Home sales have declined in some areas and its due to high demand, low interest rates and a shortage of homes to buy. This creates a change in the market place. Not good for buyers but good for sellers.
Buyers around the bay area are going to be happy to see more homes on the market. Currently homes that are under $400,000 are experiencing a seller’s market. Most sellers are receiving multiple offers for their home. Every home that I have made offers for my clients have had more then 1 offer. One house in Hayward had 18 to 20 offers. Another house in San Bruno had 6 offers. My listing in So. San Francisco received 2 offers above the asking price, right after my open house, and 1 was all cash. My other listing in Pacifica received 8 offers, all over the asking price. It’s like that all over the Bay Area. It’s pretty discouraging for buyers today.
Maybe there is some relief coming soon. There is a shadow inventory due to be release around summer. I hope this will help the buyers that are trying to get into their home.
- Is the real estate market improving? (jefftung.net)
- Inventory Shortage: Move Along; Nothing to See Here (redfin.com)
- Reality Check for March 2012 (ilovevacaville.wordpress.com)
- Buyers compete for short supply of homes in Bay Area (mercurynews.com)
- Understanding the Difference Between Balanced, Buyers’ & Sellers’ Markets in Real Estate Lingo… (sellgrandrapidshomes.wordpress.com)
- Forclosures Hold Steady Overall, NY Rate Rises (traditionta.wordpress.com)