In housing it normally takes three years to create a trend. The local market is boiling right now. People often ask me if now is the time to sell. The simple answer is, without hesitation, “absolutely!”. Home prices have soared in Davis. The demand far outweighs the supply and it’s now common for properties to sell above asking price. With home prices up 15% year-to-date in Davis, many homeowners have delayed taking advantage of this price boon and have decided to wait until Spring or Summer to market their property.
After the nearly double-digit price gain last year, followed by this years increase, home buyers are feeling a great deal of angst to get into a home as quickly as possible. The problem they are experiencing is there’s not enough inventory to make up for the pent-up demand. That’s the main reason behind the multiple offers that are so prevalent in not just Davis but the entire region. Some of my recent open houses have had 30 or more visitors on any given day. I had nearly 40 families that came to my most recent open house and it rained for the entire 3 hours. Most seem to be serious buyers that have been searching for a home for many months. That’s the quagmire home buyers in Davis are now experiencing. They want to buy a home but the scarcity of inventory has kept many on the fence waiting for a home that fits the criteria of that given family.
Home sellers could be costing themselves by hesitating the marketing of their homes. Demand is high and supply is low and this puts the seller in control. Spring and Summer brings out more buyers but on the other hand, it also brings out more sellers competing for those buyers. At this time, there’s little competition from other home owners. beating the competition to the punch, in this case, getting your home on the market is a shrewd move for any Davis homeowner.
Will prices continue the upward trajectory and for how long? Will the rest of this year keep home values ramped up in double-digit appreciation? If you look at properties in pending status and use those to project the next few months, prices will stay near the current level. Please visit my website http://www.JohnnyBrooksHomes.com for helpful tips on selling or buying a home, scan my informative blogs and easy access to view local area homes for sale in Davis, California and the surrounding communities.