Since May /June of 2018 we saw a distinct change in our local real estate market. For the most part, properties took longer to sell and prices soften somewhat. We are moving towards market equalization. With the Super Bowl behind us, I anticipate that the market over the next couple of months to be more active than last fall but less active than last spring.
Buyers are taking more time to educate themselves about our current real estate market. They are more confident in their choice of neighborhood, their choice in school district and their financing options. They aren’t forced into making a quick decision because they believe the market dynamic is shifting. The fear of losing out on a home and having to pay more for the next one is counterbalanced with a little more common sense regarding their upcoming home purchase.
Sellers should fair better in early spring while buyers should fair better in late spring through summer. Because buyers are more educated and the market is in flux, smart buyers shouldn’t fall for the artificial hype that sometimes surrounds the introduction of a new listing. For example:
Note: Double ending a transaction is an inherent conflict of interest regardless of brokerage compensation model. Don’t let anyone tell you that it isn’t.
If you have any questions or comments reach out to me at firstname.lastname@example.org or directly at 650 465-0755. Until next time, Take care!