The Competitive San Francisco Real Estate Market
So How Do You Succeed In The Competitive San Francisco Real Estate Market When There Are Too Many Real Estate Buyers And Not Enough Sellers?
Well, strange business practices develop in San Francisco real estate which do not occur in other areas of the country and whether you are a Buyer or Seller you need to understand these practices.
First, the real estate agent for the Seller will probably want to set a specific time for presentation of all offers, so as to create a competitive atmosphere. This is truly a ‘Blind Auction’, since no one knows what the other buyers will do. If you are a person who likes control, this is like free falling. No one knows what is going to happen! Literally no one—not your agent—not the agent representing the Seller—not even the Sellers themselves!
Do Not Come From Desperation
Realize if you are buying in San Francisco that you may not get the first house you fall in love with. Like relationships, a new person/home just as lovely, but in a different way, will come along. There are many fish in the sea and many houses too. Just be patient. Being too desperate is your enemy.
Next, put your best foot forward. You are courting a Prince or Princess who has the key to your dream home and probably also has lots of prospects. There will be others at this dance, but you will want to be the one who shines above the rest.
Besides Price What Else Is The Seller Looking For?
A clean offer with no conditions is always desirable, because a Seller wants to know for sure he has a deal. But you don’t want to sign a deal with the devil and regret it later. How can you protect yourself but make it lucrative for the Princes and Princesses out there?
If you feel you need a real estate property inspection by all means get one, especially if you are dealing with an older home. Just get it done before the offer date. If you are denied that option, you might want to skip this particular dance.
Of course, you will want to review the Real Estate Disclosure Packet thoroughly, especially the Agent and Seller questionnaires and ask questions. For instance, if inspections have already been done on the home, has the Seller done any of the recommended work? If it is a condominium, how are the reserves if repairs need to be done? Are there any pending assessments? Does the HOA allow pets? Can you rent out the condo if you want?
It also helps if you have an experienced San Francisco real estate agent to negotiate on your behalf. I emphasize San Francisco real estate agent, because our city laws are different from other California counties. For instance, we have strict and complicated rent control laws, but state and federal laws often trump those laws. Your real estate agent needs to know this. We also have our own San Francisco real estate contract.
And the truth is: real estate agents like to do business with agents whom they know and trust personally. Chances are if the real estate agent has been selling in San Francisco awhile, they will have a good reputation and that will be a big benefit in getting your offer accepted over the other 3-10 offers on the table.
Be aware that any clients names have been changed to protect their privacy. Furthermore, Paula Pagano does not accept any liability for the content of any Blogs and this Website or for any actions you take or resultant consequences of actions taken based on the information provided in this communication. Any advice is my opinion after being a 35 year experienced real estate agent in San Francisco.