Low Inventory Turns San Bruno Home Sales Into 'Bidding Wars'

With 20 to 50 offers on a number of homes in San Bruno, it's making everybody crazy.

This week, we are back down to 16 houses for sale in San Bruno, with the least expensive being $510,000. That is because last week's homes for sale had offer dates and they all sold with 20-plus offers on them.

My co-worker, Lee Ginsburg, had over 20 offers on his recent listing on Fleetwood Drive, an average three-bedroom, two-bath home in Rollingwood. 

This has become a phenomenon throughout the Bay Area. Every time a median-priced house hits the market—whether it's a short sale, bank-owned home or a regular sale—it has an offer date and gets multiple bids. The homes are not underpriced either.

Realtors who work in San Bruno know that the "underpricing" strategy is misleading, and it makes for a lot of extra work for the agent and seller. We check the most recent, comparable sales and base our list price on an average sale price. 

Hopefully, in the near future, there will be more homes on the market to choose from so that there won't be so many offers and buyers will have a better chance.

Karin Cunningham, "Your San Bruno Neighborhood Specialist," is a Realtor with Prudential California Realty. She can be reached at 650-438-3504 or karinc@prucal.com. Visit her on the Web at www.KarinCunningham.com or check out her blog, San Bruno Life, on Facebook.

Steve Stelter August 31, 2012 at 04:28 AM
If home prices are set very low, that's an evil thing in his eyes? Joe, you need to learn about economics and free markets. If I put my iPad on eBay with a starting price of $50, of course there will be a bidding war. But we are all free and adults, welcome to bid, not bid or whatever. The market bears what the market wants. Supply and demand. Wise up...
John Kevranian August 31, 2012 at 04:40 AM
It's called the willing buyer and the willing seller! Thank you very much!
Sasha August 31, 2012 at 05:19 AM
People like Joe are just angery little ignorant humans who have no idea what the hell they are talking about. Karin is one of the most caring sweetest person I know and she is my competition. We both use to work at one of the best real estate companies in the bay area. I have moved on and there is nothing that I could ever say bad about Karin or the wonderful company she works for!!!!
Phyllis McArthur August 31, 2012 at 09:57 PM
getting back to this great article, I too agree that under-pricing is not a great strategy either. Yes, Karin it is miss leading, Further south it's a heart breaker for 1st time homebuyers
Scarlett B September 01, 2012 at 02:27 AM
Karin was our agent when we bought our home. My husband at the time was very nervous and difficult to work with due to his lack of knowledge of the market at the time. Karin was extreme patient and gave us sooo much time and alternatives to work with. Her time was priceless. Anyone who doesn't know or appreciate her unique skills as a RE agent, is really missing out on a great experience. Thanks for enlighting us Karin and you will always be my agent.


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