Recent statistics by the California Association of Realtors holds good news for homeowners: pending home sales are on the rise. Specifically, the Pending Home Sales Index for May 2011 shows improvement in month-to-month activity, with May posting a 1.6% gain from April 2011. There is also significant improvement in the year-to-year Pending Home Sales Index, which shows May 2011 running 12% ahead of May 2010.
As buyers are return to the California market with enthusiasm, gains in home prices have followed. May 2011 home sales data shows Alameda County posting a 3% price gain over April 2011. It’s reasonable to predict that the moderate gains in prices will continue, as long as the Pending Home Sales Index is trending upward.
What does this mean for us in Livermore Valley? For Livermore Valley home buyers, it means that now is a great time to enter the market. Prices have not only stabilized, they are gradually heading north – meaning that home appraisals and financing should smooth out as well. As long as local employment conditions remain stable, the demand for homes in our area should be consistent.
With low mortgage interest rates and a good inventory of affordable homes to choose from, this is truly a time of opportunity for first-time buyers!
For Livermore Valley home sellers, the picture is brightening, but there are a few things to keep in mind. Home prices are affected by the number of distressed sales on the market, and this remains a considerable part of the current inventory. However, fewer mortgage loans are defaulting, and as the distressed inventory is reduced, home prices will continue to strengthen.
If you are thinking about selling your Livermore Valley home, now or in the near future, begin with a free home evaluation. This will pinpoint your home’s value based on its features, the local market, and the most recent sales data.
As your Livermore Valley real estate professional, I provide market information and statistics that are useful to both home buyers and sellers. Most of all, I provide the professional experience you need to navigate today’s changing market. If you are looking to buy or sell a home in Livermore, Dublin, or Pleasanton, let me put my knowledge and experience to work for you. Contact me today for help with all your real estate needs!
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