Current Market Trends
If you or someone you know is in the market for a home, you know that we are back to crazy times. The majority of houses listed are sold within a week to two weeks and usually for more than the asking price. Of course this is assuming that the asking price was reasonable to start with.
The reason for this crazy hot market is the lack of inventory. The banks have drastically reduced the number of homes they are foreclosing on; and because of the $26 billion lawsuit by the government they are now being told to work out more loan modifications and short sales. So we no longer see the glut of homes on the market due to foreclosures. Currently in the Bay Area we are seeing about a two month inventory (supply of houses for sale) which makes this a seller’s market. A six month supply is considered a normal market - not a seller’s or buyers market but more balanced.
If you have been considering listing your home for sale or getting into this market be sure to have a qualified professional helping you.
If you are a buyer you will need/want an experienced real estate agent to guide you though the stiff competition and help write a competitive purchase contract – one who helps you get the house you want without having to give up too much to get it.
If you are a seller you will need/want an experienced agent who can properly position your house on the market so that it attracts the best offer(s) with maximum benefit to you in the shortest amount of time.
This is my first blog post on Patch.com. I welcome your feedback and questions.
Gary Wuestenberg is a licensed California Real Estate Broker serving Martinez, Central Contra Costa County and Solano County since 2002. He specializes in helping homeowners negotiate the best outcomes, whether buying or selling. He is a Certified Residential Specialist and a Certified Distressed Property Expert. For more information, visit www.help4strugglinghomeowners.com, or gwsellshomes.listingbook.com, or call (925) 370-7355.
Department of Real Estate Number.... DRE 01339145.
