This week’s sales showed the same mixed picture: strong signs of revival combined with pockets of flatter sales. Of all properties sold, company-wide:
- 33% of properties received multiple offers.
- 15% of properties sold for the asking price.
- 48% of properties sold for over the asking price.
- 37% of properties sold for under the asking price.
Again, I must reiterate, there is no such thing as a national housing market or even a City-wide one in our case. General conditions may overlap but property value and activity level is so property-specific here in San Francisco. Why? Here’s a list of some factors affecting an individual property’s value:
- Original asking price (Was the property listed for less than perceived market value from the get-go?)
- Listing agent’s marketing prowess or lack thereof (Was the property heavily marketed with color photos on the Internet? Was the property statement attractive and informative, also with color photos? Was the property easy to show? Was the property promoted to other San Francisco agents with buyers for this type of property?
- Exact, precise location (Even the side of the street can affect market value.)
- Vacancy (Was the property to be delivered vacant or with market rent-paying month to month tenants or was it occupied by long-time, possibly protected tenants paying under-market rent?)
- And last but not least, how many home buyers want the property at this moment in time. This last one is not to be underestimated.