That’s the burning question on everyone’s minds as the region grapples with unprecedented changes brought on by the COVID-19 pandemic. To shed some light on the situation, ABC7 news anchor Reggie Aqui caught up with Bay Area real estate agent Hans Struzyna.
According to Struzyna, the current market landscape has left many scratching their heads in frustration. While tales of mass exodus from the Bay Area are abound, affordable housing remains a scarce commodity. The root cause? A glaring lack of inventory.
But are we witnessing the emergence of a real estate bubble? Struzyna believes so. He notes a trend of exorbitant spending, with buyers shelling out hefty sums well above comparable properties. Take, for instance, a recent offer on a property in Albany where the winning bid surpassed the best comp by a staggering $300,000, despite already exceeding it by $50,000. While anecdotes may not encapsulate the entire market, such scenarios are becoming increasingly commonplace.
For prospective buyers, Struzyna emphasizes the importance of clarity and patience. It’s crucial to identify your housing needs, whether it’s ample space for pets, a home office, or accommodation for family members. Understanding your budget and exercising patience amidst fierce competition is key. However, opportunities still abound for savvy buyers who remain vigilant.
On the seller’s front, Struzyna underscores the significance of presentation. In a world dominated by fleeting attention spans, nailing your home’s presentation is paramount. Crafting an eye-catching listing and pricing it effectively can garner attention and drive offers.
As for the condo market, it’s experiencing a significant downturn, courtesy of what Struzyna dubs the “COVID effect.” With concerns over shared spaces and ventilation, condos have taken a hit compared to their single-family home counterparts, witnessing less appreciation in value.
