fbpx

Love at First Sight

Monthly Market Report: January – February 2022

Share:

Share on facebook
Share on twitter
Share on linkedin
Share on tumblr
Share on pocket

1 | Range Homes

With Valentine’s Day in mind, we want to talk about the epic love story that unfolded in the real estate world over the past 18 months. It has been a red-hot affair, with buyers pursuing sellers that’s led to both happiness and heartbreak.

But it all starts with love at first sight.

When it comes to first impressions, there are a few features or qualities that make buyers swoon

2 | Range Homes

Some buyers who say “you had me at hello” focus on individual features, like a show-stopping entryway. Other love-at-first-sight buyers fall for overall qualities like character and potential.

Dressing up is always a good idea: more than 90% of agents believe that staging makes a big impact on buyers

3 | Range Homes

Almost all agents agree that staging affects buyers positively, while about half believe that staging can actually increase a home’s value.

Heavy competition among potential suitors caused the number of offers received on each home to more than double in 2021

4 | Range Homes

That number of offers that an average home receives recently decreased to below 4 from its peak of 5+ in April 2021. The most sought-after listings in competitive markets might get more than that on just the first day.

To find “the one” in 2021, most buyers had to make multiple offers

5 | Range Homes

Finding a dream home became decidedly more difficult in 2021. Almost no one is successful on their first try anymore — especially first-time homebuyers, more than ¼ of whom made more than 10 offers last year.

More than 50% of homes sold for above asking price last year, as lovestruck buyers splurged

6 | Range Homes

At the peak in July of 2021, more than half the homes in the country sold for above asking. That rate fell slightly to 41% as of last month. But those over-asking figures are significantly higher in the Bay Area and L.A., at 65% and 54%, respectively.

The proportion of all-cash offers increased in 2021 as buyers tried to sweep sellers off their feet

7 | Range Homes

All-cash buying has actually been decreasing steadily since the Great Recession, but the pandemic brought it back in 2021 as buyers put all of their chips on the table.

Increasingly desperate buyers waived contingencies more frequently last year to woo sellers

8 | Range Homes

By May of 2021, more than ¼ of all buyers were waiving appraisal and inspection contingencies. However, the proportion of buyers waiving contingencies has decreased since.

Even in a market this hot, buyers should think twice before trying to seal the deal with a “love letter”

9 | Range Homes

“Love letters” written by buyers to sellers were banned in Oregon last year. Moreover, they are not recommended in many other states, including California, due to potential fair housing risks.

The truth is, love plays a major role in the housing market. Attraction, commitment, and “the ones that got away” are all part of the real estate industry — particularly over the past year when agents played matchmakers in an intense market. But that just makes it all the more satisfying when our clients can live happily ever after.

Buy & Sell Your Next Property with Range Homes

BUY

Buy your next home in the East Bay area with Range Homes
Trust Range Homes to Sell your East Bay home
Check out Range Home’s current East Bay homes for sale
You are in safe hands

When you work with us, consider yourself family

Get in touch today

Mark Pages-Oliver, MBA – DRE:02020349 | Lisa Caldwell – DRE:01267745 | Range Homes – DRE:02111757

Mark Pages-Oliver, MBA – DRE:02020349

Lisa Caldwell – DRE:01267745

Range Homes – DRE:02111757

Copyright 2021 © Range Homes. All Rights Reserved | Privacy Policy

Copyright 2021 © Range Homes.

All Rights Reserved | Privacy Policy

Site by Soto

Request a Callback

Request Training

Event Registration

Can't find what you are looking for?

We are always keen to explore adding new and different events to our community pages. So if you can’t find what you are looking for, let us know today and we will get on to it right away!

Become a Listed Provider

Can't find what you need?

We are always keen to explore adding new and different providers to our website. So if you can’t find what you are looking for, let us know today and we will get on to it right away!

Give us some Feedback

Please enter your email, so we can follow up with you.
Selected Value: 0