Welcome back to the "Over, Under, At" weekly feature. It's a simple breakdown taken from MLS data that shows the number of closed sales that sold Over Asking Price, Under Asking Price or At Asking Price.
*Just a reminder that new construction sales are rarely included in this list since they don't get posted on the MLS.
Happy Monday folks. I can report a little sign of what might potentially be good news (yes, I'm a little wary of jumping for joy just yet.) Sales SEEM to be crawling upwards. (OK, buyers, this may not be good news for YOU, but I think you still have plenty of time to take advantage of the good values out there.) And the Over/Under/At numbers are showing that not every property is selling for under the asking price.
In fact, last week, we had JUST TWO properties that sold over the asking price - this week we have TEN! Now, I'm not saying the market is recovered, or even already recovering... but I feel like things are stabilizing and that qualified buyers are jumping on the opportunities in the market. And eventually, we'll come out of this slump. And some of you will have a shiny new (or maybe old) piece of real estate to show for it!
Keep in mind that these reports are meant to be helpful for potential buyers and sellers - but to really understand the pulse of the SF real estate market, talk to a local real estate agent. We're in the trenches and these closed sales went into escrow a month ago (sometimes less, sometimes more). We are much better in tune with what's going on in the market TODAY and can give you much more in depth information than any set of statistics can. If you need advice from a San Francisco Realtor, feel free to email me or call me at 415-307-1392. I'm always happy to talk real estate.
Here's a quick breakdown of closed San Francisco home sales for the week from February 16 - 22, 2009:
Are you looking to buy a house in San Francisco? Or maybe you're pondering selling that little SF condominium or TIC?
Whether buying a house, condo or TIC, investment property,etc. or looking to sell any of the above in the City, you want TOOLS!
I'm not talking hammers, table saws and drills - I'm talking about tools that provide you with HONEST and UNBIASED information about the San Francisco Real Estate Market!
So - you want to know what kind of tools you can get your hands on?
The City Update(TM) is a little SF real estate newsletter delivered straight to your inbox (almost) every Friday. It has ALL sorts of awesome features including:
San Francisco Market Reports from the Altos Research folks
All of the NEW San Francisco real estate listings from the previous week
All of the SOLD San Francisco real estate listings from the previous week
Links to SF Open Houses, SF Foreclosure Listings, and more
Commentary about the SF Real Estate market from yours truly
SF Property "Pocket Listings" that I hear about (properties that AREN'T available to the general public!)
You can SIGN UP HERE or you can check out the site (just keep in mind that frankly, the site sucks - but I created it myself and since my HTML skills are LACKING, I'm just happy I got THAT far with it!)
If you just can't get enough San Francsco real estate market updates between this blog and The City Update(TM), you now have one more option when it comes to getting the latest deets on what the market is doing.
Again, brought to you by the Altos Research folks, you can narrow down your reports by zip code or property type AND you can sign up for as few or as many zip codes as you like (you just have to reenter your info for each new zip code/property type).
Go ahead, get your SF real estate data fix on! You can SIGN UP HERE.
Know everything that's on the San Francisco market in real time. Just like a REALTOR, you'll get access to ALL of the listings in the MLS.
Unlike other Real Estate search sites, Zephyr MLS Direct gives you the most complete, accurate and up-to-date listing information available, which lets you find properties as soon as they hit the market.
It also lets you save your searches and new listings that match your criteria emailed to you as soon as they hit the market! And you can save your favorite properties, watch them go into escrow, and if they're in your "favorites" folder, you can even see the price they sold for (which we all know is super secret data.) You also get notified of any changes that occur to the property listings that match your criteria AND Friday Open House reports. Cool or what?
You'll have to give up some personal info, and "agree" to work with me as your REALTOR (it's a technicality that the MLS requires), but I NEVER EVER EVER hold you to it. To really build a client/agent relationship, we have to meet in person to decide if we're a good fit to help you achieve your real estate goals. And you'll have to CONTACT ME to make it happen. WHY? Because I'm just not into stalking and I'm easy to find.
So, go ahead, sign up for one, two or all three of the San Francisco real estate tools above! And if you think you'd like me to represent you in the sale or purchase of a property, call me at 415-307-1392 or shoot me an email. I'm happy to schedule a free consultation with you to see if we'd work well together.
