Has the Spring Market Arrived?

Real Estate Broker/Owner with Re/Max Today

Upson Ct, Pleasant Hill CA

Wow!  How long has it been?

We put a new listing on the market last Monday and sold it Wednesday here in Pleasant Hill, CA, 35 miles inland from San Francisco, CA.  Pleasant Hill is a nice suburban town of about 30,000 primarily built up from farms to residential homes after World War II, with many neighborhoods built in the late 40's, mid 50's on into the 60's, 70's and 80's.  There are a few newer, upscale neighborhoods but the town is primarily older home stock, very well maintained, and an affordable closer in, Bay Area town.

At the height of the market our listing might have sold for $725,000.  Depreciation reared its ugly head and our clients sold for near their $632,000 asking price.  To get this price and to sell so quickly they worked tirelessly to fix up the house: paint and new interior doors, decluttering, staging to perfection, a new stove, even so far as renting a refrigerator that fit better in their kitchen than the one they owned!  www.8Upson.com

The fact is we do not have a lot of "nice" homes for sale!  We have short sales, bank owned, distress situations, but normal, improved, well situated homes are few and far between.  When one comes for sale it gets a lot of attention! 

Buyers are out in droves looking for bargains, wanting to take advantage of lower interest rates, ready to buy, whether they think the market has bottomed out or is near to doing so.  One of our buyers recently made an offer on a home JUST on the market and lost out as they did not think it quite worth the asking price though someone else did and offered full price.  The market is getting quite competitive among buyers as inventory remains low.  Just thought you would want to know!

Comments (1)

Bill Exeter
Exeter 1031 Exchange Services, LLC - San Diego, CA
1031 Tax-Deferred Exchange Expert
Yes, I think Spring has arrived.  We have seen a pick-up in 1031 exchange activity as well. 
Mar 30, 2008 06:03 PM