Across the country in the Bay Area, Ed Krafchow, chairman of the board for Better Homes and Gardens Real Estate Mason-McDuffie, tells a similar story.
“The San Francisco City market is on fire,” said Krafchow. “We have multiple offers everywhere, from the lowest to the highest end of the business, and agents are simply in the trenches working really hard to get listings because there is so much activity.”
Since the decline of the housing market in 2006, many would-be sellers refrained from putting their homes on the market due to reservations about decreases in home values, and as the real estate market recovers, the number of homes available for sale remains a challenge for the industry.
According to the survey, listed inventory in April is approximately 14 percent below one year earlier, which underscores the dramatic reversal of the previous years’ buyers’ market status. With an increase of buyers coming into the market, the lack of available homes for sale has presented challenges for first-time and move-up homebuyers.
“For the last few years, certain homeowners have been hesitant to list their homes due to unfavorable economic conditions,” said Rick Davidson, president and CEO, Century 21 Real Estate LLC. “Today, the recovery in housing continues to gain momentum, and with so many buyers in the market who are competing for so few available homes, it is a great time for sellers to speak with a real estate professional about the advantages of listing their home.”
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