Sudden Inventory!

Way, way back on March 27 I wrote a post here on the blog about what I thought was a significant lack of inventory among Single Family Homes. At that time there was only 11 houses on the market here. Things have changed a tad…today there’s 26, 13 of them coming on the market in the last 10 days. How can that be explained? I’ve said this before but it’s worth repeating…the real estate market is very much like a river flowing. It has it’s own little currents, it ebbs and flows and it’s constantly moving and changing. Even in a really hot market, like 2004 was, there were currents like this. Could be just fluke luck that all these sellers came on at the same time, could be that many of these sellers want to move in the summer and figuring on a slower marketing time they listed a little bit earlier in anticipation of a June or July closing. With each listing there’s a unique situation but certainly if you’re a buyer in this market it’s good news. There’s more choice and the additional competition should be good for negotiation. I also think we’re seeing something that I’ve noticed every year at this time…that is the lull that seems to take place around the April 15 tax deadline. I’ve consistantly felt that the market seems to slow a little in April, it’s like people get preoccupied with their taxes and put off buying for awhile. Having said that, there have still been 8 houses sell in Foster City since April 10. Of the current new crop of inventory some stand out to me as worthy of watching. If these homes sell in the next week or two I’m going to continue to feel pretty good about the overall health of the Foster City market:

1382 Halibut listed by Lorelei Keim of Coldwell Banker for $1,358,888. This is really one gorgeous home, shows impeccably and remodeled to perfection. It’s the house in the photo above. There’s an advertised offer date of Monday 5/5 so I think it’s a pretty safe bet we won’t be seeing this house on the market too much longer. If you’re not busy today or tomorrow it’ll be open…it’s worth a look! How to market you’re home 101.

633 Crane listed by Rumana Jabeen of Coldwell Banker for $920,000. Very well priced 4 bedroom house, shows great…it’s staged well. It’s really positioned perfectly to offset it’s natural flaws (flight pattern, freeway noise) and I’m betting it’ll sell sooner rather than later. It’s actually a good buy!

127 Flying Mist Isle listed by Nancy Rancatore of Coldwell Banker for $1,335,000. Really nicely done home on great wide water. The house has it all…it’s going to be interesting to see how the market responds to the price as it’s a 3 bedroom house. I’m thinking somebody’s going to really fall in love with all of it’s positives…we’ll see.

816 Marlin listed by Jessica Yau of Prudential for $988,888. Another great remodel and wonderfully prepared home. This 3 bedroom house really has it all and, again, it’ll be interesting to see the response to the Marlin location in relationship to the price.

These are all great listings and if all of them sell in the next 2 weeks it’s going to tell me alot about this current market. I have an equal desire to also post 4 or 5 listings that I feel will be on the market for a long time too…but my goal is not to really make enemies here on the blog so I’m going to keep my mouth shut. Something new for me!

 

Comments

  1. Dana Ferri says:

    It really is a buyer’s market around here. I saw 2 Open Houses today (Beach Park and Castor), and they were hopping!

  2. For what it’s worth, the technical definition of a buyer’s market is 7 months of inventory…we’ve got about 3 months. For all of us around this area that’s a change from the past thus it seems slow…but really it’s a pretty normal market. Also, an open house that’s hopping, as all the ones I was at this weekend were too, tends to make me feel like the market’s pretty healthy. Anyway, food for thought

Speak Your Mind

*