Recent Sales Data–When will Buyers catch a break?!

Third Quarter Market Snapshot

This chart is a shapshot–a comparison of the third quarter of 2015 to the third quarter of 2014, and that’s just a small bit of data in a larger context. But it definitely expresses the feeling of this current market as my Buyer clients experience it. There is still a shortage of inventory, and prices continue to rise.

If you want to sell your home–it’s still a great time. If you want to buy a home it can be tough, so you have to be smart, tenacious and open-minded. And this market favors the brave–the risk takers, the flexible, the ones who are playing to win. And playing with the long view.

At a recent real estate market talk I attended, the presenter, Carol Rodoni, said that everyone asks her if we are at the peak of this market. She said, and I’m paraphrasing here…”knowing what you know now, don’t you all wish you had bought at the peak of the last market?!”

Of course I don’t have a crystal ball, and no one I know has ever been to the future–but I do know that we are part of a region that is experiencing tremendous growth and economic prosperity, and that the East Bay is one of the last few “affordable” places near the Bay. I also know that the vast majority of homes bought here are purchased with a minimum of 20% down, and many with all cash, so homebuyers have a serious stake in their own homes, and a lot of skin in the game.

While we are no doubt in a market cycle that will change over time, we don’t know what that change will look like.