The market "has softened", or the market "has slowed down". Or has it?
I was just hearing MarketPlace on NPR yesterday afternoon saying that the market was going to have a renewed jump in activity soon, with more multiple offers than we even had lately, due to lack of inventory and very low interest rates. Whether this comes true or not, we will see. But these stats below tell the tale of California home buyers and their successes, ...or delays during the 2nd quarter of this year.
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Truth be told, in the SF Bay Area, whether the market has slowed down or not depends a lot on the exact area, the type of property, the time of year and also... the asking price.
For instance for well-priced properties in Palo Alto, or towns with good schools, the activity is still quite brisk. For smaller homes like condominiums in areas where there is more inventory (i.e. some areas in San Jose or Santa Clara, or Sunnyvale) prices have certainly come down from the highs of last year. It is all a question of knowing the market. A qualified buyer's agent is a must to make sense of all this, someone who carefully evaluates the home value and the recent sales before placing an offer, above or under asking price. It will depend on the condition, the location, the local inventory for the particular home you are considering.
Questions? Call or text!
Thank you,
Francis
Detailed, local trends etc...
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