The last six months have been unprecedented in American history. This COVID-19 pandemic has shaken the core of our lifestyle. We are rethinking what is the “new normal.” If you are looking to buy a house in San Bernardino County, perhaps you have some questions and concerns. Let’s take a look at what is going on in the local housing market.
During the height of the pandemic, in the first quarter of 2020, I think we waited with baited breath to see how it would impact the economy - including the real estate market. Well my friends, the real estate market is not so easily shaken.
The coronavirus pandemic has not altered home prices in San Bernardino County. Yes, there was a decrease of activity during March and April. Since May of 2019, however, median home values have increased 4.9%. We did some research to provide you with the average sales price of homes in areas such as Joshua Tree, Fontana, Rancho Cucamonga, Yucca Valley, Ontario and more.
Based on our research, the average sales price for a single-family home in San Bernardino County is $374,000 and it increased 4.9% over last year. The fact that this market is stable is indicated in the small purchase price discount of only 1.2%. So, as a buyer, do not expect to pay much less than the purchase price. In fact, if you really want the property you have your eye on, we recommend a full price offer.
What is the most important piece of data for home buyers? If you know the size of home that you want to purchase, then the price per square foot will help you the most. Say you want a three-bedroom home with 1,800 square feet in Joshua Tree. You can expect the average home to cost you $315,000 (1,800 x $175). The home will be listed for around $326,000 ($315,000 x 1.035 which represents the purchase price discount).
If you are looking to buy a home within the next year, now is a good time. The current state of the mortgage market is an added incentive to move now. As of July 9, 2020, Freddie Mac reported in their Primary Mortgage Market Survey that 30-year fixed rate mortgages are averaging 3.03%. This is the lowest rate in 30 years.
I’m worried that with all the demand for these mortgages that we may see a slight increase in the rate soon – especially if the COVID-19 infection rate can be contained. It would be unlikely that the rates will drop any further. If you are looking to buy a home in San Bernardino County, know that the market is stable; prices are rising and mortgage rates are at an all time low. There is no need to fear COVID-19 infecting the California real estate market.
If you have any real estate related questions, feel free to reach out. We will happily assist you with all your Morongo Basin real estate needs. Whether you are looking to buy or sell a property in Joshua Tree, Yucca Valley, Pioneertown, or any other Hi-desert area, you can contact us at (760) 553-5306. Or you can email us at email@example.com and we'll get back to you as soon as we can.