Will 2013 be the year that buyers and sellers in Alamo & Danville finally return to the market?
Many local real estate professionals in Danville & Alamo believe 2013 will be a good year to be a home seller because there are fewer homes on the market, propping up prices, and mortgages are more easily available.
“Sellers will be in control next spring as inventories are low and financing is available,” says Ron Throupe, assistant professor at the Franklin L. Burns School of Real Estate and Construction Management at the University of Denver.
Real estate and home values are hyper local. While Alamo and Danville abut each other, and though the forces affecting the market are the same, the neighborhoods in these East Bay communities trend differently.
Single family detached home sales – Alamo & Danville:
|(last 4 months)||Alamo||Danville|
|Under $1 Million||20||184|
|% of Listing Price Received||93.40%||99.60%|
|$1 Mil. To $1.5 Miil.||36||34|
|% of Listing Price Received||99.80%||102.00%|
|Over $1.5 Milliom||14||13|
|% of Listing Price Received||98.30%||98.00%|
10-Year Median Home Price Trend – Alamo & Danville
While low inventory of homes for sale is motivating sellers, low mortgage rates are motivating buyers – BUT – the factor likely to have the biggest impact on real estate this year is the availability of credit. Big banks continue to be tight with loans because of the ultra-low interest rates mortgages fetch. This and the current appraisal being controlled by banks are mediating a rise in home values that would happen based simply on supply and demand market dynamics.
2013 may be another year of anomalies for East Bay real estate – fewer foreclosures and fewer houses to sell while interest rates remain at historic lows. Home sellers are encouraged to talk in-depth with their Realtor about how to maximize their selling price given the market dynamics – but the banks and appraisal process has to be taken into consideration.
Buying or selling a home in Alamo or Danville?
You can get more specific details by emailing Craig and requesting a Real Estate Pricing Specific Trend Report – be sure to specify a zip code and price range.
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