Latest Area Market Intelligence Demonstrates Fantastic Opportunities for Sellers
Has there ever been a better time to sell a home than right now?
Given the evidence I've just read in Intero market intelligence reports for the entire Bay Area in May, I'm forced to ask just how much better things could ever get locally?
Regular readers of this blog will already be familiar with the continuing shortage of properties available for sale in the area.
My view was that, at some stage, sellers would start to react to the incredible buyer sentiment we've been enjoying for some time, as mortgage rates continue their seemingly endless journey south.
Sure enough, during April, there was a sudden flood of new inventory across the entire Bay area, with most areas experiencing double digit month on month increases in supply.
What then transpired in our market was quite fascinating, if perhaps ultimately predictable.
By May inventory had again dropped drastically across almost the entire region.
We went back to Square One so quickly, due to a mixture of a very strong local jobs market and pent up demand for the right homes to come on the market. As soon as inventory improved, buyers wasted no time in snapping up the properties they'd almost been waiting in line for.
The average number of days a home is on the market before it sells has unsurprisingly fallen and this is a general trend that is expected to continue throughout the busy summer months.
So the good news for sellers right now is that there is only good news.
It now looks unlikely that the Fed will raise interest rates this summer and while this doesn't have a direct effect on mortgage rates, it will not have any damaging consequences for buyer confidence, which is already sky high as 30 year home loan interest hovers around an incredibly affordable 3.6%.
Low inventory enables new sellers entering the market to enjoy a number of key direct benefits. First and foremost, there is reduced competition for buyers, many of whom are probably waiting for a property just like yours to come up for sale. As I've said many times, there are simply no guarantees how long such low cost home borrowing can last, and no one is more aware of that than buyers, who are becoming more aggressive with their offers, giving rise to a growing number of multiple offers over asking prices.
Priced and presented correctly, your home is unlikely to be on the market for long. What a fantastic opportunity to make the changes in your lifestyle that you may have had on hold, for years in many cases.
Why not contact us today and let us help you make the very most of what I think we will look back on as something of a golden era for house sales. Don't risk missing out.