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Hello everyone and welcome to our video blog! Today, we take a look at market conditions here in Northern California and discuss what they mean for homeowners in our area!
Right now, we're still seeing a seller's market. We
only have about 2 months of inventory right now, which means if no
other homes were to come onto the market, we would sell all available
homes in about 2 months.
Interest rates, though still low, are expected to rise in the coming months. They are currently hovering around 4%, but are expected to rise to 5% or even 5.5% by the end of the year.
With
interest rates slated to rise, now may be the time to sell, as rising
interest rates may deter buyers from entering the market. With inventory
low and many qualified buyers looking for homes, now is the opportune time to get a great value for your home.
How does the current inventory affect pricing,
you ask? Well, anything under 6 months of inventory is considered a
seller's market. With only 1-2 months of inventory currently, your home will likely sell quickly and for more money than it would otherwise.
Real
estate experts are expecting the market, especially here in Solano
County, to continue its steady rise, at about 5% every year. We've had
high, double-digit appreciation here in California over the past few years (67% to be exact). Rapid
appreciation continues, but has slowed down a little bit. We expect
these solid conditions to continue and the market to remain favorable
for the sellers out there.
If you have any
questions about the 2015 real estate market, or would like real estate
assistance of any kind, please don't hesitate to reach out to us. We
would love to help you take advantage of these wonderful conditions!
