53% of transactions in March were first-buyers! That is an amazing statistic. What is even more amazing about that is that most of those transactions would have been based on homes already under contract before the $8000 credit was even offered. So I can’t wait to see the stats for April. I know nearly 2/3 of my business right now is first time buyers. Homes under $250,000 seem to be flying off the shelves, so to speak.
In Oakley, for example, the average selling price is $183,228 since Jan 1st. And there have been 38 solds and 27 homes are currently pending. There are still 66 actives on the market, making the inventory just 6 months- a very good inventory number indeed.
So what does that mean for sellers in the move-up price range? As first-time buyers begin buying homes in that $250k and under price range, those sellers will become move-up buyers and can begin buying higher priced home. In effect, we have a trickle up effect. The housing market will begin to fix itself from the bottom up.
My advice is this, if you are thinking about selling your home, particularly if your homes is probably a home for a first-time buyer or is moderately priced, then I would get it on the market now. Take advantage of the historically busy spring time and of the $8000 credit for first-time buyers. You might be surprised at the amount of interest.