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2020 Real Estate Market Update

Bunny Cecchetto

Bunny Cecchetto's career in real estate and architecture spans over 30 years. Bunny has many strengths that have proven successful as a Real...

Bunny Cecchetto's career in real estate and architecture spans over 30 years. Bunny has many strengths that have proven successful as a Real...

Dec 21 3 minutes read
Why You Should be in the Market This Coming Year


Bunny:
Hi, I'm Bunny Cecchetto from Focus Real Estate in Jamaica Plain, and I'd like to give you a fourth quarter market update.

Bunny:
As a realtor, a lot of friends and family and clients ask me what's happening in the market. And a question I've recently gotten is, how has housing been so strong this year? And it's really quite surprising.

Bunny:
So when the pandemic started in March, our real estate market was off to a really robust start. We had record-breaking open house attendance, and then with the pandemic and the shutdown, of course, things slowed down. But during that time, the Federal Reserve stepped in and they gave us ultra low interest rates to kickstart the economy. What that means is that, if you were a homeowner, you could refinance, or you could take equity out of your house, so you had cash at hand. Then for a home buy, what that means is, that you had much greater buying power.

Bunny:
So what happens next? We're stuck in our homes and then our homes become something different. Our homes become our home office, our remote learning center, a home gym. We need more space and then people started working remotely. What that did, it gave people a lot of opportunities. People that were tied to their commute were no longer. They could live where they've always wanted to.

Bunny:
So what happened with that? A lot of activity, a lot of movement in the housing market. Nationally, the housing market went up 7%. That's in sales and in prices. And locally here in Jamaica Plain, our single family market went up 20% in sales and 10% in prices. Also what compounding that is we have an increase in consumer spending. I found this statistic to be really surprising. We are 7.2% higher in consumer spending for goods, not services, than we were pre pandemic.

Bunny:
So where do we go from here? What does the spring look like? We anticipate the spring market to continue as strong, with as much movement as we have this year. Interest rates will remain low. Inventory is low, which is a problem. If we had more houses to sell, we could put more buyers in homes, but here's some really fascinating news that I find really encouraging. 78 million young people are anticipated to buy and sell this year.

Bunny:
If you're not living in your dream home, please give me a call. I'll help you find it and until next time stay tuned and stay focused. 

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