Local papers have it right with this front page story – the Bay Area News Group’s lead story today is “Outnumbered and Outbid”.
“Arrayed against average buyers are fiercely competitive investors and others paying cash on the barrelhead, a scarcity of homes for sale, bidding wars that have run up prices and even problematic appraisals.” I can tell you this is definitely true in San Ramon where the average sales price has gone up $100,000 in the last year and where every home for sale gets multiple offers – I’ve heard of as many as 70!
It is certainly frustrating for the average buyer – many of the homes they would normally be able to purchase are ending up in the hands of cash-paying absentee owners, typically investors, and is especially true of foreclosures and lower priced homes and condos.
Additionally, according to the article, “In a normal market, increasing demand and rising prices would encourage more sellers to put their homes on the market. But that has been slow to occur because home prices fell so low in the crash that many homeowners can still only sell their homes at a los or for not much gain.”
But with San Ramon prices having increased over $100,000 on average, your home may be worth more currently than you think. If you have been thinking of selling, or need to sell for whatever reason, you need to reach out to me and have a discussion about the value of your home and your options. I am selling and buying homes for my clients in this market and my expertise can help you!