Just a few years ago the local Davis housing market was flooded with inventory and no buyers. How times have changed. Now we have an endless supply of buyers and few homes to purchase. The market has shifted and the lack of well-priced homes has turned what was just a couple of months ago a buyers market into a full-fledge sellers market.
We have a backlog of buyers just itching to take advantage of these historical low mortgage rates and the opportunity to buy a home before housing values start increasing. With fewer homes competing for buyers attention, now is the best time in a long time to list your home for sale. Prospective buyers are scurrying to the few open houses in mass numbers, in hopes this might be the diamond in the rough they’ve been looking for.
Spring is normally the optimum time to list and sell a home. With the decreased inventory, now might be more financially rewarding for a seller than waiting for spring or summer. If 2012 is an indication, where 52% more homes sold in Davis compared to 2011, then this year should be a boom for sellers and those lucky buyers that are able to secure a home.
We currently have a total of 47 homes for sale in Davis. This includes single family, attached properties and condos. Of those properties, only 4 homes are situated in Central Davis, 10 properties in North, another 8 in East Davis, 10 properties are available in West and South Davis has the highest inventory at 15. This is slightly more than a month supply of properties for sale. It was fairly common during the housing collapse to have a 6 month supply of homes on the market at any given time.
After years of being a drag, housing is set to give the economy a boost in 2013. “Housing is finally contributing to the economy’s growth instead of pulling it down,” Moody’s Analytics chief economist Mark Zandi says. The recovery is not just a local phenomenon, but a nationwide rebound from the dreary debacle of the last few years.
Even homeowners with a few minor flaws in their home should not delay listing their property, with hopes of making those repairs later and then listing in the spring or summer. As more homeowners start realizing this recovery is real and not temporary, they then become the competition that you can now avoid. Please visit my website www.JohnnyBrooksHomes.com for helpful tips on buying or selling a home, scan my informative blogs and easy access to view local area homes for sale in Davis, California and the surrounding communities.