Never get into a bidding war again | San Francisco Real Estate Podcast
How to avoid getting into a real estate bidding war in San Francisco.
Excerpt from the Podcast:
Shake Shack is opening up 1st San Francisco location in Cow Hollow.
The San Francisco Chronicle as of a couple days ago, is reporting that Shake Shack is coming to San Francisco. That's right everybody, they're opening up their first store here in San Francisco.
They've been around for a while. I think they have, I don't know, 160 locations worldwide and they're opening up here on the northern end of town in Cow Hollow at 3060 Fillmore Street which is just a few blocks away from me. Wow that's pretty exciting. Fillmore and Filbert Street if you know the cross-section there, the southeast corner. It was the former Real Food Company Market which closed a few years ago. Congratulations to Shake Shack on the new location.
Avoid Real Estate Bidding Wars.
Most people are not comfortable with writing non-contingent offers, especially if you have to get a loan and the house has to appraise. How do you overcome this? How do you compete against an all-cash buyer? Let's start with, you have to look in the right place. Sometimes properties get forgotten about. I call them the Forgotten Properties. Buyers in today's market get caught up in the apps that they use, and the momentum and everything around that, meaning they'll be on the Redfin or Zillow or Trulia or their Compass app and a new listing will pop on the market. They will look at only the new listings and forget about listings that have been on the market for a longer period.
What happens if you rewind and re-program your brain to slow down a little and to focus on listings are not new on the market. Maybe we should go back and look at the properties that have been on the market for 30 days or more? Seems like a brilliant idea.
As of right now there are 665 homes for sale in San Francisco as of right now. I count those as single-family homes, condos, duplexes, triplexes, fourplexes, TICs. Out of all of those properties, 308 of them have been on the market for over 30 days. Now if you're getting burned out on the San Francisco real estate market, and you're ready to give up, this is your opportunity and your chance to take the reigns and put the ball back into your court for and for finding the right property.