Livermore market update:
Noticing properties taking a week or two longer to sell with less aggressive over asking prices and multiple offers. On average its taking 2-3 weeks instead of 1 week for the average sale. This equates to all price ranges up to $1.3ish......inventory is up to 117 properties and holding steady for a minute, up from 75-90 properties that was the norm past few months. Most of this is typical "summer" market stats. Kids are out of school, folks are traveling, its about to get real HOT (temperature wise) when it gets hot people start moving around less and putting off house shopping for a weekend or two until it cools down. Properties that are fixed up really nice and priced right still go quick with the multiple offers.
What this means for buyers or sellers is its simply a "pocket" in the market. Is this a "omg the markets going down"? Highly doubtful (IMO).
A pocket of potential opportunity for buyers with more inventory to choose from and perhaps less intensity on over bidding and multiple offer competition. You dont necessarily need go way over asking on a property thats been on the market for 2-3 weeks. You might just get some fair negotiations from a seller which would be welcomed after such a long stretch of sellers holding all the gold!
For sellers it means if you want your home to sell quick you may want to list a tad conservative instead of banking on a immediate premium and a bidding war. Today, and im speaking for today only, the old saying your first money might be your best money. Keep your expectations reasonable and dont be greedy or you may end up sitting for a minute, chasing buyers around and doing a price reduction.
My prediction for the next couple years for Livermore is another few rounds of robust long term new price highs that no one thought possible. 10%-15% per year next couple years... Just like the stock market...up ...up ...up...economic conditions have never been better....pay raises and employers fighting for skilled labor and willing to pay more than they've ever paid for it......low rates keep staying right where they have been dispute years of threats saying they will go up...Feds continuing to buy bonds is contributing to rates staying low which one could say that the false leg holding up the body of the beast.........it will be an interesting next few years...hang on tight, enjoy the ride......