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Today, I want to briefly touch on some of the significant changes we've seen here in the East Bay real estate market. How do they affect you as a buyer or seller?
In the last two to three months, things have changed quite a bit. Not long ago, buyers were receiving multiple offers on their homes and getting offers above list price!
While it's still a seller's market, we're not seeing a crazy, fast-moving market like we were a few months back. Homes may stay on the market for weeks at a time now, and if a home is priced over a million dollars, it could take 30-45 days to sell.
These current conditions are great news for buyers, who should really consider making their move now. Homes are sitting on the market a bit longer and price reductions are more common than they have been, so now is a good time to take advantage of the market. In short, it's a great time to get a property at a fantastic value.
These conditions won't last too long. If the early winter months of 2016 are anything like we've seen in the past, inventory will decline rapidly and demand will skyrocket. This will lead to short market times and multiple offer situations that will last through spring and summer, much like we saw this year.
With interest rates slated to rise next year and another busy market in the forecast, now is an ideal time to buy a home if you are absolutely ready to do so. If you're not sure and would like to talk it over, please don't hesitate to reach out to us. We're always available to help you with your real estate needs!
