2 minute read
Is San Bernardino a Seller or a buyer Market in Q2, 2021, by Danon Burnside.
By Danon Burnside
The real estate market in San Bernadino is one of the most talked-about topics amongst home investors in recent years. With the home market bouncing back from the pandemic and thriving so far, people are beginning to wonder if the market in San Bernadino is a seller or a buyer market in Q2 2021.
The Real Estate Market in San Bernadino
Homes in San Bernadino are selling faster and far more than the asking price. The percentage of homes in San Bernadino that were sold above the asking price was 16% in December 2019, but that percentage tripled to 41% the following year. In Q2 2021, home prices continue to sell above the asking price, with the median sale for single-family homes in the County increasing by 25.7% YoY. This data, according to Zillow, indicates that San Bernadino is a seller market.
The market is thriving but competitive amongst buyers. Last year, compared to Q2 2021, witnessed a record-breaking number of unemployment and loss of revenues in most sectors. Despite the lockdown and turmoil, the housing market continued to keep its head above waters.
For instance, according to Zillow, San Bernadino witnessed a drop of almost two-thirds in the number of days it took for a house to be sold from thirty days in December 2019 to eleven
days around the same period the following year. In Q2 2021, homes spend an average of 21 days on the market. According to experts, one significant reason for this fast-selling is because there is low inventory. Factors Driving the Booming Real Estate Market in San Bernadino The real estate market is thriving in San Bernadino because of several factors, such as lowinterest rates and affordability. San Bernadino offers one of the lowest interest rates amongst the housing markets in North America, making it possible for buyers to afford to buy a house.
The affordability of homes is the other factor. Most first-home buyers tend to go for houses with feasible prices, and San Bernadino offers affordable home prices, whether it’s a condo or a family-size home. In places like Los Angeles and Las Vegas, these homebuyers struggle to find a home that fits into their pockets. With everyone affected by the pandemic, it’s not easy to cough out so much money for a home, making San Bernadino the next ideal destination.
So, you can say that the pandemic helped to accelerate many first-home buyers’ decisions.
The quest for more space is another reason for the booming market. The pandemic and lockdown left many people looking for extra space for a home office to work from home. Expecting mothers were also on the lookout for additional rooms where their children can play and do other activities. Since familysize homes are affordable, these buyers decided to cash in instead of wait.
Conclusion
Undoubtedly, the housing market in San Bernadino is a seller market in Q2 2021, considering the competitiveness among buyers, low inventory, and affordability. If you have a property for sale, now is the time to list to maximize profit.
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References
https://www.firstteam.com/san-bernardino-countyreal-estate-market-update/ www.zillow.com https://abc7.com/amp/inland-empire-housingmarket-homes-selling-more-than-asking-price-hotshould-i-buy-a-house/10520215/ https://www.realtor.com/realestateandhomessearch/San-Bernardino_CA/overview https://www.google.com/amp/s/www.sbsun. com/2021/02/23/inland-empire-housing-marketlooks-promising-for-2021/amp/
