Inventory seems still high. According to the discussion it should have gone down in June. What are you guys seeing.
We have been asked to give a counter offer for 30% higher price. The house is now in market for more than 2 weeks. Why do even ask a guy that is coming 30% lower to counter.
Which local area?
Foster City.
In Foster City #of closed sales in Jun 2018 vs June 2017 so far is down @17%.
So, you might be right, possible total June 2018 sales could be higher than 2017(assuming Trulia data is updated for June 2018).
I am not very scientific and just trying to ascertain. Will look at the data dumps at the end of this month.
Did you bid at asking or above or under?
Inventory is still very low compared to what’s considered a “balanced” market. 2 weeks is still super fast.
15% overbid.
So they priced at 77% of the desired price. This low pricing strategy may not work in slowing market. It could have worked a few months ago.
What do you think is high? South Lake Tahoe has 250 houses for sale and inventory is low . What does Foster City have 10-20? Same size cities and up here we have 10 times the inventory and it is still a sellers market . Rethink your parameters
Assuming balanced housing market is 6 months inventory, when was the last time it was a balanced market in the bay area?
Balanced inventory means 6 months average selling time DOM…The Bay Area has never had a balanced inventory. Population is always growing and supply never keeps up with demand. Price drops in 2006-2012 were due to lax financing when many buyers were never qualified and could never make their payments. Once they were flushed out of the system, primarily by investors, the prices raced back to normal trends.
Foster City has 11 houses and 15 condos for sale DOM of less than one month with a population of 34k…South lake Tahoe with less population has 250 houses for sale. And an average DOM of 3-4 months.still a sellers market…500 inventory back in 2010…
Same thing with Fremont. Less than a month of inventory. One thing I observed is that there a lot of unattractive homes even in that low number. For example, Asians don’t like to buy homes at T-junction. Same with homes right next to high voltage lines. Homes that don’t have such issues are still getting overbid with multiple offers. So if you just consider ‘normal’ homes the inventory is even lower.
Now is the time to sells the dogs in your portfolio…A card board box on the median on El Camino in PA has got to be worth $50k
Sold $100K BELOW list price.
Thanks!. We may have visited this one.
In Santa Clara we have few houses that are sitting in market for 20+ days and sellers are getting really motivated.
This house did require 10% deposit… so that might have resulted in less offers.
Good luck!
In Tahoe, sellers don’t get motivated for 6months. A price drop after 4 weeks might be a mistake
What is the average list price for SFR in Tahoe area. That may be the reason.