Julie Ching, R(B) and Dennis Yates, R(S)September 23rd
Uncategorized

If It’s a Buyer’s Market, Why is My Agent Rushing Me on Offers?

As is typical for the season, San Francisco’s post-Labor Day real estate market blossomed with a plethora of new inventory, elating buyers who have been patient through the summer’s lack of good properties. The day following the Labor Day holiday, over 200 homes appeared on the San Francisco listing service (MLS). That would make anyone […]

As is typical for the season, San Francisco’s post-Labor Day real estate market blossomed with a plethora of new inventory, elating buyers who have been patient through the summer’s lack of good properties.

The day following the Labor Day holiday, over 200 homes appeared on the San Francisco listing service (MLS). That would make anyone think that this is a buyer’s market. So why am I pushing my buyers to write offers quickly, and why on earth should they be over the asking price?

It still boils down to supply and demand. Despite the influx in inventory of homes and condominiums we’ve had, there is pent up demand from this summer. Looking back to summer up until now, I’ve had clients writing offers on — or interested in — properties whose stats look like this:

  • Inner Richmond fixer home – listed at $650,000: 14 offers, sold for $825,000
  • Lower Pacific Heights condo – listed at $839,000: 2 offers, sold for $875,000
  • Lower Pacific Heights condo – listed at $849,000: 5 offers, sold for $875,000
  • Inner Sunset condo – listed at $749,000: 2 offers, will sell over asking with no inspection contingency
  • Noe Valley home – 4 offers, all over asking on the 3rd day on the market
  • Noe Valley home – offer on the 7th day on the market, all cash offer
  • Potrero Hill home – 5 offers, 3 were all cash, will sell over asking

If you really want to purchase a home now, it’s time to get realistic about the San Francisco market. Good properties and good locations SELL FAST. You have to move quickly. Good properties that are priced as a value SELL AT MARKET RATE based on demand for that product. The market may look like a buyer’s market, but it’s certainly not acting that way.

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About the Author

Julie Ching, R(B) and Dennis Yates, R(S)

Julie Ching, R(B) and Dennis Yates, R(S)

Ching and Yates are top producing listing and selling agents who have sold real estate valuing over $83,000,000 in the Kailua-Kona, Keauhou and general West Hawaii region, with an emphasis on residential homes and condos in luxury communities.

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