The Current Real Estate Market in Twin Creeks

Sharp eyes will notice that one home that was shown as Currently For Sale in last months Real Estate Informer, 108 Rosario Court, is no longer shown as Currently For Sale, with Sale Agreed or Sold. This home has been taken off the market temporarily. So that leaves us with 3 new listings from last month. And although 221 Bello Court is shown as Currently For Sale, a sale has been agreed, although it is contingent on the sale of the buyers’ property, so it may not be fully available for sale. 84 Milaw Court is also not actively for sale at the time of writing, but will be coming to the market on April 6^th.

Although there are very few Recent Sales or Sales Agreed right now, the reason is clearly a continuing lack of inventory, and a glance at the one Sale Agreed and the most recent sale demonstrates that low inventory generally results in much increased buyer interest. 2554 Marsh Drive sold with 13 offers, selling well above list price, and 3898 Aragon Lane had a sale agreed with 7 offers. The home on Dos Rios Drive was somewhat anomalous as it was listed at a much higher price originally, and had a number of price reductions before attracting serious buyer attention.

So with only two homes that are available for buyer consideration, the current Twin Creeks real estate market obviously strongly favors sellers. The laws of supply and demand apply just as much to real estate as to all commodities.

Although it’s likely that we will see more homes coming on to the market as we move into the warmer (and hopefully dryer) months, there are no indications that we will see a great influx of new listings of homes for sale. Buyers now appear to accept that current interest rates are the new normal, so every new listing that comes on the market is likely to receive a lot of attention, and sellers of aggressively priced homes can  certainly anticipate multiple offers.

From a buyer’s perspective, there is little point in complaining about the mortgage rate. Better to buy now before rising prices put homes further out of reach. After all, when mortgage rates come down, they can always refinance.

Questions about the real estate market in Twin Creeks or anywhere else? Call Bernard Gibbons on (925) 997-1585 or Michelle Hensley on (925) 785-5544 anytime, or email team@bernardgibbons.com. We will help in any way we can and we are always happy to hear from you.