Any good deals in the SF Bay Area still?

[Brian Larson]

Anyone out there still finding deals in the SF Bay Area? If so, are you finding any on the MLS? Or are they all coming from pocket listings and wholesalers?

[Chris Mason]

Originally posted by @Brian Larson:

Anyone out there still finding deals in the SF Bay Area? If so, are you finding any on the MLS? Or are they all coming from pocket listings and wholesalers?

 Market is slowing. 

Look for high DOM and write at or slightly below where comps are at (in the Bay Area we look at comps; asking price is obviously a garbage data point in our market). Just four months ago I wouldn't have said that because it would at that point in time been a waste of time.

So far this month about half of the appraisals crossing my desk have been for above contract price, meaning the appraiser's opinion is that the buyer is walking into a bunch of free equity - $10k here, $44k there, $27k over yonder, and so on. 4 months ago that was rare. Times are a-changing, it's never been a better time to be a buyer in the Bay Area within the last 5 years or so than right now. 

Another anecdote, just yesterday I had a listing agent follow up with me with regards to a buyer that wasn't even yet preapproved, asking when they'd be ready to write an offer. Four months ago that never would have happened since the agent would already have had 15 offers in-hand. Told the buyer's agent to consider dropping their offer when we get to that point, since obviously this was going to be the only offer on the table. :P