Yesterday, I took between 11am and 4:30pm off. I went out on the lovely, previously Presidential yacht, the Potomac and watched two of the America’s Cup challenger races. A great day! Wind between 17-23 knots, sunny, good weather (but a bit chilly on SF Bay). This sailing foil is Luna Rossa, Italy’s entry. They lost big for both races yesterday. Go New Zealand (because I don’t want Oracle, the US entry to win), and because my daughter and her Kiwi husband live in NZ!
Every agent I talked to on Tuesday tour day, was shocked! They were shocked that there were 24 NEW listings on the tour that day, and many of them were shocked because I was riding my bike around to so many properties. I didn’t go out to BFI (94502), and I saw all on the island except two condos. Plus I saw properties over the weekend, thinking there would be a rush to get to all of them on Tuesday.
There was a good balance of all types of properties this week.
Here’s my take on the market. I think most homes may have topped out on the high end at this time. I think some of the middle priced properties are looking for more buyers than there are at those prices. I think some of the buyers out there have backed away because they don’t want to get beat up by a pricing war. You may have noticed that some of the dates for entertaining offers have come and gone.
The next group to slow down will be the townhomes, then the condos. I think the condos are continuing to go up…because they are the last to go down in a declining market.
I’ve known of a couple of properties, single family homes, that were on the market for more than 30 days, some for over 50 days, and buyers are not jumping through hoops. In fact I was personally involved as a buyer’s agent on two of those in the last 2.5 months. One of them closed a lot less than the list (good location), and the other is still available (also excellent location). In each situation, the buyers backed away from the property. One is now settled into another home that they wrote an offer on two days later. The other is still looking.
As rates go up…the inverse happens to prices…they go down. Maybe we’re not in that market yet…but we have been before, and will be eventually! It all gets down to what a buyer wants, can afford, and how long a owner(s) will stay there. It’s actually not rocket science. But it is people’s lives.
ALAMEDA REAL ESTATE THIS WEEK…
Broker Tour Tuesday 24 this week!
Active and pending listings this week – 82, 86 This is as close as they’ve come for a long time!
ALAMEDA REAL ESTATE AWARDS THIS WEEK…remember this is only my perspective!
Winner of the week…tied! Winner 1 Winner 2
Get me to rehab! 3 way tie.Rehab x 2 and Rehab 3 this is where you need a designer
Cute, charming but needs some help
Alright! That’s a wrap! Carry on! Make it work any way you can! Call if you have questions!