Seller’s market: Bay Area real estate deal-making accelerates

As reported by the San Jose Mercury News:

How fast is fast? For Bay Area real estate, the speed of deal-making is accelerating this spring as homes spend less time on the market and cash deals close at bullet-train speed.

Just ask Steve Pierce, whose house in Redwood City attracted 17 offers last month and raced so quickly through the escrow process that he and his wife, Sheila, requested a delay so they could spend Easter dinner with the family: “It was like boom, boom, boom,” he said. “The buyers couldn’t wait to get in. All cash.”

Or ask Mei Zhang, who moved a year ago from Shanghai — another hot market — to the East Bay. In February, with all their loan pre-approval documents in order, she and her husband, Yudang, leapt on a house in Orinda, pushing it to contract in seven days. “We really liked it at first glance,” said Mei Zhang, “and so we made an offer really quick” — $41,000 over the $1,469,000 asking price. …

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