Greater Bay Area
Greater Bay area market saw a significant slowdown in August as a result of cost pressures, geopolitical risks, and continued layoffs throughout the region.
Homes are sitting in the market for longer and prices have been consistently adjusted downward even for homes with good bones and quality renovations. Open Houses have witnessed significant slowdown in traffic and most guests are casually browsing or are not showing a sense of urgency.
This is very good news for buyers who are seriously considering buying in this market. Listing agents continually follow up the buyer’s agent when they tour their listings with their clients. This is all great news.
On the other hand, sellers are losing leverage and have to continually acquiesce to downward price adjustments.
