East Bay luxury home buyers appear cautious due to stock market fluctuations and energy concerns, according to Maya Trilling of Berkeley Hills Realty. Our first quarter was quite busy, but activity has slowed somewhat lately. There are fewer bids over the asking price, and more homes take longer to sell. Buyers on the Peninsula also are exercising more caution. Bidding over asking price is now rare.
Value is the key.
Well-priced properties perceived as having good value due to location and physical condition are moving well. Despite the gains of the first quarter, Los Angeles real estate brokers describe buyers as cautious and influenced by the financial and business markets. Prices are rising, but not as fast as last year. There are no bidding wars now, and properties requiring significant renovation sit on the market longer. Upscale buyers now seem to be purchasing less home than they can afford.