This was an in the field interview of Simon Watson and me (David Zabarte) that one of our frequent lenders conducted back in March of 2017. I just got the footage and I thought it contained some useful info for both buyers and sellers with regard to tight inventory markets like we’ve been having for the past number of years here in the San Francisco Bay Area.
We have experienced a “seller’s market” particularly in popular areas like Oakland, Berkeley, and throughout Alameda County, as well as in Orinda, Lafayette, Walnut Creek, Pleasant Hill, Concord, Martinez, and on out to the farthest end of Contra Costa County. The market out in the East Bay has had a lot of people moving into the area from other parts of the SF Bay Area, and from out of state. This isn’t something that I expect will change much in the next couple of years.
Based on the economic research done by economics from the California Association of Realtors® for 2017 (check this link out for some interesting data) we have about 50% of the inventory that we should have for the population growth we currently are experiencing based on past historical numbers. People who own houses have not made the decisions to move at the historical rate that they did in the past which was every 5-7 years… the current numbers are on average about every 10 years is when people have been making their moves. Inventory has been tight partly because of this factor. Factor in the low number of new units that have been built since the recession of 2008 and you can start to see why our inventory is as tight as it is.
We are all paying close attention to what is happening with regard to the possible tax changes, and the interest rate hikes, but it remains to be seen whether these will have little to no impact, or moderate to severe impact on the housing market. I’m betting that there will still be quite a bit of demand for housing in the coming year.
For 3 years running, I’ve been awarded with the Five Star Professional award!
The book that I’m in along with 7 other real estate agents is available online at Amazon.com!
The Annual Historical Data Summary Report tracks trends in California’s housing market from 1968 to present that REALTORS® can use to compare and contrast with their local market statistics. This report provides a historical summary of the CA housing market for those who are interested in analyzing the market in the long term perspective. With this report, REALTORS® can use years-worth of data to gauge how the current market conditions compare to prior years, and help their clients make more informed decisions.
SOOOOO important to know the difference and to get a pre-approval! He may look like Lex Luthor, but Zack really does a great job looking after his clients, and I think this quick explanation of what the difference between these two states of a buyer’s status with a lender is, is critical for getting an offer accepted for the most part… but more importantly you don’t end up in contract with a buyer and then have to bail on the purchase because they were not qualified to really get a loan.
Check out the latest stats!
Very telling information. The market is still very hot on the selling side.
Take a look at the overall months of inventory available, closed sales stats, average days on market, and much more.
Here is a look at the homes that closed in Contra Costa and Alameda Counties from Friday May 24th – these are 3 bedroom 2 bath single family detached homes only: