Trends and Tips
Although we tend to look at trends from other areas as an indicator of what’s coming, real estate markets are localized. In August, Foresthill showed as a neutral market with 3.1 months of inventory. A neutral market is between 3 and 6 months of inventory, based on closed sales.
Under 3 months is a seller’s market and over 6 months is a buyer’s market.
As of 9/21/2018, Foresthill had 53 active homes on market, 10 pending and 73 that sold in the last 6 months. Prices ranged from $115,000 to $1,075.00. The average home size was 2,055 square feet, 57 days on market with an average price of $434,010. Those are just the averages. Realtors run comparable sales and will consider the features of your home, yard, square footage, and location to obtain a more personalized value. Most realtors provide home valuation services at no charge to anyone that wants to know their home value.
As we approach the holiday season, some homeowners want to take their homes off the market. There are various reasons. Some don’t want traffic in their homes during the holiday season. Some don’t want potential buyers to track in mud. Some think, because it is a slower time of year, they should take their home off the market and wait until spring.
I advise my clients to do what is best for them but let them know there are serious buyers shopping in the winter and there is less competition. If my sellers want to go off the
market during the holidays, I advise getting back on market around Valentines Day. When Spring is in the air, buyers start coming out. I tell my sellers to get on the market while inventory is lower and not wait until April or May.
In conclusion, if you are thinking of selling or just want market stats or the value of your home,talk to your realtor. We do this every day.