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Health & Fitness

Now is the Time to Buy or Sell an Existing Home

A few market reports recently released by the National Association of Realtors are supporting what we Realtors here already know. The market is slowing down here in the Bay Area.

After a huge summer where I saw prices skyrocketing, many homes going 10-15% over asking price, the fall has seen a traditional slowdown in the real estate market. While a great home will still sell over asking I am recommending my buyers be more discriminating and less emotional when it comes to making an offer to purchase.

According to the National Association of Realtors, existing home sales were down 1.9% in September of this year. A more sophisticated view of this statistic is: Of course home sales were down in September, people were worried about getting their kids into school and now that’s over so it’s time for the real buyers to get a chance.

Find out what's happening in Piedmontwith free, real-time updates from Patch.

NAR chief economist Lawrence Yun says a decline in sales was expected. “Affordability has fallen to a five-year low as home price increases easily outpaced income growth,” he says. “Expected rising mortgage interest rates will further lower affordability in upcoming months.”

There are a few exceptions where sellers are going to see prices holding, or if the property is really something special, getting multiple over asking offers. For example, sellers with smaller houses, all of your 2 or 3 bedroom and 1 or 2 bathroom folks, are going to see an uptick in attention. Also really desirable are single level homes, funky duplexes, and anything with income potential. These are going to be at a premium through the fall. Good walk scores, small gardens, and lots of light are very desirable now with all of the “downsizers” that sold over the summer.

Find out what's happening in Piedmontwith free, real-time updates from Patch.

If you have any questions or want to share your thoughts please contact me through my website www.americasells.com.

 



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