“We should have bought then...”  heard from home buyers in Berkeley CA

During last Sunday’s open house in Berkeley CA, I had a chance to talk with some buyers with pained looks on their faces.no whining

After a while, one of them said “We should have bought then...” They started looking six months ago, even before the time that the market in the Bay Area CA   started heating up around February 2012 in many cities in the county.

The man said they decided to wait to see if prices will come down even more. But the prices didn’t go down. And the activity picked up. Now, they’re finding themselves in competitive situations and losing to cash buyers.

Another couple overheard, and chimed in that they regret not having bought last year when they started thinking about buying a house.  Yes, they said the same thing:  “We should have bought then...”

They said they found some houses but they thought they could find something better for less. Like the first couple, they are concerned at the very low inventory of homes to choose from, and the fact that every house they liked received multiple offers. And this trend seems to continue.

See this news article "Bay Area Housing Market Shows Signs of Recovery."

As of this writing this property in Berkeley has about 16 offers in hand, and more are expected by the time they review offers tomorrow.

Waahhhh!


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11 Comments on “We should have bought then...” heard from home buyers in Berkeley CA

JUN
19
229,869 Points 9 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

It really makes me happy to see positive market reports from the Bay Area.  Multiple offers mean that property values will be increasing, even if only in baby steps.  Those that have waited too long, well you snooze you lose.  It's the same with interest rates.  Those waiting to refinance or purchase will be disappointed when the rates go up.
12:15pm • #1
654,806 Points 2 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

It is so true those that wait to see the bottom and act never do.  They always miss the bottom.
12:17pm • #2
978,418 Points 114 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

This is, indeed, something that buyers need to think about.  Had a siniliar instance with buyer clients who didn't move forward on a home purchase in December. 
12:44pm • #3
510,524 Points 20 Featured Posts Outside Blog Called Shot Master

Hey Pacita, the early bird catches the worm, well buyers that waited to long, now are complaining.  Great blog!  Suggested.
12:51pm • #4
1,515,474 Points 112 Featured Posts Localism Sponsor Outside Blog Called Shot Master

I know I have at least one buyer that is kicking themselves over not getting under contract with the homes they were seeing early in the year, or last fall.  We are having a similar inventory issue and prices are going up as a result.
2:01pm • #5
584,613 Points 46 Featured Posts Outside Blog Called Shot Master

I think we were all yelling NOW IS THE TIME TO BUY at the top of our lungs but it fell on many deaf ears. 
3:30pm • #6
616,886 Points 60 Featured Posts Localism Sponsor Outside Blog Hit Router Attended Rain Camp Called Shot Master

Doug --- I think we have seen the bottom...and now, prices are inching upwards, and buyers who hesitated missed the bottom prices

Tim --- I remember reading somewhere that by the time we saw the bottom, we were looking over our shoulders.

Carla --- More and more, the stubborn buyers will find out for themselves what they missed

Will --- yep, they didn't listen.

Chris Ann --- and yet, we still have buyers who think the bottom is yet to come.

John --- We tried to tell them. So now, we can only guide them through the next steps when they decide to move forward. >SIGH<

 
3:38pm • #7
332,028 Points 6 Featured Posts Called Shot Master

Pacita - I've always told people that the only sure way you will know when the market has hit bottom is after prices have been rising. 

4:44pm • #8
616,886 Points 60 Featured Posts Localism Sponsor Outside Blog Hit Router Attended Rain Camp Called Shot Master

Jim --- and sadly, many buyers see this now, especially after losing to other bidders. Had they bought last year, they may not have run into these bidding situations that we're seeing recently.
6:43pm • #9
JUN
24
1,064,410 Points 67 Featured Posts Outside Blog Called Shot Master

   Too much belief in what the media said nationally did not apply to every market locally....and now we are back in some areas to multiple offers...recovery is a wonderful thing...unless you missed the market  BEFORE it recovered.
3:47am • #10
616,886 Points 60 Featured Posts Localism Sponsor Outside Blog Hit Router Attended Rain Camp Called Shot Master

Sally and David

Another unfortunate thing is that sellers have unrealistic expectations about the market value of their property and overprice as a result.
10:08am • #11

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Pacita Dimacali - ePRO, SRES, CDPE, MBA Alain Pinel in Alameda County CA

Oakland, CA

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