The consensus seems to be that there are plenty of buyers out there,
and that they are serious, qualified and eager to purchase. However,
these same buyers are listening to media reports about the housing market
and some are hesitant to commit to buying a home due to an erroneous
thought that housing prices will plummet.
The reality is that in most Bay Area communities, housing prices are
remaining steady, or seeing increases. In fact, DataQuick, a company
that compiles data and reports on real estate trends each month, indicated
this week that while median selling prices in Napa, Solano and Sonoma
counties have seen moderate declines, every other county in the greater
Bay Area saw an increase in median prices ranging from 4 to 12.4%. This
is not the time to sit on the fence. It is the time to commit, as our
Walnut Creek manager eloquently stated, “to buying homes as opposed
to houses.” Price and condition are always important deciding factors,
but the deals are out there right now, so now is the time to decide!
And there may be even greater opportunity when we find out what happens
after the Fed meet next week.
The upper tier market continues to hold strong in our region with most
areas reporting exceptional activity. A $2 million home in Larkspur
had a huge crowd for its open house and received three offers in one
day. The inventory levels in the city and parts of the Peninsula are
loosening up a bit and helping to spur activity. A condo in San Francisco
received 11 offers, and a cosmetic fixer in the city’s Richmond
district received 22 offers. Open houses were reported to be busy in
most areas where our more than 600 homes were open for viewing. Listing
inventory and sales activity were both reported as being steady among
most offices.
Everyone wants to know the real story. It will be told, and powerfully
so, next week when Southern California Economist Gary Watts presents
“The Real State of Real Estate…What the Media Isn’t Telling
You” on Thursday, September 20th and Friday September 21st. Gary’s
presentation is extremely
timely, and dead-on. It will give you excellent facts and talking points
with your customers.
Rick Turley
President
Coldwell Banker SF/Peninsula
