Market dynamics are setting the stage for an amazing post-Super Bowl selling season, but there is one ingredient missing: sellers!
It’s a great time for sellers to join the party. While this may not be the “perfect storm” we’re all waiting for, which would include accelerating appreciation, there is an opportunity now to take advantage of our current market – the likes of which we haven’t seen since before 2005.
Consider this: In all six counties served by PUI, listing inventory is significantly down compared to six months ago – but by contrast, properties under contract are growing at accelerating and exciting rates. Just take a look at these numbers (click on the county name to get more detailed market condition information from our Bay Area counties):
|
County |
All Listings: % Change 8/29/11 – 2/12/12 |
Under Contract Increase Since 01-02-2012 |
|
-26.5% |
+57.8% |
|
|
-27.1% |
+60.2% |
|
|
-34.1% |
+82.1% |
|
|
-21.6% |
+37.5% |
|
|
-33.7% |
+97.5% |
|
|
-28.7% |
+65.1% |
Many of our listings are receiving multiple offers, tight terms, ultra-competitive closing timelines, pre-approved mortgage commitments with rates at 4.0 to 4.5 percent, and an ample supply of “all cash” transactions.
Buyers are more confident than we have seen in the past 20 months and the Bay Area economic forecast and job markets seem stable, if not downright encouraging.
If you’re thinking about selling, the time is ripe to dip your toe back into the market. Come on in – the water feels fine!
(Photo courtesy of Tom Hilton via Flickr)