I spent Sunday riding around Alamo, Ca to see what's happening in the housing market. What I saw during my Alamo home search was nothing less than a market correction still playing itself out. As I'm sure you are aware, 2006 was the last year of the "booming real estate market". Some say the downturn started in 2005. As unemployment (currently 12%), continues to rise in California, even more homes will be put up for sale, most not voluntarily.
Let's compare last months market report (June/17/2009), with the current market data to determine the direction of the market, up or down.
Status June July
Active 132 142
Pending (last 30 days) 14 7
*Months of Inventory 13.2 20.3
*Months of inventory is determined by dividing the number of pending sales in the last 30 days into the number of current active listings.
The number of active listings has increased about 9%, but the number of properties that went pending decrease by 50%, which was a slow month.
I don't enjoy reporting on poor market performance but as a real estate agent and broker I must always be honest with my clients and the public.
If you need to sell your home, visit 10 homes for sale in your area that compare to your property. Grab the property brochure and start making notes about the good, the bad, and the ugly. Now go home and view your property just like a buyer would. Compare your home's features, location, condition, etc., with the 10 homes you just visited.
If you were in the market to buy a home in Alamo, would it be your home or one of the others? Let's suppose you selected your current home for whatever reason, how much would you offer? This is an exercise you really should perform as correctly pricing your home in this market will guarantee your home is sold when so many are available.
On another note, I have a listing coming on the market this thursday in San Ramon, view the property site here. http://909regencycourt.epropertysites.com
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