In this video I discuss the changed Bay Area Real Estate market and just how it will affect your ability to sell your home for Top Dollar. The market is very favorable for sellers right and based on upcoming projections you really need to consider the timing of your sale very carefully. Check out our recent blogs for specific towns as an example of what the market is like in the entire Bay Area Danville Real estate, Alamo Real Estate, San Ramon Real Estate, Dublin Real Estate, Pleasanton Real Estate; and please take a look at the following video and then give us a call at (925) 984-3992.
I have posted several blogs over the last two weeks regarding the market market for single family detached homes in the East Bay Area of California. In this graph I show what is happening in the city of Pleasanton. As with the other east bay cities we see inventory at a very low level and the median sales price for homes increasing. I do expect to see inventory pick up and prices to level off beginning in the second quarter of the year. For those considering selling you may want to list your home sooner rather than later in order to avoid competition. For a more detailed discussion regarding the market and how it affects your specific situation just give us a call.
The following graph is very similar to the recent graphs I have posted for other Bay Area cities and towns. The consistent nature of these graphs in terms of low inventory and rising prices has caused many people who have been looking to buy a home to step up their searches. We are now regularly seeing multiple offers on nice properties that are priced well and in fact some homes are selling prior to being listed on the MLS. My prediction is that inventory will be low for the next couple of months after which time we will see an increasing number of short sales and bank owned homes hitting the market. I don’t believe that we will see a significant change in price but more of a flattening of prices throughout the summer months.
As with most Bay Area towns and cities we are seeing prices edge up as inventory levels continue to drop. The following graph depicts inventory and Median price points for single family detached homes in the east bay town of Alamo. While inventory levels seem to just keep dropping I do expect to see more inventory coming to the market starting in March and to continually increase through the summer. This will create a dampening effect on prices so we will see a leveling off of the median price point beginning in spring an lasting through the summer. Please contact us for a more detailed discussion regarding the market or speak speak about your specific situation.
If you have been following my blogs then you understand just what has been going on with Bay Area real estate over the last few months. Specifically a lack of inventory coupled with some decent economic news has caused many buyers to feel as if prices have hit bottom. Helping the fuel the price increases is the low interest rates that allow many buyers to lock in rates so low that they will have many investment options for their purchases in the future. I do expect inventory to increase slowly over the next month or two with a significant increase in normal resales and short sales in the spring and summer months. The bottom line here is if you are considering a sale some time in the next year or two you may want to accelerate your plans and get your home on the market while the competition is low. Contact us for a more detailed discussion about the market and how it related to your specific situation.
In the following graph you will see a familiar picture of the Bay Area Real estate market in Q1 2012. This graph shows inventory levels and the median sales price for single family detached homes in the city of Dublin. Inventory continues to drop while many buyers, who are taking advantage of amazing interest rates, continue to bid up homes with multiple offers. However, most of the sales are taking place for homes priced under $700k. We are still seeing a sluggish market for the higher price point homes. I expect to see inventory rise beginning in February with a large percentage of active listings being short sales. A word of advice for would be sellers is to not wait. Competition is low right now and what you don’t want is to compete for buyers against a bunch of short sales.
