We have all heard about red hot real estate markets where the majority of listings turn into bidding wars and result in a final price higher than listing. That sounds like a dream come true for a seller but it is a nightmare for buyers. Fortunately, those types of red hot markets are not the norm and do not generally stay that competitive forever. But, sometimes it can be difficult to get into a home even in a moderately competitive market. That is why it is important for you to learn about the real estate market you are considering. It will help you determine if the area is right for you and what to expect during the buying process. A top notch realtor is a must if you are thinking about buying in a competitive market. You will be able to move more quickly and make more informed decisions if you have a realtor in your corner during the buying process. There are three elements you can look at to tip you off about the potential competitiveness of a market: the availability of housing, the quality of schools, and the presence of industry. We will look at these three elements in the Tri-Valley to gauge whether or not the housing market is competitive.
Availability of housing
A housing shortage in an area can have a major impact on the competitiveness of the market. Housing shortages can happen for a number of reasons. New people moving to an area create a need for more housing and sometimes it is difficult for builders to keep up with demand. Another possible reason behind a housing shortage is simply the fact that an area has run out of room. It is easy to look at large metropolitan areas for examples of how this can happen. The good news for people who are thinking about making the Tri-Valley home is that the area as a whole does not currently have a shortage in housing. The exact availability will depend on which town you choose but homes are continuing to be built in the Tri-Valley.
The quality of schools in an area can have a major impact on the competitiveness of the housing market. Families are drawn to areas that have excellent schools. Many people are willing to have long commutes to work in order to reside in an area with top notch schools. In the Tri-Valley town of Pleasanton, you will find a school system that ranks in the top ten for the state of California. If the quality of the school system is important to you then you are likely going to be looking in some of the more competitive markets within the Tri-Valley.
Industry is an element that directly impacts the competitiveness of a housing market. Industry requires employees. When an area has thriving industry it usually leads to a growth in the population. San Ramon has a major regional employment center that draws people to the area. Pleasanton also has a thriving business community and is home to more than 4,000 businesses. This is great news if you are looking for a place to work but it can definitely lead to a more competitive housing market.
The fact that the Tri-Valley is home to towns with excellent schools and thriving industry means that there is going to be some competition as you look to buy. Thankfully, homes continue to be built in the area which means there will continue to be opportunity for potential buyers. A local and knowledgeable realtor will be able to help you navigate this potentially competitive market and find a home that works for you.