A Quick Market Update for the Alamo/Danville Area

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Manage episode 208257106 series 1059275
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It is a buyer’s market in the Alamo/Danville area, but as a buyer, you still need to be patient and be smart when you buy.

Looking to buy a Bay Area Home? Search all Bay Area homes for sale.Selling Your Bay Area Home? Use our home evaluation tool.

Today I am joined by my father Terry McDaniel to share the latest news from our Alamo/Danville market. Right now, the numbers tell us it is a great time to buy.

In Alamo, there are 38 homes available for sale, and the median asking price for these homes is $2.15 million. There are also 27 pending properties, which is almost ideal because you usually want to see a 1:1 ratio between available properties and pending properties. The median price of these pending homes is $1.7 million.

These stats indicate that the lower part of the market is the most active, while the upper part is starting to see homes with price adjustments of $50,000, $75,000, and even $100,000. This kind of thing is typical when interest rates are rising, so be patient and be smart when you buy.

Remember—you only make money when you buy; you don’t make money when you sell. There are a number of properties that have not hit the market yet, and prices are not rising at the crazy rate that they previously were. If you are a buyer, these facts should help you during your negotiations with sellers

In Alamo, there are about 5,500 homes in total. In Danville, there are about twice as many. To find the home that is right for you, it is very important that you calibrate for each price range and move in $250,000 increments.

Make sure you pick the very best property you can buy.
Also, make sure you plot out the houses. The west side of Alamo, for instance, is going to be more expensive as far as lots go. The lot values in that area are between $1.3 million and $1.5 million, which is an increase compared to when they were worth between $900,000 and $1.2 million four years ago. Can they continue to go up in value? Absolutely. Will they continue to go up in value? Absolutely. Home values can rise and fall, but in 10 to 20 years, you will be glad you bought a property now. A leveraged asset in residential real estate is a great way to accommodate your family’s future. There are many ways to buy property, so don’t assume you can’t afford it. If you talk to us, we can make it happen for you. If you are interested in discussing the market further with my father or you would like to know the value of your home, you can reach him by phone at (925) 838-4300. As always, if you have any other questions for me or you have any real estate needs at all, please feel free to reach out to me. I would love to help you.

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