What often happens in these situations is not that something fresh comes on the market, but instead that a home drops in price. When this happens, it then hits the radar screen of some buyer and they jump on it. This is demonstrated by the fact the last 60 homes sold in Redwood City were on the market 87 days.
The moral of the story here is that if you have a nice home and price it well, it can sell rather quickly. However, buyers are not squandering money and even if they wanted too, the appraisers would not allow them.
There is another interesting phenomenon in this market and that is the cash buyer. None of the brokers at the meeting could ever recall a time when so many people have purchased homes for cash. Cash offers with quick closes make it difficult for the normal consumer who needs a loan to compete.
These are all good signs that the market is stabilizing.
