Are you still thinking of selling your house and get top dollars for it or do you want to wait till next year? With a median price increase of (24%) for homes in Livermore and (15%) increase in San Ramon homes since August of 2012, is this still a good time for buyers to buy and sellers to sell or one should wait?
Let’s take a look at the data for detached homes (1300 to 3000 sq.ft.) sold in Livermore and San Ramon since January 2013 and see what, if anything, will help us make an informed decision!
As you can see, the data for (300 plus) homes sold since January 2013 shows that bidding war period is slowing down in Livermore with the gap in asking price vs selling price is decreasing. The high season is almost over, interest rates are rising and there is plenty of inventory to choose from. The sellers that were hoping to get whatever price they wanted are being forced to rethink their strategy.
The data for San Ramon homes is showing almost the same results except that the price gap is a bit steeper when comparing it to sold homes in Livermore. The days of homes selling above $50,000 and in some cases, above $100,000 above the asking are coming to an end.
The bottom line, market is adjusting. Don’t rush if you don’t have to! Make a reasonable offer. Don’t be greedy!
State of Real Estate! 