market continued on.”

Heidy Hurst, an agent with the Dudum Real Estate Group, said she is seeing the same record-low inventory and difficult journey for buyers. She had some advice to stay competitive.

“I’m noticing that there’s a lot of people from the larger cities coming into Brentwood and buying, and they are bringing their cash they are getting from selling their homes in the larger cities,” Hurst said. “They are putting down large down payments. You are going to get killed in this market if you come in with 5% or 10% down.”

Hurst suggested serious buyers come up with as much cash as they can, or retreat and save a little longer to come up with a better down payment.

As for sellers, she said to get the most for your property, make sure it is move-in ready. Reducing the price and calling it a “fixer upper” won’t cut it.

“Buyers are definitely willing to pay a little extra for the property as long as the home is turn-key, and I think that’s key in this market,” she noted. “They don’t want to do the extra work, they want it ready to go.”

For those who own their homes and are happy where they are, but might be interested in saving some money on their monthly mortgage payment, Graydon said now is a good time to refinance a mortgage, once again thanks to low interest rates.

Jim Graydon can be reached at 925-584-9886. For more information, visit http://allphasebrokers.com/.

Heidy Hurst can be reached at 925-584-6377, heidyhurstfirst@gmail.com or visit www.hursthomes.com.