Weekly Sales Report

Coldwell Banker got together again this morning to discuss the past week's activity. While many people are looking forward to 2008 and creating their business plans, setting their goals, and thinking about new year resolutions, other people are still working on wrapping things up for 2007. Real estate continues to be bought and sold in San Francisco.

The majority of the properties that received offers this past week were single offer situations. Only 25% received multiple offers. This house on 39th Avenue did receive 5 offers, but only after a price reduction. It was listed at $749,000 originally and sat on the market for a month and a half with no activity. They reduced the price to $699,000 and received five offers within the week. Doesn't it always come down to price!

We have just lowered the price on our loft at 1605 18th Street; hopefully we will get a similar response! It is now $669,000 and will be open both Saturday and Sunday this weekend. Come, enjoy the view, and make us an offer!

As far as the sold properties go this week, a majority of them (56%) sold under asking price. Only 33% sold over asking, and the remaining 11% sold at asking price. The largest overbid for the week was 1921 Page Street in the Haight/Ashbury neighborhood. It is a three bedroom two bath fifteen hundred square foot condominium in a three unit building. The systems were upgraded and the kitchen and bathrooms were nicely remodeled. It also came with two parking spaces which is a rare find, and a large shared landscaped garden. It was listed at $949,000 and sold for $1,075,000. That is 12% over the asking price which we don't see nearly as often as we used to. I believe it was also a cash offer.

It is interesting to see that even in this market, you do still have to bid up on certain properties. Whether you are trying to outbid competitors or meet the seller's expectations which may be above their asking price, offering above the asking price is sometimes the only way to get a property. It is hard for buyers to understand this as everyone wants to feel like they've gotten a great deal. The important thing to know is that the asking price is no more than a seller's strategy; a means to an end. Don't compare your offer price with the asking price. Instead, use the recent sold properties in the neighborhood as comparables. If your offer price is in line with those, you are paying the right price.