Buyers paying close to asking price in Today's Market?

A report was just released that home buyers are currently paying closer to listing price in August, but are still negotiating thousands in discounts. This is a look at the market from a national standpoint.

Here are the numbers:
Buyers paid $6,525 or 3% less than the asking price in August. This is down from $7,017 or 3.3% in July.

24.7% of all listed homes have had at least one listing price reduction.

So what about here in San Francisco & California?


In two California Markets buyers paid more than asking price during August. In the El Centro MSA, buyers paid 2.2% or a median $2,479, more than asking price. In the Stockton MSA, buyers paid 1.3%, or $2,515, more.

San Francisco Market:

The homes that have been sold in the past 30 days have gone for 99.47% of the listing price. In some small markets here in the city we are seeing multiple offers on properties in great condition and well priced.

So does this mean the market is in an up swing?

At this time I do not believe so, although we are seeing lower inventory which allows seller's to have the ability to negotiate more on their behalf. Buyers don't have all the options they had 6 months to a year ago. A rise in foreclosure's is projected, so this may allow more negotiating power for buyers as inventory rises again.


Any thoughts?

George