There I was talking with a prospective buyer this morning, when he uttered that knee-jerk response, "I'm waiting until the market adjusts." Buyers - other than wishful thinking, what evidence do you have that prices in San Mateo County are going to drop anytime soon? For the past 6 months, prices have edged approximately 2% higher overall (year over year) but in some of the hot cities like Belmont and San Carlos they're up 5-6%. Interest rates are somewhat stable, but who knows for how long?
Sales are down particularly in the entry to mid-range because buyers are sitting on their hands. There's plenty of inventory to choose from. And loans are still being made in spite of the shrinking pool of qualified buyers. But well priced homes in decent shape are selling, often with multiple offers and over asking. What are you waiting for?
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