Don’t miss this BEAUTY in Concord.
3424 El Monte Dr, Concord CA home for sale Available NOW for showings! Call Catherine Myers, Concord Realtor for showings or questions 925-683-2125
It’s no secret that the local Concord CA real estate market is moving QUICKLY! We hear lots of people talking about how the market is “coming back” but I’m not so sure. I heard a few years ago, an economist talking about our housing market recovery as something of a “catfish recovery.” You know, catfish are at the bottom, but come to the surface, then back down.. up and down, up and down. We’re not probably going to have straight line up to a recovery, just as we didn’t have a straight line down (thought it did feel like that in some cases!).
Take a look at the numbers for the past year for the Concord CA real estate market. I can print reports like this for any of our local towns, just ask if you want to see one in particular. But I find this information so interesting. Look at that! Inventory of homes on the market is DOWN 77% from this quarter of last year. Supply and demand anyone? Buyers are out! Record low rates are driving buyers to buy now, and some of the lowest housing market inventory we’ve seen for a while, has collided resulting in multiple offers and very aggressive buyers.
I have some buyers searching Concord CA real estate, and they finally got THE ONE with an offer of 10% over the listing price, and very aggressive and favorable terms for the seller. Remember, sometimes it’s not all price, sometimes terms are just as important to a seller. Want to stay for a month after we close? Sure! How’s free sound to you? Yup, you do what it takes. Appraisal continues to be an issue in Concord CA real estate and our surrounding areas, so some buyers may have to come prepared to make up the difference in cash if their home doesn’t appraise for the purchase price. Certainly it is pushing values in some neighborhoods higher and higher.
Check out the stats. What do you think of this so-called “recovery?” I have a full page to view other Contra Costa Housing Market statistics. Just click.
Is the real estate market a bit like a shark feeding frenzy now? Some would say YES! If you are a home buyer, most certainly you know multiple offers are becoming the norm again if you’ve been been active in the home search process. Why is this you ask? Low inventory!
As we approach what is traditionally the “hot” spring housing season, we are seeing the demand for homes outstripping our current supply. This results in mostly happy sellers, stressed out buyers and a whirlwind of activity around many listings. Multiple offers is no stranger to our Bay Area market but it’s been a while that we’ve seen it quite like this.
Take a look at just this trend chart for the real estate market in Concord. Take a look at how the pending sales are outstripping supply. Take a look at the inventory levels. Year over year, we have a full 55% fewer homes on the market in Concord as an example! Wow. When you see these numbers, is it any wonder that buyers are probably having to make several offers before getting a home? A listing I have in Antioch received 9 offers, 7 of those all cash, all but 1 were investors.
To make it tougher now for first time buyers or those with FHA, VA or other conventional financing, our low prices are attracting the investors, and there is still quite a lot of all cash investors. It makes it sometimes difficult for a first time buyer to compete. And yes, this little bit explains the photo here in this post. I heard a saying once about investors, that “when there is blood in the water, sharks come out.” And they do. We’re at record low prices, record low interest rates, and a climate ripe for investors. In my next blog post I’ll talk about how to position yourself as a buyer, and as a seller, in this multiple offer market.