People are asking me what am I seeing in the SF real estate market right now. Another thing I am being asked is whether sellers should take their properties off the market for the holidays.
First, this is what I am seeing. What is happening now is what has been happening since Covid started. After being at home for a while, people want larger spaces so they can work at home – an extra room for an office – and outdoor space. Not surprisingly, this translates into homes selling faster and at higher price increases than condos. My buyer clients are looking for that extra room or rooms to serve as offices and an outdoor space where they can meet with friends and family while socially distancing. My listing at 1942 31st Avenue in the Central Sunset had these extra rooms and a nice outdoor area. It recently sold substantially over the asking price.
Second, for properties that are still generating showings and a decent amount of activity, I would recommend that sellers keep these properties on the market during the holiday season. People are here and for the most part are not going anywhere so the “holiday slowdown” will likely not be as slow. In fact, some buyers may have more time on their hands and be interested in looking at properties.
For those properties that have been on the market for a while and are not generating many showings, I would recommend taking them off the market for at least 30 days and doing a “reset” in the new year. Bringing them back on the market in January, possibly with a price reduction, should bring back more energy to the listing and generate more interest.
Amazingly, this has been a busy year for real estate and Compass has had a record year in sales. This is with no Open Houses or Broker Tours! Somehow, we are able to get the word out nonetheless for our seller clients through the great technology we have at Compass. With Covid, online generation of activity has been very important. I’d be happy to discuss this with any potential sellers who would like to learn more.