February Market Report

After years of hard work and sacrifice, many of us start to consider moving to a home that provides a little more convenience, comfort, and simplicity. However, your current home holds a lot of equity, so it’s important to ensure you’re getting the most out of it before embarking on your next journey.

You’ve been around long enough to know that buying and selling real estate can be a turbulent process, so it’s normal to want some help navigating this transaction. As you consider this move, here’s what you should know about our local market:

New listings are down, but sales are on pace with last year.

So far this year, only 3 homes have sold for example, in highly desirable Pacific Heights. That’s exactly the number of sales we saw by this point in 2020. However, new listings are down. In 2020, there were 10 new listings at this point, while we’ve only seen 7 new listings so far this year. With the same number of sales and fewer new listings, this might imply that inventory is decreasing. It’s still too early in the year to say for sure, but for homeowners, less inventory means that there are fewer homes to compete with, so having a well-prepared home and a beautiful marketing strategy is a great way to take advantage of these conditions.

Properly prepared homes sell faster–and higher.

It’s just as common for desirable properties to sell for hundreds of thousands of dollars over the asking price as it is for a home to languish on the market and wind-up selling for hundreds of thousands under the original asking price. Strategic pricing and targeted marketing are what make the difference. Currently, well-prepared San Francisco homeowners are going under contract in just 4 days! That’s 85.7% lower than in 2020 when homes sat on the market for 28 days. The median price of the homes sold so far this year is also down 12.4%, but with only 3 sales this year, it’s too early to draw any conclusions. However, it does highlight how important it is to have expert guidance as you prepare for such a significant sale.

Demand for San Francisco Bay Area Homes is expected to increase in the coming months.

Spring often brings a flurry of activity, making now the perfect time to prepare for market. Whether it’s cosmetic work, a renovation, or simple staging, the time you invest in preparing your property will maximize buyer interest and improve your ROI. Especially with Interest rates still at historic lows, buyers are ready to make offers.

As a homeowner, what does this mean for you?

If you are thinking of selling in the next 12 months, now is the time to start preparing for market.