It’s a great day in the eyes of Realtors everywhere! Overbids are back, multiple offers have returned (stay tuned for 262 Minerva), and the rain is going to stop. Orrrrrr…maybe not.
The story is becoming all too familiar, and 166 Majestic is no different. This 2 bed, 1 bath, 1000 square foot single family home in the Oceanview district of San Francisco was surely “priced to sell quickly” at $399,900, and sell quickly it did (Days On Market show 90 days, but that is time lag for bank approval of the REO.)
Here’s the bad part for the seller, purchased in 2006 for $699,000…and the good part for the buyer, purchased today for $461,000. Indeed that is 15% over asking today, but 34% less ($238,00) than the last recorded sale in 2006. We keep saying, if you’ve got the funds, the good credit and you plan on staying a while, “it’s a great time to be a buyer”.