@tomato, not sure for how many years you have been following the inventory week by week. June typically ends with the highest inventory. That implies that more homes will come into market in May and next few weeks than the ones that go off. Since there is more choice the bad ones and mispriced ones stay around longer. Nothing special going on now. The good ones are still going pending way above listing with bidding wars. This is real time data, not from news. Can point to specific examples if you need.
I have observed june and july slowness overall, last year included. So i am aware june/july are slower months, but i also know multiple houses in North Los altos (desirable areas) and in nice condition getting list price (and less than what i’d think they’d sell for). 3-4M in los altos in very good ocndition (recently remodeled) are hard to find, but it happened.
The slowdown started around the end of April. All the closed sales in April were from 30 days prior. You will start to see the slowdown in the next week or 2 when the sales close. If you are not actively looking, putting in offers or selling, you will not notice a slowdown based on all the news or the previous couple weeks of closed sales. Everything from the news are correct, but they are at just 30 - 60 days behind. A slowdown does not mean a downturn, it just means that the demand is less and the prices are not increasing. This is normal is a healthy market and should be welcomed! Once buyers adjust to the new reality, prices should start going up again.
I was referring to homes that went pending in the last 2 weeks. I am actively looking in Fremont.
There’s always smellpitas.
Because she wants to buy there as well.
27 days and still waiting…
Highest and Best offer, with required 10% deposit. Mostly trustee sale, may be court confirmation required …etc. Disclosures will provide more info why it is still waiting…
This is walk-able distance to new APPLE complex, will not wait that long unless there is a reason behind it.
yepp a friend bought there for 650K in 2009
My friend and I jointly tried a home near by when homes were listed at 650k, but it went up above 850k which we thought very high (at that time !). We had max 850k limit,our own cash limit, but could not go up further at that time.
I think trust sales are the bigger opportunity for buyers - for reasons unclear, trust sales get significantly less bids on them. I think agents fear the title unclarity, but i have seen quite a bit of deals where my agent said “pass on them”. Next time i am not passing.
Biggest negative on trust sale is the long wait time. Otherwise there is nothing wrong with it.
I think there are different trust sales. The ones that go to heirs, and then get sold is the easiest. The one that needs court confirmation is probably the longest. There is also state-sales (not sure what they are called) where the owner dies, but has noone to pass it onto. State sells it through court to highest bidder, but they need to be cash, iirc.
That’s still an opportunity in my book.
Didn’t @RealEstatebull try buying a trust sale? I think it was him. I remember the post about the closing being delayed due to a claim against the trust.
Yes, that’s the risk.
I’d do it for a rental. For a primary, I want something that’ll close for sure. That’s why I did bank owned vs short sale way back when those things existed.
I wonder how long it gets delayed when it gets delayed, and the statistics on the likelyhood of the delay. Hard to find this data…
You know what, if I bought that Smellpitas property that I went to the open house for about nine months ago it probably would have appreciated at least $100K by now (the selling price was around where I thought it’d land too), but I don’t regret one bit because it smelled so bad