I hope this reply finds you doing well!
Your question is being contemplated by many experts, sellers, buyers, and of course, real estate agents, and the likely reason is that if the real estate market began the recession, then it should begin the recovery.
Having said that, each one of the replies here has touched on key aspects of the real estate market, but perhaps the most insightful is the reply from Ron Thomas in Fresno. I agree strongly that attempting to time the market is nearly impossible. Yes, inventory is low and demand high, but our team has also experienced a slow down since the back to school madness began 2 weeks ago.
Sellers are attempting to ask slightly higher prices, but be aware, we are also seeing properties go into escrow slightly higher only to have lower than selling price appraisals. I have already had 2 in the last 4 months. One I was representing the sellers, and appraisal came in $65,000 below asking on a $625,000 sale, and one where it came in $93,000 below asking on a $350,000 sale.
Like Ron has said, "To do a good analysis, you need either a large sample or a long period of time."
Let us know when we can assist, and good luck!
Hope you and the family are doing well. The prices are going up and for the most part the properties are experiencing multiple offers, the properties are selling over listing price. Due to the lack of inventory and historic low interest rates buyers are seeing the opportunities and they are jumping on them. If you have any further questions please let me know.
Please contact me direct so that I can provide you more info on the properties in the area.
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I certainly believe that the prices are creeping up. If they haven't gone up in the last few weeks, they certainly have not gone down. There is surely a trend and trend shows that the prices are creeping up. The main reasons are low interest rates and shortage of inventory which off course increases the levels of demand.
Please feel free to call or email me if you need more insight and answer to more of your questions.
A house is only sold ONCE, and every house is unique.
This is why it is so difficult to do price comparisons.
To do a good analysis, you need either a large sample or a long period of time.
If you are thinking about buying, please talk to your Realtor, select a particular house, and concentrate on the comparisons to that house.
If you are only interested in PRICE, you are going to "chase the curve" forever.
It is really hard to state a trend with only a few weeks and a micromarket such a s around the Country Club area. There are also seasonal fluctuations in the market. And to top it off we have very low inventory.
So, basically it is really hard to tell. That is why you have two opposing answers below. Let me know if you want more information on homes in that area. I can put a filter on the MLS system and the system will send you directly any new listings in that area. That way you can track the market and watch it for yourself.
Please call or send an email if you need help with any of your real estate needs.
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If you would like to see a detailed report for your specific property or situation, let me know. We are seeing more multiple offers and shorter days on market, so their are some songs of improvement in some points and some areas.