Tag Archives: Real Estate Listings

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Prices Jumping – Yet Again – Across San Francisco

The San Francisco real estate market grew increasingly frenzied as the first quarter of 2014 progressed, leading to another surge in home prices in virtually every neighborhood in the city. The high-demand/ extremely-low-inventory/ competitive-bidding situation is similar to what occurred first in spring 2012 and then, to an even higher degree, in spring 2013. After the market seemed to stabilize in the second half of last year, we didn’t expect to see it turn this fierce in early 2014, but right now it appears to be every bit as ferocious as last spring’s.

Of major metro areas, the new Gallup-Healthways survey ranked SF-Oakland second in the nation (behind San Jose-Santa Clara) on their index for “well-being.” Though already the second most densely populated city in the country (after NYC), San Francisco simply has many more people wanting to live here than there are homes available to rent or buy.

Sales over Asking Price
The heated competition for new listings coming on market has resulted in an astounding percentage of sales occurring above, and often far above, list price.

This chart below breaks down, by neighborhood, the average sales price to list price percentage for the 90% of homes selling without price reductions. Of the areas assessed, Bernal Heights came out on top with sales prices averaging an incredible 21% over list prices over the past 2 months.



Median Sales Price Spikes
Typically, the first quarter of the year does not show a dramatic increase in median sales prices over the previous quarter – in fact, a decline is not unusual due to holiday market dynamics. But the first quarter of 2014 saw large spikes in median prices for both single family homes (houses) and, especially, condos in San Francisco.
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San Francisco Homes & Properties Listed And Sold Past Two Weeks

In case you’re not on the list to receive these in your inbox, here are the most recent listings and most recent sales for San Francisco. And wouldja look at that…my recent off market sale popped right up on top. The first resale in 1 Ecker (16 Jessie) since it’s renovation in 2010, and what a sale it was.

listedsold

As is the case with this information, and anything else regarding San Francisco real estate for that matter, if you have a question, just ask.

-1 Ecker, 2 bed, 2 bath, Sold $755,000 [MLS]
-sfnewsletter real estate market info week ending 1/25/2013 [sfnewsletter]

Buying A Home In San Francisco – Step 3: Go See Some Property!

You starting to feel ready to buy a home in San Francisco? By now, hopefully, you’ve made it through Step 1, and are now either pre-approved, or can provide Proof of Funds, and are getting dialed into this thing called the internet and how well it can help you instantaneously see what is new on the market, because you’ve completed Step 2, by having listings sent to your inbox automagically.

That makes you ready for…

Step 3 – Go See Some Property

You’ll want to go see the ones you might even remotely like. Even if you think it’s not a perfect match, you should go take a look anyway. It will help you get a feel for the market, and if you see something that is an “almost” you can track the sale of it to educate yourself on actual sales prices versus list prices.
So how can you know what properties to tour and when? There are a number of ways to do it.
a. Schedule private showings with your Realtor. Schedule them as soon as you can. It’s the best way to see property, without the hundreds of other people, and it gives you a jump on the competition.
b. Still not ready to wed yourself to a frothy real estate agent? Hit the Sunday Open Houses. You can pretty much bet that 99% of the listings you’re getting fed via email will have an open house on Sunday from 2-4pm (in San Francisco). If you show up at a house and it’s not open, oh well…use the opportunity to check out the ‘hood.
c. Tuesday “Broker” Tour. You can also bet that new listings will be open on Tuesday Broker Tour in their designated time slot. Tour rotates around the city beginning at 9am in Telegraph Hill area, and ending in SOMA/Mission/Potrero Hill areas in the late afternoon around 4pm. Times are in increments of 1.5 hours. For example: Pacific Heights new listings are open 10-11:30 on Tuesdays, and the Mission will be from 2-3:30pm.) Technically Broker Tour is meant for Brokers only, but any Realtor that refuses entry to you (a buyer) should be asked to leave the industry. It’s easy to get the Broker Tour schedule, just ask your Realtor, or theFrontSteps.
d. SFOpenHomes.com – Fed directly from MLS, and including any property in the system that has been added as having an open house. You can search by all sorts of criteria, so you can pretty much find anything you like, and whether or not it will be open.
e. Craigslist – Check Craigslist for properties that may or may not be on MLS and whether they’ll have an open house, or when they’ll be available for viewing.

If your schedule does not permit a private tour set up by your agent, or if you prefer to visit property in your own car, on your own time, you can count on options c,d,e to get you where you need to be. Just get out there and get educated! Be warned, almost every real estate agent you come across at an open house will ask you if you’re currently being represented. If you don’t want to be bothered, just say “Yes, I have an agent”, and feel free to drop our name if you panic, and they’ll probably leave you alone. Oh, one more thing…there is no need to fill out the “Open House Sign Up” sheet, unless you like to be spammed. It is simply a tool for agents to get your contact info and add you to their marketing.

So get out and tour, and if you see a property you like, and you think it’s “the one”, don’t pass it up because it is the first property you may have seen. There is a really good chance something like it won’t come around anytime soon, so you gotta jump on the ones you (sort of) love.

Godspeed!

-Step 1- Get Pre Approved, Provide Proof of Funds [theFrontSteps]
-Step 2- Get Listings Fed to you Automatically [theFrontSteps]

Don’t Wait Until Spring To Sell Your Home

I’ve been advocating for listing your property for sale during the typical doldrums for years, and occasionally a few brave souls take the plunge. Have a look at this image below and the data used to arrive at the conclusion next time you think it’s best to wait til Spring or Summer:

Why should you list your home right now and not wait until everyone else? It’s simple: Supply and Demand. The buyers are still out there, but the homes for sale are not. So when a good one comes up, it’s like chum in a pool of great whites.

As an example, I was at two open houses Sunday with a client, one at 468 Noe, the other at 442-444 Noe. It looked like a holiday block party, or a daytime Halloween Trick or Treat extravaganza. It was a frickin’ madhouse! Soooo many buyers…serious buyers…walking in and out of those homes. When I hold my own open houses I usually have to stay at the front door and greet visitors. At these open houses I was able to walk around and hear the conversations. Real conversations about what it will take to “win” it. How will their financing stack up against a potential cash buyer. They could “live with the kitchen”, or “we’re definitely going to remodel”. It’s the same with just about every other good house, priced right, in a good location. San Francisco simply has more buyers than good, quality, property for sale, and so I say again…it’s a great time to sell.

Buyers are out there. Don’t wait until your competition lists their home for sale. Do it now, and put some big fat Benjamins under your tree or next to your Manora.

[I have more stories to share about my own listings and buyer competition, so make sure to check back, or opt to receive theFrontSteps via email/RSS.]

-$415,000 over asking in Haight/Cole Valley [theFrontSteps]

San Francisco Real Estate Market Update & Recent Sales Snapshot

Wowza, wowza, wowza! Those of you that have been reading a long time know that if I go quiet, I’m probably busy. That’s exactly the case. I currently have 4 properties in contract, and two listed as active on MLS (both of which I expect will go into contract soon). Once the dust settles, I’ll have many stories to share, and much more wisdom to impart on all of you. Until then, enjoy the most recent market snapshot I sent on Friday.

And of course, San Francisco’s most recent sales (because that’s all we really care about, right?)