If any of you have been shopping for homes this past year, you have likely experienced the intensity of competition for these homes. What happened? What started this frenzy? Wasn't there recently a glut of foreclosures that guaranteed great deals for buyers?
Yep. And they're mostly gone. With the lack of these foreclosed homes providing consistent inventory for the market, the market now has a severe shortage. Buyers are competing with anywhere from 5 offers to upwards of 40+ offers for a single residence. And, interest rates are going up. So, what does this mean?
Essentially, sellers must start to move inventory and investors are going to have to cool down to make room for first-time buyers. And this will happen as interest rates and prices both increase, creating less favorable conditions for 2nd homes and investment properties and decreasing the pool of potential buyers. So, if you've been thinking about selling -now is the time to step up to the seller's plate. If you are located in the Oakland area, consider contacting me for a comparative market analysis to help you determine where you are at in terms of value. This will help you decide if you are ready to list and what you can expect from the sale of your home.
In the meantime, enjoy watching all the people running around your neighborhood at the open houses and don't forget to stop by and say Hi to the friendly agent :)
