Lately due to the sub-prime and the slowdown of the market, many people are wondering just what is really going on with the “MARKET” in San Francisco.
Unfortunately, there is really no short and definitive answer, because in San Francisco, each house is different, each block is different, each neighborhood is different. And for those of you who live in the city, you can be sure to attest that what I am saying is very very true.
That’s not to say that I am arguing that things are rosy in San Francisco either. There are signs of slowdown in many circumstances. I can say that inventory is staying on the market longer, and under circumstances where the seller needs to get out, prices are lowered. I’ve also seen many sellers try to test the market to try to off-load “IF THEY CAN STILL MAKE A PROFIT”, but decide not to when the momentum is not there. So overall, strangely but surely, this is the illustration of why people say around the world that “San Francisco” is one of the most amazing and sought after cities in the world!!! Ah… We are very lucky to be here.
So… What does this mean to buyers and sellers…
1. Buyers should be on the look out. You should actively take the time to shop around because now you are the kings and queens right now. And if you are like me, you would balance “what you like” and “the value” you are getting when you purchase a property. Right now you can find some really good values if you look hard. But it takes time and repeated open house visits to understand this.
2. Sellers should be especially selective of your agents. You should not list your home with someone who doesn’t have enough experience in the field. When I say that, I mean someone who has never been through a slower market. The last 5 years were a breeze for real estate agents. Anyone who breathes could do it simply because of the craziness of the market, but now Realtors are going to be put to the test. If you want any advise on what to look for, you can call me at 415 420 4888. I can give you a few pointers.
