The Rebounding Housing Market May Mean Opportunity for Home Sellers in San Mateo Not Seen in 6+ Years
As 2013 gets underway, Northern California’s housing market is set to continue the steady recovery that began last year. Home sales and the median sale price rose in all of our local communities last year. We’re the talk of the rest of the country and leading the real estate boom.
Foreclosures and short sales continue to decline. The only problem seems to be that many potential sellers don’t realize that things have changed so dramatically since the downturn of the housing market, and they’re missing out on a tremendous opportunity. There’s a severe shortage of homes for sale in many of our areas, which means that homeowners savvy enough to list their home right now are often getting multiple offers – and sometimes at prices we haven’t seen in several years! Available inventory of homes for sale in much of our region is down 50 percent or more just in the past year.
Right now, there are more qualified and eager buyers out there than homes on the market to meet their demand, and, these buyers are fully qualified to buy! With an imbalance between supply and demand, homebuyers have been fiercely competing with each other, and that’s great news for sellers. The California Association of Realtors announced in its November 1, 2012 report that 57 percent of home sales in California received multiple offers, the highest percentage of multiple offers in at least the past 12 years, with each home receiving an average of 4.2 offers, which was up from 3.5 offers in 2011. In the San Mateo area market the number of homes receiving multiple offers is quite similar to those of the state. This seller’s market is rapidly driving up prices. According to DataQuick the price appreciation was quite high in the Bay Area, which saw the median price in December spike by 32 percent.
California Association of Realtors Unsold inventory index for existing single-family homes (in months)
Source: California Association of Realtors
The same trends that we are seeing here in San Mateo County are occurring in markets across the country, according to the National Association of Realtors. Zillow economist Stan Humphries agrees that tight inventories will push up prices, encouraging more people to list homes. So where does this all leave you? If you’ve been putting off selling your home, you may want to seriously consider getting back into the market now. As the new year gets under way, the pendulum has swung back into a seller’s market. But there’s no guarantee how long that will last.
As qualified buyers are out there looking, prices are climbing once again and there just aren’t enough good home listings to go around. With such strong buyer demand and a shortage of listings, this may be the best time to sell your home. We’re ready to help you get started today! What does this mean for you if you’re thinking of selling? If your home is market ready and it’s and priced right – not too high or too low – you will probably see multiple offers.
We’d love to talk with you about the advantages of selling today. Give us a call or send us an email. Here’s what’s for sale in San Mateo right now. [idx-listings city=”San Mateo” statuses=”1″ propertytypes=”275,328,329″ orderby=”DateAdded” orderdir=”DESC” count=”10″ showlargerphotos=”true”]