If you’re about to list your San Francisco home, you should know that there are pretty much two ways the offer situation will go. If one or more buyers are going to write offers for more than asking, those offers will transpire within the first week. After that, it’s likely buyers will write for at or below asking.
That’s why sellers need to seize the day when it comes to considering offers in that brief window of time directly following the on-market date. The motivated, ready-to-buy folks will be scheduling appointments immediately, not waiting for the weekend. If you have multiple buyers requesting disclosure packages, it’s probably a good idea to set an offer date. Your agent needs to be on top of the proceedings, helping you make that gametime decision about offer timing.
If a week passes and you have no solid offers, it’s going to be an uphill climb to get a price that’s more than the list price. Buyers are running around knocking ten percent off the list price after a property remains on the market after its initial splash. This is particularly true for condos; there’s a lot of inventory and buyers can be picky.
So have a realistic sense of what your home is worth and perhaps price it a bit lower than your target price. No matter how hard we try to work with “transparent” pricing in San Francisco, the pattern seems to boomerang back to list low, sell-for-more. Buyers tend to expect that strategy and will act accordingly.