We have seen a jump in the inventory of available homes for sale in Livermore and surrounding areas. We saw a noticeable drop off in demand little over a month or so ago. This slowdown was probably a direct result of the increasing costs to finance a home. Interest rates have climbed quickly making a home purchase that much more expensive. Rather than seeing 15 to 20 offers on a home we are now seeing 2 to 5 offers and now some homes are sitting on market for a period of time. These Sellers may have gotten a little greedy and listed their homes too far over other comparable sales.
Although financing is now more expensive, you might wonder what this increased inventory means for you as a Buyer? It means you now have more options and less competition to deal with. If you have been sitting on the sideline for awhile, now is good time to have a second look. If you are using FHA financing you might want to re-enter the Buyer arena. FHA Buyers had been sidelined for quite some time in the heat of the frenzy. Things have changed! We are seeing a return to “ more normal “ market conditions.
If you are considering a sale or purchase please contact me today. I specialize in the Livermore market area and work with my team to help serve you.
I help small businesses be more successful.