Here's an interesting piece about the real estate market, courtesy of Adam Betta, Partner, Highland Partners.
Let's talk a bit about the real estate market in the Bay Area. We've had many questions - and we're hearing some confusion about what's going on.
There has been an unprecedented soaring of prices since the downturn of 2007, which has lasted so long, and been so unrelenting that many sellers (and some agents) seem to believe that this is just how things are now; that prices will continue to rise at double-digit percentages year after year. Is this a cause for concern? We believe we are finally reaching a place of stability, not volatility! Home prices have been established and while still rising, not at the same breakneck pace.
This can be disappointing for sellers who put their home on the market and expect to get much more than the neighbor who just sold last month - when it sells for the asking price, some sellers sound the alarm that the market is dropping. This is not necessarily the case. Balance is the key right now; sellers are actually having to compete for buyers! What a concept! That said, we are hearing mixed reports on the number of offers, days on the market, and over-asking sales prices but this is the way it should be...and agents are having to make sure they are doing the absolute best for their sellers and not simply 'putting it on the market' and waiting for offers to pour in.
Preparation (a broad term for a group of very detailed activities) marketing and presentation are crucial again and we are deeply proud that regardless of the market dynamics, at Highland Partners, we are performing these to higher standards than any other brokerage we know of.