Where does a wary buyer in the San Francisco Bay Area, who has had their offers rejected 13 times, find a house? North Carolina.
“Lovely, ranch style, 2033 square feet, custom built in 2006, Listed at $198,000”
“1700 square foot, custom new construction, 4 beds and 3.5 baths, peaceful view, listed at $209,900”
or how about
“All one level, brick exterior, acres of land, listed at $76,900”
During the first week of March here is what one area saw:
New Listings: 30
Closed Sales: 15
Pending Sales: 19
Avg Sales Price: $102,975
Highest Listed Price: $649,500
Lowest Listed Price: $7,900
Highest Sales Price: $289,000
Lowest Sales Price: $14,000
Average Days on Market: 135 days
Maybe it is time to consider continuing to rent in our awesome hood and buying investment property elsewhere. Don’t forget, buying real estate isn’t just about finding a place to put your roots down so that you no longer waste money on rent, but it is also a way to build wealth. So to the buyers who have been pushed out of our market, let’s strategize. Perhaps you can put your $950,000 into 4 or 5 houses in other areas.