In a recent overview of the real estate trends in San Mateo, a Pacific Union Blogger reported that more homes sold during the second quarter of 2017 than in the same quarter of 2016. The increase in the number of homes sold was accompanied by a notable jump in the selling price for those between $2 million and $3 million. This factor was largely due to the ongoing inventory shortage.
Bidding wars caused homes to sell for an average of more than 10% above the original price, and 8 in 10 homes selling for above asking price. The combination of scant inventory and buyer demand pushed home prices higher than has been seen in recent quarters.
Through it all, San Mateo County buyers remain enthusiastic, and the hope is that the usual Fall resurgence in the real estate market will afford more opportunities for these buyers. If the market’s history proves true, we should see a busy Fall season beginning September.
If you find yourself in a position where a conventional loan is not going to work for you in the coming months, give us a call at 707-523-2099. We are known for our “not-normal” (Hard money) loans allowing borrowers to participate in the real estate market now, even if there are problem areas in your financial picture.