DEAR NEIGHBOR,
Our homes are becoming increasingly multi-functional—supporting us as we work, relax, learn, and play. However, as your life expands, you often need more space, nicer amenities, or a more convenient location. You do your best to reorganize and adapt, but at a certain point, it becomes clear that upgrading is the only way to streamline your life. While this is an exciting time, there’s a lot of money on the line.
For most of us, our homes are the largest asset we’ll ever own—so you are right to want to understand this asset if you’re thinking about selling. Here are the top things you need to know about the Castro Valley real estate market right now:
The market remains strong in Spring/Summer, but interest rates are on the rise.
Last month, we saw May sales numbers going down in key areas, showing us the market may be shifting. We will keep an eye on this as the Fed continues its rate hikes. In May, Castro Valley averaged just 1.1 months of available homes. This means that without new listings, all available homes would sell within just over 1 month up from .6 months a year ago. The median sale price in May rose to $1,430,000. Homeowners that plan to sell in the next twelve months should start putting a plan in place if they want to maximize their equity. In a market like ours, it takes careful preparation and a proven strategy to capitalize on current trends.
We continue to see homes sell.
Correctly priced, well-marketed homes are selling at or around list price. Compared to May 2021’s 13 average days on market (DOM), this May, we saw an average of 9 days. The sale-to-list price in May 2021 and this May has come down to 111%. These stats really add up when you are selling your largest financial asset. Based on these numbers, we can see that well-prepared homeowners are still selling at a reasonable price and in a reasonable time!
Buyers are searching now; and while competition has eased some, the market remains strong.
In working with home-buyers, many have expressed disappointment due to the numerous multiple-offer situations. Now with rates going up, we see some buyers falling out of the market saying they can’t buy the home they want. Despite this, demand remains strong, making now a great time to list your home. I will continue to keep an eye on interest rates, as inflation has caused the Fed to raise them up, which could affect the market.
But what does this all mean for you?
If you’re thinking about selling in the next 12 months, now is the time to start preparing for market.
Despite rising interest rates, the market remains strong. If you are thinking about selling in the next twelve months, now is the time to take action because The Feds say they will continue to raise rates and that will likely decrease buying power. However, there are many moving parts in any move, so it’s essential to have professional support that goes beyond sticking a sign in the yard.
With over 30+ years of experience buying and selling real estate, I know what it takes to help you make a graceful transition to your dream home. You deserve the highest possible price in the fewest days on market–and our tried-and-true process is designed to do just that.
We’ve helped sell over 1000 homes sold in Castro Valley area real estate–and we can do the same for you.
If you’re wondering what it would take to maximize the equity in your home, call today for your Strategic Marketing Consultation
LOOKING AHEAD
Here’s what we are keeping an eye on in the coming months:
HOME VALUES CONTINUE STRONG EVEN AS INTEREST RATES INCREASE
Demand for Castro Valley homes remains strong with a median sales price of $1,430,000 for the month of May. As interest rates rise, we will keep an eye on demand to ensure our sellers correctly price and position their properties to secure the highest possible price in the fewest days on market. With our excellent school system, downtown improvements, parks, trails, the BART transit system, and our strong sense of community, buyers continue hunting for homes in our area. As a homeowner, strategic marketing and positioning are the best ways to maximize your equity when it’s time for a change.
INVENTORY REMAINS STILL LOW
There are only so many properties available in Castro Valley in the first place, and while there are more homes listed than one year ago, inventory is still low with only 1.1 months of available homes. The market has eased some and is a good time for buyers who missed out throughout the year. Homes that are priced correctly and marketed strategically are sell in a reasonable period of time.
WHAT TO EXPECT WHEN SELLING YOUR HOME
With your hard-earned equity on the line, you deserve expert guidance and first-rate service from the very beginning. With the help of a professional with years of industry experience and a world-class marketing package, you can rest assured that you and your home are well-represented at every turn.
Let’s discuss your goals, your schedule, and your home. Together, we’ll create a stress-free plan for getting you the results you deserve.
Call Tim today → 510-708-8700 for English
Call Zen today → 510-213-0821 for Mandarin