The market is cooling; I repeat the market is cooling! After two and a half years of aggressive bidding over list price, competing with all cash buyers, placing no contingency offers against multiple Buyer’s, the market in “certain locations” appears to be cooling down. About a month ago I started noticing some slowness in areas further from the center of tech, this started in the higher end of home. Now I am here to say that this slowness has now hit much of the Bay Area as well. It is unclear if this is just the combination of the seasonality of increased summer inventory coupled with beautiful summer weather where home buying is less of a priority. Or is it that Buyer’s have simply been priced out or grown weary of this bidding environment. It is also unclear if this is a permanent leveling or if in the fall/winter months we will be back to lower inventory levels and bidding wars we have been used to. Do keep in mind that areas with schools will likely feel the effects a bit later than other locations without this popular requirement.
- 37000 Meadowbrook Common #202 listing in Fremont sold with 6 offers $23,000 over list price
- 557 Giuffrida Avenue #C, San Jose – This was an example of a home that was a fixer upper and further away from center, but was an opportunity for my client who was willing to do re-modeling work. We got this home $9,950 under list price
- 1002 Marcelli Circle in Los Altos – Client was on the waitlist for quite some time, but was able to get in towards the end of the development. Lovely brand new townhome in the city of Los Altos with excellent school!
- 18 N El Dorado Street in San Mateo is just a quick stroll to downtown. Single family home with a huge lot my Buyer won against 10 offers!
- 428 San Eduardo Terrace in Sunnyvale – My listing in Sunnyvale sold with 7 offers. Sunnyvale remains in high demand due to the proximity to tech companies and prices of Mountain View homes
- 441 Saint Julien Way in Mountain View – My buyer won against 3 competitors. I was surprised how few competitors there were but the offers were still aggressive. Very nicely located property close to Google
- 1832 Rosswood Drive in Cambrian – The first set of Buyer’s fell through on this property and my clients and I were able to get this home against no competition and take advantage. Excellent schools here in Cambrian for an affordable price
- 196 Mirada Drive in Daly City – My listing sold with 9 offers. The high prices in San Francisco are having a halo effect onto Daly City. There were a ton of investors and here I saw international cash buyers re-appear
- 700 Baltic Circle #714 in RedwoodShores, CA, 94065 – My listing in Redwood Shores although quite a bit of interest, I found Buyer’s were hesitant to enter into a bidding situation. We had a strong offer in the end, but many colleagues are seeing similar behaviors on their listings
- 4269 Linwood in Cambrian – Transaction fell through and again my Buyers swooped in under list price for the opportunity