ealtor

. com forecasts that 2016 will be a healthy Real Estate market . It is forecasted to be mainly a seller ’ s market , filled with increasing home prices , relatively low inventory and fierce competition between buyers . Buyers should keep an open mind and be prepared to move quickly when they find a home that meets their needs . Sellers should understand the ins and outs of their market to optimize the price of their home and close quickly .

Tips for 2016 home buyers :

Be the early bird . With inventory low and many buyers waiting until the spring / summer to search , buyers who start their search early face less competition even with low inventory and may beat an increase in pricing .

Comparison shop for mortgages which are predicted to rise to 4.65 percent and prices are predicted to rise at least 3 % in 2016 . Getting a lower mortgage can make a big difference in the payment and total cost of the home over the years of ownership .

Consider a new home purchase . The number of new homes on the market is expected to grow more rapidly and buyers are likely to have less competition and enjoy a broad selection of homes .

Tips of 2016 home sellers :

List during the peak season : Unlike buyers demand benefits the sellers . In the West , prime housing market is in the late Winter / early Spring to Summer . During this time there can be bidding wars which can increase the price of the home and the days on the market .

Price a home to the market : Sellers who work with a local Realtor to optimize the price of their home based on its unique features and surrounding neighborhoods are often able to receive the highest price for their market and sell more quickly . With 2016 prices predicted to rise at least 3 % year over year with the potential for the West market to be higher , pricing the home correctly can make a big difference in profit and time on the market .

Offer incentives : Last year 37 % of sellers offered incentives to buyers by being open to negotiating beyond price and were more apt to find scenarios that result in wins for each side resulting in a faster sale and more seller profit .

Sell a home in California : California markets are accelerating past the positive National averages and showing extremely favorable conditions for sellers . Robust job growth , increasing prices , and limited inventory have sellers ready for big gains in the Stockton-Lodi , Bakersfield , Fresno , and San Jose-Sunnyvale-Santa Clara area .

Local Trends Single Family Residential in Morgan Hill

Teri Nelson , Realtor Intero Real Estate Services

408.425.5200

BRE # 00858151