Darn. I am confused. Is it hot or is it not?
It is confused. …But I am sure we are both insomniacs. …
I am actually tired as hell. Haha. Should hit the sacks soon.
Getting tons of offers in Stockton, but having trouble with appraisals…One offer at $240k, had to settle for appraisers price of $226k…even though we had several offers over that…Appraisers suck…
I have a house in Brookside. Haven’t seen any recent comps that tell me price has shot up in the neighborhood. Bought in 2013 and price has gone up only 30 or 40%. Much slower compared to the Oakland townhouse I bought the same year. That one has been on a rocketship.
I noticed the rent on CR has gone up a lot though this year.
Brookside is prime…Other areas are appreciating faster…the low end is hot
Redfin’s survey was conducted between Jun. 16 and Jun. 19, and includes responses from 785 Redfin real estate agents in 38 states and Washington, D.C.
Survey was done not only here but nationally so the rest of the country, where it is cheaper, is still doing well. Here, we are seeing hints or pockets of softening. Not everything is selling now. Sounds like again lower end (1M and under) is hot everywhere but here the higher end is slow. I still say perhaps buyers are just being more picky now so if your property is just so-so in a so-so area and if you overprice it by $.01 it is not going to move as fast say last year. Price setting is so key in this kind of market that if you err over badly you could pay dearly with a sitting vacant property that otherwise might have gone over asking anyway in good times, but leery buyers are thinking what is up with it. Once that starts, you mind as well almost pull it from the market and wait to reset.
What slowdown??? Too many fence sitters coming off and buying in fear of rising rates.
Even Santa Clara County now has median price > 1M? Did not know that…
Appreciation is close to zero in SF, SMC and SCC. RBA has close to zero appreciation, that’s definitely a slowdown.
There is no investment opportunities. It’s just a homeowner’s market.
“The median cost of an existing single-family house last month was $1,360,500 in San Francisco, up 4.7 percent from a year earlier; $1,216,750 in San Mateo County, up 1.8 percent; $1,010,000 in Santa Clara County, up 4.7 percent; $800,000 in Alameda County, up 9.6 percent; and $569,000 in Contra Costa County, up 3.5 percent. The inland push continued: the median price in Solano County was $380,000, up 7.0 percent.”
Elt1 is right, market is still hot. I have attempted few bids, it is going crazy
I have posted this previously, looks like people have not noticed it
Whichever home Redfin Provides REDHOT homes, they are going very fast.
People are rushing to buy some home before rate is going to 6%+ as they see FED is not going to stop raising rates.
The SF market still seems subdued. There are more homes on the market this year than the same time last year, and more price reductions. Maybe the new condos is dragging down the entire SF market and it’s hotter in Peninsula and South Bay? Don’t know.
A few homes selling fast does not mean much. Appreciation is almost flat year over year。that’s disappointing, or even alarming.
There is no point to buy now since there is no appreciation as the rental market is also slow.
Many landlords are renting the house with neutral or negative cash flow. When appreciation reaches zero, landlord will be working for nothing.
That is the description of the type of market investors should want to buy in. It’s more fundamentals and less speculation. You have to consider where your value add is, where your strengths lie.
Many homes are selling at LP level, only redhot homes are going at premium price. I have been bidding, few SFH homes, so far this year. Whatever I bid, all are becoming redhot homes in Santa Clara County. See the list price (low balling) and the sale price.
https://www.redfin.com/CA/Santa-Clara/3554-Butcher-Dr-95051/home/1682859
https://www.redfin.com/CA/San-Jose/1421-Flora-Ave-95130/home/1306835
Investors/Landlords are not aggressive, but Primary home seekers are ! Many Primary seekers are getting into contract before rate is going up and up. Stocks are going crazy DOW is about to reach historical 20000. When stocks are crazy, real estate never comes down from competition.
The above homes are good for appreciation in the long run. As long as you get a good deal (not abnormal price), you are fine to hold for 5 to 10 years with 4.5% interest rate.
Go east…I will sell you my Discovery Bay house…Waterfront with a unique boat house…Boat houses are not allowed anymore…16,000SF flat lot…1700sf 4/2 rancher with a1000sf covered lanai, indoor/outdoor living… $650k…15 min to Livermore…1.2hrs to SF by car, same by boat if you have a fast boat…lol
Not necessarily. Landlords are still building equity over time so long as their cash flow generated from rental income exceeds the mortgage interest and expenses incurred.
Couple of houses I am looking in my Fremont neighborhood. I visited one of the OH. They were expecting significantly over asking price, and got pending in less than 10 days (so I am assuming they got what they were looking for). And their asking price is almost previous highest sold price in last 12 months, so definitely no slowing down based on my small samples.
On related notes, what do you guys think of selling house in late January. Or should I wait til March or April? Planning to sell my Fremont house before my homeowner exemption period is over.