Bay Area homebuyers beware. Among the nation’s 100 largest housing markets, San Francisco, San Jose and Oakland – in that order – are the least likely places to find a price cut on a home for sale.
That’s according to a new study by Trulia, which tried to figure out if a Black Friday phenomenon exists in the U.S. housing market. In the Bay Area, of course, the idea of a Black Friday sale on homes is a bit bogus.
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Median prices here are high to begin with, topping $1 million for single-family homes in numerous counties. Beyond that, any seasonal price relief of the kind retailers offer post-Thanksgiving shoppers is hard to find if you’re looking to buy a house.
The San Francisco, San Jose and Oakland metropolitan areas “are very expensive markets, and they’re very tight markets,” said Felipe Chacon, the Trulia housing economist who authored the report. “There’s just not a lot of reasons for sellers to cut prices right now.”
Only 6.3 percent of homes listed in San Francisco in the year ending in October had seen at least one price cut, the report found. That was the lowest percentage in the country — less than half the national share of 13.4 percent. San Jose had the second lowest percentage, 7.2 percent, and Oakland had the third lowest, 8 percent. Compare that with Phoenix, where nearly one in five homes had at least one price reduction – and housing is much cheaper, anyway.
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Looking at the national market over the last six years, the Trulia study shows that August is a sort …
Source:: The Mercury News – Lifestyle