Buyers agent report discloses San Francisco market conditions, top buying strategies, and suggestions of affordable areas. Buying a condo for under $1 million is not easy in this West Coast city.
Skyfor’s Buyer Agent Search service compiled a report this week on what many believe may be the most expensive real estate markets in the country, San Francisco, California. The service recently referred home buyers, Megan and Andrew to Agent Cheryl Bower, who is helping them find a condo in the over-$1M price range. The report, which many San Francisco buyers may find quite helpful, includes market conditions, top buying strategies, and suggestions of affordable areas.
The report may be found at http://buyeragentsearch.com/associations-and-real-estate-agents/california-buyers-agents-network/
Market Conditions in the San Francisco mimic many popular metropolitan cities with low inventory and multiple offers. However, buying a condo in the Midwest does not come close to the scenarios that play out every day in this city on the Bay with regards to average prices. This week Cheryl witnessed a condo listed for a little over $1M that went for $1.7M and had 22 offers.
Popular neighborhoods include Noe Valley and 24th street. In San Francisco, the buyer who wishes to spend under $1M will end up with perhaps a 1 bedroom or studio condo. In contrast, a nice 3 bedroom single family home just outside of St. Louis, MO can be had for around $250,000.
The median price of properties in San Francisco are between $1.7 or $1.8M. This puts a whole new meaning to the word, "affordability". The city continues to provide high paying jobs however, especially for those in the technology and biotechnology industries. These buyers who have money and financing and who are ready to buy now, will need a top buyers agent to help them win bidding wars. The report helps buyers assess this Northern California market.
As in the past, affordable areas include San Mateo county as opposed to San Francisco proper. Good single family homes may be found in Pacifica. The scenic coastal cities are actually comparatively affordable. A studio condo in the $500K range is considered a great buy. Other coastal cities reviewed by the report include Half Moon Bay, Dailey City, and South San Francisco. Buyers seeking a single family home for around $500,000 are encouraged to look in Sacramento & stay away from the bad neighborhoods.
Top buy strategies are outlined in the report. Most effective are the following: 1) The buyer agent who presents a buyer intro letter will have a better chance of beating out the 90% of agents who present offers without this letter. 2) Buyers who are fully pre-approved with excellent lenders are more likely to win the confidence of sellers 3) Buyers who win offers often have no appraisal contingency, no financing issues, no inspection contingency, and are presented as very qualified good people by their buyer’s agent. Top buyer agents will protect their buyers by putting a cap on the waiving of appraisal contingency and help their clients look closely at the inspection reports and disclosures provided by the sellers.
A spokesperson for Zephyr Real Estate out of Burlingame, CA says “All of the best strategies must be employed by top buyer agents to help their clients win the bid on their dream home, but yet stay within their realistic comfortable monthly payment. It is a tall order.”
The California Buyer Agents Network is managed by Skyfor, Inc. This education and real estate agent referrals company also manages the Massachusetts Association of Buyers Agents, a not-for-profit trade association based out of Boston, MA. Those seeking top buyer’s agent recommendations, as well as recent market conditions reports, broker reviews, and top buying strategies may visit the state pages and agent finder page located at https://buyeragentsearch.com/find-a-buyers-agent/
