Is the SF Real Estate Market improving? It depends. Unclear answer, but there it is. The article below spells out pretty well the conversion I’m having with both buyers and sellers.
Overall, I’d have to say that any current improvement is very slow. Whether it’s summer, a retreat in consumer confidence, the Federal Tax Credit expiration, or a combination, the market has slowed in the last month.
All that being said, multiple offers are still occurring (not nearly as frequently as in the Spring) and it’s hard to explain to buyers and sellers why with two similar properties, one sold (or is expected to sell) with multiple offers, over asking and another is languishing on the market with multiple price reductions.
A lot of it boils down to luck. The buyers in the market place that week, the improvements you’ve taken on to best prepare a home for sale, the side of the street the home is on, or whether the likely buyer of your home went away for the weekend and didn’t look at your house. In general, homes that are well-prepared and well-priced get looked at first.
My observation is that the current, motivated buyers have seen the home in the first two weeks-hence, an offer in the current market in the first two weeks is really important. If it’s gone beyond that, we’re likely to get new buyers in the market, not ready to make a decision for 30 days or more-and folks, time is not your friend right now. Time = price reduction.
About all that can be done is to keep communication open between you and your agent, and keep your ears to the tracks to see what the word is on the street about the property. Remember, the more you see, both good and bad, the more you’ll know when to leap.