As the calendar turns to March we hope that most of the Winter rain is behind us and the sun will start to shine. The weekend after super bowl is the unofficial start of the Spring selling season and initial results are in. So far there have been few surprises and the market has picked up from where it ended last Fall.
Recently remodeled, commute friendly homes with functional yards continue to push the market forward. With a strong economy and a shortage of quality contractors, home buyers are still willing to pay a premium for homes that are move-in ready. Evidence of this are two of our recent listings that each generated four strong offers above asking with minimal contingencies.
Homes that need updating or homes in less desirable locations are taking longer to sell and are experiencing price reductions. Rising interest rates, the new Tax Plan and stock market volatility has led home buyers to be cautious with homes that do not check all their boxes. We expect this trend to continue in 2019 as home preparation, professional staging and a personalized marketing plan are critical for those looking to sell their home.
A wild card factor for the market for the second half of the year could be the new wealth generation from certain San Francisco based tech companies that are rumored to IPO in the near future. With names like Uber, Lyft, Airbnb, Pinterest and Slack going public it would provide additional liquidity to potential home buyers.
We look forward to hearing from you with your real estate questions. Erin - 925.951.3817; Darrick - 925.900.8218