Mark McLaughlin, CEO of Compass California wrote yesterday morning to his agents about what he is seeing in CA.
“This was likely the craziest busy weekend of real estate I can remember [established 2006]. Buyer demand is furious and coming to your community from every vantage point."
Buyers seem to be:
Fleeing rentals, trading up, seeking yards, pools and solitude.
Seeking quality schools, sense of smaller communities, resort-like properties and pools [again].
The migration from urban areas:
Los Angeles to beach communities on west-side and Santa Barbara.
San Francisco to East Bay, Marin, Wine Country and Silicon Valley communities with amazing school districts.
Anything “done” under $2 million is seeing multiple offers.
The high-end is seeing multiple offers at $3M, $5M and +$10M throughout CA...
The activity in the City of San Francisco over $5M seems to be move up buyers. If you love San Francisco get a better home and love San Francisco more.
In Beverley Hills & Brentwood it seems to be the same “love it more” over $5M.
The Entertainment and production industries are negotiating with Unions to get back to work. This could unleash another wave of buyers.
Births, engagements, divorce, death and downsizing are all happening as well.
The demand is ferocious in every aspect of the business. It seems every real estate season and every buyer demand all on a weekend.
In our second home markets, the conversations have gone from “I’d love to rent a high-end home” and check the area out to
“I need a home / buying a home” for the quality of my life. This is where I want to live!”