SAN FRANCISCO, Calif. (KRON) – If it seems like for-sale signs outside of East Bay properties are lasting longer than usual, it’s not your imagination but does that mean home prices are trending toward a buyers market?
Real estate experts are beginning to notice that the recently red hot East Bay home market is beginning to show signs of cooling off, with homes lingering on the market.
“We dug into the details a bit, especially for the East Bay. We checked out Alameda County and saw the median home is going pending there in about 13-days. From the moment it hits the MLS as an active listing to when it gets marked pending. It’s under contract. By historical standards, that’s still very fast but it’s a bit of a slow down compared to 9-days back as recently as May,” Zillow Senior Economist Jeff Tucker said.
“Two of my recent listings have been sitting on the market for over 30 days,” Sandi Porter, realtor, said.
Sandi Porter of Berkshire Hathaway Homes has over 25-years of experience in the East Bay real estate market.
She says a primary reason homes sales are slowing down, buyer burnout.
“They’re taking a break. For many buyers, it’s football season. Sunday, I had an open house. I’m like where’s all my buyers? They were watching the 49ers game and the Raiders game. The serious buyer is going to go out there regardless of the weather, regardless of who is playing because they really want to buy a house,” Porter said.
“As the autumn goes on there will be more options to choose from. They’ll have a little bit more bargaining power. A little more balance between buyers and sellers. Definitely not a buyers market!” Tucker said.