In the notoriously expensive Bay Area housing market, things got even more pricey during the pandemic.

Now, four Bay Area cities have landed on the list of metro areas with the biggest gap between list and sale prices.

According to an analysis from Better Mortgage, an online lender and homeownership platform, San Francisco, San Jose, Oakland and San Rafael have some of the highest average ratios between the list price and the sale price of each home sold. The company looked at Nov 2021 housing data from real estate listings website Redfin, the most recently available figures.

Cities with ratios over 100% represent areas where homes sold for over their list prices. The bigger the number, the greater the gap between the house’s listing and sale prices.

“This isn’t the least bit surprising,” wrote Khadeejah Johnson, head of brokerage for Better Mortgage, in an email. “The Bay Area is home to some of the most competitive housing markets in the country, driven by historically low inventory levels and supply chain issues causing new construction delays and higher costs.”

Johnson said there’s scarcity in the Bay Area, especially in San Francisco and San Jose, where “buyers are competing so fiercely that sales prices are far surpassing listing prices.”

San Francisco came in second on the list, with an average sale-to-list ratio of 108.3% and 70.8% of homes sold over asking price. The median sale price was $1,575 million. The Better Mortgage article explains that the city’s “extremely low housing inventory” stayed tight because when interest rates dropped, “savvy buyers capitalized on the cheaper loans by purchasing real estate in this city.”

San Jose was third on the list, with an average sale-to-list ratio of 107.5%, with 75.8% of homes sold about the list price and a median sale price of $1.4 million. The article explains that a lack of new construction and buyers capitalizing on record low interest rates have led to bidding wars and purchase prices to rise.

Oakland followed very closely behind with an average sale-to-list ratio of 107.3% and 76.7% of homes selling above asking price. The median sale price was unavailable. Better’s article points again to not enough inventory: Oakland’s population grew by 13% in the past decade, but new housing grew by only 5.16%, according to the report.

In eighth place, San Rafael’s average sale-to-list ratio was 104.6%, with 56.4% of homes sold above the asking price and a median home sale price of $1,325 million.

Johnson said the pandemic increased remote and hybrid work models, and low interest rates allowed more people to move out from city centers.

“Not everyone opted to move to Idaho, Colorado, Arizona or Florida,” she said. “Many homebuyers bought in the metro areas surrounding their home markets, such is the case in the Bay Area. The markets there have gotten so competitive over the last couple of years that homebuilders in the Bay Area haven’t been able to keep pace.”

Supply chain issues drove up prices higher, and many home buyers have scrambled to purchase homes while interest rates are still low, Johnson explained, which in turn has driven up the average purchase loan size. And, she said there have been even more second-home buyers on the market, adding to the scarcity.

Just outside the Bay Area, Santa Cruz also landed on the list at number 10, with an average sale-to-list ratio of 103.8%, with 62.5% of homes sold over the asking price, and a median sale price of $1.05 million

Johnson does not think the Bay Area housing market will cool anytime soon.

“Home builders are trying to catch up on a backlog of homes that won’t come close to meeting demand,” she said. “All the while, interest rates will continue to rise over the next couple of years, but homebuyers in the Bay Area will happily pay cash or the higher mortgage payments each month if it means landing the dream home they’ve been waiting years for.

In other words, demand will outstrip supply for the foreseeable future, she explained.

So what should prospective home buyers do in this wildly competitive market? Johnson said it really depends on a person’s financial situation. If someone is able to make a bigger offer to compete against other bids, then paying well over asking price might be the best course of action.

“You never want to try and time the market, so waiting on the sidelines isn’t always the best option either,” she said.

If paying over asking isn’t an option, Johnson recommends “making concessions in your search if you’re really determined to buy sooner than later.” She also said to be flexible with the size and location of a home if you plan to stay for fewer than five to seven years. And if you’re looking for the long-term, “make a higher offer if you can afford to or use a cash offer program.”

Kellie Hwang is a San Francisco Chronicle staff writer. Email: kellie.hwang@sfchronicle.com Twitter: @KellieHwang

The post The place San Francisco ranks on properties promoting over asking value in comparison with different cities nationwide appeared first on Los Gatos News And Events.

(CBS Baltimore) – The many steps that take a product to the customer are known as the supply chain. But currently the shelves are partially empty, deliveries are delayed and prices are rising. Bottlenecks in many steps keep products out of the hands of the consumer. It is unclear when the supply chain will normalize again. And the economy pays the price.

