Sellers Needed

A recent study published by the Research Institute for Housing America indicates that in spite of the prolonged recession almost 80 percent of Americans think that now is a good time to buy a house. Conversely, less than 10 percent are in favor of selling their home at this time, presumably because of the expected selling price.

When reading nationwide studies or reports on real estate matters, you have to seriously consider the scope of the data. Real estate data varies hugely from one locale to another, and when it is all pooled together and averaged the resulting picture can lead to an impression that is quite different from the local reality.

Here in the Bay Area, we are fortunate to be insulated from the worst of the economic downturn as well as the worst of the housing crisis. While home prices may have shaved off a few percentage points over the last 3 to 4 years, there has not been a major bubble burst like in other areas of the country. We are no longer at the height of the market that was experienced several years ago, but neither are we in a bad place when it comes to home equity.

It is true that there are many homebuyers who are in a bad place due to unfortunate loan or refinancing circumstances, but overall this is a small segment of the population. Anyone who is considering selling their home should not feel that they have to wait for home prices to rebound. There is currently a growing lack of inventory, and sellers who are smart enough to be on the market are benefiting from the scarcity.

The properties I have most recently sold have been able to garner a great deal of interest from buyers, and have received multiple offers. It is absolutely a good time to be putting your home on the market, not only because of the dearth of homes for sale, but seasonally as well there will be more competition in the marketplace the closer it gets to the Summer months.