Happy Friday! Today, we have news and other news. The news is, it's time to pay the 2nd installment of your San Francisco property taxes if you haven't already paid them. As we like to say here at SFhotlist (in our best sinister Vincent Price voice), The San Francisco Property Tax Person Cometh. The 2nd installment of property taxes, initially due February 1st, will become delinquent on April 10 at 5:00 p.m. It will be worse news if your property taxes are delinquent.
If you have not received your bill, contact the Office of the Treasurer & Tax Collector right away or visit the SFGov Property Tax website for information on how to proceed. Remember, if you purchased property recently make sure to pay your supplemental tax bill if you received one. (Just as a heads up for what's coming down the pike, the 1st installment is always due on November 1st and becomes delinquent on December 10 at 5:00 p.m.)
And the other news is, San Francisco real estate looks to be entering into a seller's market. We are experiencing a lack of listing inventory and STRONG seller power in many neighborhoods. Remember back in December when we wrote about San Francisco Real Estate Inventory being at 2-Year Low of 1.4 months supply? Well, it's 2 months later and inventory is even lower (see image below). This means multiple bids and substantially increased prices for many properties. Here are a few examples from our own experience with sellers:
1. Clients sold their single family home for 31% more than they paid A YEAR AGO!
2. Clients sold their condo for 8% more than they paid for it at the top of the market.
3. Clients sold their single family home for 14% more than they paid for it at the top of the market.
San Francisco: Months Supply of Inventory (based on SFAR data)
If you've been thinking of selling your home but aren't sure if it's time yet, we urge you to give us a call or email to discuss. You might be pleasantly surprised by what we have to tell you. Also, read our recent post where we list out the Top 8 Home Selling Strategies. If you are a would-be home buyer, don't fret. We've successfully navigated this market and placed our clients into value-oriented properties, many off-market. You gotta hustle a bit to make it work right now but we're doing it for our buyers! Our commitment is to do whatever it takes to deliver a 5 Star Experience for you and those you refer to us EVERY TIME.
