Buyers are coming out in droves!
Despite the rapidly evolving news, it may surprise you to hear that our local market is booming.
With rates dipping below 6% for the first time in over three years, and a new wave of millennial buyers hitting major life milestones, first-time home buyers are entering the market en masse. Just last week alone, lenders noted an 11% increase in the number of mortgage applications over the week prior. These new buyers are well-resourced and financially competitive after having “saved up” for years. Add to that the AI boom and back to office policies driving people back to major employment hubs, and the Bay Area is seeing a real estate surge. We have not experienced such a highly qualified and motivated buyer pool in a long time!
In contrast, homeowners are holding off on selling…resulting in a dramatic imbalance in supply + demand. In the first two months of last year we saw 798 homes listed throughout the inner East Bay. During that same period this year we saw only 689 homes listed - equating to a 14% decrease in available inventory! As a homeowner, it is only natural to be scared by the news and filled with uncertainty – holding back on any big move until everything feels “right”. Staying put or holding onto your investment for another year or two feels less risky considering the political and economic news. And, before this year, we did advise many sellers to hold onto their homes if the option was available to them.
But, if you are in that camp – deliberating on the right time to sell - now is the best time to sell since the beginning of 2022. Our last three listings each received 10-12 offers, leaving a large pool of buyers qualified and waiting for your home to hit the market.
If you are a buyer in today’s market it is even more important to have a great realtor on your side. So much of your success in this market will rely on how well networked your agent is and how diligent they are in drumming up opportunities. Count on us to get you opportunities not available to other buyers in the market.
Reach out if you are thinking of buying or selling. We know the market and know what levers to pull on both sides of the transaction to optimize your success.
