The lack of mobility in the current market is on everyone’s mind. Why are inventories so low? Why are homeowners reluctant to sell? Why, when the Bay Area is rich with jobs, can’t these workers find homes to live in? There’s a lot of reasons, and the latest California Association of Realtors collection of polls have a few answers, and some good news.
- 52 % of homeowners think it is a good time to sell..
- 48% of renters plan to buy a home in the future
- 10% want to buy in the next year
- 95% see advantages in home ownership
- Mortgage rates are still low (Week ending 6/2/2016):
- 30-yr. fixed: 3.66% fees/points: 0.5%
- 15-yr. fixed: 2.92% fees/points: 0.5%
All good news, and, anecdotally, I’ve noticed that local prices seem to be stabilizing. To Sum Up:
Home sellers think it’s a great time to sell, most renters are planning to buy, rents, locally, are climbing, and everyone agrees it’s a great idea to own your own home.
So what’s going on? Well there’s a couple things. First, the majority of homeowners age 55+ are very satisfied with their homes. Many have decided to “age in place” which takes their homes off the potential market.
Second, Millennials, the most likely first time home buyers, are often not able to buy. Student loan debt and lack of “good” jobs, ones that are full time and pay a living wage, get in the way of their dreams of home ownership.
But, as we all know, life is all about change. The home that felt comfortable at 55 might eventually seem too big when just one or two of you are trying to maintain a home built for five. Time to SELL!
Innovative new businesses and ways of acquiring seed money to develop fresh ideas, (like GoFundMe) has helped turn some of the 39% of kids still living with their parents into entrepreneurs and potential home buyers.
There are so many ways life can be, so when change happens for you, and you need an agent, REMEMBER:
If you’re looking to buy or sell an East Bay home, I can help you from both sides of the table. Locally, I can help you buy or sell your East Bay home. If you’re moving to another area, I can refer you to a trustworthy Coldwell Banker agent wherever you want or need to go in the US or the world. Coldwell Banker is an international real estate company.
So call me. I’m easy to get a hold of. As so many of us do, I carry my office with me wherever I go, so phone or text 510-418-1306 and you’ll probably reach me. I’m never too busy to take care of you– or your referrals–and I’ll make sure you’re glad you called.
If you want to get a feel for what’s going on in the East Bay Real Estate market check out my My Web Site to discover homes on the market–neighborhood by neighborhood–almost as soon as they’re posted on the MLS!
“Let’s Get Moving!”
Coldwell Banker in Berkeley