Posted in Uncategorized, tagged "Davis, "Luxury homes for sale", ca homes for sale", ca", davis ca real estate agent, Homes for sale in Davis, homes sold davis ca, real estate agent Davis ca, selling a home in Davis ca on May 12, 2015|
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Timing is important in every aspect of someones life, never more so than the optimum time to sell their home. There’s probably fewer landmines when selling a home in Davis than other areas and timing is not as important here than maybe some other communities. Even now as the inventory increases, well priced homes are selling rapidly and in some cases, above asking price.
Even as the year started, home buyers were out in mass visiting open houses and making offers. As home values continue to increase, up 20% since 2012, there are a few concerns that might reverse the current trend. Mortgage rates are expected to rise between now and the Fall season. This will affect how much home a buyer can purchase and possibly put a dent in the surplus of buyers that are currently on the market.
The other obstacle is the new Cannery Subdivision that is now laying the ground work for a Summer grand opening. The expected price of these new homes will be in the neighborhood of $600,000 and up. They will also have some of the highest taxes in Davis, but families looking for a new home will certainly wait for this opportunity. Beware of the first phase of any new subdivision, they always offer the least desired location.
Enough of the negative. We currently have 85 properties for sale in Davis at an average listed price of $694,685 and a price per square foot of $346. There are 77 homes in pending status that average $593,195 and a price per sq ft of $334. As of May 11th this year, there have been 158 properties sold at an average sales price $556,608 and a price per sq ft of $330.
Through the same period in 2014, there wer 139 Davis homes sold at an average sales price $551,372 and a price per sq ft of $306. In 2013 we had 163 sold properties at an avg. sales price of $483,344 and a price per sq ft of $273. The early signs are obvious that property values are up, but those numbers would also suggest that home values in Davis will continue to rise for the immediate future.
The pending home sales will increase the overall sales price over the next few months. Timing is vital when selling a home in Davis, California and the time is perfect for home sellers in the current housing environment. Please visit my website JohnnyBrooksHomes.com for helpful tips on buying and selling a home or to view any property on the market in Davis or our surrounding communities.
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It seems as though this is a recurring theme nearly every month. A jump in home prices over the last two months of 22% from last year has certainly caught the attention of both sellers and prospective buyers. Is there a rational explanation for this huge spike in home price gains? Will it continue throughout the remaining months of 2014? After last years appreciation jump, what’s caused the present double-digit bounce?
What’s so different about the present surge in home values compared to last year is the enormous and immediate hike , where as last year there was a much more modest, systematic increase. Heading into this year, most experts predicted some appreciation, with a 3% to 4% prognosis for 2014. These numbers might still hold true for the entire year, but many housing experts are rethinking their original prediction after the huge increases of the first two months. Let’s examine the head-scratcher that has befuddled most of the housing gurus.
Consumer Confidence: This has to be placed at the top because without consumer confidence nothing else matters. Multiple offers have become more commonplace and bidding wars have been cropping up regularly in the most sought-after neighborhoods. Some buyers complain that they are having a hard time securing a purchase, beat out by other bidders, let alone find a bargain. This is strictly consumers feeling confident with their decision to pursue a home.
Lack Of Inventory: Those bidding wars have been created because there’s not enough supply to satisfy the demand. The number of sold properties have decreased year-to-date from 2013 because of the lack of inventory. Those buyers that have lost out to a higher bid are back on the fence, waiting their turn and hoping for another opportunity. This anxiety among buyers, especially those that refuse to lose out a second time have caused many to offer above asking price, which in turn raises home prices.
Interest Rate Increases: The long-term effect with just a slight increase in mortgage rates can add thousands on a 30 year mortgage. Most prognosticators say rates will rise this year and this has created a time is of the essence attitude among home buyers to get it done before that happens. Even if rates rise a bit, there still historically low, comparably speaking. Please visit my website 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.
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