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New Challenges In Brentwood Real Estate Market

June 29, 2009

If the challenges we’ve been facing the past two years weren’t bad enough, we have a new hurdle to overcome. Lack of inventory.

Not that we’ve run out of foreclosures. They just aren’t on the market right now. Since last year’s moratorium, banks have held homes off the market and they are just starting to trickle back on.

In a  nutshell, what this means is that consumer demand is high (buyers don’t want to miss the boat) and supply is low (hundreds of foreclosed properties have not been made available) resulting in multiple offers over asking price.

Despite all that, median sales prices continue to decline as shown in the graph below.

Brentwood median sales prices
Brentwood Recently Sold Homes

What’s a buyer to do? Keep looking for the home you want and can afford. Be ready to offer more than asking price if you really want that house. Always to the math. Only offer an amount that works for your budget and makes sense as far as long term value of the property.

Don’t despair if you don’t get the contract. More homes are coming. Be patient and diligent. You’ll get there!

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