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Is the Housing Market Leveling Off?

Nov 02, 2015 09:37PM ● Published by Cristina Candelori

Is the Housing Market Leveling Off?

By Cristina Candelori, J. Rockcliff Realtors

 

Yes. Buyers who have been sitting on the sidelines for months or even years are beginning to catch a break. The real estate market is still thriving and sellers are still seeing great profits and multiple offers, but there has been a leveling off. The local economy is benefitting from record low unemployment. Some markets with closer proximity to work, such as San Francisco and Palo Alto, are still too expensive for many, but this brings good news to sellers in surrounding areas where buyers will turn.

 

This year in late spring and early summer, the Bay Area reached pre-recession highs and double-digit appreciation, but in July and August sales in Contra Costa County dropped 14.5 percent. That said, sales are still up 3.6 percent from last year and represent the highest sales in a three-month summer period since 2006, according to data from CoreLogic. The slow-down may have been attributed to the threat of rising interest rates that the Federal Reserve decided to hold off on for the time being. This has caused a resurgence in early fall inventory. With a stronger economy, low unemployment, and higher inventory, buyers have a better chance of buying their dream home.

 

Oddly enough, I’m still seeing many homes in the area with asking prices above fair market value and no comparable sales to justify it. I am beginning to wonder if homeowners are being given accurate market data. When the real estate market is in a state of flux or just beginning to transition, this is the most crucial time to price property correctly, especially this late in the year, otherwise, we face the holidays and the possibility of having to wait and try again in the new year. It is still absolutely possible to get top dollar and over asking prices with an effective pricing strategy. One of worst things a seller can do is price their home too high and have multiple price reductions, giving buyers the idea they can low ball. Overpriced homes will also scare away potential FHA and VA buyers who would have otherwise been qualified at the right price.

 

When the Federal Reserve finally makes the decision to raise interest rates, the market will change much more drastically. Rates have been kept at 0 to .25 percent as a way to help the economy rebound, and now that it has and is reaching a healthy level, normal borrowing costs will return. This could come as soon as December or March, so buyers and sellers should still strike while the iron is hot. FHA and VA buyers will also become more competitive players in the housing market when the interest hike is rolled out. This is why it’s so important to select your realtor carefully and not be afraid to ask questions. For most people, buying and selling real estate are the largest financial decisions we make.

 

For more up to date information and real estate expertise, trust Marson and Candelori  We are your Pleasant Hill neighbors and want you to love where you live.

 

 

Marson and Candelori

Ken Marson and Cristina Candelori

Love Where You Live

(925) 366-8269

marsoncandelori@gmail.com

BRE#01922446

BRE#01258364

 

Home+Finance, Community J. Rockliff Cristina Candelori Real Estate Pleasant Hill
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