We're often asked, "How's The Market?" The answer of course is that it all depends where you live.
And while values and market dynamics really are dependent upon local factors, there are some generalities that apply to the San Francisco and Marin Markets. In the past few years, I have been surprised by the sales price of many homes. Some higher than I would expect, while others are lower. We have many homes that have been on the market for a long time and are not selling. And we have many homes that sell quickly, and with bidding wars. Bidding wars! you might say. Why would anyone participate in a bidding war? Well, some houses are terrific compared to the rest of the homes on the market. They have ideal floorplans, great locations and are priced appropriately for the condition they are in (e.g. remodelled? size of pest report, repairs needed, etc.). Other homes, it often seems have been priced based on what the sellers wish to net rather than their current market value. Back to the bidding wars: some are won over asking, some are won at asking, and some below asking.
Accompanying all of this are mixed messages from the media. Daily stories of foreclosures and bank settlements are now balanced by economists discussing that we may have hit the bottom and it's a good time to buy. Or are we in a double dip recession? Media reports can be confusing and misleading.
What does all of this mean? It is important to price a home appropriately and strategically. It is always worth bidding on a home, as long as you are willing to bid realistically (e.g. Buyers, don't be deterred by bidding wars--do your homework, and bid accordingly).
Interested in knowing how the market is in your neighborhood? Ask us, we can help.