What Pacific Union International (“PUI”) explains in its recent blog post titled, “2012 to Set a Record for Housing Affordability” is undeniable: Statistically, 2012 was one of the most affordable years in recent history to buy a home.
Prices hit bottom and mortgage rates set record lows. The combination meant many more families could afford to move to Lafayette – and they knew it. So they took steps to pre-qualify for loans. They spent time driving our streets and stepping into open houses. Many bid on properties, prepared to sign on the dotted line, only to be disappointed. What stopped them? A lack of available housing inventory and resulting fierce competition for the A+ properties they wanted.
The key sentence in the PUI article for our Lafayette market place is the final one: “Fortunately, a gradual rise in home prices that started in the second half of 2012 is expected to coax more sellers into the market in 2013, which should help relieve the pent-up demand for homes.”
Already we are seeing more homes coming to market in Lafayette. Others are in the pipeline. When will it be enough to fill the pent-up demand and reduce buyer competition? That’s unclear at this point. What is clear is this: The key to attracting top dollar in 2013 will be to enter the market with your home priced right and in prime shape in time to take advantage of this current pent up demand. Right now that demand is fueled by the continued “affordability” factor but also by school calendar pressures.
August’s first day of school only feels far off. Kindergarten registration at our four public elementary schools is January 22 and 23. Families know – the earlier you register your child the more likely you’ll get your preferred site and class time.
Are you considering selling your home this year? Let’s talk about what all this means for your plans.
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