from Bernard Gibbons & Michelle Hensley
In many ways, the above figures suggest a pretty normal November / December in our area. There is very little inventory, but most sellers who have homes listed for sale this close to year end do so because they really need to see their home now, for whatever reason.
Homes with price reductions above are highlighted in yellow. It’s interesting to note that all of the homes that sold recently did not require a price reduction to get an acceptable offer. A good sign that they were priced at levels that took recent sales into account, rather than sales that happened 4 or 5 months ago, It also confirms that there are still buyers about who are prepared to move quickly when they see a home for sale that represents good value.
Of the two homes with sales currently agreed, it seems clear that 2851 Via Cordoba was initially priced higher than the market would accept. A change of listing agent with a subsequent price reduction achieved a sale in around 2 weeks, emphasizing the importance of accurate pricing.
So what will things look like in 2023? recent news from Federal Reserve Chairman Powell that he may consider easing his “hawkish” position on interest rate hikes is encouraging. So mortgage rates could stay around their current levels of a little over 6% through thr first half of the year. If that turns out to be true, prices should remain steady.
Regardless, we expect to see more buyers entering the market early in 2023, and with inventory predicted to remain low, homes should sell quickly, particularly if they show well and are priced in relation to recent sales of similar homes.
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 firstname.lastname@example.org. We will help in any way we can and we are always happy to hear from you.
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