Oh, and as a reminder, should you sign up for any of the tools above, as always, your info will not be sold, rented, shared, abused, danced on, or in any other way misused. Just thought you'd like to know.
This was one of the headlines in the weekly email I receive today from the San Francisco Association of REALTORS®:
"Association's New Open Home Site Launched-Success Will Depend on Promotion by REALTORS®"
So, I'm doing my part to promote the site by throwing a little link love their way - as well as telling you a little bit about what the site is all about.
Straight from the horse's Association's mouth:
The San Francisco Association of REALTORS® has finally launched its new real estate portal, www.sfopenhome.com. The portal features listings of properties that are being held open for public viewing (including details relating to the property and relevant showing information).
www.sfopenhome.com offers multiple search criteria to make finding the right homes to view fast and easy. And, it's interactive features will offer site visitors an enhanced user experience.
Appearing below is a description of the features that make www.sfopenhome.com unique.
* * * * *
Interactive features offer site visitors an enhanced user experience.
Listings of properties being held open are presented in "thumbnails" with a picture of the property to the left and a brief description of the property to the right. By clicking on the listing, multiple photographs of the property and full property detail information is available.
Visitors viewing any property are able to click through to the web site of the REALTOR® who has the listing or send an e-mail communication to the REALTOR® containing an inquiry about the property.
www.sfopenhome.com also contains an interactive REALTOR® member directory and other real estate-related content, including market statistics, and links to the Association's Spotlight videos and its homeowners' web site, www.sfbaywindow.com.
This new portal features an easy-to-read, enhanced open home report for consumers to download and print, featuring a thumbnail photo of the property, marketing remarks and property details.
Menu Selections:
Search Open Homes
View Properties for Sale (the most complete listing of properties for sale in the San Francisco and Daly City available anywhere)
Market Statistics (displayed in data and chart form)
Find a REALTOR® (a complete listing of REALTOR® members of the San Francisco Association of REALTORS®, by office)
Hot Topics (current news on real estate subjects)
sfbaywindow.com (a web site designed to make ownership of property in San Francisco and Daly City more rewarding)
Spotlight videos with Tom Sinkovitz (timely stories on real estate subjects)
What's Coming
A new map-based search function that will make neighborhood open home searches even faster and easier.
A "Create a Tour" feature that will allow a portal visitor to create a tour of selected properties that can be displayed on a map with a route.
A "Protect Your Rights" section describing current legislative proposals likely to affect the rights or interests of property owners that would include an opt-in feature allowing portal visitors to leave their e-mail addresses and intermittently receive "Political Alert" newsletters from the Association.
The San Francisco Association of REALTORS® is committed to improving www.sfopenhome.com to make it more serviceable to REALTORS® and more valuable to the public.
So there you have it. You now officially have a new place to search for San Francisco open houses, condos and TIC's.
With Zephyr MLS Direct, you'll know everything that's on the San Francisco market, in real time. Enjoy 24/7 access to the MLS - just like a REALTOR®. you'll see the most accurate, complete and up-to-date listing date available, enabling you to find properties first, as soon as they come on the market. Plus you'll get email alerts for new listings meeting your search criteria, automatic notifications of price or status changes, Friday Open home reports and more. You will be required to give some personal information to satisfy MLS rules, but once you've signed up you will not be contacted by ANYONE unless you request contact! Best of all, you get it FREE! Go ahead, SIGN UP!You'll be cool if you do!
If I'm already working with you on the sale or purchase of a home, you already know the answer to the question. Otherwise, the answer can be really simple, or it can be really complicated... it depends on the situation. Sometimes I'm the seller's agent, sometimes I'm the buyer's agent... and on rare occasion, I might even be both! How can that be? Do I have split personalities? No... but depending on who I am working with, my role will be very different.
First, I guess I should back up and explain what it really means to be an "agent." It means that I am authorized to act on behalf of my client in the purchase of real estate. This agency relationship creates a fiduciary duty on my part , which is essentially a legal relationship between me and my clients. In fact, according to Wikepedia...
