At the time, I was speculating that prices may let up a bit, as is usually the case at the end of any given year. Buyers looking during the last few months of the year could expect a break and have less competition.
My experience from the trenches, reflected in the updated graph below, is that there were a little fewer offerors on homes for sale, but prices certainly did not go down. The competition remained quite strong. Overall prices stayed at the same level, at the minimum, and I mostly saw an increase in home values, especially in the entry-level category.
Often seen in the past 3 months were:
- Houses offered at a certain price, and if it did not sell for way over, their asking price changed upward,
- offers being shopped around, in some cases what felt like excessively,
- lower cash offers sometimes selected over higher offers needing a loan - (can make sense of course...),
- some of the latter cash contracts being cancelled right before close of escrow - setting the clock back to zero on the sales process, and triggering plenty of legal questions marks for all.
Be sure to work with an experienced professional if you are thinking of selling, or buying a place in this tense environment. It is sometimes hard to make sense of it and to navigate a prudent, legally safe line.
Francis
Detailed, local trends etc...
Current mortgage rates
A worthy local non-profit to remember: Community Services Agency in Mountain View.
