Chi, Both Buyer and Seller in San Francisco, CA

what's happening in the Bay Area real estate market?

Asked by Chi, San Francisco, CA Mon Oct 15, 2007

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11
this is the most interesting market in the 21 years I have been licensed. Opportunity is beginning to show its curly head - for the unfortunate people who bought without the understanding that adjustable rate mortgages go up, the market is frightening. I see three more quarters of this uncertainty and sliding #'s of houses sold, but we will even out late next summer and have a wonderful market where the supply of houses available will be more affordable to the well qualified buyers who have been patient. Patience will reward everyone. Liz Stevens
2 votes Thank Flag Link Mon Oct 15, 2007
Speaking from an East Bay perspective, the market weakens for sellers the further east you go. We are 35 miles east of the City, Pleasant Hill, and while it is a buyer's market here well priced very nice homes still sell nicely. Starter homes are languishing on the market, probably due to buyer's not getting loans like they could a year ago. Move up homes sell more easily but there is no hurry; people take their time to make an offer, hoping the seller's will soften up and negotiate their price more, which they frequently do. From the height of the market some home values have dropped up to 10%. We have 8 months of inventory whereas towns further east have as much as 32 months of unsold inventory because of new home construction: towns like Antioch and Brentwood. We see no signs of change, yet. Buyers Market here, 35 miles east of the City. Norma Flaskerud
1 vote Thank Flag Link Sun Oct 21, 2007
Hello Chi:

The Bay Area real estate is doing quite well regardless of what other parts of country is doing, or even other parts of California.

As the old saying goes; location, location, location. That is still number one factor on what you should be looking for; and if you are selling a property in a great location, you will do fine.

Homes in choice area are still selling nicely. The Bay Area has strong job market, robust economy, beautiful environment, immigrants moving in, limited housing market; supply and demand dictates the housing market. It's slower, but prices are holding nicely.

The higher priced areas are doing way above average homes with strong demand. With the bonus season coming, I am anticipating more activities in those areas. As a matter of fact, I have seen a lot more buyers out during the past few weeks; defy the conventional wisdom which seems to fly around so much lately.

It also does not seem to have been affected too much by the sub-prime void; other than certain pockets in the area; which is nice; although it does take some explaining to others who are worried.

Where are you thinking about buying or selling? Knowing the details will allow us to give you the statistics for that specific area(s).

Best,
Sylvia
1 vote Thank Flag Link Mon Oct 15, 2007
Sylvia Barry,…, Real Estate Pro in Novato, CA
MVP'08
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Chi,
In SF we are in an almost balanced market. The key to selling is to price for our market, which is very different then other markets, and be prepared when you go on the market. We still see multiple offers and competition of well prepared and well priced homes.
The key to buying now is to look at homes that not everyone else wants. Homes where the seller expected too much initially and the good home is languishing. Make an offer and be prepared work out a deal.
A word of warning and actually bafflement - SF agents & buyers are hesitant to make below asking offers. An example: house listed for $749K no offers for 30 days reduced to $687K sells quicky for $715K. If the value is $715,000 why wait make the offer!
Web Reference: http://www.JedLane.com
1 vote Thank Flag Link Mon Oct 15, 2007
Jed Lane, Real Estate Pro in San Francisco, CA
MVP'08
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It's always a good market for someone. Right now it's a good market for move-up buyers (selling a smaller home & buying a bigger one) as the price differential is generally in your favor. It's also a good market for investors--more & better deals for rental-type properties. So what is it you're hoping to do?
Web Reference: http://michellejudycarr.com
1 vote Thank Flag Link Mon Oct 15, 2007
Santa Clara county real estate market really lead the California housing market recovery.
You can check out the blog that I just wrote at the following link.
0 votes Thank Flag Link Tue Mar 8, 2011
The Bay Area real estate market, although down, is looking better all the time. Here are a few stats: Sept. 07 to Sept. 08; Alameda county down 31.25%, Contra Costa county down 46.62%, San Francisco county 12.34%, Santa Clara county down 27.86%, and San Mateo county down 19.33%. I mention these because we hear the news that home prices are down. But we are now hearing that sales are increasing. And now with the Fed's dropping their rate .5%, we are likely to see more buying opportunities.
0 votes Thank Flag Link Thu Oct 30, 2008
The Bay Area like most areas has several hot spots and some cold spots. It is a great market to purchase a home or investment property with interest rates being what they are. We still have some spotty areas on the Peninsula where it is a sellers market and some in the East Bay that lend themselves to a buyer. Try not to buy into the press and media as they feed off these stories.
0 votes Thank Flag Link Sun Oct 21, 2007
Pam Winterba…, Real Estate Pro in San Ramon, CA
MVP'08
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It's a great time to buy! Interest rates are low and there is a lot of opportunity. Are you looking for a residence or for investment property? The local news media does not do a good job reflecting the positive real estate stories here in the Bay Area. It's not the doom and gloom that is reported for ratings.
Web Reference: http://www.cindihagley.com
0 votes Thank Flag Link Sun Oct 21, 2007
Cindi Hagley…, Real Estate Pro in San Ramon, CA
MVP'08
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Chi,
If you are in San Francisco - the market there is very strong compared to some far weaker real estate markets in the North, East and South Bays. The Peninsula is also holding very strong. Both SF and the Peninsula are inventory contrained and are both producing jobs at a very good rate. There are some very good moves you can make in this market if you give us some more details on what you want to achieve.
0 votes Thank Flag Link Mon Oct 15, 2007
Mario Pinedo,…, Real Estate Pro in Beverly Hills, CA
MVP'08
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Depends on the area, with strong growth and a continued increase in jobs daily. The bay area doing really well. Like all Real Estate markets it is area specific.
0 votes Thank Flag Link Mon Oct 15, 2007
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