It's Friday, and it's raining! Yeah! Let it pour, let it pour, let it pour! It's exactly what we need.
San Francisco real estate is still through the roof, and if you're a buyer, you know how tough it is to "win", and you know how amazing it would be to get more inventory. For every one property listed, there are several buyers interested, and that translates to multiple offers on just about every listing, and prices that continually set the bar higher and higher. Ask $900,000, get $1,200,000. Ask $3,200,000 get $3,750,000. Regardless of the price range, sales over asking are the norm, and it shows no sign of easing. [Note: price your property too high, and you can forget about multiple offers. There is a skill to pricing, marketing, having patience, and ultimately getting everything you hoped for, and more.] For examples of this madness, I posted the Top 10 Overbids on theFrontSteps, and shared my personal account of one property in particular (1850 Church, in Noe Valley).
To you San Francisco/Bay Area property owners looking to flee to greener pastures with cash in your pocket, if you want to get out on top, you can roll the dice this frenzy continues, or you can cash in now. I'm happy to discuss any property values, marketing ideas, and hyper-local data questions you might have. Because in San Francisco it comes down to the block.
In other news, this year has marked the end of my side project PocketListings.net, the domain has been acquired by Top Agent Network, and I am joining them as an industry and technology advisor. Details here on Inman News. Does this mean the end of off market real estate and my expertise in it? Absolutely not. In fact, I'm more focused and in tune to it than ever, and there is still a ton of off market opportunity out there for all of you.
I was digging through some old blog posts and realized my entire Tour de San Francisco (real estate) is still very much alive, and very relative. If nothing else, it is great for you out of towners to get a sense of what our city is like. And since Noe Valley is now so white hot, check out what I wrote about Noe Valley way back in 2008 (six years ago!)
Alright, that's it. More data to come in the next issue, for now you can click "the Goods" to track sales and new listings in your area, and you can always forward this to a friend. I don't mind.
If you want more real estate and market information than what I provide here, you can always visit theFrontSteps.com, or better yet, give me a shout.
Fellow Realtors, you can send The Goods to your clients too. Contact me, and I'll tell you how.
Happy Alohoa Friday!