Is it Still a Seller’s Market?
Looking at the real estate market today can be very confusing. Some experts would have you believe that we have left the “Seller’s Market” behind and have skipped right over to a “Buyer’s Market”. Not so fast! If we examine some of the statistics related to the Bay Area, we find that there remains only a 2 month inventory of homes on the market. That is the very definition of a “Seller’s Market”.
The one thing experts do agree on is that It requires 6 months of inventory to become a “Buyer’s Market”. Other statistics that confirm the “Seller’s Market” label include the number of days on the market, price decreases, and sales over asking price. As an example of these criteria, let’s look at one of the Peninsula cities, Burlingame. Days of the market averaged 27, average sales price was $2,537,578 (in October was $2,556,152), price received was 5% more than asking.
These numbers are typical of the what we find in San Francisco and the rest of the Peninsula. From 551 active residential properties on the market in San Mateo County, 29% of properties had price decreases and 32% properties were on the market 60+ days. While we aren’t seeing the wild and crazy days of the recent past, we could be on a slow climb out of the present market and into a Buyer’s Market.
Bottom line? If you have been thinking of selling your home, now is the time to do so to get top dollar and find your next new home. Looking for financing and don’t qualify for a conventional loan, look no further than Sun Pacific Mortgage. We are here to offer you a Hard Money Loan, which will allow you to get into your next home quickly with a minimum of stress. Give us a call at 707-523-2099 and see how we can help you!