If we had to sum up 2020’s real estate market we’d say it turned everyone’s five year plan into their five minute plan. We found that many first time home buyers decided to make the leap into home ownership; those thinking about moving home or to the suburbs “one day” woke up and realized that day had arrived; and people stuck at home with with remote learning and working suddenly needed extra space overnight. In our view, the narrative of people fleeing the city was just part of the picture. We saw transactions of all types, all year long.
2020 trained us to throw away some of our traditional market “rules,” like seasonality. In the past, our typical market runs from the Super Bowl to the summer and then again from Labor Day through the end of October. This year, demand was consistent from the April until now, with all-time inventory highs and new properties hitting the market even as the big election approached.
The elusive SF “deal” has become a reality for many homes — condos in particular — that don’t check all the boxes. When inventory is high and choices are seemingly unlimited, buyers become more selective. As a result, we’ve seen upticks in days on market and price reductions unlike anything the city has experienced in years. There’s a catch, though. Properties that are staged, well-priced and beautifully presented are still selling quickly with multiple offers. We’ve always advocated for this approach with our listings and believe that’s the reason why we’ve seen continued success even during these wild times.
As always, feel free to reach out if you have any questions about how your home or your search fits into the big picture.