Danville and San Ramon buyers and sellers may be surprised to realize that the issues here are not just local ones. Amazing to say, home sellers across the country had an average of 2 to 3 offers on their homes in 2017.
According to Realtor.com’s Housing Shortage Report, the United States is experiencing the worst inventory shortage in 20 years. It’s no secret that the historically low inventory has created a nationwide seller’s market. And since there’s such a demand for homes, sellers are getting more offers…and often selling their homes at higher prices as a result.
The National Association of Realtors recently surveyed sellers’ agents to find out how many offers home sellers received on the properties they sold in December 2017. The agents surveyed reported receiving an average of 2.2 offers, or between two and three offers per property.
Many recent sellers in Danville, San Ramon and many other parts of the East Bay have been pleased to receive rather more than 2 or 3 offers. Buyers of course are getting more frustrated as each offer they make loses out to a higher bid.
So what does this mean? It means the time to sell is now. In December, when buying activity tends to be lower, homes were still fetching multiple offers, which tend to result in higher selling prices. The amount of offers per property will be very likely to increase in spring and early summer of 2018 – when home sales typically spike – which means home prices could go even higher.
If you’re thinking about selling, now is the time to do it. The low inventory in markets across the country is creating a buying frenzy that won’t last. And as a seller, it’s in your best interest to take advantage and get the highest price for your home.