According to the National Association of Realtors®, September 2020 Home Sales were 10.5% higher than those in August 2019. U.S. News and World Report states that more homes have already sold in 2020 than in 2019, and we are barely into the third quarter. The momentum in home sales hasn’t been this strong since December 2006 when the Great Recession hit.
Reasons for Explosive Home Sales in the Tri-Valley Area
Two primary factors play into the reasons home sales are exploding. First, we have historically low interest rates. Homebuyers who previously haven’t been able to afford a home can now afford one. As well, those who were once in a target price zone can now afford more of a home. The dollar goes a longer way with rates in the 3’s and previously the 2’s.
Secondly, there are more homebuyers shopping for a home than there are homes for sale. Millennials and Gen Z buyers are the hottest buyers, aging to the point where homeownership is currently important to them.
Other buyers include families who want a bigger home to accommodate “the new normal.” Popular homes are ones with spare bedrooms, ADU’s, third car garages for a home gym, and space for everyone to work, learn, and co-exist.
With so many people competing for homes, homes are being snatched up. Many sellers are experiences multiple offers way over asking price, some that are cash only, and others with terms too enticing to pass up, leaving many still without keys to a new home.
Our July blog spotlighted the trend of many homebuyers to move out of rural areas to be closer to cities that provided restaurants, shopping, dining, and recreational opportunities. The American Dream started to become a reality for homebuyers who were finally able to live to work instead of work to live.
The Gamache Team’s Experience with the 2020 Home Sales Surge in the Tri-Valley
The jump in home sales is consistent with the momentum The Gamache Team has seen over the past several months. While our spring market came to a slight halt, our summer sales experience more than made up for the delayed spring market.
Sellers who trusted The Gamache Team with their home sales in the Tri-Valley, especially Dublin, Livermore, and Pleasanton, were pleased to have their homes in contract within a week on average. It was not uncommon to be able to receive multiple offers, many over asking price and with terms too good to pass up.
We prepared our buyers to battle for the home of their dreams in the Tri-Valley. Knowing that the demand for homes was greater than the supply, the Gamache Team made sure our buyers were fully prepared with loan approvals, solid offers, and competitive terms and attractive pricing.
Considering a Move in the Tri-Valley? Contact The Gamache Team
With years of real estate experience under our belt, The Gamache Team has been helping Tri-Valley buyers and sellers for decades. Now more than ever, the home is more than just a home; it’s a place to work, learn, grow, gather, and play.
Today’s home represents a way of life. With these changing times, residents are realizing their needs may not be met in their current home situations, so they are turning to The Gamache Team to find them a home that better fits their needs.
If you are in the market to buy or sell a home, contact The Gamache Team.