As the years fly by, one thing has remained constant in my business: the March home selling market is Madness! Seller Translation: it is a great time sell your home. Understand if you want to sell quickly and net the most amount of money, you may want to move fast.
Rates are still low but on the rise. Buyers want to get into their homes now before the rates surpass 4%. Seller Translation: be wise and list your home earlier in the year, before more rate hikes kick in. Not only will you capture the market of buyers scurrying to close a deal, but if you’re buying after you sell, you’ll also benefit from those lower rates. Plus, why wait until your neighbors put their homes on the market in late spring/early summer? Be the first home for sale on your street and beat the competition!
Inventory. Home building has not kept up with demand and population growth, and last I heard they are not making any more land here in CA. Seller translation: Most neighborhoods have the same or even less inventory for buyers to choose from, while some have more. Even with more inventory it’s still a “seller’s market” where we see multiple offers and buyers submitting seller-centric terms, like waiving contingencies. In other neighborhoods the pace has slowed and sellers are experiencing offers at or below asking price, contingent offers and more requests for repairs and credits. I’m happy to share our pricing strategy and what is happening to home values on your block.
Home prices continue to rise. However, not as rapidly as before. Jan/Feb 2019 vs. 2020 we see a 5% increase in MLS overall. Seller translation: you will profit if you sell this year, but the earlier you can list, the better off you’ll be. Personally, we see a lot of inventory which will be hitting the market early summer.
Remember, real estate markets are hyper-local so when someone asks, “how’s is the market?” I can only reply, “that depends!” Timing, location, inventory, interest rates, and schools are just a few factors that determine what a home is worth.
I am excited to start a conversation to assist you in making the most out of today’s real estate market.