Homebuying is Accelerating: Where does that leave me as a Listing Agent and you as a buyer?

Homebuying is Accelerating
Where does that leave me as a Listing Agent and you as a buyer?

The Real Estate market is continuously evolving every day into something new. New market statistics, new deals signed, new percentages of short sales, foreclosure and a change in the median home prices across the board are constantly changing. So where can we expect this tumultuous market to go? Essentially we can’t ever fully predict this, however we can use the information at hand and make the best marketing angles and business steps in the right direction. In the Press Democrat yesterday there was an article titled “Homebuying Appears to Accelerate in County” by Robert Digitale that better describes our most current situation in the market.

Well first things first, when the buying of homes accelerates, agents will have trouble finding homes to sell! It’s a natural result of all the homes being bought up by first time homebuyers who don’t want to be renters anymore and experienced buyers who are ready for more investment in the Real Estate market. Buyers, buyers everywhere but not a-new listing in sight.

However, despite this fact agents are finding encouragement and comfort in the fact that despite the median home price dropping, more deals are being signed and sought after the $400,000 and $900,000 range. This is good news to all of us indeed since this has been the most sluggish price range in the past three years.  According to this article “to date this year, buyers have signed contracts for 277 houses in that range, up 56% over the same period a year ago”. And, as said earlier, this seems to be the trend for home sales across the board. Pam Bradford, a broker associate with Praxis Realty seconds this by saying she’s seeing more clients who are searching in the range of $650,000.

In February of this year buyers completed 352 purchases of single-family homes. This is up almost 15% from this time last year. Due to this increase in buyers it’s only to be expected that competition for homes that are out there will also increase. We, like many other real estate agencies, are seeing more multiple-offer situations for the same home. But don’t get discouraged, competition is a good thing! We are, after all, a system built on free enterprise and competition in the market so many other agents and brokers see this as a good thing. This “increasing number in signed contracts and the declining inventory” is a sure sign “the market is stabilizing”.

On the other end of this argument is the steep increase of short sales and foreclosures. This will make it difficult for prices to rise for homes in the market already. Last month buyers signed for a record of 216 short sale homes which is a 177% increase from this time last year. Then the median price was $289,000 and for the past six months short sales have nearly doubled.

So now we sift through this information at hand to see where we stand. I cannot stress enough that NOW, right now in fact, is the time to buy. The market will never be better for buyers because of the rising competition and it will never be better for sellers who have multiple offers rolling in at the same time.  That makes NOW the time to start calculating your finances and seeing how you can actually save money by buying a home!

Bad credit stopping you perhaps? Call us to talk about hard money loans. Your credit doesn’t have to be perfect to get this loan and will get you into your new house faster than any FHA bank loan. Now could be the perfect time to quit being a renter.

For the entire article click this link and read on. 

Lynn Tardibuono – Flipper Chick- Real Estate Agent and Co-Owner of Sun Pacific Mortgage and Real Estate.  Serving Sonoma County since 1988.  Her number is (707)523-2099 and you can also visit the website at http://www.sunpacmortgage.com