According to a study conducted by Redfin: the vast majority of real estate agents suggest 2013 is a better year to sell a home than 2012. Interestingly enough, a lesser majority of real estate agents thought 2012 was a better time to buy a home than 2013. What gives?
Taking a snapshot of the Silicon Valley real estate market: Inventory of homes for sale is way down in early 2013. Buyer demand is strong, as evidenced by multiple offers for appropriately priced houses. Lender spigots are wide open for well-qualified buyers. In general, investors express a willingness to purchase residential real estate at a premium. Purchasing power is at an all-time high for most people in the market for a home these days, more so because of historically low interest rates.
Fewer than 40 of houses in the Pruneyard Dry Creek neighborhood change hands for each of the past three years; and 2013 may follow suit. List price per square foot is up considerably for 2013. From January 1 through April 11, 2013, the Pruneyard Cry Creek neighborhood shows six active listings, four pending sales, and five sold houses, according to MLS Listings.
See 2013 market activity here.
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Redfin images courtesy of Dr. Housing Bubble.
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