Thinking of Buying or Selling.......but you're on the sideline?

In such an unusual year, many of you are still trying to figure out if now is the right time to make a move. For those of you who are sitting on the sidelines, here are a few things to consider: For Buyers-in-Wait 1. Its likely prices will go up because of inflation. After an unprecedented government stimulus, expect inflation sooner or later. Investing in real estate is a great hedge against that. 2. Interest rates are at historic lows — but don’t take that for granted. Requirements and rates will worsen at some point. 3. There’s real value in comfort and security right now. What matters more to you: trying to time the bottom of the market, or finding the right home that’ll make you feel comfortable and safe during this time? 4. Try to avoid the “wait and see” mentality. Nobody buys at the bottom — and knows it. Focus on quality as your priority: the best deal on the best match that meets your needs for years to come. For Potential Sellers 1. Selling in a down market means you can buy in a down market. If you list now, you might sell a bit lower but you can buy so much more with it. Think of the home — and that balcony or home office — you can now buy at a discount. 2. Active buyers are more serious than ever before. People have spent the last 5 months realizing the inadequacies of their home. The buyers who are looking right now, in the middle of Covid-19, are very motivated to get a transaction done and take advantage of the historically low mortgage rates. 3. Price so that the market chases you. If you don’t price correctly, chances are buyers will not bid — and they may not even view. 4. We don’t know what the future holds. Don’t take this buyer demand for granted. This unprecedented year is far from over — the election and ongoing pandemic could freeze real estate activity again, making it harder to sell afterward.  As Always If you'd like a more tailored look at how the market is playing out in the City, just let me know.  Keep well, Maggie Maggie Visser Top 4% SF Realtor DRE #: 01925742 M: 415.793.3470 maggie@maggievisser.com © Compass 2020 ¦ All Rights Reserved by Compass ¦ Made in NYC Compass is a real estate broker licensed by the State of California operating under multiple entities. License Numbers 01991628, 1527235, 1527365, 1356742, 1443761, 1997075, 1935359, 1961027, 1842987, 1869607, 1866771, 1527205, 1079009, 1272467. All material presented herein is intended for informational purposes only and is compiled from sources deemed reliable but has not been verified. Changes in price, condition, sale or withdrawal may be made without notice. No statement is made as to accuracy of any description. All measurements and square footage are approximate. Equal Housing Opportunity.

"Mad Rush" out of SF?

"Mad Rush" out of SF? You may have seen this article from Bloomberg earlier this week, trumpeting a “mad rush” from San Francisco as residents flee from the city to surrounding suburbs, desperate to spread out. Suffice to say, the article fails to include some rather important details. Here’s what the article does not mention: The SF market had a herculean rebound in May. The number of homes being purchased picked up rapidly, bouncing back from the steep plunge following shelter-in-place.  Based on the trajectory, it is fully expected the recovery will surge and normalize in the coming weeks. While it's true SF hasn’t rebounded as well as the surrounding markets, our circumstances have been very different. SF has been more deeply affected by COVID-19 and instituted stricter SIP measures for a longer period of time. Densely populated urban areas have been hit significantly harder by the crisis, and SF is the second-most densely populated city in the country. It’s just not apples to apples. People are buying in wine country, BUT…. Surrounding areas in Marin, Napa, Sonoma, and regions to the south have seen a surge in interest from residents of San Francisco – many of them, however, are purchasing second homes.  Those that are relocating will have various reasons for doing so, but one factor that can’t be ignored is that so much of what people love about living in the city has, for the time being, disappeared.  Relocation may be the balm some people need right now – we are still in this crisis. It is simply too soon to say that this is a trend or will continue after the crisis. We’re learning more about prices and home values. Median sales prices in SF dropped in May, but those figures are based on a very low volume of closed sales in the month.  The sales and prices mostly reflect the huge impact of COVID-19 in March and April. Based on the large jump in purchase activity in May, the next few months will be a better indicator of whether or not changes in home values will occur. I can say, however, that buyer demand has come surging back in some segments, so that is a positive signal for home values. The outshot is that it is too soon to proclaim anything about an exodus or a mad rush or anything else for that matter! We're still feeling the effects of shelter-in-place shake out, not just in the real estate market but in our own behaviors and plans. And hey! That's okay. Please stay safe and strong, everyone. Let me know if there's anything I can do for you this week, real estate-related or otherwise.  Maggie Visser Top 4% SF Agents DRE #: 01925742 415.793.3470 maggie.visser@compass.com © Compass 2020 ¦ All Rights Reserved by Compass ¦ Made in NYC Compass is a real estate broker licensed by the State of California operating under multiple entities. License Numbers 01991628, 1527235, 1527365, 1356742, 1443761, 1997075, 1935359, 1961027, 1842987, 1869607, 1866771, 1527205, 1079009, 1272467. All material presented herein is intended for informational purposes only and is compiled from sources deemed reliable but has not been verified. Changes in price, condition, sale or withdrawal may be made without notice. No statement is made as to accuracy of any description. All measurements and square footage are approximate. Equal Housing Opportunity.

