Rain wasn’t the only thing in short supply over the winter. The Bay Area housing market has also been suffering from an inventory drought. Real estate activity always slows in winter, but the number of homes and condos sold in the Bay Area in January and February were the lowest in seven years for those two months, according to CoreLogic Dataquick…
So why is inventory so tight?
The reason you hear most often is that people are afraid to put their homes on the market because they won’t be able to buy another one in the Bay Area. “The move-up market is pretty much frozen,” said Matt Fuller, an agent with Zephyr. “Even if you can do great on the sale of your property, you are terrified to enter the market as a buyer.” Sellers who accept all-cash offers, which accounted for about a quarter of all Bay Area sales last month, may find themselves scrambling to find a replacement home because cash deals close quickly.
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