April 29, 2012

Open Season on Open Houses

120427-openhouse

Anyone been to an Open House lately?  Are buyers waiting for a drop?  Are sellers trying to hold it?

Open the door and tell us what you found inside.

Comments (21) -- Posted by: madhaus @ 5:11 am

21 Responses to “Open Season on Open Houses”

  1. nomadic Says:

    The market must be getting better. The latest sales report for my neighborhood showed three houses that sold a little (well, one was $140k over) asking price. Prices are still down from the bubble days but it’s improving. Price is still very important; a recent listing down the street was just reduced $100k.

  2. briareos Says:

    I’ve been to a number of open houses lately, and let me tell you, they’ve been mad (open) houses. We’re the typical couple starting out. Not enough money, looking for a starter home in a nice area of the south bay, particularly in sunnyvale, santa clara, or west san jose. Every open house we’ve been to in our price range has had 20-30 people going through there. The times we’ve tried to pursue a house we’ve been blown out of the water by multiple all-cash offers, usually by investors. We’ve seen abandoned shacks get purchased outright for cash, we’ve seen houses priced ridiculously low to bring in multiple offers you have to make at the showing, and we’ve seen normal nice little house go for so far over asking price our bid wasn’t even considered.

    The market’s gone crazy. Low inventory + Spring + Investors = madness

  3. waiting_for_the_fall Says:

    We’re in what many consider the ‘bear trap’. This is the slight uptick before the continued downward trend.
    Wait until fall or winter this year for more inventory to be released.
    After the election, there won’t be any reason to prop up housing and prices will continue to fall.

  4. SEA Says:

    Prices going down? uptick? ‘bear trap?’

    Smart people buy in the RBA, where the houses pay the owners.

  5. steve Says:

    the must see open house of the day, and not just because it is pink:

    http://www.redfin.com/CA/Palo-Alto/746-Homer-Ave-94301/home/545726

    746 HOMER Ave
    Palo Alto, CA 94301
    Beds: 2
    Baths: 1
    Year Built: 1926

    from the description, “Tucked away in Community Center end of cul de sac, Palo Alto. A charming 1926 remodeled bungalow Fondly referred to as the “Pink Bungalow” it has 660 interior sq ft, 1,960 ext sq ft, 2 br & 1 ba. fully remodeled, hardwood floors!”

    hardwood floors! and 1960 exterior sq ft (sometimes know as “lot size”)

  6. very amused Says:

    How much is today’s SanFran house listed for? Cozy, but the right street determines asking price!

  7. Jb Says:

    In Alameda saw a house recently that had standing water in the basement, strong cat pee smell throughout the upstairs (very carpeted) on a busy/commuter thru street, at a stop sign (start and go, not hum)…..nothing updated. Listed for $690, and on day 2 it was open (no open houses) it had 3 offers – and we were told not to bother with the asking price. It was big, but an odd layout. Shared driveway, good school…..I don’t know – seemed a bit out of line to me. Oh, and one corner of the an upstairs bedroom slanted way down – which happened to be in the area of the standing water…can we say sinking foundation? Well priced seem to seek before the open houses. Others sit and drop the price. Low inventory….

  8. arnold Says:

    How can a 3 bedroom be really only a 1 bedroom with a closet. I thought a bedroom was a bedroom if it had a closet in it? Asking 897 sq ft…..now that is the RBA
    http://www.redfin.com/CA/Cupertino/10291-Imperial-Ave-95014/home/1227412

    No more crying over spilled milk…prices are going back up.

  9. Real Estater Says:

    nomadic,

    Market getting better? Market couldn’t be any better. It’s exactly like #2 described. Total craziness everywhere, from low end to high end. Everybody wants to buy and nobody wants to sell right now. As I said many times, last year was the best time to buy a house. Prices will be higher a year from now, so now is still an OK time to buy, but you are up against some stiff competition. Cash is everywhere.

  10. SEA Says:

    Now is not the right time to buy?

  11. sprezzatura Says:

    I bought earlier this year and it sounds like I got the last good deal before the craziness.

  12. madhaus Says:

    I went to look at the house steve mentioned. Wow, was it tiny. I had to go out on the back deck to change my mind about buying it.

    I took pictures, so maybe I’ll write it up. And maybe I won’t. Only one other couple was there while I was checking it out. Also the agent showed up late, literally arriving a minute before we did.

  13. Alex Says:

    I opened the door and all I found was poo.

  14. Zak Says:

    Alex, did that bring up the price? Was it real RBA home?

  15. sunnyvalerenter Says:

    It is true that the market has gone crazy. There is big change in the market since last fall. The low end of the market is being grabbed by investors and the high end is going for $100K-$150K over the asking price. I believe that Ben & Obama duo have achieved what they wanted to achieve (increase home prices to crazy highs so that the banks don’t have to take losses). I am talking about Sunnyvale & Cupertino prices here.

  16. Crissa Says:

    House prices haven’t moved on the edges of the RBA… We’re still in the depths out here in Santa Cruz where we at least have big trees and beaches, and East Bay and South Bay will stay down for awhile as well.

    No offers on any of the homes in my neighborhood. Banks aren’t even asking over their debts for the ones nearest us, but their occupants want to recoup their losses.

  17. Real Estater Says:

    Crissa,

    Santa Cruz is a totally separate market. You can’t commute to Google from there. A trip to SF will require overnight stay. It’s just too far out there. Not suitable for professionals.

    Not sure what your definition of South Bay is. If you’re talking Gilroy, then I agree it’s still in the dumps. However, the areas we typically associate with South Bay – Sunnyvale, Santa Clara, Campbell, San Jose are very strong right now. Check the Mercury News article.

    I believe parts of East Bay will rise very soon if not already. Specifically, the popular areas such as Fremont.

    I’m currently looking to buy a rental property, and it’s truly difficult to find a Bay Area market that is sitting still.

  18. SEA Says:

    Hot today? Hard to find property today? Who are you kidding. The market has been very hot for the last few years. I’m surprised anyone lives in the Bay Area.

  19. Petsmart groomer Says:

    > I’m currently looking to buy a rental property […]

    Poor SV Shopper will have to compete with one more buyer.

  20. Alex Says:

    Faux Estater,

    When you find that investment property, will you rent it to me?

    I promise not to bang yer wife in it too often.

  21. Prime Palo Alto House for under $850K [Burbed.com] Says:

    […] very much to Burbed reader steve for calling this house out in comments.  Yes, an actual house (not a condo!  not a townhouse!) in 94301 in a nice area (not near […]


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