The real estate inventory is at year round lows! There are 189 homes for sale in Pleasanton, 257 homes for sale in Livermore, and 185 homes for sale in Dublin CA. This is typical for this time of year although these numbers are similar to inventory numbers in 2003 – 2006. So what does this mean? These numbers technically mean we are in a seller’s market. A seller’s market is when there is 3-6 months of housing inventory. This is not entirely the case in today’s market though. The sellers are not in complete control, and buyers are very patient. It seems buyer have established confidence in the real estate market, yet are prepared to wait for the perfect deal. Interest rates are definitely helping as rates are about as low as possible. Seller’s on the other hand think their homes are worth more than they actually are and often over price them. Today’s buyers are researching comparable sales more than ever, and rarely over pay for homes. Although with not many options to chose from buyers may have to settle with what is available now. Typically more homes will come on the market in the beginning of the year. Each of the cities can use the inventory to have a well balanced market.
Pleasanton Market Update
The week of October 17-24 Pleasanton had more sales then new listings. Inventory has decreased to a total of 234 homes for sale in Pleasanton. There were 14 new listings that came on the market this week. 2744 Foothill Rd. is a custom home on the market listed at $1,389,000. This is a great lot in a good location but probably should be listed at 1.2 million. This home was built in the mid 1980’s and has not been upgraded. Benjamin Ct is a beautiful home available in Town Square. This home is only 2 blocks from Downtown Pleasanton and is listed at $699k. 7370 Hillsdale is great single story home in the Stoneridge neighborhood. It is priced well at $745k but the entire yard is pool. Pools can help a home but more often then not they hurt a home! The best buy of the week is 7717 Cottonwood Ln on the Westside of Pleasanton. This home is 4 beds 2 baths with 1600 sq ft and listed at $615k. If you would like to view any of these homes we are always available to show any of them!
What is a good deal?
A good deal in today’s real estate market is based on what? Getting a lower price then the last comparable? Getting a historically low interest rate? Homes being purchased on the MLS are generally all sold within the perimeters of other recently sold properties. Occasionally a buyer will find a seller willing to take a much lower price but those deals are not that common in most areas. A good deal really is within the eye of the beholder. If a buyer feels he got a good deal then great! Although the people willing to take the most risks are really the ones getting the good deals though! Buying homes on the court steps is a risky business but there are people making a killing at it. When a home is foreclosed on it gets auctioned off at the courthouse steps for each county. Teams of investors constantly research these properties to find these deals. This is no business for anyone; there is a lot at risk. These investors are buying homes without inspections and most importantly without title insurance. Title insurance often gets overlooked but it is a must when buying a home! The research that is done prior to the auction date is primarily on the property lien holders but also on the sellers. Liens that the seller has can often attach themselves to these properties. If an investor buys a property and overlooks something he could be responsible for those liens. Also if a house has a foundation problem there is no giving the property back. These investors are backed with a lot of money and generally are good at what they do. That is why they are making some really good money flipping these homes. Again this is not a business for anyone but they are the ones really getting the good deals!