Hi, for the past month or so, we have been focused on the rapid shift in our real estate market. We thought it would be fun to share a little lemonade this week instead of just the lemons as there are many positives to this market too!

 Good news for Buyers:

• If you can buy, there is less competition and in a down market, upgrading is smart!
• If you have cash, there is now a discount for cash most of the time as Seller’s value the certainty of a cash Buyer.
• Buyers who were turned off by bidding wars can start getting back into the market knowing that pricing has become more transparent (accurate). 
• The changing market has made developers and flippers more cautious, so they are no longer a major source of competition.
• The days on market for listings are increasing giving Buyers more time to read disclosures and make an educated purchase with less stress.
• Inspection and loan contingencies are back on the table for tricky properties, bringing added protection to Buyers.
• When looking at the historical picture, rates are still good.
• It is beneficial to buy your home in a more balanced market vs. the stressful highly competitive market we have been in.
• We have more inventory giving Buyers choices.
• The ability for a Buyer to see more than one home in a day is game-changing as there is more to see and consider.

Good News for Sellers:

• Market values increased by approximately 46% since the start of COVID. Prices are still strong despite being lower than the record highs of Q1 2022.
• Location, quality, and community still matter, and homes that meet the needs of a larger Buyer pool are selling well.
• You no longer must roll the dice on your list price. Accurate pricing is here to stay for the foreseeable future.

Good News for Both Buyers and Sellers:

• Real estate vendors and contractors appear to be more available – think appraisers, inspectors, home prep service providers, organizers, movers, etc.
• Lender response time appears to be faster, and some escrows are even closing early.
• Long-term trends show incredible price appreciation in Lamorinda. Despite new condo construction, the amount of available housing in the area is essentially fixed. This means long-term growth is nearly guaranteed if you can weather the blips along the way.

The press is all-over the map with their predictions for the market. We have a hyper-local perspective and data that is much more specific to you. Reach out anytime! 

Dana & Team