Spring and Summer are the busiest months in the real estate market. The market will see an increase in homes for sale in the Walnut Creek and Concord area after April 1st as the weather changes and the kids break for Summer. List your home now, before everyone else. Buyers will have more choices in the Spring/Summer as the inventory opens up, resulting in less offers on your home than if you sold now, taking advantage of the current seller’s market climate.
Prop 19 takes effect April 1st. This allows people over 55 whom have been “land locked” for years in their homes to now move and buy another home, taking their low tax bases with them and transferring it to their new property. This will create more inventory, putting a dent in the seller’s market.
Interest rates – Interest rates aren’t looking as great as they were the last couple months. Currently, most buyers I’m seeing are above 3.1%. Last month the rates were sub 3%. This makes mortgages more expensive over time, and reduces buying power for home buyers. This might result in buyers taking a pause if the bond market continues to perform poorly and the rates further increase.
The end of the coronavirus pandemic is coming. Vaccinations are available for many people, and counties are slowly opening back up. As peoples’ jobs stabilize and the economy recovers, people will feel more confident about selling their homes, further contributing to an increase in inventory.
While there is no crystal ball, I do believe a change is on the horizon.
The best time to sell your house was yesterday. The second-best time is tomorrow.
Todd Goforth Realtor, FTBS (certified first-time buyer specialist) Member - Contra Costa County Association of Realtors (CCAR) & California Association of Realtors (CAR)
201 N Civic Dr #130
Walnut Creek, CA 94596 www.GoforthRealEstate.com