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:
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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