Wednesday, November 28, 2007

Nothing at ALL

The title of this post was in the subject line of an email I received from Anja yesterday. She had been reviewing the properties that were scheduled to be on the Tuesday tour with some specific clients in mind. Nothing at ALL! These poor clients are ready to move yesterday and there is simply nothing out there for them to buy. At this point they have seen everything that is currently available in their price range and neighborhoods of preference. Now they are just waiting for new properties to hit the market and they are ready to jump.

Just before I logged on to write this article, I checked the MLS once again for these same clients. I saw something that looks promising; zero days on the market! We will get them in tomorrow and make an offer straight away if they like it. Doesn't that sound like the old days? If inventory stays this low, we will start seeing the good properties sell in a matter of days.

According to the MLS, just over 70 single family homes were listed this month, and only 40 condominiums. Those numbers are for all of San Francisco! There are thousands of buyers out there, and with only 120 properties a month, many of those buyers will be left out in the cold.

Why, then, are so many properties having trouble selling? Buyers are cautious and more demanding than they used to be. They will hold out for the right property.

What makes a home the right one? Neighborhood is very important. Is it on the right side of the hill? Is it close to public transportation? Parking is huge; homes with no parking are sitting on the market unless it is otherwise spectacular and sometimes even then. Does it have usable outdoor space? All of these "extras" are key right now.

If you are thinking of selling but afraid because you are hearing it is not a good time to sell, check the MLS to see if there are any other homes like yours in the neighborhood for sale. If not (and there are probably not) then you might want to consider putting yours on the market. Somebody out there has a client waiting for it.

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