As the Covid 19 shutdowns hit, many wondered what would happen to real estate and home values.
“The only major industry to display immunity to the economic impact of the coronavirus was the housing industry.” Mark Fleming, Chief Economist at First American
The Federal Housing Finance Agency released a report showing nationally home values rose 6.5%. In the Phoenix area, home values rose 8.8% and several valley communities made the Top 20 Home Appreciation lists.
Currently, we have a record low number of homes actively listed on the market and many buyers that have made multiple offers on homes with no success. We do expect some foreclosures homes to come on the market as restrictions ease. These foreclosure homes will just begin to fill the void of homes for sale and the glut of buyers looking for homes in 2021.
Consequently, we fully expect home values to continue rising in 2021. It’s an awesome time to sell and buy with confidence.
Call The Drefs Team at 623-694-0354 to discuss your situation. We offer 4.5% full service listings!