The data has come out that the San Francisco Bay Area real estate prices have flattened, plateaued. Not surprising, but an interesting facet is the high quantity of multiple offers happening. Competition is still high, ask any buyer and they will tell you first hand. So prices have leveled even with multiple offers still alive and well? Yes, because there has been a curtailing of bidding wars. Multiple offers exist, but buyers are keeping a tight hand on their pocket books and not bidding properties as high.
- DataQuick Bay Area Real Estate Article: Strong September, but Prices Flat
Historically, Spring is usually the busiest and best season here in Marin County. Seller’s have prepped their homes during the Winter and are ready to sell. Buyers come out in their T-shirts to house hunt feverishly and then lay down their best offer. Summer is usually a bit slower, or often feels calmer. Fall is usually the second busiest season. This year we had more homes sell this September than last year. So the market is still moving right along, the real question is what will happen to prices this coming Spring 2015. Personally, I think we will have another run of 5%+ in Marin. This Winter may be a good time to go out house hunting – a $800,000 home becomes a $840,000+ home if ya wait…for the bidding wars to start again.
Lets’ not forget those beautiful, historically low interest rates of 4% – wow.
If you qualify for a $825,000 purchase now a 4%, you would only qualify for a $600,000 purchase when rates rise to 8%. At 6%, $710,000 is your purchase cap. Low rates = more buying power. cheers!