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October 30, 2019

Fall Market Check: Start Considering Existing Inventory

We’re cascading through the heart of the Fall real estate market in San Francisco. And the mixed bag scenario continues to play out, with many properties going quickly into contract—and others sitting a bit longer before buyers come along.

Our current market indicates that more than half of all the single-family homes, condos, TICs and two- to four-unit residential buildings currently on the market have been sitting for 21 days or more. That timeframe is important, as it means the window of time for sellers to receive multiple offers and crazy overbids is likely closed.

That doesn’t mean, however, that these sellers will accept offers for below or even at asking. Many sellers have a range in mind that they want, based on comparable sales. And sometimes there are very specific properties that are simply awaiting for the right buyer who’s willing to pay the price the sellers want.

If you’re a buyer aiming to purchase a property before the end of 2019, now’s the time to start looking past the new and shiny inventory. Consider the homes that have been sitting on the market for three weeks or more. They may have gotten lost in the shuffle, are slightly overpriced, or have some sort of objection that you might be able to live with at the right price.

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