Another rock and roll week in the lending markets still has not demonstrated its impact in the real estate sales arena. Pick a position or a forecast scenario and you will be able to find multiple pundits to corroborate it. Uncertainty is definitely in the air… but the sales numbers are still strong (see table below).
Here are a few comments from my fellow Coldwell Banker real estate professionals in the SF Mid Peninsula and San Francisco areas:
- One agent received a floor call and just got into contract on an all-cash sale at $4 million.
- Very quiet here – but it is seasonal. Financial markets are not the cause of our slowdown, I believe. Some folds are being cautious, but the buyers are still serious shoppers if they are not out of town….
- Typical summer slow down prior to school starting back up. Many agents are enjoying family vacations; those that are here and working are seeing good activity at open houses… We still need good aquality inventory….
- Inventory is still very short. We anticipate an influx of listings right after the holiday – approximately a week after.
- August is slow. Loan problems seem to be limited somewhat but no doubt that some buyers are holding back…. Lots of talk about the subprime market and Wall Street jitters, but lots of buyers are there at Open Houses.
- More active last week for both listings and sales. Not many multiples and we had two deals fall out due to funding. City inventory still remains fairly low…. Sellers are bringing their homes to the market sooner than planned due to the uncertainty of the mortgage situation. There are a lot of well-qualified buyers out there looking for the right property to call home.
- Larger down payments help win in multiple offers.
Palo Alto Real Estate showed almost 40% of the sales in multiple offers. Menlo Park Real Estate showed over 20% of the sales in multiple offers, Redwood City Real Estate sales and Redwood Shores Real Estate Sales are included in the San Carlos Real Estate sales which showed more than 20% as multiple offers. San Mateo Real Estate sales had 50% in multiple offers.
