Category Archives: Market Insights

SF Single-Family Homes Not Immune To Price Reductions

Houses in San Francisco are always in demand among buyers. And this property type has stood its ground during our current recession—in fact, the average price of a house from June 1 – August 15th has increased by 6.7% to $2,141,356 in comparison to the same time in 2019.

But single-family home sellers are no strangers to the dreaded price reduction decision. Some homes come on the market with high prices in comparison to their comparable sales; it’s no secret that there’s a tendency for homeowners to believe their house is superior for one reason or another.

I took a look at all the houses that sold from June 1 through August 15th and discovered that 17% sold after having at least one price reduction. Continue Reading

My Picks for Price-Reduced Properties

I’m seeing a lot more price reductions happening on a regular basis lately, especially in the $2M+ price ranges for condos. Sellers and their agents are trying to find their accurate home values and the corona market is a work in progress.

I always recommend seeing a property as soon as you can if there’s a big price reduction. A large list price cut tends to attract eyeballs, particularly belonging to folks who had already been through on a showing. Continue Reading

Cash Sales Decline in SF Corona Market

Cash Sales Decline in SF Corona Market

Cash buyers appear to be receding into the background these days as the San Francisco market adjusts to corona’s financial fallout.

It wasn’t so long ago that a quarter of single-family home and condo buyers paid cash. However, cash sales represented only 14% of all house and 12% of condo transactions from April to early August. Continue Reading

Lenders Ratchet Up Requirements During Corona

Lenders are tightening their loan requirements in light of the corona chaos. Prospective home buyers are flocking to lenders in pursuit of those low interest rates, but lenders are not making it easy to qualify for loans, especially in higher-cost regions like The Bay Area.

It’s not difficult to understand lenders’ concerns amidst job losses and general economic instability. However, if you were preapproved for a loan in pre-corona times, it’s likely your lender has slapped some new requirements on that approval. Continue Reading

Challenged Condo Market Still Sees Overbidding

Challenged Condo Market Still Sees Overbidding

It’s no secret that the San Francisco condo market has plenty of inventory right now, especially in large buildings in South Beach, SoMa, and Mission Bay. But I’m still seeing some condos close for above the list price.

Buyers continue to pay top dollar for remodeled condos with classic architectural styles, and which also include parking and in-unit laundry. Location is key, of course. Two-bedroom units in the Inner/Central Richmond, Inner Sunset, Lake district, and Cole/Noe/Eureka Valleys were most commonly sold for over the list price in July. Continue Reading

Market Snapshot: One-, Two- and Three-Bedroom Condos

The San Francisco condo market is plugging along amidst the pandemic, with some types of units and buildings experiencing some softness and others showing signs of strength.

There were 759 active condo listings and 227 in contract as of July 13th. The most desirable units are the ones in smaller buildings, with updated finishes, parking, in-unit laundry, shared or private outdoor space and central locations.

The highest concentration of inventory lies with condos in larger buildings in Pacific Heights, Downtown, FiDi, Nob Hill, Van Ness corridor, Mission, Mission Bay, Potrero, SoMa, South Beach, Mission Bay, Dogpatch and Hunters Point. If you’re open to these types of properties, you’ll have less competition and be more likely to get a break on price. Continue Reading

The Corona Effect: West Side Homes Soar, Condos Soften

We’ve just wrapped up the second quarter of what has been a tumultuous 2020 so far. But even amidst a recession, home buyers and sellers in San Francisco continued doing business over the past three months.

Here’s a snapshot of how our single-family and condo markets did in Q2 2020:

Single-Family Homes: Buyers Head West
All areas of the Sunset and Parkside have steadily become magnets for home buyers over the past couple years. But things have really amped up lately. Working from home, a need for office, kid and outdoor space and no longer needing to be near tech shuttles, downtown transit and freeways have been significant factors that have led buyers west. Continue Reading

Corona Protocols Critical to SF Real Estate

We seem to be in another corona surge period, with San Francisco treading water when it comes to hospitalizations and rising infection rates. That’s why it’s extremely important for agents and clients to continue following correct property showing protocols when it comes to real estate business.

