Many homeowners who attempted to sell property in the 2009-2010 timeframe weren’t successful. The MLS is littered with property histories showing withdrawn or expired listings across those two years. This activity was mainly due to the fact that buyers were sitting out the market and economy, loans were a challenge to obtain, and sellers generally were looking for more money than their homes were worth.
But the variables have certainly shifted this year in San Francisco. Cash transactions are commonplace, lenders are bestowing loans on buyers again, and those buyers are snapping up condos and houses like there’s no tomorrow. For sellers who want to give it a whirl again, now is the time to make your move.
77 Jersey (pictured) in Noe Valley is just one of the many examples of this activity. Purchased for $975,000 in 2007, the sellers of this 3BR/1BA, 1344-sq foot first-floor condo with tandem parking attempted to resell in Fall 2009 for $1,049,000. Though they had an offer in place, the contract fell out and the sellers ended up withdrawing the listing at the very end of that year.
Once the Spring 2010 hit, the sellers were at it again, this time listing the condo for $999,500 and withdrawing it by July.
But last week, the unit sold in 38 days for the list price of $975,000. The sellers obviously came to terms with the fact that their property had not appreciated since 2007, and they also lowered the price further. Those factors definitely contributed to their success.
It’s important to note that if you purchased your home in the 2005-2008 timeframe, it’s likely that your home won’t necessarily be worth more than you paid. But the difference is that buyers are out there, they’re getting loans or have cash, and inventory is moving. But being realistic about your home’s value is still a critical necessity.