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It’s heating up — so is the housing market
A sluggish housing market is awakening from winter hibernation, meaning sales are likely to increase in both number and price. For example, February prices were 25% higher than the same time last year.
“That means that, by waiting a year to purchase a home, buyers are paying 25% more,” said Glen Riggs, a Realtor with eXp Realty.
While it is difficult to make predictions, this trend indicates that prices will likely continue to inch up over time. Additionally, warm weather affects the market.
“We typically see slower winter months and hotter spring and summer months when it comes to the number of home transactions,” Riggs said. “It is looking like that will continue to be the case this year.”
Local trends
As a buyer or seller, it’s a good idea to pay attention to the local market and to avoid getting sucked into general stories about the real estate market.
“There are a lot of clickbait postings on the various social media platforms about changes coming to the real estate world,” Riggs said. “Remember that most of those influencers are not in your neighborhood.”
Because markets hundreds of miles away could differ, local real estate agents can provide reliable information based on nearby conditions, prices, and trends.
Interest rates
One aspect of the housing market that is shared widely, however, is interest rates. Rising interest rates have slowed the rise of house prices and sales. After reaching above 7% in 2023, rates have fallen slightly.
“We have seen the interest rates staying under 7% for the most part in 2024, and experts are expecting to see the low 6% by the end of the year,” Riggs said.
Many homeowners are holding onto lower interest rates from the last few years, and few market analysts predict major crashes anytime soon.
“I do not believe that there is a crash in the housing market on the horizon, especially when looking at Livermore and the Tri-Valley,” Riggs said. “Post-pandemic is starting to see more people required to spend some time in the office, and Livermore is a great location for those who need to commute into San Francisco, Silicon Valley, and even to the Sacramento area. Based on trends, we are seeing steady numbers when it comes to the volume of homes being listed and sold.”
Expert help
Livermore houses are staying on the market an average of 22 days, slightly longer than last summer. So, time on the market will likely shorten as this summer approaches, Riggs said. Because buying and selling may mean acting fast to make big decisions, partnering with an expert real estate agent with experience in the area is helpful.
“Do not be afraid to interview multiple real estate experts in your neighborhood before making the decision to buy or sell with them,” Riggs said. “Find someone who will not only help you for the best financial decision, but also be the right fit for your needs.”
And, if you’re an older adult, you can hire a real estate agent who is a Seniors Real Estate Specialist, like Riggs.
“Not only am I a great resource for the seniors but also their families,” Riggs said. “I have a network of people to assist with organizing, packing, downsizing, transitioning, and more.”
His best advice for buyers and sellers of any age: Don’t wait.
“In February 2023, buyers were paying an average of $300,000 less for a single-family home in Livermore,” Riggs said. “Sellers should seize the opportunity of limited inventory now.”
Glen Riggs was born and raised in Livermore and is very active in our community. Glen represents buyers and sellers in the Tri-Valley. He has been accredited as a Seniors Real Estate Specialist (SRES) and loves providing real estate assistance to those who are not sure where to start. Reach out to him at Glen@GlenRiggs.com to help you or someone you know get started today.
