Whenever I attend social events, that question is definitely the topic everyone’s ears perk to – and this has been the season of social events. It’s like when I go to a restaurant or Starbuck’s or wherever – I can’t turn it off – and someone within earshot says something about real estate; selling, buying, lending – my head spins like a whirligig in a tornado.
There’s no way to answer that simply. I know that people want a quick response. Just like when someone asks, “How are you?” They expect the answer to be, “Fine.” They really want the Reader’s Digest Version. They don’t want to hear the details. They want a 20-second commercial.
If you’re one of the over 500,000 realtors expected to leave the business this year, it’s terrible.
If you’re a seller in Daly City where there are 210 homes for sale, 8 months of inventory and the average days to sell is 62, it’s not so good. The San Carlos market is, not surprisingly, doing well with 29 homes on the market, 2.6 month’s inventory, and the average days to sell at 36.
If you own a home that’s loan is going be adjusting to something you can’t afford, it’s awful.
If you’re thinking about buying a home, you have a decent deposit, and can afford the median price of $766,000, it’s pretty darn good.
There is no easy answer. It depends. If you’d like some help figuring out the answer for your particular circumstances, call your favorite realtor.