Everywhere we go, this is often the first question people ask us.
We get it. It’s a universal curiosity in our ever changing market and economy.
The question is asked partly in hopes of a positive answer, partly in fear of a bad answer. After all, we all still shudder when we think of the nightmare of 2008’s market and real estate crash.
Well the short answer is: The market is still healthy and continuing to do well.
While the market has slowed over the past couple years, it is now considered to be a more “normal” or “traditional” market. The buyers are still out there, but we are seeing a rise in inventory.
There is less of a rush and more importance being placed on finding just the right move-in condition home for the price that suits them.
Home values are still on the rise. In 2018 we saw a 3% home value increase in Discovery bay, a 7% increase in Brentwood, and a 5% increase in Oakley.
Thanks to recent government instability, interest rates did not go up as expected first quarter. In fact, according to Jason Petersen, branch manager of Guild Mortgage, in many cases interest rates went down.
We are at an interesting time where it is a good time to sell, as the majority of homes have come back up to pre-2007 prices, but also a good time to buy. Money is still cheap!
So there you have it. While each person’s experience is unique, this is our current market snapshot and forecast for East County.
We love and live real estate. If you would like a one on one conversation about the market and your home value, call us! We love to “talk shop.”