central coast home buyers beware: The real estate market is changing and not necessarily for the good as far as buyers are concerned.
Buyers who are actively seeking to purchase homes on the Central Coast probably already know what our latest statistical analysis tells us. The market has changed and not to the benefit of home buyers. In fact, the only good news for buyers was yet another dip in home loan interest rates.
Comparing November, 2011 to last month gives home buyers and the brokers looking out for their best interests little to cheer about. Traditional sellers, on the other hand, have some reason for optimism. But since SLO HomeStore represents Central Coast home buyers exclusively we look at the market from that specific perspective.
We’re spending a few days looking at specific statistics and discussing what each means to Central Coast home buyers. For a free copy of the entire report just ask, either on Facebook or on SLO HomeStore.
Nov-11 vs. Nov-12: The average days on market is down 25%
Homes are selling faster; significantly faster. One reason might be that lenders being asked to approve short sales have finally gotten their acts together and are able to process and approve those short sale requests more quickly. It might also be that home buyers are sensing the changing market as not being in their best interest so are acting more quickly. Most likely it’s a combination of reasons. The message is, buyers just don’t have the luxury of a lot of pondering time right now.