Summer is heating up!! and what about the housing market? Well, Buyers and sellers, here are the latest national housing stats!
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 your National Market Update.
Let’s break it down and see what’s happening with affordability, inventory, mortgage rates and buyer demand. According to housing website Redfin, U.S. home prices continue to rise even as high costs deter some homebuyers.
Nationally, home prices grew 0.5% in the last month. This marks six consecutive months of price increases since the beginning of the year with no signs of prices coming down anytime soon. We are seeing multiple offers in some select markets (like here in the East Bay!) with high buyer demand even with limited inventory.
However! Although inventory is better and new listings have increased in recent months, overall market inventory remains 20% below pre pandemic levels. We are also seeing properties remain longer on the market. Now this sounds unusual given the lower inventory, but in areas where pricing is done traditionally, it shows sellers are pricing their homes too high initially and then having to do a price improvement. In the East Bay, where we intentionally price well below market value, sellers are still receiving offers below their expectations and so homes are remaining longer on the market. It’s showing that seller expectations are initially too high and they’re having to adjust.
This is why it is so important to price your home competitively, and have realistic expectations, to avoid long days on the market.
Nationally, we are seeing homes that are listed just shy of market value get multiple offers in less than 7 days, but homes that are priced over market value sit for 30-45 days.
And let’s talk about those mortgage rates. Mortgage rates continue to be a wild card in the housing market. Rates continue to fluctuate. As of this recording, mortgage rates have declined since the beginning of the year. This has helped with the buyer demand as it has taken some sting out of overall affordability.
Of course, the real estate market remains volatile and always changing, that is why it is so important to use an experienced local agent.
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?
Click here—> I WANT TO GAIN ACCESS TO THE *HOME BUYER* SEMINAR NOW
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