A fiduciary duty is the highest standard of care imposed at either equity or law. A fiduciary is expected to be extremely loyal to the person to whom they owe the duty (the "principal"): they must not put their personal interests before the duty, and must not profit from their position as a fiduciary, unless the principal consents. The fiduciary relationship is highlighted by good faith, loyalty and trust, and the word itself originally comes from the Latinfides, meaning faith, and fiducia.
When a fiduciary duty is imposed, equity requires a stricter standard of behavior than the comparable tortiousduty of care at common law. It is said the fiduciary has a duty not to be in a situation where personal interests and fiduciary duty conflict, a duty not to be in a situation where their fiduciary duty conflicts with another fiduciary duty, and a duty not to profit from their fiduciary position without express knowledge and consent. A fiduciary cannot have a conflict of interest. It has been said that fiduciaries must conduct themselves "at a level higher than that trodden by the crowd."
This essentially means that my clients' interests come first... all of the time.
When I'm working with buyers, I am the buyer's agent. I represent the buyer's best interests. While some of the things I do for buyers go above and beyond fiduciary duty (no where does it say that I have to celebrate the purchase of my client's home with a bottle of champagne or be their real estate consultant for life, but I do these things). Essentially, my goal is to get my clients the best possible place at the lowest possible price and best possible terms.
On the other hand, when I am theseller's agent, I represent the seller's best interests. Again, I go above and beyond fiduciary duty (such as giving all of my clients access to Zephyr MLS Direct which provides them with access to 100% of MLS data, and allows them to keep their eye on the competition or referring them to contractors that can help them make their home look its absolute best for the sale).
Of course, there are rare occasions when I am a dual agent!This can present huge limitations. I can no longer represent either client's best interests... instead, I have to be impartial and am not able to negotiate, or fight for one client's position over the other. When I say that these occasions are rare, I mean they are RARE! Typically, the only way that I will take on such a situation is when both a buyer and seller approach me to handle the details of the transaction, rather represent either party's interests. However, such a situation has the potential to crop uo if I am listing a property for sale, and one of my clients is interested in buying it. In those rare cases, I typically refer my buyer client to another agent that I trust for the offer writing and negotiations. There is no way that I would be able to be impartial in such a situation, and having my client be taken care of by someone I know and trust is almost as good as taking care of them myself. The goal is for their interests to be taken care of, not matter what!
You would think that due to the conflict of interest dual agency presents, most agents would avoid it. But often times, a listing agent will meet a potential buyer at an open house and try to get the to make an offer on their listing. This is a lose-lose situation for all parties involved, except for, of course.... the agent.
If you're a seller, you probably already have your own agent listing your property. But if you're a buyer, watch out! Make sure YOUR interests are represented. Find an experienced agent to really represent your best interests, and hopefully go that extra mile for you as well. Remember, working with a buyer's agent doesn't cost you a thing! And it's the best protection you can get to make sure you have a smooth and problem free home purchase.
As I do every month, I ran the latest San Francisco real estate sales figures from the month of July for you. The last few months, I've been a little bit behind schedule (I like to do these at the beginning of each month,) but hell, I'm not a superhero or anything! I'm just a human Realtor that occasionally gets busy, or has life get in the way of this little humble San Francisco Real Estate Blog. I'm a San Francisco Realtor by addiction, I'm a San Francisco blogger by choice.
Enough about me though, right? You want to talk about SALES!
Single Family homes sales volume is down, median price is up, days on market is down. Condo/Loft and Co-op sales volume is up, median price is up, days on market is down. TIC sales volume is down, median price is down, days on market is slightly up.
What I am noticing across the board is that the list to sales price ratio for properties that are selling within 30 days is climbing. And as far as medians go, the median list to sale price ratio is telling me that places are mostly selling for close to the asking price. Whether it's an indication of better pricing strategy on the side of sellers and their listing agents, or if it's an indication that the market is stabilizing - it's an indication that you're not able to go and steal anyone's property out from under them. You can get a good place at a good price, but no seller needs to just give it away to you.
Though I still sing the same tune from last month... I think we're still moving along at a pace that's great for buyers, not so great for sellers and is still, overall, ok for the City.
