Bipolar Buyer Behavior Prevails Through 2016

Two recently closed sales in Eureka Valley and Buena Vista/Ashbury Heights point to the continued bipolar nature of the San Francisco real estate market.

There’s 562 Sanchez, a 4,000 square foot, four-bedroom house a block from Dolores Park. The property came on the market at the end of June for $3,950,000. After withdrawing the listing and then making a few price cuts, the sellers received an offer and the sale closed late last week for $3,500,000—$400,000 under the list price:
562-sanchez 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!

Small Bump in House Prices Forecasted for 2017

Small Bump in House Prices Forecasted for 2017

Single-family homes will likely see a three- to five-percent appreciation in 2017, says First Republic Bank’s Senior Managing Director and Portfolio Manager Alan Zafran at yesterday’s annual holiday Realtor luncheon. Trends are pointing to these slight price increases due to supply constraints and the overall desirability of the city. Continue Reading

Should You Remodel Your Kitchen Before You Sell?

Three potential sellers have recently asked me this question, so I thought it would be a good time to let everyone know where I stand when it comes to remodeling in order to sell your home—particularly if you’re thinking of selling in the new year.

Kitchens are typically the primary renovation target in a property. The kitchen is where everyone pretty much lives these days, and it’s the core of a home. You can certainly command more money when you’re selling if you have a remodeled kitchen. Buyers come through the property and don’t knock money off the list price for the new kitchen they “need” to do. But that’s only if they like the remodeling you’ve done. Continue Reading

Gap Narrows Between List and Sale Price in San Francisco

Our shifting market will be seeing a lot less crazy overbidding in 2017 as the gap narrows between list and sale prices.

I’m expecting the list-low, sell-for-more pricing strategy to continue throughout next year. But as our market evens out, it’s likely we’ll see sale prices that are a lot closer to their list prices.

The average overbids in October-November 2016 for houses and condos were 5.5% and 4%, down by half in the same time last year. This pattern will set the pace for 2017 sales, as buyers and sellers reference comps and base values on late 2016 activity.

I’m predicting that a small portion of properties will sell for 25% or more next year—houses in highly desirable neighborhoods, and “classic” condos with period detail in smaller buildings that are near popular retail areas and transportation. But the majority of sellers will be wise to expect values within comp ranges, and set their list prices closer to the likely values.

The Pros & Cons of Preemptive Offers

Your agent has shown you a great two-bedroom condo in Pacific Heights before the first official open house. You love the property and are ready to make an offer, but the sellers and listing agent have set an offer date. Should you seize the day and submit an offer?

Buyers make preemptive offers when they want to avoid competing with other buyers. And especially around the holidays, sellers may be open to accepting a quick offer if they are motivated to wrap up their sale by the end of the year.

Though preemptives have their benefits, there are definitely a few drawbacks. Before you rush out to write that offer, here are some points to consider: Continue Reading

Happy Thanksgiving!

Happy Thanksgiving!

Best wishes to all my readers for a wonderful Thanksgiving!

I have much to be grateful for this year, and appreciate it every time you share a post with your friends or contact me about buying or selling a home.

I’ll be back next week to keep you informed about how the holiday real estate market is shaping up.

What The Trump Presidency Will Mean For San Francisco Real Estate

It’s taken me a bit of time to absorb the political events of the past two weeks. It was a challenge to think clearly about the ramifications of a Trump presidency in the first week after the election. But once the shock wore off, I started talking with my colleagues and devouring various trusted financial and real estate news sources for some clues about what we can expect in the San Francisco real estate market over the next four years.

I’ve concluded that the most direct effects a Trump presidency will have on our local market will be related to two things—interest rates and available cash for home purchases.

Interest rates are already higher due to more selling in the U.S. bond market. Rates are at four percent on the 30-year fixed product, up from 3.5%. The lending industry didn’t expect to see four percent interest rates until sometime in 2017. It’s a good time for prospective home buyers to reevaluate what you can afford based on the most current interest rates.

Whether the stock market will generate favorable returns will have everything to do with how much cash is available to home buyers. I’m expecting that the stock market will experience constant ups and downs as the new presidential administration announces its plans and initiatives throughout 2017.

