Is overbidding back?

I see homes being bid 300K over asking price. With low inventory, the market might be heating up again.
https://www.redfin.com/CA/San-Jose/4235-Strawberry-Park-Dr-95129/home/1244315
https://www.redfin.com/CA/Cupertino/10345-Ann-Arbor-Ave-95014/home/772731
https://www.redfin.com/CA/Cupertino/21930-Byrne-Ct-95014/home/1674501

The entire SFBA area is still very active. These homes are priced below the market with good commuting distance to high tech employers. #1 has 35 offers, #2 ukn, #3 had 10 offers.
Even during the Great Recession most homes had multiple offers.
For the record: That area sold 106% over asked price. SJC, for example, sold 101.5% over. 2020 will be an active year.

@hvr and @SamShuehRealtor: are you guys calling bottom?

Some Bay Area realtors are suggesting bailing out of the bay area market while one can still get a price above the value of the home. This is the news today in SJ Mercury. Read the last paragraph.

Disclaimer: I do not suggest market timing and selling your investment or home based upon this report. I have seen cases and listed them on this forum where people have sold their homes in fear of an imminent market crash and cashing out in a hope of buying further down at market dip. It did not work out well for them.
Use this news only as a means to gauge sentiment and compare it with that of your own.

If people are losing sleep over a 2% price drop, they’d better sell. Asset price has a big tendency to go up when monetary condition is loose, and the Fed is again pumping in liquidity.

I hope price will fall further though. I am in the market.

2018-2019- the South Bay area SFH price dropped on the average -1%. A few pockets one saw price rose slightly. I just do not see how 2020 will be a slower year. Apple can not find enough workers are now taking adults with high school education coding apps. Americans love gadgets and there is no way Apple will stop hiring. We got Tsla desperately looking for workers. I was contacted for an interview w/o applying.
I do see a potential price correction ~6 months after into a recession. May be a few % price correction in 202?? That recession still sounds distant.

As a realtor, I do notice there are fewer people wanting to move in and slightly more leaving, retiring etc. The rental market is sluggish with multiple of 1,000s new one built. Milpitas, Capital Express, Avenue 1, Morgan Hill, and Gilory. Some is whole block size 5-story high rises are not filled yet. I have one in Los Altos by Foothill that needs to be filled for short term.

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I did some window shopping in December in the 95111 and 95121 zips. Pickings are slim to none and there is a big list of buyers willing to pay above ask even for houses that need significant work. A lot of the listings are selling proximity to the Google campus as a big plus.
I think the bottom was in Aug/Sept but the last rate cut has brought people back in. I agree with Sam - I don’t see how there can be a slowdown in 2020 at all.

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One more person calling bottom: @druid! :scream:

Read @SamShuehRealtor comment. If you are thinking of renting out your current primary when you upgrade, think again :face_with_hand_over_mouth:

California used to be a good place to retire because of the weather, now retirees prefer to leave.

Looking at the current market scenario I think we are past bottom. At the same time i wonder if there is any room for further growth… affordability is already an issue. Will have to wait and watch.

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@manch has the conception that bottom means a new ATH will be established sometimes in the future during his lifetime.