Based on recent trends in home sales including the amount of time that properties sit on the market and the final value of sells, the 2018 East Bay real estate forecast looks great for home sellers. For potential buyers, it may be more challenging, though not impossible if armed with the help of a skilled real estate agent. Here we learn more about the factors that are making 2018 a seller’s market in the East Bay.
In recent months, the East Bay real estate market has had a limited number of properties for sale. This is especially true for single-family homes, which traditionally are in the highest demand among home buyers. First-time home buyers, in particular, may struggle to find a property at all, let alone one in their budget that meets their requirements and preferences. This is however, great news for sellers, who may find little competition on the market, which can help their property stand out and sell easily.
With a limited number of properties on the market, competition among buyers will be tough. This will increase the sales price of any property. It’s great news for sellers looking to get the best value from their home sale and perhaps even turn a profit over their own purchase price. In contrast, buyers may need to be prepared to offer the listing price or above on highly sought-after properties in order to be competitive with other buyers. In some cases, buyers may even have to enter a bidding war with other potential buyers to land a property.
Due to the low supply and high demand, any property that hits the market will sell very quickly. This is also great news for sellers, who are looking to get out of their current property. For buyers, it can be challenging to find a property before it gets snatched up by others looking for the same type of property. This can all create timing challenges for both buyers and sellers. Home sellers will need to be cautious that when they sell their home they have another property already under contract to move into.
How A Real Estate Agent Can Help
In this type of market, both sellers and buyers need a seasoned real estate agent to guide them through the challenging process of buying and selling. For sellers, the agent will ensure your home is well advertised and marketed to potential buyers. This will ensure you get the best possible price for your property. They will also help you manage the fast-paced selling process, which may proceed very quickly.
In this market, a seasoned real estate agent may be even more important for buyers. Your agent will help monitor listings and make you aware of any appropriate new listings that come onto the market. Then, they can quickly get you in for a showing and guide you through the process of making a strong offer to ensure you get the property, but also get the best price possible in even a competitive market.
Whether you are planning to sell or buy East Bay real estate in 2018, work with a skilled and experienced real estate agent to get the best price on home purchases or sales, and the best results when navigating the competitive East Bay real estate market.