Super Bowl Sunday can’t come fast enough for the real estate market. Historically, this is when the floodgates open and sellers start putting their homes on the market. Good news for Buyers but not as good for Sellers. Read what is happening in the Bay Area below.
“What’s happening? First-time buyers are rushing to take advantage of the federal tax credit before it expires this spring. Unfortunately, we aren’t seeing a commensurate number of sellers bringing homes to the market to capitalize on this. There are inventory shortages throughout the Bay Area. Open homes are attracting a flood of serious buyers. The result is that attractive, well-priced homes in good neighborhoods are getting lots of interest and, in some cases, multiple offers.
Without as much competition for buyer’s attention, a well-maintained home could stand out like a redwood tree in a desert. This may not last for long as more homes come on the market in the weeks and months ahead (don’t forget the old adage that people start listing homes after the Super Bowl).
So by and large, it’s pretty much a conversation about inventory when you talk about our Bay Area real estate market. Even the luxury market, while admittedly slower than lower price points, has inventories trending down. Take San Francisco, for example, for homes over $2 million. The luxury market finished out December 2009 with a 6 months supply of inventory – compared to 10 months supply for the same period in 2008. You’ll find similar trends in the high end in many of our communities in Silicon Valley, Peninsula, Marin, and the East Bay. Accuracy in pricing and attention to detail in showing condition remains critical in the luxury markets, but sales activity is picking up and inventories are going down.” by Rick Turley, President, Coldwell Banker San Francisco Bay Area