One client has lost out on seven recent offers. “I practically write an offer every other day,” Polvorosa said. Waiving contingencies, offering more than 20% down on a property or buying with cash have made their bids more attractive to sellers. And they’re never happy.”īuyers, in turn, have become more aggressive to try to land a home. Polvorosa, a Redfin agent, said sellers have been asking “for the world. Sethi said the lack of inventory is driving fast sales, adding “people clearly have money, too.”
The new buyers made up the difference in cash, he said. It went into contract for $2.35 million, but the bank appraiser valued the property at $350,000 less. The first offer came in quickly at $200,000 over asking. “The offers started coming in and I’m like, ‘Wow,’” he said. In north Fremont, Sethi listed a four-bedroom home with space for in-laws and a landscaped yard for $1.88 million. Prices have risen so quickly, appraisers have had a hard time keeping up. “It’s very stressful for the homebuyer in today’s market,” he said.įremont agent Sunil Sethi said he typically sees single-family homes moving in five days. Wong has seen offers come in on a property a day or two after a tour. Collecting offers and agreeing on a price would take a minimum of two weeks on a normal transaction.īut the pandemic has eliminated open houses, Wong said, so scheduling a tour as soon as possible has become a priority. Motivated buyers come with a clear idea of what they want - and maybe a few battle scars from losing previous bids.īefore the pandemic, most sellers wanted to hold two weekends of open houses, allowing four days of crowds to tour and consider their homes. New fitness center aims to muscle up at San Jose shopping centerĪgents say the frenzy has pushed buyers to bust budgets, add cash to offers, bid on multiple properties and be ready to move at a moment’s notice. Petition to block Livermore affordable housing project rejected by city Marin County median home price retreats from $2 million Semiconductor giant creates big San Jose tech campus Related Articlesīay Area home foreclosures rising after pandemic pause “I’m less confident that more vaccinations will mean more inventory,” he said. Marr thinks the relatively tight market will continue. They jump into “the roulette-wheel of home buying” and make multiple offers before they get lucky, Marr said.
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Professional couples, spending less during the pandemic on vacations, commuting and other discretionary purchases, have bigger budgets and bigger demands for space in single-family homes, he said. “This is true everywhere,” Marr said, “but it’s very pronounced in the Bay Area.” The fast-selling homes drive down the average days on market. Redfin economist Taylor Marr said the Bay Area housing market has split: slow-moving condos and townhomes, and fast-selling single-family homes. In March 2020, for example, the region had about three months of inventory. It’s the lowest level since at least 2005, according to the association’s data. The California Association of Realtors estimates the Bay Area has about 1.5 months of inventory - an indication that at the current pace, all homes on the market would sell in just six weeks.
But the supply of homes has lagged far behind demand. Work from home routines have upended the work-life balance, sending many families into the market looking for bigger backyards, Zoom-rooms and home office space that doesn’t double as a dining room. Saratoga-based agent Mark Wong said he’s seeing more pre-emptive offers, with bids coming in days before all shoppers have had a chance to tour the house. Only San Francisco, where homes and condos have taken an average of 25 days to sell and prices have dropped, have buyers been more cautious. Residential properties in the San Jose metro sold in just 11 days, two days short of a record set in the spring of 2018. East Bay homes and condos in March sold in an average of 13 days, matching the fastest turn-around from listing to sale since the online broker started tracking the measure in 2012.
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