Bay Area sunsets kinda rock.
But I might be biased.
Where does a wary buyer in the San Francisco Bay Area, who has had their offers rejected 13 times, find a house? North Carolina.
“Lovely, ranch style, 2033 square feet, custom built in 2006, Listed at $198,000″
“1700 square foot, custom new construction, 4 beds and 3.5 baths, peaceful view, listed at $209,900″
or how about
“All one level, brick exterior, acres of land, listed at $76,900″
During the first week of March here is what one area saw:
New Listings: 30
Closed Sales: 15
Pending Sales: 19
Avg Sales Price: $102,975
Highest Listed Price: $649,500
Lowest Listed Price: $7,900
Highest Sales Price: $289,000
Lowest Sales Price: $14,000
Average Days on Market: 135 days
Maybe it is time to consider continuing to rent in our awesome hood and buying investment property elsewhere. Don’t forget, buying real estate isn’t just about finding a place to put your roots down so that you no longer waste money on rent, but it is also a way to build wealth. So to the buyers who have been pushed out of our market, let’s strategize. Perhaps you can put your $950,000 into 4 or 5 houses in other areas.
Attention Buyers: it is time for you to strike! This crazy market has got to stop.
Buyers are being forced to remove not just their inspection contingency, but their financing contingencies as well, even if they are getting a loan. Buyers are more confused than ever about where the value lies. “The Berkeley market is no longer about numbers and logic, it is about emotion, exhaustion, and giving in” said Michelle, a buyer. “I have been writing offers in Berkeley for the past year and now I am priced out.”
And it has gotten crazier this year.
Check out the list price to sales price over a 30 day trend:
Albany: 114% over the list price
El Cerrito: 112%
Average Sales prices:
El Cerrito: $615,833
Alameda prices are now what Berkeley was two years ago.
Castro Valley has caught up to El Cerrito
San Leandro has caught up to the Richmond Hills.
QUESTIONS WE HEAR:
“What will create change?” More listings, less buyers.
“If we have more listings will prices go down?” Probably not. But the list price to sales price will become a smaller spread.
“When will more listings come on?” I wish I knew, but all signs are pointing to a flourishing Spring market.
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Powered by Berkeley Hills Realty we are a local, top producing Real Estate Team with a bird's eye view of the real estate market in the San Francisco Bay Area. Hold on tight and check back often – real estate in the East Bay is movin' and shakin' and will surely keep you on your toes.