There’s an article in today’s SF Chronicle with the latest statistics about home sales in the Bay Area. A key point in the story: “The data show supply and demand more in balance than during the housing hysteria of recent years, when scores of eager buyers made double-digit price appreciation and multiple offers the status quo. Rather than the much-predicted popping of a real-estate bubble — in which prices might drop dramatically — the softening market appears to be a return to run-of-the-mill business, experts said.”
It’s too soon to call this a buyer’s market, but as we’ve said before, it’s a good thing when there’s more balance and less hysteria. Buyers have definitely gotten the message, and sellers need to pay attention, too. It’s more important than ever to price correctly from the beginning. There’s a huge amount of inventory out there, and buyers are bypassing the places that are overpriced. It sounds simple — because it is!