So here's this month's summary of home sales pulled directly from the MLS. Remember, these are all closed sales and not pending sales.
Check back monthly to get the latest facts and figures - and if you have any questions about these statistics, or the market in general, feel free to give me a holler! I'm always happy to talk "real estate!"
Here's a quick snapshot of the market from July 1, 2008 through July 31, 2008:
Single Family Homes
219 Homes Sold
Median Sale Price was $849,000
Minimum Sale Price was $190,000
Maximum Sale Price was $7,700,000
Median Selling Price was 100% of asking price
Median Days on Market was 29
Median Selling Price for homes that sold within 30 days was 104.5% of asking price
Condominiums, Lofts & Co-ops
230 Homes Sold
Median Sale Price was $795,900
Minimum Sale Price was $150,000
Maximum Sale Price was $5,000,000
Median Selling Price was 99% of asking price
Median Days on Market was 41
Median Selling Price for homes that sold within 30 days was 102.5% of asking price
TIC's
33 Homes Sold
Median Sale Price was $544,500
Minimum Sale Price was $265,000
Maximum Sale Price was $1,750,000
Median Selling Price was 102% of asking price
Median Days on Market was 77
Median Selling Price for homes that sold within 30 days was 105.77% of asking price
Are you looking to buy a house in San Francisco? Or maybe you're pondering selling that little SF condominium or TIC?
Whether buying a house, condo or TIC, investment property,etc. or looking to sell any of the above in the City, you want TOOLS!
I'm not talking hammers, table saws and drills - I'm talking about tools that provide you with HONEST and UNBIASED information about the San Francisco Real Estate Market!
So - you want to know what kind of tools you can get your hands on?
The City Update(TM) is a little SF real estate newsletter delivered straight to your inbox (almost) every Friday. It has ALL sorts of awesome features including:
San Francisco Market Reports from the Altos Research folks
All of the NEW San Francisco real estate listings from the previous week
All of the SOLD San Francisco real estate listings from the previous week
Links to SF Open Houses, SF Foreclosure Listings, and more
Commentary about the SF Real Estate market from yours truly
SF Property "Pocket Listings" that I hear about (properties that AREN'T available to the general public!)
You can SIGN UP HERE or you can check out the site (just keep in mind that frankly, the site sucks - but I created it myself and since my HTML skills are LACKING, I'm just happy I got THAT far with it!)
If you just can't get enough San Francsco real estate market updates between this blog and The City Update(TM), you now have one more option when it comes to getting the latest deets on what the market is doing.
Again, brought to you by the Altos Research folks, you can narrow down your reports by zip code or property type AND you can sign up for as few or as many zip codes as you like (you just have to reenter your info for each new zip code/property type).
Go ahead, get your SF real estate data fix on! You can SIGN UP HERE.
Know everything that's on the San Francisco market in real time. Just like a REALTOR, you'll get access to ALL of the listings in the MLS.
Unlike other Real Estate search sites, Zephyr MLS Direct gives you the most complete, accurate and up-to-date listing information available, which lets you find properties as soon as they hit the market.
It also lets you save your searches and new listings that match your criteria emailed to you as soon as they hit the market! And you can save your favorite properties, watch them go into escrow, and if they're in your "favorites" folder, you can even see the price they sold for (which we all know is super secret data.) You also get notified of any changes that occur to the property listings that match your criteria AND Friday Open House reports. Cool or what?
You'll have to give up some personal info, and "agree" to work with me as your REALTOR (it's a technicality that the MLS requires), but I NEVER EVER EVER hold you to it. To really build a client/agent relationship, we have to meet in person to decide if we're a good fit to help you achieve your real estate goals. And you'll have to CONTACT ME to make it happen. WHY? Because I'm just not into stalking and I'm easy to find.
So, go ahead, sign up for one, two or all three of the San Francisco real estate tools above! And if you think you'd like me to represent you in the sale or purchase of a property, call me at 415-307-1392 or shoot me an email. I'm happy to schedule a free consultation with you to see if we'd work well together.
Oh, and as a reminder, should you sign up for any of the tools above, as always, your info will not be sold, rented, shared, abused, danced on, or in any other way misused. Just thought you'd like to know.
