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What’s Happening with the Market?

November 17 2016
November 17 2016
By

After years of rising prices, dwindling inventory and multiple bids, the market finally started to cool down this summer. Traditionally spring is the most active time for local real estate sales and things always slow a bit in summer/fall, but this slight slowdown feels different. We’re beginning to return to a balanced market.

One of the strongest indicators of a balanced market is less competition, fewer multiple offers and fewer homes selling for above their listing prices. You can see from the table below that the percentage of sales over original list price has cooled since since the first half of this year. As expected, the percentage that those properties sold above list also decreased.

Does this mean that the market is stalling, or even worse, collapsing? Are we in for some big correction in real estate prices? I don’t have a crystal ball, but, based on the economy and experience, my answer is no. The fundamentals all appear strong: NASDAQ is high, interest rates are low, employment is strong, and there is a lack of new construction—all signs pointing to a stable market.  So far the election does not seem to have had any noticeable effect on our local real estate sales.

For Buyers: There are more houses on the market than in recent months and years, which means more options and less competition.  With an increase in supply, prices are plateauing, and in some cases being reduced. Frustrated buyers who have been on the sidelines are now seeing more opportunities and easing back into the market.

For Sellers: The good news is that homes are still selling, especially when they are well priced and well prepared. Buyers want new or renovated homes that are move-in ready and those houses are in high demand. The market is still solid and and now is a great time to cash in on the healthy appreciation of the last few years. The chart below shows that median sold prices in Peninsula cities have roughly doubled since the 2009 downturn.

Market Update

In this market, it is more important than ever to work with an experienced agent who knows the local neighborhoods, as well as how to best prepare and price your home to sell for the maximum price. If you are thinking about selling now or in the spring I would love to advise you about how to best position your home to get the best possible price.

Now is a great time to start thinking about preparing your home for the spring market. Take advantage of the slower winter remodeling season to make those repairs or renovations that will pay off when you list your home for sale. We can advise you about the changes that will yield the biggest return on investment and can recommend trusted vendors to do the work. Call us if you want to discuss which preparations are best for you.


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