We are no longer San Francisco homeowners. We closed on Monday!
The real estate market in San Francisco is beyond crazy right now. In order to sell our place, we shelled out 5K for a new paint job (inside) and another 5K for staging, and multiple other dollars for cleaning, gardening and a hardwood floor repair and polish. Was it worth it? Absolutely. It sold for well over the asking price.
After all the primping, the selling process was quick and easy. We had two weekends of open houses, a few agent showings and accepted bids on one day only (that’s the way it works, there. You do not accept any bids before the official date). I have to say that even with things being the way they are, we were still a little nervous about how everything would turn out. Selling your home is a stressful process, no matter what market you’re in.
Speaking of the crazy housing market, did you hear about the 3-unit building in Pacific Heights that went for $1.7 million OVER ASKING? According to Curbed SF, the list price was $2.095 million and went for $3.801 million, which means that it sold for 81% over the list price. Or the 4-bedroom home in Noe Valley that went for $1.31 million over? Or the 2-bedroom home in Glen Park (not one of the top most desirable neighborhoods in the city) that sold for $600K over asking? The list of these ridiculous offers is getting longer and longer.
So who or what is driving up prices? A lot of it is due to the ever-booming tech market (Google, Facebook, Twitter and various IPOs) and foreign investors are also a factor. Another reason is because there just isn’t a whole lot of inventory out there right now. According to a local news article (KPIX 5), real estate agents said that if “new properties stopped coming on the market, San Francisco would run out of homes in five weeks.”
We’ve already started the house hunt here in Grosse Pointe. The market isn’t as bad here, of course, but it’s still a pretty hot market, considering, and there isn’t a whole lot of inventory here, either. For example, a home we looked at least weekend went on the market on a Friday afternoon and sold by Monday morning. But we’re hopeful. That at least we’ll find something by winter (please God!). Stay tuned.
*photo credit for all our house photos: zephyr real estate