Here’s the latest Fast Facts update from the SFAR. Updates are provided almost weekly and each week is a different sector of the market (ie. Condos, Single Family Homes, 2-4 unit dwellings, etc.).
Check back next week for more statistics.
Do you realize that it's MAY??? I mean, a third of 2008 is now but a memory. Winter is over (though I couldn't really tell by today's weather) and Spring isn't far from being over too.
Other things that typically happen this time of year is that San Francisco Real Estate Sales pick up - and this year is no less typical (in this regard at least) that others. With that being said - I went ahead and ran the sales from the MLS as I do every month and found some interesting stuff.
Notables from April 2008 sales figures:
Median sales price rose across the board from last month.
The selling price vs. listing price percentage increased in single family homes and TIC's, but dropped in condos.
Days on market decreased across the board.
In terms of sales volume, single family home and condos increased drastically over last month, but we had just 2 more TIC sales than we did in March.
Last month I had a theory about TIC buyers. And I'm starting to think I was right. I'm also noticing better deals on condos due to less competition. In fact, I was just able to help my client negotiate an offer on a condo for $50K under the asking price. We did provide the sellers with other concessions such as a short escrow and free rent back, but we got the price we wanted - so I think everyone is happy. The point is, there are good values out there right now - and if you're hunting for a home right now, you might find a good deal. And sellers, don't be afraid to sell now - but do be prepared to be realistic about the sales price.
So here's this month's summary of home sales pulled directly from the MLS. Remember, these are all closed sales and not pending sales.
Check back monthly to get the latest facts and figures - and if you have any questions about these statistics, or the market in general, feel free to give me a holler! I'm always happy to talk "real estate!" ;-)
Here's a quick snapshot of the market from April 1, 2008 through April 30, 2008:
Single Family Homes
193 Homes Sold
Median Sale Price was $935,000
Minimum Sale Price was $350,000
Maximum Sale Price was $5,625,000
Median Selling Price was 104% of asking price
Median Days on Market was 30
Median Selling Price for homes that sold within 30 days was 105% of asking price
Condominiums, Lofts & Co-ops
184 Homes Sold
Median Sale Price was $815,000
Minimum Sale Price was $335,000
Maximum Sale Price was $4,625,000
Median Selling Price was 98% of asking price
Median Days on Market was 35
Median Selling Price for homes that sold within 30 days was 104% of asking price
TIC's
40 Homes Sold
Median Sale Price was $664,000
Minimum Sale Price was $263,500
Maximum Sale Price was $1,799,000
Median Selling Price was 102% of asking price
Median Days on Market was 45
Median Selling Price for homes that sold within 30 days was 102% of asking price
So I was just surfing the San Francisco real estate blog-o-sphere after a long hard day of looking at properties that are currently on the market - and I noticed an interesting trend. I noticed that there are properties on the market right now that have had offer dates come and go - and they haven't received offers.
Now - you've heard me say that I think now is a great time to buy San Francisco real estate. If you check out my last few posts about mortgage rates or the rising cost of SF Rents, you'll get my drift. And I'm sticking to that point of view.
And I just read a post that further solidified my belief that NOW is a great time to buy! I read on the Daily Pundit that not only are buyers out there making low-ball offers on properties, but when sellers try to counter those low-ball offers, buyers just walk the hell away. I'm hearing the same things from agents that I work with also. I'm also seeing that with some of my own clients.
Why? Because smart buyers know that RIGHT NOW - they will be able to find a decent property at a decent price and they don't need to get into a bidding war to get it!
Don't get me wrong - there are still rockstar properties out there that will get a ton of offers and go way over asking. But (and I am surprised about this) I am seeing properties that a year ago would have commanded at least 5 offers not getting a single one come offer date.
In fact, I recently told a client of mine that I was convinced that a San Francisco condo she was interested in would sell for at or a little over asking, and it ended up selling for below asking - $16K under asking to be exact. OK - so we're not talking $100K, but shoot - $16K can get you most of the furniture you need for a 2BR condo if you know where to shop! Oh - and yes - I just admitted in public that I was wrong. It doesn't happen often though folks - so don't get used to it! ;-)
So what's my point? The title of this post has something to do with sellers and I haven't mentioned them yet. So here it goes...
