"Yes, it is back to a Jekyll and Hyde market. Some properties
are selling the minute they hit the market with multiple offers and
others are lingering for weeks, if not months. Buyers have much more
to choose from than in previous months. The buyers are playing the “Waiting
Game” and the sellers are playing “Chicken” with the
buyers. Sellers should seriously consider negotiating with the first
offer they see as buyers are not hesitating walking away from negotiations.
More and more inventory is coming on the market and with that we are
seeing existing listings having to reduce their asking prices....
"The number of multiple offers have fallen off in every marketplace
with the exception of San Francisco and the Peninsula. Even in those
areas some offices are receiving fewer multiples than in previous weeks.
Buyers have no problem writing offers if they feel they are priced at
or under market ...
"We are still seeing good activity in home opens, particularly
those that are on the market for the first time. However, after the
initial open house, the numbers of buyers drop off appreciably. That
is why it is so critical that sellers price their properties correctly
when first going on the market. Buyers appear to be even more ready
to buy as they want to take advantage of interest rates before the increase
again.
"Here are the numbers for the week: 18 offices reported increasing
inventories, 11 steady and 3 decreasing----6 offices showed increasing
sales activity, 20 steady and 6 decreasing."
Avram Goldman
President and COO
Coldwell Banker SF/Bay Area
