REAL ESTATE | NINA HATVANY
There are many myths about the San Francisco real estate market — many of them not true.
MYTH #1: Homes are still going for 10 to 15 percent above asking in bidding wars.
The truth is, the competition for San Francisco condominiums and homes has drastically slowed down as inventory has increased. “Bidding wars,” while they still exist, are less common, and if there is competition, it is more likely two or three other offers rather than 10. The market in the fall tends to dip slightly in prices because of the glut of inventory that hits right after Labor Day and then is slow to get absorbed as the holidays approach.
There is still a good amount of inventory sitting, and buyers become less motivated over the holidays to deal with finding a home between their travels and hosting family. In the spring, prices historically tend to rise again as the market picks up. While we can’t predict what will happen next year, the current combination of low interest rates, higher inventory and economic uncertainty makes this a great time to jump into the usually hyper-competitive San Francisco market.
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