Listing agents, please make sure you have hand sanitizer and shoe covers in the property if you are allowing showings. It is not particularly encouraging when I bring clients to a property via lockbox, and find a sign requesting that we take our shoes off when there are no shoe covers in sight. And no hand sanitizer. Sticking a lockbox on the house and assuring me that I am scheduled for the showing isn’t convincing me that you’re handling things the proper way. Yes, I bring hand sanitizer with me, but please do your part to assure everyone’s safety.

And please resist the urge to put an A frame outside the property during an appointment timeframe. My clients and I arrive at a home and the anxiety level goes up if we think there’s a possibility random people off the street may be inside. If you have to market yourself, the house sign will be sufficient. Continue Reading

No Seasonality in SF Real Estate in 2020

It’s unanimous among SF Realtors: If you’re thinking about selling your home, get moving on that now.

The San Francisco real estate market has traditionally had its two peak seasons—Spring (April/May June) and Fall (Sept through Thanksgiving). However, the coronavirus has changed all that. Buyers aren’t going anywhere for the summer, and sellers have a prime opportunity to get their attention with new housing inventory.

The bottom line is that sellers shouldn’t wait around for another virus surge, shelter in place order, or the presidential election to happen. All that can influence buyer behavior.

Sellers should seize the summer and make every effort to get their properties on the market ASAP.

Just Sold: Duboce Triangle Condo

Just Sold: Duboce Triangle Condo

I’m happy to announce the sale of 931 14th Street, a charming Edwardian two-bedroom/one-bath condo for $1,100,000 in popular Duboce Triangle. My client fell in love with the property immediately, and for good reason.

The condo features that stylish kitchen (photo, above) with its classic tuxedo cabinet color scheme. There’s an excellent flow to the living/dining/kitchen area at the rear of the unit, which also has a porch for laundry and an office area. Just outside is a private deck that’s great for grilling and chilling.

And 931 14th Street has an insane location near Muni, Market Street restaurants and retail, and parks.

Despite the pandemic, we had to navigate a multiple-offer situation, but we fortunately prevailed. Congratulations, Elana! And much thanks to listing agents Isabelle Grotte and Matthew Choi, lender Karen McDowell at Citi and Joanne Kung at Chicago Title for a smooth transaction during a challenging corona market.

Here’s Your SIP Market Real Estate Update

We now have a good sampling of sales data and activity for what I call the shelter-in-place (SIP) market—March 17 to May 17th, 2020.

Here’s my update on home prices, loans, who’s working in the industry right now and who’s buying and selling.

Coronavirus Isn’t Stopping Overbidding in San Francisco

Coronavirus Isn’t Stopping Overbidding in San Francisco

Limited inventory during the shelter in place (SIP) market seems to be motivating many buyers to overbid on properties—particularly when it comes to single-family homes.

Of the 186 houses sold from March 17th-May 5th, approximately 70% closed for above list price. Clusters of homes in the Outer Mission, Bernal Heights, Miraloma Park, Outer Parkside and Central Sunset saw overbids of well above twenty percent. Continue Reading

Home Prices Stable, Volume Down During SF SIP

The shelter in place (SIP) restrictions put San Francisco real estate on pause for a bit in mid March. But our local market is stable and sales are happening, despite the adversity. Prices are not declining, though volume is down by half. We now have six weeks’ worth of SIP market sales activity that will guide buyer and seller decisions in 2020.

The buyers and sellers doing business now are typically motivated by life situations—job relocation, financial situation, domestic changes, for example. Real estate is anything but recreational right now.

Properties in good locations are still seeing multiple offers and overbidding, though more for single-family homes than condos. Cash sales represent only a small portion of activity. Continue Reading

Screen Properties Before You See Them

Physically visiting properties during the shelter in place (SIP) is a challenge. And there will undoubtedly be showing restrictions even after the government lifts the SIP, because well, we still don’t have a vaccine and are falling short in other virus-management areas.

Here’s my advice on how to figure out if a home is a fit for you—before you set foot in the door.

Contact Eileen for Real Estate Help

Eileen Bermingham

Corcoran Global Living

415.823.4656

eileen@insidesfre.com

DRE# 01352627

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