Home Buying in Kensington>Question Details

Ek, Home Buyer in Kensington, CA

Why are so many houses in Kensington having price reductions? It was always a very desireable area.

Asked by Ek, Kensington, CA Sun Dec 12, 2010

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Prices have been softening in all communities in the East Bay over the course of the year, as the foreclosure market pulls down the curve. The areas most affected are the ones that have been hit the hardest by foreclosures, the ones with the less academically ranked school districts or where homes are in less upgraded condition. Every community has micromarkets, and there are pockets of Kensington that dragging the curve down. Kensington is still a wonderful place to live. I suggest you arrange a meeting with an agent who specialized in Kensington, who can show where the value propositions are relative to your specific search. With values down, and interest rates low, it could be a great time to make a good deal on a home you'll love.
0 votes Thank Flag Link Tue Sep 13, 2011
There seems to be more inventory on the market which means that Buyers have more to chose from and consequently fewer multiple offers on listings. The very good homes still go quickly in multiple offers but homes with flaws tend to be the ones that sit longer.
Flag Thu Oct 10, 2013
Hello Ek,

Kensington is still a very desirable area. The price decline is part of the recession...just hand in there :)
0 votes Thank Flag Link Sun Dec 12, 2010
EK,
Hi, Price reductions are happening in communities all over the bay area. In a recession as deep as ours is everywhere takes a hit. Kensington is still a desireable location. One thing that is happening is that those buyers who would normally be moving up are staying put until the overall economy is more stable. Prices come down when there aren't as many buyers. If you would like to see a one year history of prices in Kensington I have them posted on my website. Go to http://www.billfletcherhomes.com and look on the left hand side for a tab that says "market update". Click that and it will take you to a page that has updated stats for many East Bay Communitites. Pick the one you want to look at and you'll have about 20 pages of graphs covering such things as list price vs sold price, days on market, median sold price, months supply of inventory, and more.It will go back either one or two years by month so you can get a very good picture of a specific area. I hope this is helpful.
Best wishes,
Bill
0 votes Thank Flag Link Sun Dec 12, 2010
Hi Ek,

Unfortunately, both coasts are still experiencing a decline in home prices. Fortunately, there is a glimpse that stability is nearing.

Homeonership is for the long haul, that's where you will find appreciation. The swings will occur, you just have to ride the highs and lows.

Hang in there!

Ray Garcia
617-942-0447
rgarcia@jackconway.com
0 votes Thank Flag Link Sun Dec 12, 2010
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