What's Up in Real Estate in Concord?

You are probably aware that our real estate market in Concord and the surrounding areas has gone a little crazy! Ok, maybe a LOT crazy! There are several factors contributing to this, and I thought I'd take you through some of the scenarios that are playing out right now. 

• Record LOW inventory of active homes on the market. Unprecedented lows really. Inventory of homes available now in Concord is DOWN over 70% from last year!
• More investors in the market now in general, our market has hit a sweet spot for investors and they're out there in force.
• More investors are HOLDING their inventory. Buying to rent and hold (vs flipping) while they watch their equity grow is common now. 
• Tightening of the lending guidelines so many homeowners may not be in the position to buy themselves just yet, therefore homes are not coming up for sale.
• Negative equity positions continue for many sellers making a "normal" equity sale impossible. This may change though as the values are edging up.
• Continued job uncertainty for many also lead sellers to stay put.
• Fewer foreclosures are coming on the market. 
• High demand due to super low interest rates and record housing affordability at historic highs.
• Increase in "pocket listings" which means homes are coming on the market already sold due to pre-marketing, or agents/teams selling the homes before they hit the open MLS market.
• Low inventory creates stress for probably home sellers as they worry that they'll also be competing in this market.

If you, or someone you know, is in today's buying market, you know it is stressful. With multiple offers for each property, it is critical to be well prepared in your homebuying process. More on that tomorrow! I'll touch on some ways to best position your offer in the multiple offer craziness of today.

Catherine Myers is a Real Estate Broker with Prudential California Realty with offices in Pleasant Hill, Walnut Creek, San Ramon and Brentwood. Catherine can expertly guide you through the home buying or selling process with her years of experience, entrepreneural spirit and network of professionals.

You can reach Catherine:

Catherine Myers
Real Estate Broker
Prudential California Realty

DRE License No 01337828

925-683-2125

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