Home Buying in 94002>Question Details

pquery, Home Buyer in Oakland, CA

Belmont/San Carlos homes taking longer to sell?

Asked by pquery, Oakland, CA Tue Jun 10, 2014

Have been tracking homes in Belomt/San Carlos area. Since last one month noticed that homes are taking longer to sell, often coming up for multiple open houses and yet staying in the market. What is causing this slow down? Is this specific to this area or noticed across bay area??

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After a super aggressive Spring that brought our home values up to where they were before the crash if not higher, I believe we're starting to fade into a more normalized market where we'll see some fluctuation throughout the year. If you take a look back 10 or even 15 years ago, our area had a natural pattern of a super crazy spring, slow summer, fairly active fall, and very slow winter; we haven't seen normal fluctuations since the crash for a variety of reasons. Now that home values are back, buyers are sitting back and choosing to be a bit more discerning although aggressively (low) priced homes are still getting a fair amount of attention.

As an agent, we need to really focus on marketing our seller's homes and making sure they're priced perfectly during this time of year to get the attention of the buyers who are still out there and haven't gotten burned out by a tough market. As a seller's agent, I also make sure that my listings are open at least 2 weekends in a row before we'll consider offers. This allows buyers ample time to see the home and review the disclosures to make an informed decision because statistics have shown that buyers who are rushed by offer dates set 3 or 4 days after a property hits the market are most likely to get cold feet.
0 votes Thank Flag Link Fri Oct 3, 2014
Not sure which homes you have been monitoring, but well priced homes in Belmont and San Carlos usually sell within 10 days for multiple offers. I am however, aware of two listings, each with foundation problems, and one that has a $600k tax lien that must be paid in addition to the asking price.

As we approach August, less buyers AND sellers will be in the market due to last of summer vacations and the beginning of a new school year... so it is an excellent time to purchase at a price point you may be comfortable with.

Mike Verdone
BRE: 01918357
http://www.michaelverdone.com
650-921-7203
0 votes Thank Flag Link Mon Jul 21, 2014
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