Wow! It’s an incredible time to put your home on the market.
Inventory in Almaden Valley continues to remain low this week. The number of single family properties currently on the market dropped from 61 last week to 58 this week, and the percentage under contract dropped from 53% to 50% over the same time frame. Traditional (ie non-distressed) properties experienced similar results, with available homes dropping from 52 to 51 and the percentage under contract dropping from 45% to 41% over the last week. The high percentages of properties under contract indicates a high buyer interest in the limited inventory currently available, but sellers simply are not coming out to take advantage of the situation, disappointing buyers by the relatively small selection of homes to choose from.
The number of distressed properties (pre-foreclosure, foreclosure and auction) continues to increase. Sellers who decide to put their homes on the market are frequently finding eager buyers hungry for new inventory. Buyers are still taking advantage of historically low interest rates which have remained fairly stable over the last several weeks. This situation creates a potential win-win situation for both buyers AND sellers. Give me a call or drop me an email and let me show you how you can take advantage of our unique market, whether you are looking to buy or sell.