Did you know from a lending tree study, 87% of home sellers were concerned that their home won’t sell because of the pandemic and resulting in an economic recession.
This could not be more untrue right now. Right now is an amazing time to sell your home. Why? Because inventory levels here in Brentwood, California, 94513 and Oakley, California, 94561 are at record lows. In fact, right now the inventory is lower than it was in January, which is traditionally historically here locally, one of the lowest inventory level months.
But what’s so interesting about this is that the buyers are in full demand. They are out in full force making offers. In fact, Zillow reported that newly pending sales are up 18.8% month over month, but total listings are down 20.7%. So there just isn’t enough inventory in the market to support the buyer’s high demand.
So why are buyers in such a buying frenzy right now? Why? Because interest rates are low. They can afford more home right now and put less money down and their payments will actually be less because the interest rates are lower. In many cases, it’s actually more affordable to own a home than it actually is to rent one, especially if you take into consideration the tax saving benefits and advantages from owning a home here.
This is actually summed up nicely by Zelman and Associates June 25th Broker Report, which states and I quote, “The severity of the inventory tightness should remain a relative benefit to home prices, but it is also a risk factor to the degree of rebound in units going forward.” So inventory is actually going to have a massive factor. The lack of supply is helping prices go up. So it’s not just a good time to sell. It is an amazing time to sell.
We can give you so much more information and details if we actually meet. And don’t worry, we can also meet virtually as well. So give us a call. We’re happy to help you sell your home right here in Brentwood, California, 94513 and Oakley, California, 94561. Krista Mashore here, everyone. And remember, when you do what you love, people love what you do and always make it a great home selling and buying day.