Here is an interesting perspective from a San Mateo Real Estate Agent about what is happening in the Bay Area real estate sales market.
More importantly: Have we seen bottom in San Francisco Bay Area ?
Well I like to think we have seen bottom and in fact I think it has come and gone. It happened real fast and without a lot of attention. If you read the newspapers and watch the TV news they are still reporting a down cycle, but remember the news headlines are made to draw attention.
In the East Bay, South Bay and the Peninsula, Bank owed properties are selling fast and are seeing multiple offers. I have now seen Banks responding to bids with 24 hours. Even short sales are making ground! Recently I experienced an East Bay property with 23 offers and going for 12% over asking price. This property was not even a bank owed bank property! San Mateo, Millbrae, San Bruno, South San Francisco are all experiencing multiple offers. Entry level homes throughout the Bay Area are on the rise. Investors see this opportunity and are buying these homes as well.
There are signs that price increases are moderate and lending institutions are being conservative, but we are seeing a lot more ALL CASH OFFERS for Homes. Yes, there still is a lot of equity out in the marketplace.
Attention Buyers: Prices for homes are still good, loan rates are still good. As the general market moves into a full recovery do you expect prices to stay low? As the general market moves into a full recovery do you expect interest rates to stay low?
Don't Wait: Now is a great time to buy, whether a first time buyer or wanting to upgrade and buy a bigger house.
Give me a call, let's discuss your options and move forward. Looking forward to hear from you!
Have a great day!
Phil Caulfield NMLS #386911 APMC #1850 has been helping people obtain mortgages since 1985. The views, articles, postings, and information listed at this website are personal and do not necessarily represent the opinion or the position of American Pacific Mortgage Corporation."