The higher interest rates are having an effect in our area, although homes are still selling as can be seen in the Pending sales above. Inventory is lower than it has been, although this is not unusual at the end of August, and many sellers have had to lower their expectations to get a sale agreed. These homes are Highlighted Above.
It’s interesting to note that two of the recent sales in August sold above list price, but this was after a significant price reduction in both cases. This shows that there are still buyers out there, but with multiple offers becoming less common, they know they have less competition to concern them. So homes are taking longer to get a sale agreed. Many homes are seeing price reductions and when the list price is perceived by buyers to be good value, a sale gets agreed quickly.
The time between getting a sale agreed and closing means that recent sales are not as great an indicator of value as is normally the case. Sellers are advised to consider the price of competitive active listings and price accordingly.
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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