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April 15, 2011

Buyers Seek Value in SF Homes


Sales in San Francisco these days tend to spin my head in more circles than this spiral staircase at 135 Locust in Presidio Heights. The 4BR/3.5BA single-family home was listed at $3M on March 4th and closed this past week for $3.4M.

Yes, we’re in a buyers’ market. But the reality is that buyers are quick to decide what market value may be for a given home, and they’ll bid accordingly.

To that end, there are 563 single-family homes available which have been on the market for an average of 73 days, along with 666 condos with an average of 74 days on market. Thus, a majority of sellers out there aren’t appreciating anecdotes like the one connected to 135 Locust.

Overbidding isn’t unusual, but it’s typically been happening with homes that are listed below the average selling price of comparable properties. (For example, word on the street about Locust was that it was priced low.) But what will keep the market moving will be active negotiation and reasonably priced homes.

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