Dog Days of Summer

Seems like I keep hearing folks talking about the market slowing down. I’m really not sure what to think about that to tell you the truth. Maybe? I had a listing in San Mateo a couple of weeks ago that just got one offer and sold at the asking price. Made me think the market was slowing. The same day I got that one offer another listing a few blocks away from it got 12 offers and went over $200,000 over asking. It was a better house than mine. I still hear multiple offer stories…all the time.

It is sort of confusing though. Typically this part of the summer is kind of slow in my experience. I think folks go on vacation around this time. Another thing that’s interesting is the original prices on some of these listings that have come up. They seem kind of high…but that’s really about where other places have closed. It’s always about what a buyer is willing to pay.

In Foster City there are a grand total of 7 single family houses on the market today. That seems like a glut after we had 2 a few weeks ago. Of these seven, 4 of them have failed to receive multiple offers and are still active. 2 have been on 3 days or less and it’s too soon to tell about them. The last one is the house at 476 Chesapeake and it’s a 4 bedroom, 2 bath house, 1470 sq ft house listed for $929,000. The most money ever spent for this floorplan was $986,000 in 2008. As of today, 27 disclosures have been downloaded on this house. It sure seems clear to me that they’ll get multiple offers. Who knows, maybe it becomes the all time high for this neighborhood?

Pretty much the same story with condos and townhouses. I know of 3 units that are getting multiple offers. There’s 16 active listings in all price ranges.

I actually hope that it is slowing a bit. It was SO preposterous earlier this year that it has to! Having said that, I’ve gotten calls form more buyers in the last few weeks than I have had since February and typically that means that everybody else has too. It means that more buyers are entering the marketplace. That’s probably not good news for price erosion.

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