Interest rates are hovering around the 7% mark at the time of writing and although it would be easy to say that this goes some way to explaining the low volume of Twin Creeks home sales recently agreed, the fact is that there are so few homes for sale here compared with buyers that are still in the market, that the impact is minimal.
Homes with price reductions above are highlighted in yellow. Note that the three homes that currently have sales agreed, did so without any price reductions. It is apparent that the majority of homes currently being listed for sale in Twin Creeks have list prices that are factoring in the recent changes in sale prices. There is no point in considering sales from 3-4 months ago as meaningful indicators of current value. Those sellers that accept that prices were artificially inflated in the first half of the year will price their homes accordingly, thus getting a much better probability of a quick sale at or near full price. And right now, they will not have too much competition.
So where do we go from here? There are still buyers about, albeit in smaller numbers. But the shortage of homes for sale is a bigger problem. It is still considered a sellers’ market, although buyers are naturally more cautious, resulting in longer times on market.wait out the market for now, and the result is longer days on market.
Will prices hold steady or fall further? A lot depends on any interest rate increases. If I was thinking of selling soon, I wouldn’t wait too long. Homes with the “wow” factor will still sell quickly for premium prices.
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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