People are selling homes for loss in Bay Area?
I have noticed so many listings in San Francisco, San Ramon etc. People who bought houses in 2020 or 2019 are willing to sell their homes for losses? These are real money loss . They are selling homes at cheaper price than they bought . Or the same price as their bought price (which is a loss cos of 6-7% sellers closing cost) etc. For example this one: https://www.zillow.com/homedetails/902-Vista-Pointe-Dr-San-Ramon-CA-94582/18451770_zpid/?utm_campaign=iosappmessage&utm_medium=referral&utm_source=txtshare SF (taking 300k loss): https://www.zillow.com/homedetails/330-Scott-St-APT-2-San-Francisco-CA-94117/2084740928_zpid/?utm_campaign=iosappmessage&utm_medium=referral&utm_source=txtshare Burlingame (taking loss 300k). https://www.zillow.com/homedetails/1212-Balboa-Ave-Burlingame-CA-94010/15513522_zpid/?utm_campaign=iosappmessage&utm_medium=referral&utm_source=txtshare Are you guys seeing the trend too? Will Bay Area housing go further down?#housing #sanfrancisco
This is a duet home. Also, listing price doesn’t mean anything until it actually sells at that price
It will sell lower
Homes are at best selling at list these days.
i have seen house listed 20% less than exact similar house sold 3 months back. this house is sitting on the market for 4 weeks now
I don't really get it. Why wouldn't people drop their low interest 30 yr fixed loan just to get a higher rate loan. Assuming you cash flow it
Makes no sense to me, too. Probably people are stupid, the same reason they're buying houses for millions and 20% over asking in remote places with 1hr+ commute to any employment centres. It's actually really hilarious that California is trying to be environmentally responsible, yet everyone buys stuff 1hr+ away from work!
Because they cannot cash flow it. Rent is less than mortgage.
How much does it cost to rent a place like that? Probably not quite a loss if they sell for same price after living there for a year. Looks like they're selling slightly above how much they bought it for.
5% agent fees?
They sometimes negotiate 1% selling fee and 2% buyer agent fee
Yes coz they think if they don’t sel now they will be selling at an even cheaper price
Market is dead. Better to unload now than for less money next year. Seller might have been laid off. You never know.
Exactly that is why you are seeing ‘smart’ people selling now to cut loses
What happened to : 1. People locked low interest rates and would never sell. 2. There are lot of cash buyers who wouldn't care about interest rates 3. There is a housing shortage. So people will buy homes hand over fist in Bay area.
So you have no clue on why this seller is selling and this means everyone in bay area is selling? What logic is this?
Why don't you check how much homes are going for these days and tell me if I am clueless. 1. Have they increased or decreased in price 2. Pending sales 3. Price cuts 4. Days on market 5. Home buying interest in general
New jobs with 200% TC dwarfs the 3-5% loss
Which new jobs ? Meta on going burst / hiring freeze / layoff? Google with hiring freezes? Which ones?
Many of you are alive due to the COVID vaccines it produced lol. Roku will be non existent soon - 1/6th marketpcap of Fisher is a lot for Roku
Please do check all 3 listings. People are booking losses in all prime areas.
Dude interest rates have more than doubled. Obviously home price will drop by a bit, they will recover or go up in long term. You buy homes for long term not 1 year. Also, you posted 1 townhome, 1 1apartment and a home which is from 1908. No wonder they are down.
1908 or not. No one in Bay Area had sold for loss since last 10 years . Bay Area was considered unstoppable. With such significant declines, I feel u will wait longer as interest rates are gm going to increase further .
If you have or want to move, you really have no choice now tbh.
You can rent