2 posts tagged “real estate agent”
As a real estate agent, I am often asked
"What is going on in the market?" or "What is my place worth?" etc...
Let me take this opportunity to give all of you a simple and concise overview.
Premise this by saying we are coming off record sales so be careful when comparing data to last year and saying it's a declining market.
So what is criteria for a "good" real estate market? I would answer that by looking for any city with 1.) Job Growth 2.) Income Growth and /or 3.) Population Growth
When you have more people and they have more money it puts upward pressure on home purchase prices. More dollars vs. Fewer Properties.
Now let's throw in a scenario where there are zoning restrictions or anti-growth sentiment. This too drives prices up.
For San Francisco specifically the median price is up 37% since 2003, which is 3X national figures. And right now there are fewer bidders but a fair amount of inventory. Interest rates are low anywhere around 6.14% but some are offering 5.25% on new construction.
Lastly, for my investors you know I have been preaching the "Buy & Hold" strategy well I am happy to say some national magazines are currently supporting that very same philosophy!!
This is the first installment of what I hope will be many updates and perspectives of "How I see" the San Francisco Real Estate market.
My opinion will be based on my in the streets perspective of what is going on with both buyers and sellers of San Francisco residential properties.This up to the minute analysis may have a selective topic depending on with whom and where I am working in the market at that particular time.
This could be a condo in South Beach or the Marina or it could be a house in the Richmond district or Noe Valley. Just depends on where my clients lead me at the time.
I will start with a general opinion of what is happening with the latest MLS systems and where that may be headed in the near term.
San Francisco home buyers are unique in that they are very savvy when it comes to searching for properties online. You are a demanding bunch that has an expectation that a real estate agent only searches property and that the buyer can do just as good a job as the agent given the current mls technology.
Although that may be true in many cases a proficient agent will have a current in depth knowledge of how to search properties both online and within their network of real estate agents, both locally and regionally. These networks are invaluable and any rookie agent or out of area agent is handicapped when competing aganist the more seasoned agent locally.
But the combination of experience needs to be linked with the technical capability of an agent as well. Some agents are just getting email, oddly enough. How do you say "behind-the-times"??
Anyway, to the point. Many of the Northern California MLS systems are working towards having a collabrative system by mid-year 2007. So be on the forefront of knowledge especially if you are looking to invest in the small apartment market regionally.
That is it for today. More soon but if you need to reach me before then try emailing me at: kglidewell@pacunion.com
