If you’re wondering whether now is the time to buy or sell a house in the Ukiah Valley, the answer is an unequivocal yes. For sellers, the supply of residential properties on the market is severely limited, making each property more valuable. And for buyers, the historically low interest rates make homes more affordable than in the past.
The effect of the pandemic has been somewhat unexpected on the local real estate market. In March, when COVID-19 shut everything down, new real estate sales came to an abrupt halt. Properties in the process of being sold (those in escrow) were able to close, but overall, sales for the month were down about 50 percent. In April and May, an odd thing happened. Even though prospective buyers could not visit properties to peek in closets and walk through kitchens, sales picked up. We didn’t get more listings, but several houses that were already on the market sold. And oddly enough in June, even before the shelter-in-place was lifted, new open escrows skyrocketed, looking to make June a record month.
What is going on in our local residential market? Why all the sales activity? Well, I have a few theories. First, it’s spring. There’s almost always an uptick in home sales in spring. Sellers wisely wait until flowers are blooming and the sun is shining to list their homes, maximizing curb appeal. And when the weather is nice, buyers get in the mood to peruse homes for sale. This spring, although sellers