After a couple of post pandemic years of low level inventory, the housing market is seeing an inventory infusion!
Hi, I’m Tanja Odzak, eXp Realty, I help people sell and buy homes right here in the East Bay!
And I’m here to give you the latest market report on housing inventory.
According to Big Box real estate website Zillow, this summer we have seen more home sellers return to the market creating a flux of new listings in the market, up 13% above last year’s low supply. More sellers are returning to the market after holding out on their lower locked-in mortgage rate. In a recent Zillow survey, 80% of sellers said they needed to enter the marketplace, despite having a low mortgage rate, due to life events such as marriage, divorce and job relocation.
This influx of listings has cooled buyer competition and prices in an already hot summer as buyers are not matching the uptick in listing activity. And, although prices continue to rise, we are not seeing the drastic spike in prices that we have been experiencing. So, what does this inventory infusion mean for both buyers and sellers? The Zillow Heat Index report is showing nationally it is becoming a bit more friendly and affordable for buyers but sellers still have a slight advantage as new listings are still 23% lower than pre-pandemic levels. We are also starting to see more price improvements in certain areas on properties that have been on the market for almost 30 days.
For areas that do more of a traditional pricing style, there is a good chance that buyers can purchase a property that has been on the market for a while for less than list price. For areas where properties come on the market underpriced (like Oakland and Berkeley), there is a good chance that buyers can get a great deal!
With all the changes in the market, this makes working with an experienced agent all the more important and valuable for both buyers and sellers. Be sure to find an agent with the right experience, who can negotiate terms that are beneficial to your situation.
If you would like more information on East Bay housing data, Call me today and let’s talk about it. I’m a seasoned East Bay expert with a 5-Star rating. I’ll help you navigate the market and make it happen, whether that’s selling or buying or both!
And if you or someone you know needs to sell a home, ask me about my home-selling plans.. I took the pain out of negotiating with a Realtor and made it SUPER simple. Really! Choose Silver, Gold, or Platinum- Pick your Plan and Pick your Price. Terms do apply. I’m Tanja and I sell homes. Let’s get you going, Call me today!
I’m a Top Producing Realtor® in the OAKLAND / BERKELEY / EAST BAY AREA. I’ve been in the San Francisco East Bay Area since I came up to do my undergrad at UC Berkeley (a long time ago!), with a short stint at UC Davis while getting my Master’s. I take my duties as a Realtor® and Fiduciary very seriously, I enjoy educating my sellers and buyers along the way. Putting People, Before Profit.
Why not check out one of my no-obligation, online, On-Demand, virtual Real Estate Seminars?
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