While sales are generally up in many places, not all areas are seeing the recovery and pricing improvements of areas like Silicon Valley and San Francisco. As discussed in the radio interview linked below, it is important for consumers to understand:
- The market dynamics in their local area
- The right kind of agent who has the knowledge, experience and performance record to navigate these localized trends
- And, in particular, for markets with low supply and high demand, it is critical to find a realtor with “top agent level” connections
These tips and much more were revealed when TAN CEO & Founder David Faudman joined Joe Cucchiara on Joe’s Real Estate 360 radio program a couple weeks ago. In addition to discussing how Top Agent Network benefits consumers, agents and the overall real estate industry, they also chatting about their insights based on the current dynamics in the local Bay Area real estate market.
Of course, real estate markets vary greatly, from zip code to zip code and neighborhood to neighborhood. The Bay Area is no exception. Here, the closer you are to San Francisco and Silicon Valley, the closer you are to economic recovery. In these areas, prices are about where they were during the 2006-07 peak in Palo Alto. San Francisco is down about 12%, while less desired areas in the Bay Area are still down even more. For example, Richmond is still down 70%.
As Cucchiara and Faudman discussed, the Bay Area are seeing 50-70% of listings in escrow, which points to a seller’s market unlike any other David or Joe has seen. (Typically, 30% of active listings in escrow shows a balance of buyer/seller needs.) This means multiple offers and stiff competition, as well as unique opportunities for the non-MLS kinds of networking that TAN offers.
We look forward to your comments.