The San Francisco Real Estate market continues to look a lot like last year with multiple offers and the winning offer non contingent. One thing that has changed is that buyers have become much more aggressive in their approach and they no longer wait for the listing agent to set an offer date. They see a home they like and they immediately make an offer the seller can’t refuse. If the seller agrees to the price and terms, the buyer gets the house they want and they get to avoid the multiple offer situation. As an agent working with buyers you have to be ready anytime and respond immediately when your buyers identify the property they want. If not they could loose out on a deal.
I recently had buyers go to the first open house and email me shortly after letting me know they wanted to put in an offer. I immediately got in the car to go view the property and find out from the agent what it would take to get a deal done. I called my buyers back to let them know what the seller’s expectations were and we wrote up an offer that got accepted and just closed!
My deal is not an isolated example, it has been happening more and more each week. It adds a new element to the real estate game in San Francisco and when “time is of the essence” you need to act fast! Here are examples of properties that have sold in 7 days or less.
1. 336 Avila St. – Single Family House in the Marina District
List Price: $1,995,000 – It was on the market for 7 Days and they received 8 offers total. The winning offer had no contingencies and 8 day close (cash).
2. 1940 Sacramento St. #1 – 3 Bedroom Condo in Pacific Heights
List Price: $1,400,000 – Seller accepted a non contingent pre emptive offer and 4 days later it was pending.
3. 1601 Pacific Ave #402 – 2 Bedroom Townhouse in Nob Hill
List Price: $1,295,000 – Seller accepted an offer within 5 days of being on the market with a 22 day close of escrow.
4. 1990 Green #401 – 2 Bedroom Condo in Pacific Heights
List Price: $1,595,000 – This was on the market for 6 days, they received multiple offers and it closed for $1,880,000 in less than two weeks.
5. 3041 Sacramento St. – 3 Bedroom Condo in Pacific Heights
List Price: $1,595,000 – Pending 6 days after being on the market with a 7 day close of escrow (non contingent cash offer).
6. 3039 Sacramento St – 3 Bedroom Condo in Pacific Heights
List Price: $1,695,000 – Pending after 6 days of being on the market with a 8 day close of escrow (non contingent cash offer).
If you are in the market to buy in San Francisco please let me know. I can show you properties before they hit the market and let you know of any off market properties to help you have the competitive edge as a buyer in SF.