BUYERS ARE BACK!!!

We as realtors live and breath the markets. What you see in the local and national news media isn't always the full story and often times they're so far behind what's actually happening! Most of us are aware that California Real Estate, and specifically the Bay Area, is its own micro market that doesn't always follow the trends of the rest of the state or the country. I'm not going to get into why, rather I'd like to enlighten you at this very moment as to what IS actually happening, versus what they're SAYING is happening.

Take right now for instance, open a browser window and search "Bay Area Real Estate News". First link that came up for me was an SF Chronicle article, so I clicked it and what do I see, "Bay Area housing market is cooling quickly".

Next, I clicked on a link from TheRealDeal with the headline reading "Bay Area leads state in falling home prices"

Those are just a couple of examples of how the real estate markets are being portrayed locally.

Out there in the field however, that couldn't be farther from the truth. Take for example a newly listed property in Menlo Park. A spacious 4 bed 4 bath home on over a half acre lot. Property was listed for just under $6.3M in a very nice part of the city. 2, yes 2 days later, they are in contract and 5, yes 5 days later they close escrow for a closing price of $6,560,000!! Oh, and they received 3 offers. That's is not a house that everyone can afford, but it speaks to what is happening right now.

Now I'm going to give you a look into a different Bay Area city, Dublin, where average prices are much more affordable. Here is a list of all Single Family Homes listed since January 1 of this year. Their average price is $1.6M and their average days on market is 7. 7!!!!

Let's look at some other Bay Area cities now:

Livermore, average price for SFRs listed since Jan 1 are $1.0761M and average Days on Market are 7.

San Jose, average price $1.352M and average Days on Market, 7

Palo Alto, average price, $3.85M and average Days on Market, 10

San Mateo, average price, $1.95M and average Days on Market, 9

Are you starting to get the picture???

Sellers, if you are on the fence or have been debating whether to sell due to what you're reading in the news, our Real Time market is painting a completely different picture and the sellers who listed this month, I'm sure are very happy they did.

Buyers, if you were hoping for the market to crash and pricing to come down, that ship was docked here in December, but it has since left the harbor. If you're serious about getting into a home this year, you need to be in lock step and committed with a local agent. By jumping from agent to agent hoping to get a deal, you are doing yourself a disservice.

I like to think that I have my pulse on what's happening in our Real Estate market and I prefer to use data to help illustrate those points. The data isn't always there however but the conversations with local agents in our network are constantly happening and and they are echoing what we are "feeling" as well.

I would love an opportunity to work with you if you're considering selling or buying in the near future. Our Team of agents have a wealth of knowledge we can share with you, and the local and regional connections that matter to our clients. The Margot and Ricky team is here to help you so please don't hesitate to reach out to us. We can be reached via email at [email protected] or you can call/text Ricky at 408-565-5626.

Please be sure to visit our YouTube Channel for our latest and greatest market update videos by searching on YouTube, Margot and Ricky Homes or clicking here: https://www.youtube.com/@margotandrickyhomes2604/videos

Ricky Flores DRE#02027985

Golden Gate Sotheby's International Realty

www.margotandricky.com