California Homebuying Behaviors

California Homebuying Behaviors - Pandemic.

The COVID-19 pandemic continued to drive strong homebuying interest and intensify market competition while changing consumers’ housing preferences and fueling sellers’ home equity, according to C.A.R.’s 2021 Annual Housing Market Survey. 

With remote working becoming the norm, buyers’ reasons for purchasing in 2021 were unchanged since the Coronavirus outbreak, with the top three reasons remaining the same as last year. More than one-fourth of REALTORS® said their buyer clients purchased a home because they were tired of renting;

One in five said their buyers purchased because they desired a larger home; and one in six REALTORS® said buyers bought because they wanted a better location.  Source: CALIFORNIA ASSN. OF REALTORS®

 

More supercharged buying info in this article from the CaliforniaAssociation of Realtors®

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Francis

Silicon Valley real estate
Tre

nds: Local prices and graphs.

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Buyers Get Ready for Another Crazy Housing Market in 2022

Source: CNN Business

As baby boomers hit retirement, more millennials will reach peak first-time homebuying age, which means they’ll be competing in a market short on housing inventory. While the market will slow a bit from the surge in demand it saw in 2021, sellers will remain in control. Zillow expects prospective buyers will face bidding wars, difficult trade-offs and frustration.

Zillow expects more than 6 million people to buy a home in 2022, many of them for the first time. To be sure, the obstacles they will face are many. The continued intense competition will add upward pressure to home prices, making it especially difficult for first-time buyers to afford a home. 

See the full article here.

Like my updates? Subscribe to my Blog! Thank you for reading,

Francis

Silicon Valley real estate
Tre

nds: Local prices and graphs.

How much is your home worth?