Wednesday, February 6, 2008

Weekly Sales Report

As we head into February, you can expect to see inventory start to rise. Our clients have noticed that the past couple of weeks have brought more houses to see, and that should build in the coming months.

This past week, sixty percent of the properties receiving offers only received one offer. The other 40% received up to five offers.
One of these was, again, a fixer in Noe Valley. This was a huge three level Victorian on Hoffman. It was priced at $995,000, has no parking, and needs a complete facelift from top to bottom. Once it is remodeled and a garage is added, it can easily be a $2 Million dollar property.

For the closed escrows, just over half, 54%, of all properties sold under the asking price. The remaining 46% were split evenly between properties selling at and over the asking price.

The market is so intersting to watch, and extremely difficult to predict. We can only look at what is happening and try to draw our own conclusions. Even so, in order to find an average, there has to be a top and a bottom.

A house in a prime Potrero Hill location doesn't get the offer they were looking for, but a Tenancy in Common on Guerrero accepts an offer after just days on the market and is expecting a back up offer. If you are interested in a property that has already accepted an offer, or you were outbid, make sure and ask that you be put in back up position. You will still need to agree on price and terms with the seller before that happens. Once you are in back up position, you have secured your position should the first offer fall through. With today's lending market changing and dropping loan programs every day, there is a good posibility that some of these properties will fall out of escrow. In the meantime, you have the ability to shop around and move on another property should one present itself.

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