Brentwood is still experiencing tight inventory levels of homes, and pretty much anything under $300,000 (if priced right) will be in contract within 7-10 days (if not sooner). The market did slow down right after the Feds announced the interest increase in June 2013. Buyers are still in the market place, but we are not having nearly the volume of offers received on our listings like we were experiencing November 2012 thru May 2013. With the interest rate increase, some buyers left the market due to affordability and/or they now qualify for a lower priced home vs. the price range they previously were shopping in. We are also experiencing less "all cash" buyers in the marketplace since the profit margins have changed and less properties are available to them.
With the raise of values this past 8 months, a lot of homeowners are not short sales anymore. The market still has short sales, but no where the volume we had last year. Majority of the homes sold on the market are traditional sales now. Mixed with a few REO properties and short sale properties.
They are calling this the "calm before the storm" - it is definitely a seller's market. Though rates have risen, it is still a great time to buy.