Wednesday, July 20, 2005

SFO Housing Has Slowed

According to this article from the San Francisco Chronicle, Bay Area housing is slowing in part because it is so much more affordable to rent. Some choice quotes:
"Karen Mak, a real estate agent at Coldwell Banker in Burlingame, said three properties in her territory priced at more than $1 million received no offers by the stipulated offer date."

"'That's not what we're used to,' Mak said. 'We're not seeing 20 offers anymore,' said Julie Rogers. 'We're seeing five or six. I think some buyers have stepped out. They just don't want to do this anymore" particularly because rents are so affordable relative to mortgage payments.'"

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