Why Bay Area Homes Sell So Fast, For So Much Money
SAN FRANCISCO, Calif. (KRON) – The price of a home in the Bay Area continues to rise.
A recent study indicates that in Contra Costa County alone, house prices have increased by almost 20% in the past year.
Realtors say Bay Area homes are going fast and for a high price, due to low interest rates, lack of inventory and intense demand.
“We have reached a new base here in terms of pricing and inventory in the Bay Area. We are not building enough houses. We’re not building enough apartments to help the rental market, which affects the sales market, so we’re sort of on a new plateau. I don’t see the prices going down much in the near future, ”said real estate broker Mark Ross.
Based on a simple search from Zillow, there are approximately 3 dozen single family homes for sale in Walnut Creek right now.
All but one are equal to or greater than $ 1 million.
“We anticipate that a turnkey home like this will go within 5-10 days,” Ross said.
The house in the video is on a quiet street. It has a kitchen, living room, three bedrooms, and two bathrooms, and it will be on the market for just under a million dollars.
“It’s not a mansion, but you know this is what a basic family would need. We’ve put in a lawn, we’ve made some big improvements and that will suit most families, ”said Ross.
According to a CoreLogic study, homes in Contra Costa County have grown 19.4% over the past year, from $ 632 thousand 500 to $ 755 thousand.
Home prices rose 25.2% in Walnut Creek alone.
So how can you even buy a house in the Bay Area, no, when the houses are selling so fast?
“Do your homework. Be prepared. Be very aggressive when it comes to research, ready to give up what you are doing. Go outside and look around the house. Look around the neighborhood. Contact your professional if you use one. Be ready to go anytime. . “