“Not the economists, not the real estate agents, and especially not the nation’s homebuilders. But a pandemic caused an EMOTIONAL run on housing unlike any other." (CNBC)
Thanks to COVID-19 Americans are on the move—again.
In less than 12 months, panic selling, irrational buying, jittery markets, remote work, and the desire to get more space for less money in the middle of the ongoing pandemic have created one of the most frenzied and unpredictable real estate markets in a generation. (FORBES).
The return of the 'foreign buyer'
Foreign buyers have returned to big cities seeking an opportunity. Fearful that the 'bargains' are eroding, they are stepping in now.
How is this playing out in SF?
Last week one of my clients lost out on a "panic-bought" home that the sellers acquired only 4 MONTHS ago. May clients' offer was $550,000 HIGHER than what it sold for 4 months ago........and they didn't win.
Another client sold her home to buyers who live in Bali, never saw the home in-person and paid cash!
And if you think that it won't last, here is what Tim Quinlan (Wells Fargo) predict:
"Consumer demand and trillions of dollars in built-up savings will propel economic growth in a manner that’s going to take people’s breaths away.”
Are you, or someone you know, ready to move to what's next? Let me know - I can help.
