I’ve been asked that question more than a few times. My answer was always, “I don’t know.” What I tell my clients is, “You’ll know that you’ve missed the bottom of the market when prices start going up.” In the low end of the market, prices have started to climb!

Last week, I wrote two offers for two different clients. One of the homes was in San Anselmo, priced just below the $600,000 mark. It was a great house in a great location. My clients wrote for over the asking price with all cash. We thought we had a decent shot. Wrong! The house had 9 offers and went way over. The second home was a 4 bedroom / 2 bath home in Novato, priced at $399,000. Again, the client wrote for over the asking price. Again, we were beaten to the ground. That house had 7 offers and shot the moon.

This week, I have another set of clients that will be writing on a house in San Francisco. This house is priced at $500,000. When speaking with the listing agent, she indicated the Sunday open house had over 250 people visit! We will be offering over the asking price, as will many others.

Are we at the bottom yet? We missed the bottom. The market is on its way back!

Posted by:Mark Machado