The last few years have seen a pretty crazy real estate market. In some areas, homes have sold more than $100,000 over list price and multiple offers were commonplace.
Although that may sound like it’s great for sellers, in most cases, it really isn’t. The majority of people buy and sell in the same market so if it seems terrific on one side, not so much on the other.
The San Ramon real estate market experienced all of this, and while I can’t recall any home selling for $100,000 over list price, I have seen a few that sold for at least $30,000 over and many with more than 10 offers. Now, at last, it looks like things are settling down. And not before time.
A Level Playing Field
I have known a number of (particularly first-time) buyers who simply gave up trying to buy. I also know of some that wrote more than ten offers before getting on accepted. This is not a normal real estate market.
Now, what I have observed over the last couple of months or so, is that not only are homes not selling immediately with multiple offers, but we are even seeing price reductions. There comes a point where rapidly increasing prices are just not sustainable and it does look like we have reached that point.
So if you are planning to buy, now may be the time to get into the market. Prices appear to be stable and homes are selling for what they are worth. You can even be reasonably sure that if you write a realistic offer on a home for sale, you will have a good chance of reaching agreement.
Still A Good Market For Sellers
If you are getting ready to list your home for sale, it’s still a good time to do that. Even though prices are stabilizing, there is still a real shortage of inventory and appealing homes will always be in demand. The secret, as always, is to price it right. If your home has been carefully prepared for sale and is appropriately marketed, then if it is priced right, it should sell within a few weeks. You only need one decent offer and that’s how it’s always been in anything like a normal real estate market.