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With supply down and demand up, anything other than prices being up would be an indication that the real estate market in the Bay Area is still sinking (at least relative to a year ago)
Its more that as of now, homes can only be bought using "real" financials. In other words, buyers not only need good credit, but they also need numerous forms of proof of their financial well-being. You need cash. You need savings. You need good jobs. And so on. Prices are either flat or slightly sinking because what people can really afford is reflected in the prices and the prices from the boom were not reflecting reality. What people in the BA can 'really' afford is far less than what many might have assumed.
bmwman91
2012 Apr 23, 1:21am
In other words, buyers not only need good credit, but they also need numerous forms of proof of their financial well-being. You need cash. You need savings. You need good jobs.
Great! It's about time.
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I'm a happy long-term renter, but my fiance and I just saw a house in Sunnyvale, quite randomly, that we'd like to live in. The price is ludicrous, but we can afford the down payment and loan, so we thought we'd bid, since renting something comparable is maybe only 20% cheaper per month.
Houses sell in less than a week in most parts of Mountain View, Sunnyvale, Cupertino, etc. Often, they sell without even going on the market, or sight unseen by buyers, sometimes with no contingencies! Getting a couple dozen offers isn't uncommon on a nice house, and even horrible housing next to dumpsters goes over list.
What the heck is going on? I have not seen a frenzy like this since the peak of the bubble in '05. Realtors are citing the "Facebook effect" and "google Effect", but I don't buy that, since that can't apply to such a large geographic region.
#housing