Like the rest of the country, the Livermore real estate market has taken buyers and sellers on a roller coaster ride for the past few years. Buyers and sellers alike may be wondering when to enter the market.
Glen Riggs, a Realtor with Elation Real Estate, said recent trends are having a big impact on Livermore.
Livermore’s real estate market is even more competitive compared to last year because of low inventory, Riggs said. For example, this May, the number of homes available to buy was one-third the amount available in May 2022.
“That is a reduction of more than 60 homes available each month,” Riggs said. “That makes the market extremely competitive.”
Livermore’s real estate market has even lagged behind neighboring Pleasanton, a usually unheard of circumstance for the normally robust housing market.
“That means that sellers can take advantage of limited competition and seize the opportunities that might come with this type of a market: higher prices, limited contingencies, multiple offers, and fewer days to close are some possible examples,” Riggs said. “Of course, you will want to have the right team in your corner to help navigate all of these situations.”
An experienced real estate agent can help buyers craft a compelling offer that makes them stand out, Riggs said. This might include an appropriate amount of earnest money, an offer above the asking price, and flexibility about move-in date. Buyers will also need to be prepared move quickly.
“On average, homes are currently on the market for 13 days and selling for 105% of the listing price,” Riggs said.
This short window of opportunity necessitates using a real estate agent who is familiar with the local market and can quickly use the prices of comps — recently sold homes nearby — along with other market trends to build a strong offer.
Based on trends and expert forecasting, the real estate market in the Bay Area and Livermore will continue to remain strong, Riggs said.
“The expectation is that interest rates should come down by the end of the year,” Riggs said. “When this happens, more people will feel confident about listing and selling their current home. This should increase inventory at the same time that buyers start feeling that they can afford a home in our market.”
However, waiting until the end of the year may not be practical, which is why the best time to buy is the day a buyer is financially ready, and the best time to sell is when the seller is ready to move. When that time comes, Riggs recommends people hire an agent familiar with local real estate intricacies.
“Nothing about the housing market can be said with certainty, but you should not attempt to cut corners or go it alone,” Riggs said. “Conduct research on your own. Review all of the disclosures available to you. Choose a real estate agent who is involved in the current market. I attend weekly marketing meetings to ensure that I am in touch with real estate partners in the area and hear about the latest listings coming online in our area.”
Elation Real Estate offers a “boutique feel with world-class results.” With more than 30 years buying and selling homes in the Tri-Valley, the Elation team guides new and experienced home buyers and sellers through every step of the process.