What Real Estate Agents are Noticing
What are real estate agents in Danville, San Ramon and the 680 Corridor noticing with respect to the local real estate market and activity? Here’s what a group of local real estate agents had to say at a recent brainstorming session
- There were some surprises in the market regarding investors showing up and bargain hunters that are finally purchasing properties they feel are real values. The price point that this group is active in is the $300,000 to $400,000 range, with much of it in the East County, and east of the Altamont Pass.
- Many current sellers are still in market-price denial. The advice for them is to price their home as to what the market price will be in three months and price it that way NOW.
- Short Sales are a time robber. Contrary to all the media spin, lenders are not helping to smooth the way for those in trouble.
- REOs are selling. These are worth the time to have buyers consider as real bargains.
- Buyers seem to be noticing that the “bottom” of the market may have arrived.
- There are more opened and closed escrows happening right now than in the first four to six weeks of 2008.
- There has been a significant increase in open house traffic.
- There was some discussion as to the actual impact of the “stimulus package” that the current Administration and Congress have passed; checks sent to consumers, higher limits with Fannie Mae, etc. Part of the discussion was that it still may be “smoke and mirrors”.
- Get a Buyers Letter Of Understanding as often as possible. Only work with actual Buyers who are prepared and positioned to purchase a home. Too, many cases of buyers exploiting agents’ time with no sense of loyalty to a business relationship.
- Help to educate clients on what’s really going on locally. Study, read, and provide current market information to them on a regular basis. Do not use the Wall Street Journal, The New York Times or national data as your resources.
Not real exciting stuff, but maybe a little insight for you on what a group of 12 people active in the industry have on their minds.
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