Sellers - it's time to get realistic about selling your home in San Francisco.
You might have a great place, but unless you have a rockstar property, you likely will not get 10 offers. Right now - you just need to get one good solid offer that doesn't have shaky financing or some other quirk. One good offer is all it takes to get your place sold.
I've mentioned many times that I don't take listings that I don't think will sell, and I've had to turn down many sellers in the past because their expectations of what the market was going to bring them just weren't realistic.
Some have delusions that their property appreciated $100K or more from a year ago for no reason. Others are convinced that the improvements they made added hundreds of thousands of dollars in value, when the improvements they made actually took away from the value. Others still think they are living in 2004 or 2005 when you stuck a for sale sign in your yard and your property sold before it even hit the MLS. I'm not saying that's every seller - but I've met a lot of those, turned them down and their properties are STILL on the market to this very day.
A personal note to the San Francisco Home Seller - if you want to sell your home, you need to get realistic about what someone will be willing to pay for it. And if you get a good strong offer, don't look a gifthorse in the mouth, be happy with the bird in the hand, and know when to hold them and when to fold them - If the cliches didn't get my point across, let me put it another way - take the strong offer, because even though it might not be what YOU thought your home was worth, but it is what the market thinks it's worth.
Is it a good time to buy? Yes - if you're a serious buyer looking for a property at a fair price.
Is it a good time to sell? Yes - if you're realistic about the market and don't expect a miracle.
People are buying and selling properties all over San Francisco. If you are trying to buy or sell and you can't seem to make it happen, it's time to re-examine your expectations. Feel free to contact me and I'll be happy to help you set some realistic goals.
The beginning of the year brought us some declines on the mortgage scene - along with the addition of the strange new agency jumbo loan which covers the area between the traditional conforming loan of up to $417K but below a "real" jumbo loan which starts at $729K.
Interest rates are historically low and while they're expected to stay that way through 2008, they areexpected to creep upward as the year progresses.
From The Real Esate Daily News:
Mortgage Rates Hit Low PointThe 30-year fixed rate mortgage currently sits at 5.88 percent, and analysts say they are unlikely to fall any further for the rest of the year. The rate on the fixed loans is only down a quarter of a point this year, as the credit markets have cut the link between it and yields on 10-year Treasuries; and while skittish investors have moved to Treasuries to trim the yields, mortgage lenders have not eased lending standards.Mortgage rates are likely to close 2008 at about 6 percent as investors in bonds focus on rising inflation, driving interest rates higher. Long-term rates will also increase due to the additional supply of Treasuries as Congress borrows to raise money for the growing federal budget deficit.
That's great news for people that are ready to buy San Francisco real estate right now - the rates are slowly creeping up, and if you don't wait too long to buy, you can still take advantage of the great rates out there.
That's also not horrible news for people waiting a bit - yes, interest rates will be higher by the end of the year, but not drastically. If you can't afford to buy just now, or aren't able to for another reason - you will still fall likely take advantage of historically low interest rates, they just won't as low as they are today.
If you need advice about whether the interest rates make "now" a good time for you to buy, contact me. I'm always happy to talk about SF real estate! :-)
Luba’s San Francisco Real Estate Blog is meant to inform you about a variety of good things and happenings around SF and its unique neighborhoods, about buying and selling homes in the City and about the real estate market in general.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
Welcome back to the "Over, Under, At" weekly feature. It's a simple breakdown taken from MLS data that shows the number of closed sales that sold Over Asking Price, Under Asking Price or At Asking Price. 
Go ahead, 
Otherwise, the answer can be really simple, or it can be really complicated... it depends on the situation. Sometimes I'm the 
As I do every month, I ran the latest San Francisco real estate sales figures from the month of July for you. The last few months, I've been a little bit behind schedule (I like to do these at the beginning of each month,) but hell, I'm not a superhero or anything! I'm just a human Realtor that occasionally gets busy, or has life get in the way of this little humble San Francisco Real Estate Blog. I'm a San Francisco Realtor by addiction, I'm a San Francisco blogger by choice. 
;)
;)
