“We’re in a very strong seller’s market,” said Aryne Blumklotz, principal real estate broker at Living Room Realty. “There’s not much to buy.”
Blumklotz recently represented a seller in the Alberta neighborhood who got nine offers on a house that listed for $675,000. She held three open houses, all of them packed. The house hasn’t closed yet, so she can’t reveal the winning bid. A few weeks before, she sold a house in Alameda for $995,000 that had listed for $869,000.
Even so, there are signs that the market might soften. Blumklotz says she’s getting more emails from other agents about homeowners who are lowering prices. That’s most likely because of the rise in mortgage rates, she says.
“Most buyers are shopping for a monthly payment,” Blumklotz says. When rates were low, those people could stretch to borrow more money and still hit their target payment. “Now, those people can’t stretch,” Blumklotz says.
Continue reading the article by Anthony Effinger HERE.
