Here we are in mid-May and despite the great weather we've had, we are now having some very un-seasonal rainfall. It's snowing in the mountains in May! Nevertheless, what is seasonal is the real estate activity so far this Spring. There are currently 1360 homes on the market and 34% of those are in escrow and 800 homes have sold this year. Savvy sellers are seeing what's ahead , pricing their homes right and selling them quickly, often with multiple offers. The buyers are definitely out there looking for inventory.
There is a very strong reason for buyers and sellers to take action now and not wait because we see a bump in the road ahead with the limits changing on government backed loans - Fannie Mae and Freddie Mac. On October 1, 2011 the limit on…