It's the simple "Supply and Demand" that is fueling this competitive market we are in. Low inventory and buyers trying to take advantage of extremely low interest rates are allowing sellers to get as much as they can for there home. Most sellers in the Bay Area are getting up to 30 or more offers these days.
Some reasons for the low inventory can be contributed to homeowners refinancing to low interest rates, loan modifications and government pressure for banks to work with homeowners in exploring there options before foreclosure.
According to DataQuick, the median price in the Bay Area has increased 32% in the last year. If we can’t get more inventory for buyers, we will continue to see home prices increase at a similar pace.
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