Real estate is on fire in California… I share this with you because the common wisdom is that Hawaii follows California. So if you’re thinking of moving to Hawaii, the time is now.
Yes, I’ve said this before. However, that was before I became personally embroiled in California real estate, and now I see it in the big picture. Home prices in the Bay Area have hit a milestone: median prices for all types of housing topped $500,000 for the first time in five years.
I am the executor of my mother’s estate, which means I needed to sell her house in the Bay Area. It went on the market, had open houses for two weekends, and got 18 offers. 18 offers, people! Almost all of them were well over asking price. I was floored. Then of course, I had to weed through the 18 offers, and ended up countering five of them. It was a very difficult decision to make the final choice, especially knowing that there are many young families out there who are desperate to buy a home while interest rates are historically low.
I have a friend in California who has been actively trying to buy a condo. One of the units she placed an offer on got 28 offers. She was very discouraged, but after five months of looking and putting in offers, she prevailed. The secret in this market is to be extremely patient. Also, to be excited about a house, but not crushed if you don’t get it. Easier said than done.
The reason for the on-fire real estate market in the Bay Area is that housing prices have risen to where underwater homes can finally sell at a profit. And yet, people are still leery of the market, and many are holding back to see where the prices will land. This has created a seller’s market, and a huge demand for very few houses. “I’ve been in real estate for 32 years and this is the lowest inventory we have ever had,” said Caroline Miller, president of the Silicon Valley Association of Realtors.”We’ve had multiple-offer markets before, but it’s just incredible. There are anywhere from three offers up to 20 or 30 offers, it’s just been crazy.”
As I said, Hawaii follows California. Are you planning to move to Hawaii? Do you hope to buy a house? Then hurry, please.
What is the housing market like in your area? Please share your stories.
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