Monday, October 17, 2005

Tilting Towards Normal

There was a good article in the Sunday SF Chronicle about the state of the current Bay Area housing market.

This quote sums it up pretty well:
There may be more to choose from, but we still have a large supply of buyers," said Prudential agent Lee Denton. "San Francisco has limited space, and because so many people want to live here, our market is different.

It's pretty much the same over here in the East Bay.

This doesn't mean that there aren't properties that are still receiving multiple offers. It is still happening, but it's mostly because they're nice properties that have been underpriced.

As more and more sellers start receiving offers at less than they hoped to receive, we're seeing newer listings come on with more realistic list prices.

The demand is still there. In fact, I believe the recent uptick in interest rates has motivated buyers who have been on the fence to buy.

With an increased supply of homes on market and with interest rate levels still near 6% for a 30-year fixed loan, it's a good time to be a buyer.

If you're looking to take advantage of the current market conditions. Contact me & I'll work to make it happen for you.