An Abrupt Halt


Five weeks ago I listed a house on 4th Ave in Redwood City. I gave out 26 disclosures on it and got 7 offers. It sold $75,000 over asking and closed last Friday. The location on 4th made it the worst location I ever had a listing in. Still…it was mobbed with people at the open houses and we got to pick and choose the best offer. 13 days ago now I listed another house on C Street in Redwood City…and we’ve got nothing? Nada. No offers and I’ve only given out 3 disclosures…and all three of those were last week. I’ve only had 3 agent showings too. I had 3 agent showings A DAY on 4th. The house on C street is in a MUCH better location than 4th. How could we go from feeding frenzy to dead in only a month?

This phenomenon isn’t exclusive to Redwood City of course. In Foster City we have 7 active listings. One, 1174 Polynesia, came on yesterday. No offer date is published. Another house at 432 Thatcher is scheduled to look at offers on Monday the 19th. We’ll see? The other 5 houses have all gone past their offer dates and are just sitting there.

As for condos and townhouses, there’s 13 active listings. 7 of them have gone beyond offer dates without an offer. This is WAY strange to me. Actually…it makes us just like everybody else. What do you mean we don’t have multiple offers? Isn’t that the rule around here? Isn’t every seller entitled to $200,000 over asking? I guess not.

Who knows why it’s slower? There’s nothing wrong economically? Rates are good. I just think the binge we were on all year finally stopped. I think what we’re seeing is buyer fatigue. I think there are a lot of exhausted buyers around here who just stepped off the playing field. In this wonderful techno world we live in, all of these public websites for home buyers offer a ton of analytics and they all show me that people are viewing my C street listing at a pretty much normal pace. They just aren’t venturing out to look at it. I guess the Blue Angels or the San Carlos Arts and Wine Fair were better options last weekend?

Here’s what I DO know. There’s a ton of people who want to live around here…and there isn’t enough housing. Rents sure aren’t falling. I’ve never understood why buyers always seem to arrive at the same time…and depart at the same time, but that’s what happens. In a couple of weeks the media will run stories about the market slowing and buyers getting more leverage…and everyone will come back at once. As for right now…there’s some pretty good deals around here.

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