SoMa Condos, High-End Houses Top Year-End Inventory

We’re approaching Thanksgiving, and that means we are officially in “year-end” territory. Buyers looking to get a deal are likely to find one in South of Market, or in the single-family home luxury market if they can spend $2,000,000+.

But there really are a variety of options out there right now. Here’s where to focus your energy if you’re aiming to purchase a condo or house before the end of 2016, along with price ranges and my picks:

Single-Family Homes
Central Richmond
What’s Available Two- to four-bedroom houses from $1,300,000-$2,500,000
My Pick 791 30th Avenue
791_30thave
791 30th Avenue was built in 1941 and is nicely updated. There are two bedrooms on the main level, and two more downstairs, with a total of 2,085 square feet. Landscaped yard and garage parking. Only one block from Golden Gate Park. List price: $1,495,000. Continue Reading

How Many Offers Will It Take To Buy Your Next Home?

The current market is still rolling along with multiple offers and overbidding on a majority of homes in San Francisco. And many buyers are asking: How many offers do I need to write before I get my offer accepted?

I’ve heard some agents talk about having to write 10+ offers before their clients had one accepted. But all I can offer is my own experience and track record, which I thought I would share. Continue Reading

Just Sold: 701 Minna #17

Just Sold: 701 Minna #17

We closed escrow last week on my beautiful tri-level loft listing in the mid-Market area of SoMa. I managed all the pre-sale prep work, from floor fixes to full-scale painting, staging, repairs and cleaning. In the end, we had a really well-appointed, bright and spacious unit listed for $1,195,000.

Loft activity slowed down a bit over the summer, so we pulled the property off the market in mid August, with the intention to come back on the market in mid September. But two buyers who had been through one of our open houses returned, and promptly wrote an offer that my seller clients accepted. After working through some transactional snags, everyone pulled through, and the sale closed escrow for $1,150,000.

Much thanks to Karen McDowell at Bank of the West for managing the financing, buyer agent Eamonn O’Callaghan at Zephyr Real Estate, Georgine Lonero at Stewart Title. Special thanks to Dale Zink for his fine staging work and flexibility. Excellent teamwork all around!

Where To Find Senior Housing in San Francisco

I’m often contacted by seniors or their families inquiring about what available housing in San Francisco. The truth is that the city has somewhat limited options for seniors. But I decided to round up the options in one blog post that will hopefully be a useful resource.

Senior housing in the city generally falls into three categories: full-service facilities with built-in healthcare services, buildings that are zoned for senior occupants, and centrally located complexes with amenities that I personally think are appealing and useful to senior-age residents. Here’s my roundup, with sales data courtesy of the San Francisco Multiple Listing Service:

1. Full Service Communities
If you’re looking for a residence that will let you easily transition into assisted living, these full-service communities are the best option in San Francisco. You’re basically paying an occupancy or entry fee, with monthly fees that cover your living expenses. All three of these communities are located in the Lower Pacific Heights area, with easy access to public transportation and nearby retail areas in Japantown, Polk Street, and Hayes Valley.

The Carlisle [1450 Post | Lower Pacific Heights]
What It Offers: Continuing care retirement community providing independent and assisted living services for those 62 and over.
How It Works: You purchase your unit and pay a monthly fee (from $4,000) that covers meals, housekeeping, activities, wellness center, cinema, and the usual HOA-related utility expenses such as water, trash, electric, cable, maintenance, and insurance.
What It Costs: This year’s sales ranged from $245,000-$530,000 for the one bedrooms, and $675,000 (with $6,000 monthly fee) for a 1,040-square foot two bedroom/two bath with parking. Continue Reading

Eileen’s Sold Properties
701 Minna #17
South of Market

Urban Loft Living
Sold: $1,150,000
Represented Sellers

Welcome To The Holiday Home Stretch, 2016

If you’re planning to buy or sell real estate in the near future, it’s important to know that the industry slows down after Thanksgiving. Buyers get distracted with holiday activities, and not too many homeowners relish the idea of open houses after the Christmas tree is up.

The bottom line is that new inventory will substantially decrease after your Thanksgiving dinner leftovers are gone. Continue Reading

Get in touch:

Eileen Bermingham

Zephyr Real Estate

415.823.4656

ebermingham@zephyrsf.com

BRE# 01352627

Back to Top

Back to Top

Show All
Marina
Mission