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May 25, 2023

Where The Big Overbids Are Happening in San Francisco

1647 38th Ave

Home buyers are still making big overbids of 20% or more in some price ranges and neighborhoods, despite the fact that the San Francisco market has softened over the past several months.

So where—and for what?—should you be prepared to overbid if you’re house hunting?

Single-family homes are very much still attracting multiple offer situations. That’s because buyers continue to place yards and sufficient space for work-from-home offices at the top of their must-have lists.

I’m seeing large overbids happening most frequently on homes listed for $995,000-$1.2M, in the Sunset and Parkside, as well as in the southeastern neighborhoods like Crocker Amazon, Excelsior, Outer Mission, Visitacion Valley and Portola. That home pictured above at 1647 38th Avenue in the Outer Sunset epitomizes the current trend. The partially remodeled 3BR/2BA home with rear ocean views was listed for $1,180,000 and closed for $1.6M in all cash. (Photo courtesy of Coldwell Banker Realty)

I have one tip for you if you’re house hunting this spring: Know the values in your targeted neighborhoods. Don’t get sucked in by list prices that are significantly lower than the actual value range of the property.

For example, the value of a 3BR/2BA house in the Central Sunset is generally $1,450,000-$1,750,000, depending on the overall size and condition. So if you see a house like that listed for $1.2M, expect to pay well above the list price.

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