Phil Says Spring is Right Around the Corner!
From the official Groundhog day website, “Yes! Punxsutawney Phil is the only true weather forecasting groundhog. The others are just impostors.” And this year, Phil says spring is coming soon! As a San Francisco Realtor, I’d say he’s right. The market winds are blowing quickly from a tepid buyer’s market back to a seller’s market. Even when we were remarkably slower last quarter, I cautioned that we were far from a true buyer’s market, at least according to real estate standards. However, for our local market, we were experiencing slowdown signs and buyers could negotiate and take their time. Therein lies the rub. If you take too much time, you will miss the moment. Many properties that could not sell last Fall have now sold with multiple offers and for more than the asking price. At least, 5 of my Zephyr Real Estate colleagues told of such events at yesterday’s sales meeting. The bottom line in San Francisco is that we live in one of the most desirable cities in the world. A city that is only 7 by 7 miles and much of that is park! Over the long-term (and in many cases, the short and medium-term), real estate values continue to rise. Unless you are an experienced, expert investor, it is more important to focus on your own situation, affordability, plans, needs, and wants than the perceived market, according to the news and your nay saying friends. Sellers, this means if you were nervous to sell last fall, it’s time to step up. There is not enough inventory for all of the buyers. Buyers, this means if you have been sitting on the fence because you see the bottom falling-out, try to look at the big picture and get a good value for yourself rather than chasing the dream of some outlandish bargain that for some reason, no one else knows about. While you’re chasing that dream, others are getting rich by owning their homes and saving serious money on taxes!