Friday, November 30, 2007

Open Homes

Over the last couple of months, the number of Sunday opens has remained fairly steady. The San Francisco Chronicle was reporting them to be in the eight hundred range pretty consistently. This Sunday there are only 532 open homes, and only 75 on Saturday. This goes along with what we have been saying; inventory is limited these days.

Generally speaking, a seller who puts their home on the market in December, and this year especially, needs to sell their home. On the flip side, the buyers this time of year are serious; all of this leads up to serious negotiations.

Some clients of ours submitted an offer today at asking price, but requested that the seller pay closing costs. They are still waiting for the response, but a year ago I never would have felt confident nor would I have advised a client to do that. The first broker I worked with told me that to ask for seller's credits was "like shooting your offer in the foot". We shall see. Another agent in our office reported success at getting the credits for their buyers just this past week.

The offer our clients submitted was for a house that had just come back on the market. Luckily, the listing agent happens to be in our office. He let us know in the Wednesday morning meeting that his listing would be coming back on the market. This information had not been released publicly...we had insider information! We needed to get our clients in immediately, as they had expressed interest in the house before. Also, we wanted to get them in before the open house this Sunday. This is one of only two listings in its neighborhood; the less expensive one at that.

We sent them the open house schedule for the weekend just in case their offer doesn't go through. Unfortunately there isn't much out there for them at this time. Today's market requires patience. Homes aren't selling as quickly as they used to, and buyers are having to wait longer for the right property to come along.

Don't forget to stop by at 1605 18th Street Saturday or Sunday from 1-4pm. It is a wonderful and unique one bedroom loft with panoramic downtown views located on the north slope of Potrero Hill. The seller is ready to go! Come by...make an offer!

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