Three San Mateo County cities amongst Bay Area’s most discounted

Redfin just posted a good data crunching post here about the Bay Area cities with the most discounts.  Guess which ones are in the top ten?  Burlingame, Redwood City, and Foster City all made the list.  This is not surprising because these areas are very overpriced for what they are, and the people that live in these cities tend to think their homes are worth a lot.

Interestingly enough, East Palo Alto and Daly City actually made the list for least discounted.  That is probably because most of the listings in these cities are  bank owned and so the starting price tend to be very low.  The report mentioned that East Palo Alto actually had homes sell for above asking, and I’m not really surprised because there are decent single family ranchers selling for under $200,000 now in East Palo Alto.  I’ve been to that city many many times, and some areas are not that scary looking.

So the lesson to sellers here is that they should not overprice their homes.  If they don’t hold on to unrealistic expectations of what their home is worth then they might sell their homes quicker.

February 11, 2009 | Filed Under City of Burlingame, City of Daly City, City of East Palo Alto, City of Foster City, City of Redwood City, News 

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