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March Real Estate Market Update
March 05, 2020 at 4:54pm | Mac Rogers
guys, its Mac broker/owner of Albert Rogers Realty here in Castro Valley CA.
Back with your March 2020 real estate market update. We are moving into the end of the first quarter. So what is going in the Castro Valley real estate market since the beginning of the year compared to last year.
So right now as of this video, March 1st, according to the multiple listing service or MLS there's 22 single family homes for sale in Castro Valley. Last year at this time there 26. The average days on the market is 30 which is virtually unchanged from
last year's 29 days.
The median home price is up significantly to $977,745 compared to $915,000 last year. Why is it up? Buyer demand right now is through the roof.
I feel like Bill Murray in Groundhog day cause it seems like I keep repeating the same thing over and over. And that is inventory is low and buyer demand is high. As a matter of fact, if you have seen my previous market update I have already mentioned
how this year started off with the lowest inventory that we have seen in recent years.
Multiple offers is still the norm. I wrote one offer for $103,000 over the asking price and we were not even in the top 5 of offers. That was insane.
By know what ever conceptions people may have about the real estate market slowing down, well you know it's not happening.
To illustrate this further, according to an economist at realtor.com "Inventory is falling—even in the easiest markets to buy a home". Think about that for a moment.
Inventory is falling—even in the easiest markets to buy a home.
I got a news flash for you, none of these places can be found in California, let alone the bay area. As a matter of fact the number 1 hardest place to buy a home? San Jose CA. Right behind it is the city by the bay. San Francisco. Every other city in
between them gets to benefit or suffer depending on how you look at it.
So what actions steps can you take if you were a buyer?BUYERS!!! Listen up! The number one thing to do right now is get fully approved with your lender. Meaning an actual underwriter has seen all your income documentation and reviewed them.
I have a lot more buyers tips like this that I can cover in another video. If you want to know more tips like this now request my FREE home buyers guide by sending us a message below. This buyers guide will give you a leg up on the competition. It will
help give you an overview of the home buying process and gives you tips on what to do, what not to do and what to expect during the process.
Home sellers. Does this mean you can just throw any number when you are ready to sell? Well no. Even though there are way more buyers right now willing to pay a premium for homes, they are more selective. There are homes in this hot market that is not
So it is important to know what exactly is selling in your neighborhood, what the condition is and what buyers are looking for. Also how your property is being marketed and how it's being marketed is important. Check out or "disruptive digital marketing"
to find out how we are putting our clients homes in front of thousands of potential qualified buyers there by making sure you get maximum exposure for your property. If you would like a FREE Professional Equity & Market Analysis report, same thing
send us a message and we will schedule it with you.
Some other factors that may or may not affect what is going right now is the stock market, the virus and the election. All these are of a concern but it's too early to know how people will react. So far I dont see any change.
On a positive note the interest rate has dropped significantly. This is causing more interest in people looking for homes. By the way if you already have a home and your interest rates are in the high 3s, it may be worth your while to explore refinancing.
If you need a lender referral we work with some great lenders locally.
If you want to know about your specific city or your specific neighborhood send me a message or comment below and I will get that info to you.