An important factor for home buyers and sellers to take into consideration is the current status of the market. We are constantly looking at past and current sales data to see how things are trending. We also look at other economic factors that could influence the market one way or another. We use this information to try to get a sense of where the market is and where it may be headed. For the last few years we have been in a “sellers market” which means there is more demand from buyers than supply from sellers. This creates an environment where buyers are competing which drives the value of real estate up. The main factors contributing to this current market environment are a strengthening economy, low mortgage rates, and a low inventory of homes for sale.
While we are currently still in a low inventory market there are more homes for sale now than there were a year ago.
February 2016 2017
Danville 43 59
San Ramon 50 77
(Active Listings on the MLS as of February 13 2017)
In January there were 139 new active listings in Danville and San Ramon combined. 97 of those homes are currently in contract or sold. Average market time for those sales currently in contract was 8 days. This supports that properties are moving quickly as soon as they are listed on the market.
Now that we have a good sense of the current market we will explore some quick tips for both home buyers and sellers to find success in this current market.
Tips For Sellers
- List the home at or just below the current sales comparables which will bring buyers in and create competition. Buyers already have the mentality that they have to compete and offer more. If you list too high buyers may avoid viewing the property because they think it will be too expensive.
- Prepare your home for sale. Spruce up the home to make it clean and neat. Flooring and Paint make a huge improvement. No major remodels.
Tips For Buyers
- Get Preapproved for financing. (Having an underwritten approval which carries a lot of weight.)
- Make a clean offer. Find out what the sellers needs are.
- Come strong and don’t expect negotiations.
- Add a personal touch to your offer.
- Reach the seller before they list their home.
If you are interested in learning more about the real estate market please let me know. I am always happy to share what we are seeing and answer any questions you may have.