If you have been looking for a home in the bay area you may find yourself frustrated with multiple offers and 10-20 other people all going after the same homes you are. Homes sell quickly and for huge amounts over asking in most cases. It is hard to know how much to offer, and what makes your offer stand out.
There is no easy solution, but the best advice I can give people is to expand their horizons. This can mean try to be more open minded about the style, price, or location of what you are willing to buy. The area where the buyer has the most discretion is location.
One excellent location to get away from the maddening crowd of buyers is to go to the coast, look into buying a home in Half Moon Bay.
There are some great reasons to think about buying a home in Half Moon Bay, a fantastic coastal town just 6 miles off of 280 and 92.
1. There is more inventory.
This chart shows months of inventory in Half Moon Bay. Months of inventory is the number of months it would take to sell all of the current homes on the market based on the current rate of sale. It is one of the major ways economist use to determine how good or bad the housing market is. 6 months or less is generally considered a healthy market. More than 6 months is a slow market. In 2013 Palo Alto was always around 3 weeks so as you can see buying a home in Half Moon Bay means the buyer has more choices and more control over the situation.
2. There are fewer Multiple Offers
While most cities in the bay area are seeing crazy spikes over asking prices, Half Moon Bay home prices have hovered around asking for most of the year. If you offer on a home in Half Moon Bay you will not have to guess at how much over asking to pay, 10%? 20%? Figure out the market value, what the home is worth to you, and use the lost art of negotiation.
3. Traffic, it is no worse than most freeways. While driving on 92 to get to 280 or home at night can be slow it is not much worse than other major transportation routes. It is just as hard to deal with 85 and 101.
4. Half Moon Bay is a great place to live!
From the fantastic beaches, including the dog beach at the Harbor, or the famous Maverick's for surfing, fantastic restaurants, cute shopping areas, great golf courses, and of course the famous Pumpkin Festival Half Moon Bay offers plenty of activities to keep most people occupied, happy, and relaxed in their spare time.
So if the rat race of Silicon Valley real estate is getting you down, maybe you should think about buying a home in Half Moon Bay.
If you have any questions about buying a home in Half Moon Bay feel free to contact me.
Keller Williams Realty