Where is the market going from here? Flat to slightly up is my guess. There are definitely some signs of leveling off, however, much of that is due to sellers overshooting the price trajectory in the market. Overshooting the trajectory is also a primary reason for so many recent price reductions. We are also rolling into the holidays which distracts many buyers, resulting in properties sitting a bit longer than normal. New listings are still flowing to the market at a decent pace with 782 new listings since Nov 1st and 79 of those listings have gone pending or roughly 10% of those properties (Contra Costa & Alameda County).
There is a steady flow of follow through listings from the Spring and Summer months still coming to the market. As a result, inventory has crept up and buyers are now being a little bit more selective. The most anxious and motivated buyers purchased through this Spring and Summer months leaving the selective buyers in the Fall and Winter months to find a home at a not so frenzied pace. Buyers in the Fall & Winter months are generally opportunistic and looking for great buys. I know this first hand as many of my buyer clients indicated that this was their plan earlier this year and we are now out looking for homes meeting their needs.
The best news for both buyers and sellers is that interest rates remain at extraordinarily low levels which is fantastic for any buyer looking to purchase a home as well as sellers since the low interest rates enables more qualified candidates at every price point in the market.
The EastBayPro Team of Compass Real Estate consist of the following professionals: Kevin R. Kieffer, Broker Associate, Naomi T. Kieffer, GRI, Realtor, Scott & Rochelle Maher, Realtors, Realtor, Matt Rubenstein, Realtor, Ken Wilson, Realtor, Taylor Pollard, Realtor & Heather Gowdy, Realtor. This team is ranked in the top 1% of Contra Costa County and are Five Star Agents as seen in Diablo Magazine - Offices in Walnut Creek & Danville - serving communities throughout the East Bay
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"I can't speak highly enough of my experience with Charlotte. She was incredibly professional and efficient, and was present at every step of the process. She was responsive, patient, and available regardless of the day or time I had a question. I've done a few real estate transactions, and I can definitely say that she made the process of buying a property much easier. I highly recommend Charlotte to anyone looking to purchasing their dream home."