Real Estate Trends 2018
Jan 02, 2018 01:02PM
By Don and Norma Flaskerud
Predicting the Future
By Norma Flaskerud
I love the idea of a magical crystal ball! We wish we could perform some hocus-pocus, look at a crystal ball, and know what the future holds. We can’t. But, we can educate ourselves and follow market trends. We read articles by economists and pay close attention to those who specialize in our micro-markets in the San Francisco Bay Area. We are unique and seek those who follow our markets rather than national news. We have our finger on the pulse of our local market. We work it, we live it, we analyze it, and we experience it daily.
We see 2018 much as we did 2017. With low inventory of homes for sale, low interest rates continuing, high employment, and no national or international disasters changing the face of things, the 2018 real estate market looks much the same as last year’s.
If you are a seller, when is the best time to sell? It depends. If you want to sell when inventory is still very low and your price is likely to be bid up, sell early in the year: January, February, March, even into April. If you want to wait and possibly benefit from higher sales prices from the over-bidding early in the year, then late spring is best. Summer sees a slower real estate market; between major life events such as weddings, graduations, and extended family vacations, sales tend to slow down, and the number of offers generated on a house are less. But homes still sell and buyers are still looking then. Thinking people want to move before school starts in late summer is true, but keep in mind, the number of buyers with school-age children are about 45% of total buyers, so the school calendar is not the driving force behind when to sell a home. Believe it or not, we sell loads of property in the fall. After summer vacations, the market picks up and percolates along nicely until Thanksgiving.
Are you a buyer? Get your pre-approval letter in hand and be ready to shop come January 2. Inventory will be very low, but you might as well start paying attention. Check out the new listings at www.PleasantHillRealEstate.com, search all the areas we cover (not just Pleasant Hill) and sign up to receive daily emails of new listings. Or, call us at 925-338-2980 to set up auto-emails of listings that meet your criteria. Moving out of the area? Contact us for a referral to an agent who handles that area. The Flaskerud Team is here to meet your real estate needs.