Why?

OK, I know I’ve been beating this topic to death this year…but I’ve never seen anything like the lack of inventory we’ve had. I month or so ago I was astonished that there were only 6 condo/townhouses on the market in Foster City instead of the usual 25-30. Well, I wish those heady days of 6 listings were back again! Over the weekend we actually fell to 2!! Fortunately, one of the REO’s at the Admiralty’s deal fell apart and a new listing came on in Bay Vista, so now we have 4 active listings! Oh, boy!!

I talk about this with clients and other folks all the time and the obvious question is always asked…why? I really have no idea. I wish I did. Folks just simply are not listing their homes for sale. I have 6 or 7 sellers myself that have been on the fence about listing their homes, all of them have normal, reasonable reasons that the house isn’t going on the market when they thought. An unexpected pregnancy, needed work taking longer than expected, a dispute among relatives, not sure of where to go after the sale. No real trend there. No two reasons alike. I do have one client that thinks the vested facebook employees will make a difference for him and thus he wants to wait.

Ultimately though…there really isn’t an answer. It’s just amazingly lean right now. I guarantee that there are more than 4 condo townhouse buyers looking for places in Foster City. As long as it’s like this we’re certain to see multiple offers on any good property that’s listed. Prices are sure to go up.

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