Category Archives: Home Owner Tips

East Slope Sale Breaks Bernal Heights Sales Record, Commands the Microhoods in 2017

East Slope Sale Breaks Bernal Heights Sales Record, Commands the Microhoods in 2017

The East Slope of Bernal Heights was home to a record-breaking sale this year, and also boasts the highest median price to date in 2017. It was business as usual for our other six microhoods, which all median prices well above the million dollar price point.

As my regular readers know, I created the Bernal Heights microhoods in 2014 to help prospective buyers and sellers get a more refined sense for the values behind the single-family homes in the neighborhood’s distinct geographical areas. I like to check out the values at least once annually. So here’s how our microhoods are stacking up so far in 2017:

Northwest Slope
Single-Family Home Median Price: $1,500,000
Most Expensive: 106 Coleridge (5BR/4BA, 3105 sq ft | $3,100,000)
Least Expensive: 125 Lundys (3BR/1BA, 1186 sq ft | $1,100,000)
# Overbids Above 25%: 4
northwestslope
Buyers weren’t shy about ponying up more than $300,00 over asking for three homes in the Northwest Slope. One of those was the Victorian at 56 Mirabel (2BR/1BA, 1100 square feet) listed for $1,295,000, which received ten offers and sold for $1,630,000. It was also a good year for the renovated Victorian at 106 Coleridge, which finally sold for $3,100,000 after first coming on the market in 2016. Continue Reading

How To Get Top Dollar For Your Home

There’s one way to increase your chances of maxing out the sale price of your home: Look as good as your comps.

The San Francisco market has been strong for the past several years, and the list-low-sell-for-more strategy prevails. Many home sellers have walked away with huge net proceeds, often amidst multiple offers and quick closes.

But that doesn’t just automatically happen. The tricky part is that buyers won’t pay your dream price just because you want it; you have to create the desire for them to do so. Continue Reading

5 Seller Tips for a Successful 7-Day Close

I just went into escrow on my fixer listing in Miraloma Park, and we have a cash sale with a seven-day close. What seller doesn’t want that? However, it’s important to get all your ducks in a row if you’re taking on the seven-day close. Here are five things you need to have in order as a seller if you want to successfully close in a short period of time:

1. Locate your loan details. The title company will to order the loan payoff information for your property. You’ll need to provide the following details as soon as possible, for each loan: lender name, contact number, address, loan number and estimated balance. If you’re selling a condo, you’ll also have to provide the names of the homeowners association and management company’s address and contact info, as well as the account number. The lender can take a few days to respond, which could end up delaying your fast close if you don’t have that info ready to go. Continue Reading

Don’t Lose Your Home: Pay Your Property Taxes

The city catches up with homeowners who don’t pay their property taxes, and missing payments can cost you your property.

Case in point: The recent situation made public over at Presidio Terrace, where a South Bay couple ended up owning that block-long, private street lined with multi-million dollar mansions. (You can read the story here.) The homeowners association for the street apparently didn’t pay $994 in back property taxes, and the city auctioned off the block. Continue Reading

Today’s Buyers Love “Done” Homes

The real estate market is booming, and many potential home sellers are wondering if it might make sense to do some remodeling for sale purposes. The answer? Yes. A little sprucing up can go a long way with today’s buyers—and maximize your selling price. Continue Reading

The Most Overbid House ‘Hoods in San Francisco Right Now

Buyers have had no qualms about dramatically overbidding for single-family homes in West Portal, Westwood Park/Highlands, the Central Sunset, Ingleside Heights and Miraloma Park this year.

Those neighborhoods are seeing an average overbid of 20 percent. West Portal actually had five homes sell for between 30 and 50 percent over list price this year.

The selling pattern within individual neighborhoods is a useful data point for sellers when it comes to setting a list price—and for buyers as they decide how much to offer for a property. The traditional pattern in San Francisco has been to list low and sell for more. In general, single-family homes in popular neighborhoods and at price points under $2M tend to get the highest overbids.

I did a quick analysis on the single-family home market and flagged the neighborhoods that are experiencing the highest levels of overbidding. Here are the hot spots now, according to the average overbid percentage year to date:

West Portal 22%
Westwood Park/Highlands 21% Continue Reading

Should You Buy Earthquake Insurance?

Two earthquakes in Blackhawk and the Geysers over the past couple days prompted me to run one of my most popular posts: Is it worth it to buy earthquake insurance?

