Reports for last month show that the Peninsula is still a hot commodity. Homes are flying off the shelf with selling prices well above the asking price. Buyers can still expect to engage in bidding wars knowing that unless they get creative with their offer, they will probably lose out. All you need to do is examine the activity from July to see that real estate remains an extraordinarily strong seller’s market.
Menlo Park:
- D.O.M.: 6
- Ave. Selling Price: $2,563,025 ($175,125 ABOVE 6/21)
- 16% ABOVE asking price
Foster City:
- D,O.M.: 8
- Ave. Selling Price: $2,322,710 ($39,710 BELOW 6/21)
- 16% ABOVE asking price
Belmont:
- D.O.M.: 9
- Ave. Selling Price: $2,290,884 ($114,368 BELOW 6/21)
- 17% ABOVE asking price
San Carlos:
- D.O.M.: 11
- Ave. Selling Price: $2.659,670 ($120,812 ABOVE 6/21)
- 12% ABOVE asking price
San Mateo:
- D.O.M.: 13
- Ave. Selling Price: $2,368,985 ($358,062 ABOVE 6/21)
- 14% ABOVE asking price
Burlingame:
- D.O.M.: 11
- Ave. Selling Price: $3,101,173($8,738 ABOVE 6/21)
- 5% ABOVE asking price
In this market speed is everything! On the Peninsula in July, the average days on the market ranged from 6 days to 13 days. That doesn’t give a Buyer any time to dilly-dally.
If you want to be competitive in today’s real estate arena, getting pre-approved for a mortgage is essential. Beyond that step, consider a fast private money real estate loan from Sun Pacific Mortgage. We are known for our speed in closing deals in a week or less.
Give us a call at 707-523-2099 to get a bridge loan or a temporary purchase loan that you can refinance later when speed is of no consequence.