I know some of our areas in the SF Bay area continue to be strong and buyers still make over-bid offers. But other areas of the bay area bring such a great buyers market, I am not sure why buyers are still on the fence.
In 2004/05, the bay area had a 22% EQUITY growth. Sellers were living a "Google" life if you will. It was as if they had purchased stocks and they were rising at record lhighs. Buyers on the other hand were frustrated with making over-priced offers, writing offers with no contigencies, and losing out on more than one properties. It was a contiuous up-hill battle that the buyers were tired of engaging in. They were anxoius for the market to turn around. Guess what? It's here!
This is an exciting time for buyers. Inventory is high and buyers have many choices. Sellers are negotiating prices and terms of the contracts. Sellers are upgrading homes with new kitchens and bathrooms. Agents are showing homes that are beautifully staged and ready to move in. The loans available are strong. Isn't this the market our buyers were looking and asking for in 2005?