Monday, November 19, 2007

Weekly Sales Report

Due to various viruses, both in children and computers, last week's sales report is just reaching you now. The information is important so we wanted to make sure and get it out. As many of you know, as we head into the holiday season, the market begins to slow down. People are busy with family plans and holiday shopping, and the home shopping is often times put on the back burner until the new year. Inventory is lower, and there are fewer buyers ready to jump into action.

If you are a buyer who is ready, it is as Anja says "a buyer's paradise"! It is true that there isn't as much to choose from, but should the right property come along, you will also have less competition than you might in the spring.

As an example, some clients of ours just had an offer accepted on a wonderful condo in Pacific Heights. It had been on the market for almost four months, and in that time the price had been reduced by ten percent. Knowing that there was no competition, and that the unit needed some work, our clients were comfortable offering below the already reduced price. After a couple of counter offers, our clients' offer was accepted at twenty five thousand dollars below asking. Success! They are so excited and feel like they are making a smart investment. This story is a sign of the times; maybe it can happen to you!

In terms of our office statistics, the story is similar. A huge majority (about 80%) of the properties that received offers only received one. The twenty percent that received multiple offers only received two offers.

Of the closed escrows (sold properties), 44% sold under asking. 33% sold over asking, and the remaining 23% closed at asking price. The highest overbid was only 4% above asking. Again, if you are a buyer, the chances of you negotiating a smart deal for yourself (or of us negotiating a smart deal for you) are pretty high.

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