This week real estate news is full of positive thinking with many people from Warren Buffett to local realtors and buyers jumping on the band wagon shouting things are looking up in real estate. Changes have slowly reached a point where many San Francisco neighborhoods have shifted to a seller’s market.
What’s different in the news?
Warren Buffet wrote in his letter to the shareholders in his investment company Bershire Hathaway “And while ‘doubling-up’ may be the initial reaction of some during a recession, living with in-laws can quickly lose its allure.”
Economic growth: Facebook IPO, Twitter moving to Mid-Market Street, Zenga IPO, Salesforce expansion in San Francisco
The excitement is building in San Francisco. It is time get your running shoes on. In the past few years multiple offers or homes being sold over asking were only in the dreams of sellers. Today many open houses are mobbed with buyers. Recently I submitted an offer for clients on a home at 232 Clinton where there were 11 offers (gasp), nine were over asking and the home listed at $1,225,000 sold for $1,400,001, cash. The clincher here is the house was not priced below market. While writing this blog a client called to tell me on Sunday she went to an open house in the Duboce Park neighborhood arriving there just before 4:00 p.m. thinking she would have the condo to herself. To her surprise there were 20 people there and the agent said close to 200 people had come to the open house. This was a beautiful 2BR/2BA condo with parking priced at $799K. I have heard of 50 and 100 people at Sunday open houses in the past few weeks, but WOW! 200 people! Now that is a big number.
It is clear that in neighborhoods from the Marina on the north side of town to Glen Park going south there is a serious pent up demand for homes and condos. If you are thinking of selling please call me. Together let’s get your house on the market as soon as possible to catch this wave of buyers.
THE RACE IS DEFINITELY ON!