The question people keep asking me is: “Are people still buying?” The answer, as you’ll see in the data, is “YES!” Below is a deep-dive into what unfolded in May and what this means for the future.

Home is more important than ever. Although the media would love for you to think that everyone is fleeing California (they’ve been claiming that for years…), the data shows that there isn’t a mass exodus. However, people are moving around. Some are buying in the city because of better prices (which I believe is temporary) and a continued interest to be in the action as things start to reopen; Some are moving to the ‘burbs for more space & a yard!

On a personal note…I pride myself on always being 100% honest with my clients. Since a little after SIP hit, I’ve told clients that I believe it’s a good time to buy – lower prices and increased buyer leverage. This is not a sales pitch; it’s my hand-to-the-heart perspective, based on my experience and countless hours of research. In fact, I took my own advice and just closed on a new home myself! I still love this city, and I’m making decisions based on things in my control. 

If you’re racing to your next Zoom call, here’s the TL;DR: 

Things are certainly picking up: Mortgage applications have increased dramatically. and inventory levels are on the rise. However, prices aren’t falling that trend in all cases. (Great for buyers!) We’re seeing an average of 1-4% over the asking price (vs 20-30% in many cases in the past)! This does vary property-to-property, and if you ever need help navigating pricing or the right offer strategy to win, you know who to ask! 🙂