Zephyr sales this week posted: 27 sales, 14, over the asking price, 7 with multiple offers, 5 at the asking price and 8 under the asking price.
One Sunset house received 51 offers. Yes, folks, 51 offers!
Again, I must ask, is this a down market? It is true that there are values to be found for buyers willing to follow sage advice and take the plunge. What is this sage advice, pray tell? As a finance guru once said (whom I’m horribly paraphrasing), “I like to buy around the bottom of the market and sell around the top.” No one knows when the peak hits or bottoms troughs until after the fact. Oh, we can speculate forever but the truth is that only history tells the story.
The demand remains higher than the supply of housing in San Francisco. Go figure. We live in a small 7×7 plot of land that is amongst the most desirable in the world…and we have very strict zoning and land-use codes.
If you have considered moving up to a new home but thought you’d be losing money, it’s time to listen to these figures and get out there. If you have been waiting for the bottom to fall out before becoming a first time homeowner, you have two choices. Ignore history and keep waiting. Or deal with the current market and buy what you can afford, as soon as you can afford it.
Real estate does well by those who own their homes, condos, lofts, tics….