Here's the quick and dirty version of what is going on with home sales here in the Silicon Valley as of early 2015; it's a great time to be a seller. Even the not-so-great looking homes are getting multiple offers (usually). One buyer client of mine who I have been working with, trying to get him a home in the Berryessa area recently made an offer on great property in that area. His offer was $50K over asking but apparently that wasn't good enough. The property received over 38 offers, and the winning offer was over $100K! Soooooo, yeah, generally speaking it is good time to be a seller.
So why is there an article now from the Mercury News talking about home sales being the slowest years? Because not that many people that have homes want to sell them. In other words people are staying putt. When there are not that many homes for sale we Realtors call this low inventory. Because inventory is so low, generally speaking, it is driving up the sales price on the properties that are for sale.
Bay Area home sales slow to lowest level in years
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