It is known that San Francisco real estate marches to the beat of its own drum. Time and time again, out-of-state Realtors have asked in utter disbelief if it's really true that in San Francisco an asking price is set and then the price is bid UP? That makes no sense, they would protest: When you buy a car, you bargain down; even when you buy a mattress the sale price is usually below asking. So why is there a "silent auction" style of pricing in San Francisco real estate? <The proximity to eBay headquarters?>
Another example of the San Francisco real estate market's uniqueness is the dearth of business during the summer months. Most real estate transactions in SF take place in the Spring and the Fall. This is in stark contrast to most of the country where the majority of real estate business is conducted during the Summer. Anecdotal evidence points to the severe amount of "family flight" to explain the slow San Francisco Summer selling season. In many other areas it's important to sell your home during the Summer and purchase another before the kids start school in September. In San Francisco, where the number of school age children has been on a sharp decline, many people act as if they are European <Um, I know...just a tad affected.> – Summer is the time for vacation, we'll get down to the business of home selling/buying after Labor Day.
So if you've been on the search for the perfect property, don't fret! Historically, a huge surge of inventory hits the market in early September. <Of course, there will be more competition because other would-be buyers will be back from their aforementioned Summer getaways.> If you are a seller, it may be an interesting strategy to discuss putting your property on the market during the Summer when there is far less competition.... <This year, we are big proponents of this strategy. There is a real lack of inventory right now and hungry buyers looking for a home. Multiple offers are common which means that there are more buyers than sellers. If your house will be desirable to today's home buyers, it may be smart to list this Summer.>
...Read this article and more in the new issue of MarketTracker, courtesy of Zephyr Real Estate. Also in this issue:
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