Happy New Year! We've officially entered 2019 and it's going to be an exciting year for real estate in the Bay.
As the new year begins, so continues the new market that 2018 brought to us in its second half. The market shifted last summer and a major correction took place - a correction that was long overdue. As our new market settles in and becomes the norm, buyers are likely to start shopping again. Sellers who have been thinking about selling their home but didn't want to put it on the market during the slow holiday season are going to start bringing their homes to market in the new year. This means increased inventory will start popping up throughout Silicon Valley and buyers will have more options.
Our busiest season will occur in the spring, when there tends to be a peak in inventory and activity. Prices have already stabilized and though there may be a slight uptick during the spring, home prices are expected to remain at the more realistic values they were being reduced to during the market correction of 2018.
All in all, 2019 brings with it a more stable, normalized market. It's unlikely that we will see some of the crazier multiple offer situations we saw early last year, and list prices should remain transparent. If you're a buyer, you can now, for the most part, take list prices at face value. There are exceptions of course, and it's always important that you have a knowledgable agent on your side who can run comps and advise you on what a home is truly worth.
I'm excited for our 2019 real estate market because the playing field is much more even now. We're at a point where both buyers and sellers can walk away happy in a transaction. Sellers still stand to make a profit but buyers have a better chance at securing a home.
If you're thinking about buying or selling in 2019, click here to keep track of everything that's currently on the market.