At the end of the 1st quarter we have mixed results for SF real estate. Year over year numbers appear down but I would submit that this is is still from closings of ratifications last fall and very early in the year. I would also point out that February 2018 had so few sales with a few that were really high so the year over year numbers appear down but it’s kind of an illusion. That 1.7 median in February 2018 was an outlier and I am not disappointed to be below that now. Nevertheless, the market is more sensitive than ever to any marketing or physical flaws right now: overpricing, tenants and difficult floor plans are deal killers. (BTW: There are a LOT of tenant occupied single family on the market right now just sitting. Let me know if you want more info.)
The big topic everywhere is that we may have more zillionaires on the way and what effect will that have? We are already so zillionaire heavy here with the 3rd highest number of billionaires and the highest density of millionaires world wide that I think more important news is that interest rates are down again and spurring buyer action PRIOR to the arrival of the new monies – at least in the under 2MM price range.
A warning to all those new zillionaires: San Francisco continues to be a humbling place to be a one. For well priced, and desirable homes, people with all cash and perfect terms are often beaten in bidding wars by OTHER people with all cash and perfect terms. Getting the price right the first time continues to be the way to win the home of your choice. (As a data point, the three listings I have sold so far this year have all been winner take all with no counters to the runners up.)
But if you are looking to buy – don’t worry! You are in good hands and have a competitive advantage over all thenouveau riches. On the buyer side, we have been have already helped 10 families successfully navigate past the competition this first quarter. In fact, per SF Association of Realtor stats, in 2018 we were #1 for buyer representation and helped more families get the home of their choice than anyone else. (Per the same stats we were #12 overall out of 4700 realtors, so we did great on the listing side too.)
If you haven’t looked into refinancing yet at the current low rates, please ping me at firstname.lastname@example.org or 415-269-4663 to talk about it. I think 30+ of you are doing it right now and saving a bundle.