There are two types of buyers out there right now—those who see this as an opportune time and are acting on it, and those who have adopted the "wait and see" philosophy and are afraid to act. For the most part, our Silicon Valley offices are reporting that buyer interest has slowed with floor calls and open house activity decreasing. Last weekend, we had only 4 groups through my Sunnyvale townhouse listing. The market that seems to be faring the best is the entry level and continued success lies in the bank-owned arena where REO properties continue to generate multiple offers. With all of the drama on Wall Street, things have slowed quite a bit. An Agent in the Morgan Hill office just sold a home that was listed earlier this year for $1.1 million—the final purchase price was $750,000 (as a short sale).
There are two types of clients who are seeing success in today’s market:
Buyers who see real estate as a long-term investment and see this market as an opportunity and are acting on it.
Sellers who price their home correctly, stage it and are motivated.
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