Well, this is certainly shaping up to be a strange moment in time, isn’t it? Between a burgeoning epidemic, a shaky economy, and a supercharged political climate, it’s hard to imagine more unpredictable circumstances to be facing. Rather than pontificate on what might be, I’ll just say this: There’s little we can do to change what’s happening around us, but we can choose to take care of each other, be cautious, and of course – wash our hands. :) |
The Word of the Day is “Tumultuous” |
The craziness doesn’t end with epidemiology and the Democratic primary – those could share top billing with the ever-escalating competition for houses in San Francisco.
With mortgage interest rates hitting all-time lows, advised “social distancing” had zero impact on open house attendance in the sub-$2MM category this past weekend. Agents reported attendance between 50 - 100 prospective buyers for a single listing. This isn’t new, rather a sustained demand that has many houses selling for inexplicable highs – comps have proven to be less and less predictive.
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To give you a sense of how perplexing things have become, here’s how a few recent scenarios have played out:
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366 Chenery (Glen Park) 2 bed, 1 bath, parking for 1 Listed: $1.395M Buyer interest: 12 offers Sold: 25%+ over asking (in contract)
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135 Buena Vista (Corona Heights) 1 bed, 1 bath, parking for 1 Listed: $899,000 Buyer interest: 7 offers Sold: 20%+ over asking (in contract)
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91 Whitney St (Glen Park) |
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...But You Can Control How You React
(It’s Not Hopeless, Buyers!) |
If you’re considering selling, this is (clearly) still a good time to do so. If you’re a buyer, not all is lost! Interest rates are at historically low levels. The lion’s share of offers are financed and there are ways you can be competitive even if you aren’t coming to the table with an all-cash offer. I’m always happy to help strategize and explain how – reach out any time. |
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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.
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