Condominiums tend to be the affordable home for most first-time home buyers. Lately condos have been appreciating faster than single family homes. According to DataQuick, sales are at their highest levels since late 2008 and in the last three months of 2012 median prices were up 25 to 35 percent.
With limited supply of new and existing condos, some sellers are receiving as much as 40 offers within a week. Many homeowners are waiting to sell as they watch values rise, some waiting for enough equity to prevent a short sale. Investors also have been busy buying foreclosures and short sales as rents continue to increase.
First-time buyers are not only competing against investors but all cash buyers as well. These all cash buyers are not investors, they are moving in and don’t have to worry about the property appraising to close. Properties are selling over asking price and some as much as $100,000 over asking price!
Author:Kevin Kieffer Phone: 925-300-8000 Dated: February 22nd 2013 Views: 704 About Kevin: Kevin R. Kieffer is a Broker Associate and Realtor with Compass. His primary focus is the East Bay r...
The EastBayPro Team of Compass Real Estate consist of the following professionals: Kevin R. Kieffer, Broker Associate, Naomi T. Kieffer, GRI, Realtor, Scott & Rochelle Maher, Realtors, Realtor, Matt Rubenstein, Realtor, Ken Wilson, Realtor, Taylor Pollard, Realtor & Heather Gowdy, Realtor. This team is ranked in the top 1% of Contra Costa County and are Five Star Agents as seen in Diablo Magazine - Offices in Walnut Creek & Danville - serving communities throughout the East Bay
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"I inquired about properties for rent in different parts of the East Bay. Even though I did not end up renting one of his properties, Kevin continued to follow up with me after my move to ensure that my transition from Arizona went well. He also sends me properties from time to time in case I'm looking again or have any friends in need of a home. He's great!"