I read with interest this week an article entitled “Real Estate Agents Say Worst Has Past” (see link below). The article reinforced much of what I’ve been saying over the last few weeks: while the first quarter data says “no end in sight,” we are beginning to see major strides within the real estate market in harder-hit areas across the country (fortunately, our San Francisco neighborhoods have remained mostly unscathed).
In fact, in the areas that were hardest hit over the last two years (i.e. parts of the East Bay and in Sonoma County), we are seeing a lot more activity, largely in part due to the increase in REOs (foreclosures). In fact, Coldwell Banker’s Castro Valley office this week reported that offers are becoming increasingly competitive and multiple offers are once again on the rise. Nearby Walnut Creek reports that REO listings in Pittsburg and Antioch are getting multiple offers and our North Bay neighbor Petaluma reports that multiple offers are becoming the norm with that office reporting six multiple offers this week alone. It’s great to see the outlying markets have success, as they need to see increased sales activity before our local “fence-sitters” will gain more confidence.
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