San Leandro CA market is hot, hot, hot!

My first time home buyers were excited about writing an offer on a property that appealed to them --- a bank-owned property that just came on the market, and listed just a hair under $300,000. After checking with the listing agent, I was told that there are over 50 offers on the property, and that many are significantly over list price, and several are all cash.

It took a bit of time trying to educate them on the market movement. They had heard that it's a buyer's market. That they can negotiate and offer less than list price. They thought they have several to choose from (yeah -- many short sales!).

Their disappointment is palpable.

San Leandro CA homes under $300K constitutes one of the hottest market segments. But at a glance, looking at ALL of San Leandro's single family homes, the matrices are eye-popping.

SAN LEANDRO'S INVENTORY OF HOMES FOR SALE IS LOW, LOW, LOW!

THE NUMBER OF LISTINGS UNDER CONTRACT IS ON THE RISE

AND SALES HAVE NEARLY DOUBLED SINCE 2007!

The trend seems to be more like seller's market.....and we are bracing for a bigger wave of foreclosures if many of these short sales aren't approved because many of the properties have more than one lender, making it extremely difficult to get short sale approval.

As such, many of the buyers are opting to try their luck writing offers on bank-owned properties, or wait to see if the short sale properties they like are later offered for sale as foreclosures.