You’ve been reading the headlines. Banks are failing. Lenders aren’t lending. Stocks are spiraling downward, then they’re recovering. The Bailout is being worked out. But wait. Unemployment’s gone up. Mortgage rates are fairly stable. And gas, hell, gas seems to be cheaper than bottled water right now. And hell, I’m seeing more commercials for “lay away” than I have in the last 20 years.
In a nutshell, the economy is frickin CRAZY!
But things in San Francisco seem to be mostly weathering the storm. I mean, things have changed. Some listings that would have sold in days are taking a few months to sell. However, others are still moving and moving fast. I just helped clients put in an offer on one home where the seller received 5 offers. We were fourth highest. I helped a different set of clients write an offer on a different property, and while we came in the highest in price out of a handful of other offers, our offer was beaten by one that was 100% non-contingent.
So are we in a buyer’s market? Not exactly. Are we in a seller’s market? Not exactly either.
The key is that properties that are priced well (ie. realistic by today’s standards, not last year’s) are selling and selling fast. But – sellers need to price things correctly right out of the gate. Price it wrong, and you’ll get stuck with months of carrying costs, and months of frustration.
And buyers, not every property out there is having a fire sale. But better believe there are some SWEET homes out there that are selling for less than they would have in months and years prior. If you’re looking for a home and you have realistic expectations, you’ll find something in your budget that might just surprise you.