Buyers Dip Their Toes Back in the Market
Updated: Apr 7
Friday the 13th doesn’t scare me, but my dad is so superstitious about this date! It really surprises me that a successful businessman like himself has always been freaked out about this day. He literally stays home and avoids the day every single time. One time, he actually was at home reading the paper to avoid going anywhere and as he was turning the page, he looked up at something and the paper came too close to his eye and the corner of the paper scraped his actual eyeball! My mom had to take him to the hospital! I could see my mom smirking because of the coincidence of trying to avoid all things and this happens! I feel like it was more laws of attraction. I will call him later today and see what cave he is hiding in.
OK, on to real estate…
It’s still early to determine what the real estate market will bring this year, so I’ll focus on what I’ve experienced in the last few weeks and what it looks like for the next couple of months.
Currently, there is a total lack of housing inventory in and around the Walnut Creek, Concord, Clayton and Pleasant Hill areas.
Total detached homes for sale in Concord is 50, Walnut Creek is 27, Pleasant Hill has 14 homes and Clayton has 11 – WOW!
Homebuyers, the sentiment that I’m experiencing is that homebuyers have absorbed the mortgage rate hikes and are dipping their toe back in the market. That has meant more showing requests and mortgage lenders are having many more pre-approval discussions with buyers who are preparing to purchase during this first quarter.
What does that mean for home values? I feel like home values have settled for now. Meaning the price adjustments/declines are settled down and new listings are being priced more in line with current market SOLD home trends over the last 90 days. Doesn’t mean that all sellers have priced their homes appropriately for the condition, location and market; however, the ones that do are going pending in less days with less credits back from sellers.
There are homeowners who are preparing their homes for the market, so housing inventory will increase month over month … and this is pretty standard for this time of year.
Our team is bringing on a new home for sale in the Crossings community next weekend. As I work the open house, I will hear directly from folks about what their plans are for this year and be able to share that insight with you as well.
Until then, stay dry! I’m looking forward to a somewhat sunny week after Tuesday, which gives us all a chance to reset and get some much needed Vitamin D!