Any company’s supply chain can begin with suppliers of raw materials and other inputs. As soon as a product is manufactured, it travels along the network from the factory via a warehouse to a store and finally to the end customer. Various agents, brokers, sellers, transportation companies and distribution centers can play a key role in ensuring that a product is manufactured and reaches its final destination.

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The supply chain is not working as it should, thanks to a host of issues exacerbated by the global COVID pandemic. In the ports of Los Angeles and Long Beach, cargo ships with around half a million containers full of goods from various countries in Asia are waiting to be unloaded. After unloading, a lack of truck drivers prevents these containers from leaving the ports on time. Rail terminals, to which trucks deliver goods for the next stage of the journey, are supplemented with containers for onward transport, which in turn also block arriving trains. Should these goods somehow make it to a warehouse, the labor shortage will limit their timely processing.

And these are just some of the problems.

A global microchip shortage exacerbated by winter storms in Texas that affected domestic production is slowing the production of automobiles and various electronic devices. China, where many consumer goods destined for America are manufactured, is suffering from an ongoing energy crisis that is limiting production. And manufacturers in many other countries with lower vaccination rates have suffered standstills and labor shortages due to the spread of the Delta variant.

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All of this happened when a shift in spending caused by COVID dramatically increased the demand for a wide variety of products. The situation is fluid and will likely remain so during the Christmas season and into the New Year.

CBS Local has the latest supply chain news from its markets across the country. We update this list regularly. So check back regularly for the latest news on the situation.

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The post How World Shortages Are Affecting Shoppers Nationwide – CBS San Francisco appeared first on Los Gatos News And Events.

(CBS Baltimore) – The many steps that take a product to the customer are known as the supply chain. But currently the shelves are partially empty, deliveries are delayed and prices are rising. Bottlenecks in many steps keep products out of the hands of the consumer. It is unclear when the supply chain will normalize again. And the economy pays the price.

Any company’s supply chain can begin with suppliers of raw materials and other inputs. As soon as a product is manufactured, it travels along the network from the factory via a warehouse to a store and finally to the end customer. Various agents, brokers, sellers, transportation companies and distribution centers can play a key role in ensuring that a product is manufactured and reaches its final destination.

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The supply chain is not working as it should, thanks to a host of issues exacerbated by the global COVID pandemic. In the ports of Los Angeles and Long Beach, cargo ships with around half a million containers full of goods from various countries in Asia are waiting to be unloaded. After unloading, a lack of truck drivers prevents these containers from leaving the ports on time. Rail terminals, to which trucks deliver goods for the next stage of the journey, are supplemented with containers for onward transport, which in turn also block arriving trains. Should these goods somehow make it to a warehouse, the labor shortage will limit their timely processing.

And these are just some of the problems.

A global microchip shortage exacerbated by winter storms in Texas that affected domestic production is slowing the production of automobiles and various electronic devices. China, where many consumer goods destined for America are manufactured, is suffering from an ongoing energy crisis that is limiting production. And manufacturers in many other countries with lower vaccination rates have suffered standstills and labor shortages due to the spread of the Delta variant.

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All of this happened when a shift in spending caused by COVID dramatically increased the demand for a wide variety of products. The situation is fluid and will likely remain so during the Christmas season and into the New Year.

CBS Local has the latest supply chain news from its markets across the country. We update this list regularly. So check back regularly for the latest news on the situation.

A deep look at the supply chain crisis:

Supply chain problems: “Problems are really everywhere”, even for small businesses

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A look at how supply chain issues are affecting consumers across the country:

Dealing with supply chain bottlenecks in view of the holiday season

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With the rise in natural gas prices, consumers were expecting to pay around $ 40 more a month for heating bills

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The post How World Shortages Are Affecting Customers Nationwide – CBS San Francisco appeared first on Los Gatos News And Events.

(CBS Baltimore) – The sequence of steps that brings a product to the customer is known as the supply chain. But currently the shelves are partially empty, deliveries are delayed and prices are rising. Bottlenecks in many steps keep products out of the hands of the consumer. It is unclear when the supply chain will normalize again. And the economy pays the price.

