Yes, It Is A Buyer’s Market..!

It has been weeks already since we started getting the news that home sales and prices have been dropping at the national and state levels. However, in the San Francisco Mid-Peninsula home sales are steady and continue to see multiple offers. It is true that there are some pockets here and thee where some price reductions have been noted, but overall, we have an excellent market for those who want to buy or sell property.

Interest rates continue to be relatively low by historical standards. Money’s accessibility certainly has changed due to the sub-prime lending mess, but it certainly has not become scarce. Good credit is still a main predictor of its price and how readily it is obtained.

With the exception of highly desirable areas like Palo Alto and Menlo Park among others, housing inventories have increased throughout the peninsula giving buyers an increased pool of properties to select from and this gets even better as a buying proposition when we consider the many price reductions reported in all areas.

Serious buyers are out there, willing and ready to purchase when they find the property that meets their needs, their taste and their price.

Those sellers that price their offerings strategically in consideration to the current market situation are the winners. Those sellers who remain in the mindset of the market boom of days past and thus overprice their offerings will continue to see their property listings age in the market.

This is unquestionably a buyer’s market.

Sellers must set an asking price that is attractive to buyers for their property to sell fast.  It is the buyer after all who sets the real price by virtue of the dollar value they put onto their offer to purchase.