Who is buying HMB Coastside properties?
With fewer overall transactions taking place these days, yet with pending sales a notch up right now, I wanted to get the back story of what was causing some properties to sell during these uncertain times. I called fellow Listing Agents to talk about their recently ratified listings. Here are who is buying on the Coastside right now according to the colleagues I spoke with. Note this is not ALL reasons, just a few that I know of…
Buyers with 20% or more downpayment, or cash buyers.
Buyers who have been renting for a year or more.
Buyers who want a second home by the ocean.
Buyers from the East Bay.
Buyers looking for the “best deal” of available inventory in their price range.
In the last two weeks, four transactions closed escrow with sales prices ranging from $580,000 for a 3 bedroom, 2 bathroom rancher, 1000+ square foot home, 5000+ square foot lot, on the market for over 100 days – to a 3800+ square foot home, 12,000+ square foot lot, Spyglass (Ocean Colony) home for $1,675,000 – also on the market for over 100 days.
During this time period there were 12 expired or withdrawn or cancelled listings. Sometimes these are re-listed; I did not analyze these properties in that way.
A noteable change is the increase in pending sales. In these two weeks alone, there are currently 19 pending sales – all due to close escrow in the remaining month of October or November, one in December. Of course, we don’t know if this will continue.
Buyers still have lots to choose from, including homes that may have come off the market to take a break, but whose sellers would still consider an offer. The key factor for financing buyers right now is working with a qualified Mortgage Broker who offers the best product(s) for your situation.