Any company’s supply chain can begin with suppliers of raw materials and other inputs. As soon as a product is manufactured, it travels along the network from the factory via a warehouse to a store and finally to the end customer. Various agents, brokers, sellers, transportation companies, and distribution centers can play a key role in ensuring that a product is manufactured and reaches its final destination.

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The supply chain is not working as it should, thanks to a host of issues exacerbated by the global COVID pandemic. In the ports of Los Angeles and Long Beach, cargo ships with around half a million containers full of goods from various countries in Asia are waiting to be unloaded. After unloading, a lack of truck drivers prevents these containers from leaving the ports on time. Rail terminals, to which trucks deliver goods for the next stage of the journey, are supplemented with containers for onward transport, which in turn also block arriving trains. Should these goods somehow make it to a warehouse, the labor shortage will limit their timely processing.

And these are just some of the problems.

A global shortage of microchips, exacerbated by winter storms in Texas that affected domestic production, is slowing the production of automobiles and various electronic devices. China, where many consumer goods destined for America are manufactured, is suffering from an ongoing energy crisis that is limiting production. And manufacturers in many other countries with lower vaccination rates have suffered standstills and labor shortages due to the spread of the Delta variant.

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All of this happened when a shift in spending caused by COVID dramatically increased the demand for products. The situation is fluid and will likely remain so during the Christmas season and into the New Year.

CBS Local has the latest supply chain news from its markets across the country. We update this list regularly. So check back regularly for the latest news on the situation.

A deep look at the supply chain crisis:

Supply chain problems: “Problems are really everywhere”, even for small businesses

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A look at how supply chain issues are affecting consumers across the country:

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The post How International Shortages Are Affecting Shoppers Nationwide – CBS San Francisco appeared first on Los Gatos News And Events.

(CBS Baltimore) – The supply chain is the sequence of steps that bring a product to the customer. But currently the shelves are partially empty, deliveries are delayed and prices are rising. Bottlenecks in many steps keep products out of the hands of the consumer. And the economy pays the price.

Any company’s supply chain can begin with suppliers of raw materials and other inputs. As soon as a product is manufactured, it travels along the network from the factory via a warehouse to a store and finally to the end customer. Various agents, brokers, sellers, transportation companies, and distribution centers can play a key role in ensuring that a product is manufactured and reaches its final destination.

CONTINUE READING: Police: Lockdown at Pinole Middle School lifted after student was found with shotgun

The supply chain is not working as it should, thanks to a host of issues exacerbated by the global COVID pandemic. In the ports of Los Angeles and Long Beach, cargo ships with around half a million containers full of goods from various countries in Asia are waiting to be unloaded. After unloading, a lack of truck drivers prevents these containers from leaving the ports on time. Rail terminals, to which trucks deliver goods for the next stage of the journey, are supplemented with containers for onward transport, which in turn also block arriving trains. Should these goods somehow make it to a warehouse, the labor shortage will limit their timely processing.

And these are just some of the problems.

A global shortage of microchips, exacerbated by winter storms in Texas that affected domestic production, is slowing the production of automobiles and various electronic devices. China, where many consumer goods destined for America are manufactured, is suffering from an ongoing energy crisis that is limiting production. And manufacturers in many other countries with lower vaccination rates have suffered standstills and labor shortages due to the spread of the Delta variant.

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All of this happened when a shift in spending caused by COVID dramatically increased the demand for products. The situation is fluid and will likely remain so during the Christmas season and into the New Year.

CBS Local has the latest supply chain news from its markets across the country. We update this list regularly. So check back regularly for the latest news on the situation.

A deep look at the supply chain crisis:

Supply chain problems: “Problems are really everywhere”, even for small businesses

MORE NEWS: 1 dead, 2 injured in gunfight at Halloween weekend party in Stockton, suspect wanted

A look at how supply chain issues are affecting consumers across the country:

Fines begin Monday for unmoved containers in LA ports, Long Beach

Problems in the supply chain lead to limited furnace supply

Supply chain issues make a scary sight when Colordan’s shop for Halloween costumes

UPS is preparing for a surge in package volume for holidays, but says supply chain issues are not going away

Supply chain crisis forces Fort Worth restaurant to close

Supply Chain Crisis: Shipping industry leaders meet in San Francisco, warn of backlog to extend long holidays

The post Right here’s How International Shortages Are Affecting Shoppers Nationwide – CBS San Francisco appeared first on Los Gatos News And Events.