Homes Are Moving Quickly!
I recently started working with some first time home buyers. We made an appointment to view four homes in Daly City and South San Francisco. They have not had much experience viewing homes and wanted to get their feet wet to see what was offered in the current market.
As always, I do my best to preview the homes I show, as to gain as much knowledge as possible about the homes we are going to view.
What we were surprised to find out is that, out of the four homes we planned on viewing, 3 of them were marked pending or were going to be marked pending soon. All of the homes were vacant and have been on the market less than a month.
One of the South San Francisco homes was only on the market for five days and the listing agent informed me he had received 21 offers, status to be changed to pending very soon. Another had 8 offers, one of which was accepted the night before we planned to view the homes. The third house was marked pending after only 9 days on the market. The final home, I just got word from the listing agent that they have multiple offers and status will be changed to pending soon.
Less homes on the market with many buyers searching, simple supply and demand…
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5 Responses to “Homes Are Moving Quickly!”
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Yes, Adam the market is hot. Has been hot under $500,000 for the last 3-4 months but I have now seen the activity move up to the $700,000 bracket. If the home is priced correctly it is moving fast. Some sellers will look at offers as they come and others would like the property marketed for a week prior to reviewing offers. I was out farming the other day and several people told me they heard the market is picking up. I think it is getting out to the public and what will help our educating the buyers.
Lee
Adam,
Thanks for the report, and that is good news.
Although it is tough when you are representing the buyers, they are being educated about the market and when the right property becomes available, they will know what to do.
Lets go get listings!
Brian
The $8,000. tax credit, favorable interest rates, and reduced prices have really shrunk the inventory creating a tremendous demand. The senario that you talk about in the entry level market is extremely common.
Larry
Hi Adam
interesting information, any opinion on what is driving so much activity in the area you mentioned?
Michael,
From my conversations with people, it seems like many are finally realizing what a great opportunity it is for them to buy. With the combination of low interest rates and low pricing it would be a great opportunity for them to buy. Many buyers are finding that the inventory is much lower than before and are now not able to be as selective they could be last year, or even earlier this year.
It also seems like many buyers were waiting for the bottom and many times people don’t know where the bottom is until it has passed. Interest rates have gone up and down a little more recently, combined with the decreasing inventory, and the trend of more buyers coming out after winter could all contribute to the activity in the areas that I have mentioned.
What are your thoughts?