1. Many sellers have watched the market rebound since 03/12 and have concluded that if they sit tight for a while, they may actually get much more in the future.
2. The current escalating market is not driven by the economy â€“ itâ€™s actually been the result of astonishingly low inventory in contrast to actual buyer demand. A â€œperfect stormâ€ of market conditions occurred in the early months of 2012 â€“ record low interest rates, rock bottom home prices, a chorus of national authorities declaring we were finally â€œat the bottomâ€ and a pent up supply of buyers waiting for the right moment to hit â€¦ we went into March/2012 with 10 listings â€¦ and they were ALL sold in a 10-day period. This was true across the board â€“ all available inventory was gobbled up and the market has not been able to recover since. Weâ€™ve been scrambling all year to get more listings â€“ as soon as we get one on the market, itâ€™s been gone in a week with multiple offers.
3. Since the market is not driven by an improving economy, MANY sellers are reluctant to sell and get into a new mortgage on a replacement home. Many have chosen to sit tight until after the election and clear signs that the economy is actually full into recovery mode. All the talk of America driving off the fiscal cliff in 2013 is not helping the situation.
4. Many sellers are still under water. Rather than have their credit trashed by doing a short sale, they are hanging on, hoping to into an equity position as the market increases.
As Doug suggested, be ready to act when one hits the market. Iâ€™ve also written a number of San Ramon offers this past year and ended in multiple offer situations in every case. Timid buyers end up writing large numbers of offers â€“ aggressive and bold buyers typically land homes. And the higher prices they pay then become the area high water mark for the next home that hits the market.
Additionally, you could have your Realtor canvass the areas you like to see if anyone is getting ready to hit the market and would like a nice, quick and easy private sale. In reality, most savvy sellers realize they have a better chance of getting top dollar if the go on the open market, but there are always some who want a quick easy sale and donâ€™t want a lot of folks tramping through their home. Itâ€™s worth a try.
if you are really only looking there, i can ask my friends who live there if they have neighbors talking about a move. when i am working with a client for a specific area, there are other things i do to shake the fruit from the tree...maybe your agent will do those things too.
Here is a link to the latest Market trends in San Ramon: http://www.680homes.com/blog/2012/10/19/san-ramon-market-upd
Best of luck to you!
The 680 Group at Alain Pinel Realtors
Twin Creeks View homes really don't turn over very much for good reason. Home owners there are very happy with them. Bollinger Hills activity is lower than usual but it should pick up in the new year.
You can read more abou all of Twin Creeks at http://www.livingintwincreeks.com and you can see a Bollinger Hills update at http://danvillesanramonhomes.com/bollinger-hills-real-estate
Contact me off-line if you would like to get an advantage in buying a home in either of these areas.
Bernard Gibbons, J. Rockcliff Realtors
DRE License # 01331583
Phone (925) 997-1585 - firstname.lastname@example.org