It’s no surprise that the August 2011 Contra Costa County housing market statistics continue to show a soft market. Inventory is low as sellers with flexibility wait for improved pricing.
Are you waiting to sell? You may not want to!
August 2011 Contra Costa County Statistics
Pacific Union’s August 2011 Contra Costa Housing Marketing Update indicates:
• The number of homes for sale in Lamorinda dropped almost 30% at the end of August over last year at this time.
• The average price per square foot dropped 4% this year for all single family homes in Lamorinda.
Meanwhile, I’ve still been closing transactions for both buyers and sellers. Here’s what I know:
Living in Lafayette
Many families move here for our schools but the secret is out: Most of us stay long after our kids go to college because we love the lifestyle and our community’s life long learning philosophy. This helps keep real estate demand stronger here.
Currently, new buyers are cautious but want to buy the right house in the most desirable pockets of Lafayette. Current residents want to go into larger homes and/or the best neighborhoods, while others dream of simplifying their lives and downsizing.
When you hear the term, bouncing along the bottom, the above stats show exactly that. Currently, we are in the midst of a negative bounce which was bound to happen after a positive bounce earlier this Spring.
Don’t let the graph fool you or prolong your time on the sidelines. It can’t accurately reflect the variations in the quality of the home or the neighborhood. On the other hand, if you bought during the hay day and just wanted into the school district, regardless of lot or location, you may prefer to wait or consider renting your home (rents are at an all-time high).
Challenges & Opportunities for Buyers & Sellers
Sellers: Thinking of selling? With Lafayette inventory low, if you have a great product in a desirable location, trends are showing it will be gobbled up quickly! Buyers are picky – and that can work to your advantage. Buyers want perfect and are ready to strike and pay when they see it. It’s critical to go to market with a well-priced, well-staged property. Once you get an offer, attention to details matter as buyers are just as picky about documentation and inspections as they are about the property itself.
Buyers: Low inventory presents challenges for you, too. You don’t want to lose your dream home when it finally hits the market. So, you have to make sure you have your ducks in a row. Competition is staggering for these high quality options. We’re seeing deals fall away because an inexperienced realtor didn’t appropriately prepare their buyers. When you work with our team, we will make sure you are poised and ready with loan approval in hand, and an accurate opinion of value despite the actual list price, as well as proper expectations. We love the hunt and would be happy to help you find the perfect match. You need to step up your search process or you may miss out on this incredible buying opportunity!