Dublin Ranch Homeowners Try to Outrun the Market.
It seems like it’s impossible to check the local news (or read this blog) without hearing about how the Bay Area’s housing market is heating up. California’s economic growth is drawing workers back into the area in search of homes; growing families are making the transition from rooms and apartments to condos and houses. Perhaps more importantly, people are finally moving on plans that were put off for years (due to the recession).
On the aggregate level, many Bay Area homeowners see the market’s trajectory, anticipate ever-rising prices, and want to hold off on selling their homes until prices reaches a certain point. Perhaps it’s $500,000, or $750,000—the point is that many are worried about entering too soon and failing to get the most for their home. We can see this trend in various ways: On the whole, Bay Area inventory remains low (1.1, the lowest it’s been in 13 months) and new properties are entering at a relatively slow pace, but the demand for homes continues to increase (up 19% in the last two months). Fewer homes and growing demand keeps housing prices high.
In the city of Dublin, however, we see a different trend. A growing number of homes are being put up for sale—the most in over a year—but demand has remained essentially constant, meaning that those additional houses are “bulking up” the local inventory and giving buyers more room to negotiate on pricing. And while the average Bay Area home is selling for $25,000 above asking price, the average Dublin house is selling below asking price.
Does this mean that Dublin homeowners should give up on selling their home? Were we wrong when we wrote that this summer would be a prime time to sell your Dublin home? Not at all. It more than likely means that many homeowners are simply asking for too much money at the moment, or failing to place their home in the best possible light. These are understandable mistakes, given how active and exciting the market has been recently. The reality is that the median Dublin home is still selling for more than it did a year ago, Dublin housing prices are on a steady overall climb, and inventory (1.1 in May) continues to be firmly categorized as a “hot seller’s market”.
Many homeowners see rising prices as a chance to let the market do all the work in selling a house. After all, why worry about marketing and strategizing when there are so many eager buyers? However, as we have seen, it takes more to maximize a home’s purchase price than setting a high asking price—even when prices are rising.
At Lifestyle Real Estate Services, we specialize in capitalizing on the market whether conditions are optimistic or conservative. We believe that every home can benefit from a tailored marketing strategy when it comes to bringing in better offers in less time. Remember: You deserve to get the most for your home. We can help.