Bay Area Homes for Sale
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Bay Area Homes for Sale: Market Statistics
Bay area sales and home supply have been declining over the past 58 months. The market which used to get double digit appreciation rate is now proceeding slowly with a price increase of only 6.9%. (This result is a comparison of March 2017 with April 2017. )
As of April 2017, the home sales in Bay area have declined by 4.3% compared to the last year. Although the bay area has set a new record in April, low inventory is creating problems. Prices are an all-time high, and buyers are unable to find a nice place even when they are willing to pay above the asking price.
The question is how long will this situation continue. Will the buyers keep paying these high prices? We hope not, because, otherwise, the bay area market will break. Even people with high-paying jobs are unable to find anything affordable in San Francisco. For a typical home, you will see 2-4 high-priced offers. Almost all homes are sold at the asking price, and some even sell for $50k more than the listing price.
How to Find Bay Area Homes for Sale?
Most people begin their search with the online world. They go to popular real estate portals such as Trulia, Redfin, and Zillow. Although these tech assisted companies provide great information, the authenticity of data provided is still in question. To find up-to-date listings, you must compare major websites with each other. Sometimes, under contract homes are listed as “open,” but when you visit the home, an offer has already been accepted.
We recommend you to check out MLS or partner with someone who can do this job for you. The listings on MLS are refreshed every few minutes, you will be able to get all details about the property, and if you send your offer, you will be among the first few candidates.
So far, National Association of Realtors provides MLS reports to realtors only. If you are not a licensed broker, you will not get access to this data. To get the latest information, use the “buy a home” tab on this website. Fill the form, and we will send you the listings matching your buying criteria. We have connections all over the US, and we can help you find your dream home in no time.
The Pricing Factor For Bay Area Homes For Sale
Do you know where all entrepreneurs go wrong when it comes to pricing real estate? We believe, there is only one right way to price a home. We have checked the internet, and everyone agrees that market value is the only real value of the property.
So we have to check the prices of other homes in the same area, and then we can give a price tag to new properties. This approach is mostly wrong!
Let me tell you why.
The location is important, but sometimes location can destroy your home value. Let’s suppose you are living in an area with a high number of foreclosure filings. Since foreclosures sell for less, the value of the entire market goes down. That’s why if your home is worth $1 million, the buyers can send you offers worth only $650k.
Because of the same reason, online estimates such as the one given by Zillow and offline appraisals fail to provide the accurate value of your home. In developing neighborhoods, it is best to wait for some time before the redevelopment work is complete and the market regains its value. If you can hold on, you will be able to get the best price on your home.
Right now, in Bay area, the situation is changed. The homes are selling at a high price because the market value is high. There is a risk that same properties will experience a decrease in their values as the market value goes down in Bay area.
*Statistics Collected from California Association of Realtors (CAR)