The number of Almaden Valley homes on the market has stalled since last week. There were 62 properties on the market last week, and 61 as of today. Buyers, however, continue to snap up properties, sometimes within days of them coming onto the market. The number of listings under contract increased dramatically from last week: 48% then to 53% today.
Buyers appear to be eager to take advantage of the historically low interest rates, which might be stimulated by recent talk of possible rate increases. Sellers, however, are not showing up with the much-desired inventory.
The number of distressed properties have increased slightly over the last several months, which may give us an indication of why at least some sellers are hesitating putting their homes on the market. They may be waiting to see if values increase, decrease, or stay the same and be delaying a selling decision until they have more clear indications of where the market is going.
If you are buying or selling, our current market presents unique opportunities. Buyers can still take advantage of low interest rates before they go up, and sellers will find eager buyers for their well-priced homes.
If you are considering buying or selling a home, contact me and let’s discuss how you can take advantage of the market.