San Francisco Real Estate Update: June 1, 2012

By
Real Estate Agent with Coldwell Banker 00977526

It’s a Feeding Frenzy!

 

Though we’re just now starting to hear modest reports on the recovering real estate market; in the
trenches, buyers are crawling over each other trying desperately to get their offer accepted.  Long time
Realtors say the current market is similar to the 04-06 market with properties selling well over the asking
price with 20 - 50 multiple offers per listing.  Many buyers are waiving all contingencies, and some are
reportedly releasing a portion of their deposit, non-refundable, to the seller upon acceptance just to get
their offer looked at. 

 

Last week one buyer offered $1.7mm on a home with an asking price of $1.4mm and was stunned to find
out he wasn’t even close to being considered with the winning bid near $2.2mm.  The buyer went out the
next day and offered $1.7mm on a fixer with an asking price of $1.4mm and it sold over $2mm all cash as
is. The buyer decided to take a vacation.

 

On the flip side, buyers are willing to buy anything that has what resembles 4 walls and a roof.  Last year
buyers wanted renovated homes but now it doesn’t matter…even the fixers are generating multiple
offers
well over the asking price. Sellers are starting to catch on and not knowing how long this good market
will last are starting to cash in.

 

There’s no telling what the economy might be like in six months with several unanswered questions that
could impact the housing market.
  The economy is reportedly improving, but is it really?  The geo-political
issues of Europe with Greece on the precipice of default are seriously impacting the stock market here at
home.
  And to top it off election year politics on the national debt, tax policy, and other issues makes
forecasting the economy over my pay scale.
 

 

So if you are torn between selling now or waiting until the market gets better you should ask yourself two
questions, am I feeling lucky or should I take advantage of the market now and move on?  I heard once it’s
wise to make hay while the sun is shining.  Stay tune….

 

Enough of the news, below is Coldwell Banker’s recent activity by location:

 

San Francisco Real Estate – It’s a feeding frenzy with some homes selling for 30-50% over asking.

 

SF Peninsula – Inventory is picking up, and starter homes to mansions are selling with multiple offers
over asking.

 

East Bay Real Estate – Buyers are running up against multiple offers in every community at every
price point.  Over all the market is in dire need of inventory.

 

For additional information go to: www.CourthouseRealtors.com

Comments (1)

Hannah Williams
HomeStarr Realty - Philadelphia, PA
Expertise NE Philadelphia & Bucks 215-820-3376

I really hope your market in California is picking up .This is good news !

May 31, 2012 05:09 AM