Take a look at these recent single family home sales in the Outer Richmond/Sutro Heights neighborhood of San Francisco. First, 595 44th Ave, an amazing home by all accounts.
As far as Overbids go, it just hit #5 on the top 20 list. But it has history…specifically pricing history that many agents seem to forget to check before submitting an offer, and why it is so important not to overprice your property and “chase the market down”.
Originally listed at $1,689,000 this property came blazing onto the market touting all the newly done new stuff. No bites at $1,689,000, or at least none that got it in contract. Fast forward a month and the price was dropped to $1,395,000…no bites, or at least not enough to get the seller to accept. So now, had someone come in around this time, the seller may have been forced to accept a lower price. BUT…the agent did his job and likely pushed for a major price reduction ($500,000 from original) down to $1,189,000. Multiple offers later, or just one very keen buyer, and look at that…sold for $1,690,000, or $1,000 more than the original list price.
This is a perfect example of why you should always err on the side of caution and list lower, rather than higher.
Case in point, our second Outer Richmond/Sutro Heights stunner, the Storybook Tudor on Anza (@47th Ave) just went from $995,000 to $1,400,000, with 24 offers, in the blink of an eye, and coincidentally landed at number 6 on the top 20 Overbid list.
There is more story on the Storybook, but I’m not printing it. You can contact me for details, but really I just want to highlight the importance of pricing when it’s time to sell your home. And if you don’t get pricing right the first time, don’t be afraid to adjust, and adjust quickly.
So to say the Outer Richmond single family home market is hot, that might be an understatement.
Happy Monday…oh…this Amazing Sutro Heights Home is still there for the taking.