Buyers who sat on the sidelines are slowly returning, as prices in the Bay Area fall to prepandemic norms
Ken and Hiromi Kumayama were outbid on several homes before buying a house in Los Altos for $4.58 million.Attorney Ken Kumayama and his wife, Hiromi Kumayama, were on a mission to finally buy a house in the San Francisco Bay Area. Serial renters in towns around San Francisco since 2010, they jumped into the market in earnest in 2022 but quickly got outbid on several homes, including one in Atherton that was asking $5 million and ultimately sold for $6.5 million, said Mr. Kumayama, 44.
Mr. Kumayama said he and his wife, 46, a homemaker, homed in on a nearly $5 million house in Los Altos, an affluent city between San Francisco and San Jose, that had been sitting on the market for about a month. Knowing the sellers had already moved to Florida, Mr. Kumayama said they offered $4.58 million with no contingencies and closed in September 2022. “They accepted pretty much on the spot,” he said.
Here’s a crazy idea. Let buyers bid on a home and share that information in a transparent way. Realtors and sellers collude to keep buyers in the dark and it’s tired and dishonest Compass
'...and the house sold for its asking price of $5.3 million in December. Should she have listed it sooner? “Shoulda, coulda, woulda,” Ms. Adelmann said. In the end, she said the price was “fair and reasonable,” especially considering her parents paid $115,000 in 1970.' 😮
This house is 40 miles outside of San Francisco. 🙄
Glad to see prices came down enough that they could finally afford a $4.5 million home.
With still higher mortgages due to elevated interest rates*