By Patrick McCarran, Prudential California Realty
Inventory is at an all time low. I can almost count the available homes on one hand. With values on the rise it may be an excellent time to put your house on the market and make that move you have been delaying. There are several contributing factors that account for the current lack of inventory. The primary reason is that a major source of homes has been through the banks either as foreclosures or investor flips. This past year the banks have significantly lowered the number of homes making it on the open market largely due to an increase in modifications as well as an increase in the willingness to approve short sales.
While inventory has been scarce buyers have not. East Contra Costa is as most of us here realize an attractive area. It is centrally located to the North Bay as well as the South Bay and also the Sacramento area and the Central Valley. This makes it desirable to a number of different types of buyers and demographics. The market has seen a steady flow of investors continuing to buy homes, often multiple purchases, In addition there has been a great deal of second home buyers, individuals wishing to plan for an eventual move at retirement or a future career change. First time home buyers who for the last few years have been largely on the sidelines are also steadily increasing.
A major contributing factor to the current market is the fact that money is cheap. With interest rates at historic lows return on investment is at historic highs through monthly return as well as future appreciation, from an owner occupied point of view it is often significantly cheaper to own than to rent.
What does the future hold? That is the million dollar question. In my opinion interest rates will definitely rise and this will slow the market, I do not believe we will see a crash or deflation but a nature slow down. The uncertainty of the future is what makes today the right time to sell whether you are upside down or have equity.
If you would kike a current market analysis of your home or need any information concerning real estate do not hesitate to call or contact me directly.
Patrick McCarran is a local Realtor and can be reached at (925) 899-5536 or www.CALLPATRICK.com. Prudential California Realty is an independently owned and operated member of The Prudential Real Estate Affiliates, Inc., a Prudential company. Equal Housing Opportunity.
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