The average selling price for a home in the Bay Area is actually below the average asking price — something we haven’t seen in more than 10 years.
The Bay Area hit a milestone when it comes to home pricing Thursday that makes it more of a buyer’s market.
The average selling price for a home in the region is actually below the average asking price -- something we haven’t seen in more than 10 years. "Usually there's a bidding war, and that determines the price. But things have changed," said Daryl Fairweather, chief economist at Redfin. Get a weekly recap of the latest San Francisco Bay Area housing news."Now that remote work is giving many tech workers the opportunity to live in any part of the country, the Bay Area doesn't have such a stronghold on that talent,” said Fairweather.
"All of those things are adding to buyer confidence," said San Jose real estate agent Lynsie Gridley, adding that buyers are starting to come back feeling better about their chances without having to compete with multiple offers. And the deals are getting done. "We were seeing offers coming in under asking, and sellers often accepting those offers anywhere from 1% to 5% under asking,” said Gridley.
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