2 Plus 2

Well, in the case of Foster City, 2 plus 2 probably doesn’t mean 4. At least in the real estate case. The first 2 represents the total number of single family houses on the market in Foster City today. 2. As is TWO. A house at 1955 Beach Park listed by Cliff Wong of BHG in San Mateo for $1,138,000 (that’s the cheap one) and 1061 Pizarro listed by Jan Majeski of Alain Pinel for $1,298,000. Beach Park will probably be gone soon so that’ll leave us with one listing? Who knows, Pizarro is a really nice place and could go too. How about zero listings? What a year this has been! OK, it’s 4th of July week. Nobody puts their house on the market this week…maybe next week will bring a flood of inventory. I doubt it!

 

The second 2 harkens way back to my last post way back on Thursday about interest rates going up and what effect that would have on the market. Well, if you thought it would be to slow things you’d be wrong. It took about a week actually, and then the SF Chronicle said that the rise could in fact bring more buyers into the market since rates have been so low for so long that a hike could make folks realize that THEY MIGHT GO UP SOME MORE. That seems to be exactly what’s happened this week. Yesterday, a gorgeous house at 1039 Hewitt Dr in San Carlos, listed for $1,399,000 got 15 offers. This house is a 3 bedroom, 2 bath home in 2200 sq ft on a nice view lot. It sold for over $1,700,000. Amazing! So much for the slow down!

So there’s the equation. 2) number of active listings in Foster City plus 2) fear created by rising interest rates= more competition for buyers and continued higher prices.

 

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