It’s an understatement to say that the world has changed a lot in two years – in life and in the housing market! In this week’s all-new Homes of Silicon Valley blog, we wanted to share a data drop from the National Association of Realtors® on how inventory, prices and payments have evolved over the last two years. While the bottom line is that home prices are ‘record-shattering’, the reality is that now may still be the ideal (and urgent!) time to buy a home and/or review your real estate goals.
The data is clear: home prices are rising, rates are rising, monthly payments are rising. But there are a few notable & opportunity-laden points of interest:
| Sellers are still listing fewer homes in general than they did pre-pandemic, yet the numbers are inching upward, according to an analysis of 4 of the 5 weeks ending in April.
| Eight metros are seeing a ‘growth spurt’ of home listings – including include Riverside, CA (+23.3%), Austin, TX (+16.5%), and Sacramento, CA (+11.8%).
| NAR® predicts that housing stock will grow in the coming weeks, and Danielle Hale, Chief Economist of Realtor.com, asserts that “If home shoppers can navigate higher housing costs, they should have more options to choose from in the near future and less competition from other aspiring homebuyers.”
The bottom line: If you are thinking of buying or selling, it may not be too late to maximize your opportunities for success – yet! Rising rates and increasing costs of gas and food are limiting options for some buyers already, or may be driving others to seek more affordable markets. However, sellers can feel confident that continued demand and rising prices could equate to max ROI, while buyers still in the game need to act quickly before rates and prices drive up payments even more.
This information is very general – and every situation is unique. Please do not hesitate to reach out to chat about your current situation, a brainstorm session of your goals and different strategies to achieve them. The tide may feel like it is turning, but this season is about finding and riding out the best waves anyway, right? ~ Mark