In the Know with Kevin Ho: What Happened in SF’s real estate market this week, Dec.. 28-29, 2013 Ed., No. 52
And that Was 2013…
And not a mouse was stirring. A quiet weekend, just perfect to take a survey
As much as we love vacation, shopping, family and general lethargy, I’m sure some of you are getting restless. If that’s the case you could see one of the 26 open houses in the city on Sunday. Or if you’d like to do something different or simply like to be heard and help shape San Francisco real estate, then go ahead and take my brief, 10 question survey about buying and selling property here in San Francisco. The survey is intended to help me guide my developer clients and sellers on how best to craft and prepare properties that my buyers would like to see. It also allows me to enhance my service to you so that my efforts on your behalf are all the more effective and efficient. Texting, for example, curse or preferred communication method? How do you feel about the amenities available on most properties? Do tell, enquiring minds are waiting.
So, What’s Coming in 2014?
I think it should hardly come as a surprise that the breakneck positive growth starting in February 2012 continued well into 2013, which turned into the year of multiple bids, way-over-asking price offers that were contingency-free. It’s my thought that 2014 will be a year of transition:
- The condo conversion lottery legislation will continue to have its impact felt – most people probably failed to appreciate what these would be when they passed the changes in April 2013, but we’ll see more activity play out in 2014 (remember if you’re converting in 2014 materials due soon;
- Mortgage interest rates will rise – it’s just a matter of when not if;
- The city’s housing crunch will be felt evermore with more drama, more emotions, and now, promised tinkering with rent control and eviction control laws;
- More money, more cash. Those who have waited on the sidelines will get off the bench.
- If past IPOs are any indication, the twitter money that’s released after the typical 6-month stock sell restriction period ends in April won’t have an immediate impact. But money from Google, Apple and Facebook among others like Genentech will.
Kevin’s Clients in 2013: Annual Review
Looking back at what my clients did this year some interesting trends emerge:
- Overall success rate (offers accepted and closed from all offers written): 36%
Of the properties that my clients closed this year:
At the listing price: 8%
Under listing price: 8%
Over the listing price: 84%
Where there were multiple offers: 92%
Not the highest offer but still won: 33%
Those who lost at least on 1 bid prior to winning their property they ultimately bought: 67%
Data and Closings
The natural dip in real estate that starts in November each year can be seen with this week’s closings. This week escrows and sales closed for 35 single family homes, 36 condos and TICs, 5 2-4 unit buildings and for units 5+ or more there were 3 closings.
See you in 2014!