February 2022 Twin Creeks Real Estate Update
January saw an unusually high level of activity in Twin Creeks compared with previous years. Eight new listings were posted of which seven already have sales agreed with most days on market being single digits. Only two closed sales in January but look at the sale prices, one around $330,000 over list price and the other $175,000 over. Record sale prices continue to be recorded.
Buyer demand appears to be strong as ever in Twin Creeks and we expect that to continue, at least through the first quarter. The big question is what happens then? We know that the Federal Reserve has stated that they plan to have three interest rates hikes this year, with the first on being in March. Depending on how much they increase rates, this could have a significant effect on buyer affordability, the resuly being longer times on the market, increasing levels of homes for sale (which we really do need to see), and prices at least stabilizing. It seems unlikely that we will see any significantly lower prices, although multiple offers could soon become a rarity, with homes selling closer to the list price. Considering all this, if I was planning to sell this year, I would aim to do so sooner rather than later. When the market changes, it generally changes very quickly.
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.