Only about 12-15% of California homeowners have earthquake insurance, and I believe that ratio drops further in The Bay Area and San Francisco. This is because earthquake insurance is very expensive. In a condo building, it will double your homeowners association dues (HOAs). Additionally, most policies come with a 10-15% deductible. This means the damage to the building would have to be pretty severe in order for you to use your coverage. Continue Reading

Top 5 Challenges For a Condo Sale

If you’re planning to sell your condo this year, it’s important to be aware of certain things that will seriously shrink your condo’s buyer pool. Here are five of the most common challenges—and some advice on how to handle them so you have a successful transaction: Continue Reading

Defer Paying Taxes with a 1031 Exchange

A 1031 exchange is an excellent option for investors looking to cash in on the San Francisco market. You can defer paying big capital gains taxes, move up to a bigger and better investment property, and build your wealth in the process.

The Internal Revenue Code Section 1031 allows investors to reinvest proceeds from the sale of one investment property into another similar property while deferring capital gains that would otherwise be due on the sale.

Here are the four simple guidelines for exchanges, as per the Asset Exchange Company in San Francisco: Continue Reading

Call For A New Resale and Renovation Exterior Color

Whitewashed exteriors were common for several years when it came to newly renovated, high-end homes. But for the last two years or so, dark gray has been the go-to color for contractors and home sellers.

Here’s a quick sample of a few homes in my Noe Valley neighborhood that have sold in the past year, or are on the market right now:

Continue Reading

Yes, Neighbors Can Affect Property Values

In a city as dense as San Francisco, it’s important for buyers and sellers to consider the “neighbor factor.”

My clients visited an open house recently that I recommended they see, with a heads up that the property next door was a bit of an issue. The single-family home they saw was well appointed, renovated, and on a lovely block. They loved the floor plan and overall space. The garden was cute and private. They basically liked everything about it—except for the hoarder house next door whose yard looked like the dump. They decided to pass. Continue Reading

Outer Sunset Takes Overbid Title in Q4 2016

The Outer Sunset, Parkside and Outer Parkside led the single-family overbidding pack in the last quarter of 2016, with average overbids that far exceeded other neighborhoods.

Though the average citywide overbid was five percent, the Outer Sunset saw buyers paying an average of 19.5% over the list price, with the Parkside (19%) and Outer Parkside (17.5%) hot on its heels. Other high-flying neighborhoods included Miraloma Park (14%); Portola (13%); Central Sunset (12.5%); Sunnyside (12.5%); and Excelsior (11.5%). Continue Reading

Bark Louder Than Bite in “As Is” Sales

There’s an addendum that frequently makes it into the purchase agreement in many transactions—the “As Is” addendum. I’m often asked by buyers what this actually represents.

The truth is, an “As Is” addendum means virtually nothing. It’s basically a warning from sellers that they aren’t going to be receptive to repairs or credits during escrow. Or, as an attorney during my company’s recent risk management seminar put it: An As Is addendum is when “sellers are putting the flag up and keeping their fingers crossed” that the buyer won’t try to negotiate anything. Continue Reading

I’m A Realtor Seeking New Clients for 2017

Though I spend a lot of time sharing San Francisco market insights on this blog, I am a full-time real estate agent. That may not be obvious sometimes, but what it means is that I earn a living helping people buy and sell residential real estate.

I know many of you are considering making a move in 2016, or you may know friends, family or neighbors who are. That’s where I’d like to come in. If you’ve been reading my blog on a regular basis, you know that I’m a straightforward, knowledgeable professional who’s been a Realtor since 2002. I’ve navigated clients through slow markets, crazy markets and everything in between. I have a strong work ethic, am obsessed with providing excellent service and am always available to talk, email or text when my clients have questions or concerns.

This year is winding down, and I am looking to kick off 2017 by making myself useful to buyers and sellers. Most importantly, I typically consult with people well before they’re actually ready to take action. So don’t hesitate to get in touch. Early in the new year is a great time to strategize about a move.

You can view my most recent sales here, and my Yelp reviews here. My Yelp page also features a video about my business, so check that out if you’d like to put a voice and face to this blogger.

I look forward to hearing from you soon!

Get in touch:

Eileen Bermingham

Zephyr Real Estate

415.823.4656

ebermingham@zephyrsf.com

BRE# 01352627

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