If you’re a buyer looking to spend $1.5M+ for a single-family home or condo in San Francisco, you certainly have your pick of inventory this holiday season.
There are currently 72 single-family homes available between $1,595,000-$25M. How this all shakes out is that the bulk of these current listings are $1,595,000-$3M. After that, there are 18 homes offered in the $4M-$10M range. And the final six are priced from $13.5M-$25M. Average list price is $4,620,110 and days on market average is 80.
And there are 37 condos available, mostly from $1.6M-$3M. The averages here are $2,434,973, with 103 days on market. The most expensive condo is the 2BR/2BA penthouse at The Ritz-Carlton, which was listed at $8M in mid October 2012 and is holding steady at that price.
If you’re a buyer in this segment of the market, you should be able to negotiate your way into a good deal. And while you’re at it, get me involved. I’d be happy to assist you so you can get into your home by Christmas!
If you’re interested in figuring out what you can afford in the San Francisco real estate market, the first step is getting fully preapproved for a loan. And part of that process involves a lender pulling your credit so it can verify the type of loan for which you’ll qualify.
My colleagues at Guarantee Mortgage report that some buyers are resistant to having their credit pulled. Indeed, I’ve had clients question why such activity is necessary. The upshot is that pulling credit has more of a purpose than just determining the buyer’s credit score.
Lenders in the current market—especially jumbo lenders—are equally as interested in the “depth” of borrowers, says Guarantee Mortgage. For example, they want to see that a buyer has used credit in the past 24 months, and believe that if the buyer doesn’t have debt, the credit score may be compromised. As a result, the lender may not be getting an accurate read on the borrower’s ability to pay.… Continue Reading