San Francisco remains a strong attraction for technology companies who recruit and hire employees with the desire and resources to live in the City. Along with the traditional needs of existing residents, 2nd home buyers, and investors, ongoing demand is fueled. Ours is a global market, especially for those homes that have been recently renovated and in move-in-condition. I'm thrilled to live and work in this world-class city.
We are seeing inventory increases, but it's still a Sellers' Market. It's just not like it was a year, or even six months ago. Depending on the list price, most homes are not seeing more than 2-3 offers, if that.
If you're selling, positioning for more than 1 offer is key to attracting buyers who are committed and highly motivated. The buying pool is still poised and accustomed to competing and overbidding for a special property, IF they feel there is room to bid upwards. If the price is perceived as too high, they will simply wait on the sidelines for a price reduction. This is not the time to be a maverick and price a property above where prices are landing, otherwise expect for buyers to wait up to 30 days+ before submitting an offer, but then your property has become "stale." Perception of value is everything and there are simply more homes choices available right now.
If you're buying, be prepared to compete with tech innovators, seasoned finance or technology executives, global families seeking safe harbor investments, or empty nesters returning to the City. Your lender relationship and being ready to act immediately are crucial. Planning ahead is key to your real estate success.
We find ourselves in a shifting market, not as exuberant but still quite active. Real estate prices are cyclical and rise & fall. The way that we protect ourselves is to buy for the long term: 5+ years. San Francisco was effected by the Great Recession for 3 years, so it seems that 5 years is a safe time frame to hold a property until its value returns, if and when the next adjustment occurs.
Are you considering a move or a vacation home? I can introduce you to prequalified agents in just about any area: from Napa to Nice, Boston to Buenos Aires, Miami to Morocco, the Sotheby’s reach extends far. Whether augmenting your portfolio with a new primary residence, a vacation property, or investment property, I'd be delighted to assist with your real estate needs. Who you work with matters.
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