Happy August! This summer has been one of the busiest for me in my career and I’ve really been enjoying the hustle and bustle. I’m one of those people that gets a lot more done the more that needs to be done. I’ve been noticing that prospective buyers are really getting off the fence and getting more serious about buying.
Rates have definitely inched down and there is much anticipation of rates being reduced further–much of that is already built into the mortgage rates, but we are still anticipating the rates going down more towards Aug./Sept. But you know what – when the rates go down more the competition will go up and competition is going to mean more people fighting for the same property and higher buying power. So, this may result in higher housing prices. So, if you’re a buyer, it may be better to “date the rate” as they say, and pay lower property taxes (based on your purchase price).
Then there is the big question mark of how the changes in commissions communications will affect the buying and selling process. The new rules are taking effect on August 17, although the new format in the Multiple Listing Service (MLS) will be starting August 12, when Buyer’s Agent commissions paid from the seller will no longer be posted in the MLS. In my new Podcast, The Bay Insider I have a series on the National Association of Realtors (NAR) Settlement and thoughts on how it may impact the real estate market. We have our first episode posted. The second one will be posted on Wednesday, August 7, and a third follow up later in the fall to review how the implementation has affected real time business and real estate transactions.
As for inventory, we should be seeing more popping up as we approach Labor Day and then more of a pop after that. We also have a big election coming up in November, so it will be interesting to see how all of that plays out through the end of the year.
Now, for the Glen Park Transactions/Listing for the month of July:
(All numbers rounded to whole numbers)
Here’s a look at what sold in the month of July–
Here’s a look at what’s currently in contract–
And lastly, the inventory that is currently available in Glen Park–
For more San Francisco sales data, visit: thegoods-sf.com/AmandaMartin/
IF YOU HAVE QUESTIONS OR REAL ESTATE TOPICS YOU’D LIKE ME TO ADDRESS IN THIS COLUMN PLEASE REACH OUT AND LET ME KNOW!