Let’s face it, San Francisco is a tough city for buyers. Over the past 18 months, sales with multiple offers that end up far above the list price have become the new normal. The average buyer often finds it difficult and stressful to compete in such a heated market.
Over the last few weeks however, the market seems to be adjusting a bit in the buyer’s favor. This is especially true with condos and TICs, less so for other property types. It could be a typical seasonal adjustment, or a response to global financial market turmoil, but one thing is clear: price reductions in San Francisco are now more frequent than they’ve been for a long time.
In addition to lower prices, there is a marked increase in properties that are “back on the market” (aka. BOM) following being in contract with a buyer that couldn’t get financing or cancelled for some other reason. These homes can sometimes become an opportunity for a savvy buyer.
For a list of the most recent price reductions or back-on-market properties, just email me at [email protected].