What the Current Market Means for Buyers and Sellers
Our market is changing, and here’s what that means for buyers and sellers moving forward in 2019.
Are we in a shifting market?
In real estate, market trends typically move from west to east, and California is definitely experiencing a big shift in their market. In fact, they have been since 2018.
In our state, meanwhile, homes are experiencing an increase in the average days on market, which means they aren’t selling as quickly as they were before. We’re also experiencing a higher-than-normal inventory increase, which means sellers are experiencing more competition than they were at this time last year. Furthermore, in 2018, we saw multiple offers for every property we listed. This year, we’re not seeing as many.
What does this mean if you’re a seller? It means you should be pricing your home as accurately as possible based on market comparables. Make sure you’re in the top percentile in terms of pricing, but be careful not to overprice your property because as the market softens, you’ll be riding it downward.
If you’re a buyer, this means you’ll have more houses to choose from—you can compare their features, locations, etc. Will you find yourself in the middle of a bidding war? It depends on the price of the property you’re interested in. If it’s priced according to the market, you may have other buyers bidding against you for it.
To give yourself the best chance at winning, just remember to structure your offer to be as strong as possible and make it stand out against the competition. Interest rates are still at record lows, so it’s still a great time to buy.
If you have any other questions about our market or you have any other real estate needs I can take care of, don’t hesitate to reach out to me. I’d love to help you.