The Bay Area real estate market continues its scorching pace as we enter the second quarter of 2015. Supply is extremely limited, with properties all over the Bay Area attracting multiple offers. Here in Hayward, a recent listing of ours attracted 14 offers the first few days it was on the market…the numbers are higher in the South Bay and Peninsula. What is a buyer to do? Well first, make sure you have a good agent…it is more important than ever to have someone on YOUR side when purchasing a home. During these competitive markets, price is just one consideration…the terms of the purchase contract are equally if not more important. Some bidders place ridiculous offers price-wise just to get into contract, knowing the property won’t appraise and they will then be able to negotiate the sales price later. Not cool. Don’t work with an agent that plays that game, as a good listing agent won’t bite and will protect the sellers from such manipulation.
Professional ethics are also in danger of being compromised when the competition is so fierce, so be wary. Hire only a professional, full-time REALTOR that is a member of the National Association of REALTORS, the California Association of REALTORS, and adheres to the NAR professional Code of Ethics. For more information about the market (a February article that is all the more true today) click on the link below.