South San Francisco, CA August 29, 2019 Special Feature by Dee Molina, Realtor
PREFACE: Everything South City welcomes Dee Molina to our team as our Real Estate reporter, as she offers insights into the local market.
The Current Residential Real Estate Climate in South San Francisco
There is a shift in the Real Estate wind this month. It is the end of the peak selling season for So. City. Which direction might the market go? The indicators point towards the beginnings of what we call a “normal” market. With inventory still at a very low level, we see that the prices are holding their own on an average. This may change if the inventory increases some. The reason for this is if there are 18 homes on the market, 18 closed… which makes the demand still the driving force to keeping the values high.
Local Inventory
As of August 28, 2019, there are currently 24 condos, townhouses and single-family homes on the active status. There are 25 in the pending status with 4 closings this month. These are very close to equal in numbers. This is an example of why our values are staying up there.
Here are the numbers that are seeing the shift. The average days on the market are increasing, from the normal numbers of yesterday was most homes would be in escrow within 10 days or sooner. The actual average was 12 days… but in August we jumped up to the average of 23 days. That is nearly double. Here is another bit of news, the listing price and the sales prices are closing in on each other. We are seeing a trend of homes selling for a bit over Listing price to Listing price. The real fixers of the group are not getting as high as the listing prices in most cases and there are a few reductions. When was the last time you saw that? We saw this back in 2012 when the market was just bouncing back from the bursting bubble of 2006.
Regional Indicators
Another indicator of change is to look at an outside area. Affordable and commute range to the city or Oakland and I took a look at Antioch and Contra Costa County. This area took a huge plunge during the crash of 2006-2008. Their homes have increased to the level these new homes sold to even a higher volume. Guess what is going on over there? 157 Active Residential homes for sale. Now that is a lot of inventory. The average days on the market has doubled for them as well from about our 24 day to 48 days. Same activity with the pricing, with a bit above, and a bit below for the sales to listing price so far. Here is something I haven’t seen in a little bit… 1 short sale and 3 REO’s (Foreclosures).
There is a shift in the market. It is a good time to sell while the market is still holding its own, if you can be patient or price your home to sell. It is a good time to buy with interest rates still low, with a lot of lender options.
Buyers Workshop
My Buyers Workshop is hosted by Veronica Mora who explains the current products on the market to help any homeowner who would like to explore the refinance vs relocation. She also introduces the current products, guidelines, and credit scores to qualify for a home loan for either VA, First Time Buyers, Investors, 2nd homes, and for those buyers who are selling their existing home, to either down-size or upgrade depending, on the need. Escrow and Insurance professionals are there to assist you with the process and inquiry of finding the best homeowners policy… and I am there to answer the Realtor questions, that might counter your loan by stating what is required to get your offer accepted, for the fairest price, and at the best terms for my buyers to meet their dream and financial goals.
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A little about me!
A local since birth, having been born in San Francisco, raised in Daly City, and now reside in Brisbane. I am celebrating my 15th year of serving my clients in Real Estate. I have been both, an employer, and an employee, but with any position, my focus continues to be on creating relationships, marketing, educating, negotiation and contracts. And most definitely why I enjoy my career in Real Estate because I can use most of my talents around every corner!
I have sold vacant lots, commercial, investment properties, luxury properties and your unique home from Northern California to Southern California. I hold a Certified Master in Home Value and Marketing. I currently hold my license at Keller Williams – San Mateo Office who excel in technological updates, to market change strategies, and new contractual requirements, which hold all parties accountable for their part in any transaction.
When I am not engaging with people in Real Estate, you can find me spending my time with family, enjoying times with friends, listening to live music, or catching the newest movies at the big screen. Or, doing one of my two favorite activities; walking with my friends or by the water with my toes in the sand… traveling!
Contact me if you would like to learn more!
Phone/text 650-544-4854 Email: dm_homes@yahoo.com
Dee Molina BRE# 01422710 Keller Williams – San Mateo Office BRE#01906450
The real fixers of the group are not getting as high as the listing prices in most cases and there are a few reductions.
Yes, you are correct. Fixers have always been a challenge to sell if an investor doesn’t come up and buy it right away. But here now is the problem… Who would buy a fixer now with pricing possibly heading downward. So they need more of a gap, so the offers are coming in lower. Reductions are happening everywhere depending on the how motivated the Seller is. With this trend, the low ball strategy of pricing may be a bad idea and most agents are listing closer to value because the offers are coming in closer to value. The competition is dwindling at bit.