So--what about low inventory?

Wow! I was going to to provide some comparative numbers to show how Mountain View home values have changed since last year, but something even more significant stood out when I searched the MLS: lack of inventory.

There are VERY few homes on the market. Pair this with mortgage rates at historic lows motivating buyers to seek new homes, and you see those few available properties receiving multiple offers. Typical premiums of actual selling price over asking are mounting.

In May 2012, there were 76 homes sold in Mountain View. The average selling price was $860,684 and a home stayed on the market for an average of 24 days.

Last month, May 2013? There were only 8 home sales in all of Mountain View. The average selling price was $991,625 and average time on the market was under a week.

What does this mean for you?

If you have been pondering selling your home, right now is an excellent time to maximize your gain. If your home is priced wisely and marketed professionally it will attract widespread interest and your ultimate transaction price will reflect the favorable conditions we are experiencing.

If you are a buyer, be prepared to compete and make sure you have professionals savvy with local conditions on your team.  Of course, we can absolutely help you with that.  There are a lot of buyers out there but the cost of home financing is still very attractive. Stay the course and you will find your dream home with a lower monthly payment than you might have guessed -- but don’t be discouraged if you have to write more than one offer.

Questions/Comments? Feel free to leave a comment below, or contact us: katie.williams@cbnorcal.com or aileen.labouff@cbnorcal.com