San Francisco's Housing Market Has Long Proven to Be One of the Nation's Most Dynamic and Competitive. The Right Strategy Can Land You the Bay Area Home of Your Dreams
Few real estate markets in the U.S. match the beauty and diversity of the property options found in San Francisco. That one-of-a-kind appeal also makes the Bay Area's housing market one of the most competitive and in-demand markets in the nation.
For buyers trying to find the perfect property, it can prove a challenging area to navigate. However, an opportunity exists for those willing to leave preconceived notions at the door and adopt the following three buying strategies for navigating San Francisco's competitive market.
Come to the Market Ready to Act
San Francisco's real estate market is not one for window shoppers or casual home buyers. If you hope to secure a residence in one of the city's premier neighborhoods, be prepared to make strong, compelling initial offers. Regardless of the community or type of property you bid for, do your research and understand the market and what the seller expects to be a fair offer. Then, organize your proposal and act upon it.
Pre-approval (not prequalification), sizable down payments (over 20%), and competitive first offers (even if above asking) will ensure your submission gets the attention it deserves. An all-cash bid will put you at the front of the line. Further, don't be shy about making personal appeals to the seller on why you are the property's ideal buyer. Come out of the gate with something that demands a seller's attention and sets you apart from other buyers.
Accept a Certain Level of Risk
The combination of highly desirable and hyper-competitive often leaves buyers feeling like they're traversing a high-wire without a net. And yes, sellers will expect buyers to take on more risk when the market is emphatically in their favor.
To secure a highly desirable property, you may be asked to forego standard contractual niceties such as contingencies, inspections, or seller contributions. It's up to you to determine your comfort level. The key is to trust your instincts and not feel pressured into a deal you may regret later. San Francisco offers lots of opportunities. You might have to exercise a lot more patience to find a residence that's right for you.
It's easy to put the blinders on when seeking out the ideal piece of real estate. You may have your heart set on a specific neighborhood, or a certain style of home, or a particular school district for your child. One of the great benefits to San Francisco is the vast array of options that greet residents at every turn. Being flexible in one aspect of your home search can open up a world of possibilities in another.
For example, your home search may start in Pacific Heights (and let's be honest, it's not a bad place to start). Still, a willingness to venture into neighboring Cow Hollow or Presidio Heights will reveal just as much luxury at a more affordable price point. It would also put you within close walking distance to the Presidio's or Marina District's many outdoor pursuits or allow your child the opportunity to attend one of the Bay Area's esteemed private schools.
Ultimately, however you approach San Francisco's highly competitive real estate market, partnering with a knowledgeable, market-savvy professional gives you the most significant advantage. From finding off-market deals to making the best offers to negotiating the final agreement, the most reliable way to succeed in San Francisco is to not go it alone.
Ready to explore the best of San Francisco real estate? Contact the Susie Lee Group today
to start your home selling (or buying) journey. From Presidio Heights real estate to Pacific Heights homes for sale, allow Susie and her team's experience and expertise to be your guide throughout the Bay Area.