Buyer Fatigue

For the last few weeks I’ve been listening to agents in my office claim that the market is slowing down. Neighborhoods that were getting 15 offers in February are now getting one offer…or none. That’s according to the agents I hear talking now. The question I keep asking myself is whether or not Buyer Fatigue has set in and folks have stepped back from writing offers. I have a couple of groups of buyers myself that fall into that category. For whatever reason…they’re just not as motivated to go look as they were in the first quarter of this year.

What does all this mean? Who knows!!! Is this a sign of a prolonged trend or just a temporary aberration? I’m kind of thinking it’s the latter. Every open house I’ve hosted has been very well attended. There’s certainly no shortage of buyers out there. If the market was dying we wouldn’t see people out there looking on the weekend. Some price ranges are just high. Maybe some neighborhoods are at the top of their values? Actually in Belmont there’s about 12 houses priced over $1,300,000 that have been on the market for more than two weeks. Maybe $1,900,000 is a bit high for Hallmark in Belmont? Maybe folks are on vacation?

Meanwhile in Foster City…it’s still pretty warm. It seems. Today there are 8 single family houses on the market. 2 have location challenges, 3 have price challenges (I personally think they’re over reaching) and the other 3 seem poised to get multiple offers. In fact, the house at 920 Laguna is looking at them this afternoon. Here’s what the listing agent (Caroline Dinsmore) sent out yesterday:

 

We currently have 32 disclosure packages out and 7 confirmed offers.

 

That was yesterday. That kind of response isn’t exactly what I would categorize as a slowing market. Last week I got 8 offers with 20 disclosures out on 106 Williams Lane. The week before that 725 Marlin got 9 offers and sold 200k over asking. I guess the fact is that for houses in Foster City priced well are going to get multiple offers. More will be revealed.

 

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