Contributed by local realtor Karin Cunningham:
Most of us San Brunans have experienced a huge rise in our home values. Everywhere we turn there are offer bid dates with offers of $20,000-$100,000 over the list price.
I sent a real estate information flyer out last week to home owners that live outside of the area with a trendy chart of list prices versus sale prices and got a call from someone making sure I hadn't made a mistake!
It has been really tough for home buyers in this market. I have a couple that have written four offers over the list price with no success on homes in San Bruno, South San Francisco, and Daly City. We go out house hunting every weekend but there isn't a whole lot to choose from. Most of the homes we have seen are being sold by investors who bought foreclosures and are "flipping" them.
We would really wish that the real estate market would just be steady with a stream of homes available to buy and a manageable number of home buyers...never seems to happen that way in the Bay Area though...