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Anybody have an opinion on renting in Lake Merced area of SF?
New to town & would appreciate your thoughts.
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In the process of deciding whether to buy my house or not, I've spoken with 3 fairly neutral realtors on the Bay Area market. Sure seems like the first raindrops before an inevitable storm...or could it be a brief shower?
Realtor #1: "There is no doubt that there has been a shift in the market, most noticably even in the past 2 weeks. We are seeing 'retours'. That is, having to do multiple realtor-only showings. This is needed because houses are on the market so much longer than before. We've never had these before. Ditto on price reductions. Consumer confidence has dipped and rates are going up. People are cashing out and moving out".
Realtor #2: "We have not had any Coastside (around Half Moon Bay) property under $700k. Now we're seeing plenty. One property listed at $750k and sold for $650k...but the buyer fell through. Now it's listed for $599k."
Realtor #3: "Even very nice houses in Menlo Park are sitting on the market for a long time."
Me: driving down Alameda de las Pulgas yesterday from San Carlos to Palo Alto I saw GOBS of 'For Sale' signs. It seemed like I saw 3 at nearly every corner. And this is the slow time of year?
Colleague of mine: "I track the asking versus selling prices for the South Bay. Now I see virtually no cases where the seller is getting full asking...it is common to see 5-10% reductions. Seeing enormous amounts of Open House signs."
Folks, this stuff won't show in the news for a while...how about posting your anecdotes?
#housing