Marian’s Market Morsel 3/26/08
This week’s San Mateo County coastal market activity is picking up; however most offers being presented are not creating jubilant sellers. Sellers want to sell their homes in this peak selling season and buyers are hoping to get a “bargain” while faced with the uncertainty and confusion about which way the market will shift in the next several months, notes CB-Half Moon Bay’s Office Broker/Manager Robert Ross. Even when buyers find the right home or property, concern with overpaying is on their minds. Similarly, sellers are concerned that they’ve set or reduced their list price too low. Inventory levels show Half Moon Bay in a Buyer’s Market in Feb 2008 with 7 months of inventory. January 2008 was at 8 months. As of now…we’re trending toward a balanced market.
Buyers are working to mitigate their short and long term risks by choosing properties carefully and trying to understand the current financial environment, while at the same time remembering why they are home shopping in the first place – realization of long term benefits and lifestyle goals.