It’s not just our beautiful late summer/early fall weather. It’s the real estate market in San Ramon. Scorching hot! As of today, there are 44 homes available for sale (this means townhomes, condos, detached homes, and duets ) To put this number in perspective, last year at this time there were about 250 homes available. So why this change, you ask?
Demand for homes in our fair city is on the rise, not just from within Bay Area, but also from outside the state and sometimes the country! Part of the reason is companies like General Electric and PG&E, located here in Bishop Ranch are expanding, and bringing in more employees. GE is bringing in 400 additional workers, and PG & E is relocating a San Francisco office of about 800 people to Bishop Ranch. All of this well educated incoming talent needs housing. They are finding that San Ramon is very attractive because of its highly ranked schools, a business park that is expanding, plus it is clean, safe, and well maintained. Not to mention its close proximity to the Silicon Valley and San Francisco, snow skiing and wine tasting! And to top it all off, San Ramon is in the process of planning a New City Center, which is to be a pedestrian friendly mixed use retail/professional/civic space. What’s not to like?
When talking with local Realtors in this area, you will notice they are often feeling Fantastic and Frazzled, all at the same time. There are buyers lined up and ready to purchase, and limited inventory to offer. Oftentimes, a home will be on the market just a few days, and there are multiple offers already on the table! This is reminiscent of 2004, where every home that came on the market brought on a feeding frenzy of offers and clients. Bear in mind, back then, the world of loans was far different than it is today. Lenders are very thorough in the screening process nowadays, and there is some real qualifying going on when folks apply for loans.
We find, when working with our clients, a good tactic is to provide them with the facts of the current market. A few examples are: 1. Don’t believe everything you read on the Internet. 2. A licensed Real Estate Agent will have the most up to date and accurate information on availability and pricing. 3. Offers below asking price are often not considered in this high demand/low inventory climate. 4. It is best to be prequalified for a loan in your price range before beginning a home search, because the properties are going on and off the market very quickly. Once a client is informed and armed with a prequalification letter from their lender, it is easier to help them find a home that meets their needs and is what they want. So take a deep breath, and bring your patience and hope. There is a real estate market out there to be conquered, it’s moving fast, and it’s HOT!