Week in Review
With another week of a lot of new listings, buyers finally have some selection, the mad rush to see a listing the minute it hits the market is subsiding, and buyers are facing less competition when offering. But all the offers we wrote this week were in competitive situations, and you would have needed an offer with none (or just one) contingency and an offer greater than asking to win. Contrary to popular belief, you don’t need to be all cash, we had financed offers win!
On the seller side, we’re seeing sellers who are pushing the bounds on what buyers are willing to pay are sometimes finding that no one is willing to pay what they’re asking just yet. We’re also seeing a lot of listing agents doing a poor job, costing their sellers tens of thousands (blog post coming soon on that.) I think we’ll look back and realize that the sweet spot for listing was prior to Easter, but now until mid-June will still be a very good time to sell. We’re seeing many people who bought just last year, or the year before, sell and able to break even or even eek out a profit, which is pretty remarkable considering it costs you about 8% to sell your home.
Mid-week we hosted a sold-out home buying class and will be planning another one for late May, before taking a break from classes for the summer when I suspect everyone will be on vacation.
And finally, a few war stories:
- Our 11% over asking cash offer didn’t fly on a $1m Ravenna home. It went for over $1.2m with 7 offers.
- A Central District condo had six offers the day before the offer deadline
- A condo at the Elektra had three buyers try and beat the offer deadline
- The home Dan Savage instagrammed went well above its $1m asking price
- Our 7% over, financed offer, beat six others for a North Beach grandma house
Enjoy the sun this afternoon!
