Market Update

Pricing right is more important than ever

Yvo Smit | August 11, 2020

Over the last couple of weeks, we have seen a steep increase in the number of condos for sale in San Francisco and the data confirms that the condo market is indeed cooling off. Sales have not completely stalled, however, and well-priced and beautifully presented condos are going into contract. Our team has always placed a strong emphasis on pre-market home prep and stellar staging in order to garner the highest sales price for our sellers, but this is more important now more than ever. When condo buyers have more choices, we've seen a tendency for them to become even more discerning. To stand out, sellers should strongly consider the shifting dynamics and be willing to cater to buyers' desires for fresh and move-in ready properties. 

 

Online marketing is essential, too. Sellers cannot rely on open houses to drive traffic and need to capture buyers' attention with professional photography and targeted social media and marketing campaigns. We believe any seller should ask their potential agent what their plan is to get people in the door.

In addition, now is not the time to test the market with aspirational pricing. The data shows that condos with price reductions end up selling for less money in more time than properly priced properties. It is critical to work with a San Francisco real estate agent who knows the market well and has the analytic capabilities to adapt to the weekly changes we are seeing this year.