It’s NOT a buyer’s market in Alameda CA
It’s like someone turned the spigot on, and here come the buyers. Recent news stories talk about interest rates slowly inching up (but they’re still the lowest they’ve been in 40 years) and that home sales are improving compared to a year ago. See: DSNews.com
Home sellers, if you need to sell, consider this.
Seems that was enough for buyers on the fence to start getting serious. Wiith low inventory of homes for sale, one can expect buyers on the run to find properties at a good location, at a good price and in good condition.
Of the 107 properties that are pending in Alameda CA
- 72 of them were in the market for less than 60 days
- 52 of them for less than 30 days
- 14 of them within the week
- 4 were in contract the same day the listing was activated
- 43 are pending subject to short sale lender approval (PSLA) or 40% of total listings
Short Sales are moving!
What is especially encouraging is the number of short sales in contract. This suggests that buyers and their agents are getting braver in viewing and writing offers on short sales. This is so different in the early years of short sales when people completely bypassed short sales, and some agents huffed that only Short sale agents are “bottom feeders”.
What this further suggests that the market is brisk...that buyers are looking at all types of sales...and that some buyers (and their agents) are fast on the draw when writing offers.
So those buyers who still think this is a buyer’s market....THINK AGAIN!
Cost of buying versus price of home
And, if one would visit Steve Harney’s blog, one will find that “Buying a Home? The COST Is More Important Than the PRICE”. In his blog, you’ll see the illustration that he explains this way:
We do not attempt to predict future interest rates. We have that up to the experts in the field. However, we want our readers to understand the potential impact on the cost of purchasing a home if they do rise. Here is a simple table that shows, even if the PRICE of a home softens, the COST of a home could increase.
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