Post-Lockdown Market

Before you dive in: I had a chance run-in with a friend this week that changed my mindset for the better, re-orienting me toward empathy for everyone around me. I made a quick video to share the story, which some of my friends on FB have found insightful - have a look if you’re in need of a little perspective today. ❤️ Some things never change... Let's talk SF real estate this week. The #1 question I’ve fielded in the past few weeks is about pricing: What will happen to home prices post-lockdown? I have good news and bad news. The good news is that the answer is the same as it always is, and will stay the same after lockdown: It depends on supply and demand. The bad news? It’s hard to project what supply and demand will look like. Other things change a lot! Many sellers have withdrawn their properties from the market in recent weeks. Some of those who were planning to list have opted to wait things out. Others have put their homes on the market, or back on the market, in the last two weeks.  This signals that there will be some pent-up supply that springs up on the market to meet latent demand – a large number of buyers will be re-entering the market at the very same time, too. As mortgage rates hit all-time lows, the lure of lower payments is sure to bolster demand. We have seen unprecedented loss of employment, however, a large number of home buyers and sellers in San Francisco have not been directly impacted by these job losses. Nevertheless, j ob losses will impact our economy, and hopefully many, or most, can be recovered as the economy ramps up and we return to a sense of normal. Today in the SF market: Many agents in SF are back on the ground conducting private showings (at last!), slowly getting things back on track after a 5-week standstill. While inventory is still small, the increase in activity is a positive signal.  Currently: There are 214 properties listed on the MLS as 'coming soon' (single-family, condos, coops, TIC) There are 645 properties for sale (active) on the MLS (single-family, condos, coops, TIC) Compass has 123 Private Exclusive listings, not on the MLS or marketed elsewhere For comparison, here's how the very strange  April 2020 measures up to April 2019: Number of new listings was down 64.3% for single-family homes and 65.8% for Condo/Coop/TIC  Median sale price for single-family homes was up 5.41% to just shy of $1.7M, and for Condo/Coop/TIC, up 6.1% to $1.3M. Months' supply of inventory decreased 23.1% for Single Family Homes and 20% for Condo/Coop/TIC. Carry on & honor Mom In the meantime, keep asking good questions.  Keep on social distancing.  Keep on showing empathy for the people around you.  Keep on finding little gifts in this trying time. Most importantly, don’t forget to send love to the mothers in your life this Sunday.  Maggie Visser Top 4% SF Agents DRE #: 01925742 415.793.3470 maggie.visser@compass.com © Compass 2020 ¦ All Rights Reserved by Compass ¦ Made in NYC Compass is a real estate broker licensed by the State of California operating under multiple entities. License Numbers 01991628, 1527235, 1527365, 1356742, 1443761, 1997075, 1935359, 1961027, 1842987, 1869607, 1866771, 1527205, 1079009, 1272467. All material presented herein is intended for informational purposes only and is compiled from sources deemed reliable but has not been verified. Changes in price, condition, sale or withdrawal may be made without notice. No statement is made as to accuracy of any description. All measurements and square footage are approximate. Equal Housing Opportunity.

SAN FRANCISCO HOME PRICE MAP - COMPASS

Updated June 1, 2019: This map reflects median home sales prices in San Francisco neighborhoods for the 12-month period through May 2019. Median sales prices are generalities that often fluctuate and can be affected by other factors besides changes in fair market value. They typically disguise a huge range of prices in the underlying individual sales, and how these median sales prices relate to any particular home is impossible to say without a specific comparative market analysis. All prices should be considered approximate. Data per sales reported to MLS, deemed reliable, but may contain errors and subject to revision.

Run cursor over map to pull up icons and prices.