2022 was a very mixed year for home sellers in Twin Creeks. In this article, we look at what drove the real estate market in our area last year, and look at the way this year is developing.
2022 Saw Some Amazing Home Sales In Twin Creeks
The year started strong, much as it was at the end of 2021. It seems that Covid was the driving force to a large extent. Many sellers brought their plans forward and got their homes on the market so they could move out of the area and get on with their life. Many were retirees moving to another state and/or to live closer to their children or grandchildren..
Buyers too were affected by the lock down. Many were frustrated by the confines of their present homes, and wanted to move to an area where they could have more space. A lot of this came about as a result of people unexpectedly finding themselves working from home.
Sale Prices Went Through The Roof
Twin Creeks is one of the most desirable neighborhoods in San Ramon, and San Ramon is highly sought after for many reasons – great schools, family friendly neighborhoods and quality of life in general. But there were far fewer homes for sale than there were motivated (or maybe “desperate” is a better word) buyers. No wonder then, that every home that came on the market attracted a massive amount of interest, and homes sold within a few days, typically with multiple offers.
Then The Brakes Came On
With inflation rearing its ugly head, the Federal Reserve stepped in, and with multiple rate increases over a few months, the real estate market stalled out. Sellers were pricing homes based on previous sales, but only selling after a price change or two, and there was a clear price correction.
But Then Everything Changed This Year
There were still motivated buyers about, and they had to adjust their expectations but there were still insufficient homes for sale. Sellers began to accept that prices realized in early 2022 were inflated due to low interest rates and new homes coming on the market were mostly priced based on more recent sales. Then very quickly it became apparent that demand was outstripping supply again, the result was (and is) that realistically priced homes are selling fast again, often with multiple offers.
The home pictured here was listed for sale at $1,499,000 and sold in 6 days with 13 offers. The sale price was almost $150,000 above list price. Another similar home was listed for sale in mid March and sold in 6 days with 7 offers. There are insufficient homes for sale in Twin Creeks but there are numerous similar examples in San Ramon and Danville that suggests that this will be the new normal in 2023.
Are You Ready To Make A Move?
So is it a good time to sell? I certainly think that if you are planning to move this year, there is no reason to hold off getting your home on the market. As long as there are more buyers than homes for sale, homes that show well and that are priced in line with recent sales should sell quickly, and possibly for quite a bit more than you would expect.
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