Although in nationwide and historical data we are still in a seller’s market, the actual number of homes on the market now in the East Bay seems bountiful compared to the extremely low levels of inventory we have become used to in recent years. Inventory is now twice as high as it has been since the pandemic. As the market cools, buyers have more negotiating power as they now have more options to consider. And, overall buyer enthusiasm is down as a result of rising interest rates, and weariness of the bidding wars experienced earlier this year—more buyers out for the count means less competition.

An important trend within the real estate market is seasonality. In December, seasonality presents itself in the slowing down of sales activity and a decrease in new listings. This is an amazing time for buyers to add this to their arsenal of negotiation power. A slow selling season, coupled with high inventory, lowered prices and less competition creates excellent market conditions to buy a home. ​ To best take advantage of the current market, buyers should get ahead of the crowd before the market “wakes up” again for the Spring 2023 season which could happen as early as February depending on weather conditions.

If you’re interested in starting your home search or discussing any of the topics mentioned above, feel free to reach out to schedule a time to talk.