New Report States Bidding Wars in SF are Way Down
It used to be that San Francisco was the spot for the year of living dangerously as far as bidding for a new beautiful home in the city. Bidding wars, anyone? We had plenty of fierce ones in 2015 and 2014. But, in 2016—according to a report from Redfin real estate listing site—the bidding mortal combats have plummeted in SF. In its annual list of the most competitive neighborhoods across the nation, San Francisco scored three spots out of the top thirty in ranking. It used to take seven highly placed top spots.
The three neighborhoods in SF that made the list are the Inner Richmond, Dolores Heights and Parkside. For the Inner Richmond 83% of the homes went for over the asking price with an average of more than 11% over initial list price and selling after only 13 days. Similar, but somewhat lower figures panned out for the Dolores Heights and Parkside.
In 2014, the Sunset district was selling 88% over the asking price, and for 2015 the Sunset was up to 91% going into bidding wars.
Real estate agents who know about bidding wars often advise to have “a streamlined offer prepared and ready to go,” meaning have local mortgage underwriting for your loan all secured to compete with all-cash offers.