The Gaetano Group
Selling Mountains, Coast, Town & Country
3/12 What’s Happening?
SF Peninsula — Sales activity is on the rise and there is a definite positive attitude in the buyer’s market. Five to seven offers on Burlingame, San Mateo, Belmont and San Carlos properties are becoming the norm. Buyers are waiving contingencies and appraisals after going through four or five tries to buy a property and losing out. There are also a many cash buyers, which adds to the frustration of those trying to buy with conventional financing. The luxury end of the market is also picking up. We are seeing the early Facebook/tech company etc. buyers coming to Hillsborough and in many cases making cash purchases. Coast side realty agents are enjoying the overflow from the Peninsula with all their multiple offers. This overheated market continues to be short on inventory and long on buyers. All the buyers who have been ‘sitting on the fence’ for the past 18 months have now all jumped off at the same time. Realtor compare it to stock market anticipation. In Palo Alto, extraordinarily low inventory is resulting in numerous multiple offers. It’s a very frustrating market for buyers and agents alike. Woodside and Portola Valley are not experiencing the frenzied activity that we are seeing in Palo Alto and Menlo Park. Price points are higher and sales are slower. The higher the price, the more cautious the buyer. Many younger buyers want more urban, close to town and transportation locales. In Redwood City, the few open houses in the area had had an amazing amount of people through. San Carlos properties are selling very quickly usually with multiple offers. Redwood City seems to take a little longer but if priced correctly in a good location homes are also getting multiple offers but usually not as many. Belmont inventory is also low but again if priced right in a good location they are also selling. The main drive seems to be affordable money and lack of inventory. San Mateo inventory levels are dropping lower and lower. Buyers are out there as multiple offers indicate. The high-end market is also improving.
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The Gaetano Group 