Last week a co-worker received 47 offers on a home he listed in the Monte Verde/ Rollingwood area of San Bruno. Are you kidding me?
Not only are there very few homes to buy, but the ones that are available are getting multiple offers! Where are these people coming from? There were no offers under the list price of $529,000.
I find it hard to believe that two months ago there were 30 to 40 homes for sale in San Bruno. That is a pretty good average on any given day. All of a sudden, . Last week, there were only 14!
I am helping a guy try and buy a condo in the Richmond Marina right now. He really liked this nice, newer, two-bedroom unit. The list price was $194,000. We offered $230,000 (because that was the comparable sale), and we didn't get it. We were in the middle range out of seven offers...in the Richmond Marina, in the city of Richmond!
Why does everybody come out to buy when there are so few homes for sale? And why doesn't anybody with equity want to sell?