The Sky Is Not The Limit

Well, we’ve reached an interesting observation point. Sellers in Foster City and elsewhere can actually overreach. After hearing about how crazy the market has been some sellers are putting their houses on the market at prices that aren’t realistic even now. It’s fascinating to me. Here’s a couple of examples, in San Mateo there’s a 2 bedroom, 1180 sq ft house on Huron that’s listed for $599,000. That struck me as a bit high when it came out…and the market seems to agree. No offers even though there was an offer date last week. Meanwhile, I had a listing just around the corner for $579,000 and we got 9 offers last night.

There were two different places in Foster City that also fell right into that equation in the last few weeks who’s names and addresses I’m not mentioning. Their prices were too high and the market sensed that. Quite often sellers now are hearing the good news about home values and think their pie in the sky ideas about how much they can get will become reality simply by showing up on the MLS. If a house is well priced and prepared it’s going to get attention…and offers. If it’s overpriced then you can still be stuck. I’m actually sort of glad this form of sanity is happening. It get’s REALLY scary when folks buy overpriced, problematic house just because their for sale.

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