Houses in SF sell nearly twice as fast as rest of nation, report finds
When you’re riding the rollercoaster that is the Bay Area housing market, you’ve got to act fast. San Francisco homes are on the market for nearly half as many days as the national average.
A home in the San Francisco-Redwood City statistical region spent an average of 35 days on the market in 2017, according to a new report by insurance company Nationwide. The national average is 67 days.
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Only three regions boasted faster sale times than San Francisco – Kennewick-Richland, Wash. (31 days); Denver-Aurora-Lakewood, Colo. (33 days); and Colorado Springs, Colo. (34 days).
"There is a clear correlation between faster price gains and faster sales markets," explains the report, compiled from National Association of Realtors data.
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Are you looking for housing in San Francisco? If you’re not up to date with some of the code words created by realtors, leasing agents, or landlords, you might find yourself in an unfortunate tenant situation. Here are some translations of code words found in SF Bay Area housing posts.
Media: San Francisco Chronicle
The Bay Area has one of the priciest housing markets in the country. High costs, coupled with limited supply, mean a fast-paced rate of sale. This fuels the headache-inducing phenomena of overbids and cash offers – both of which are means to edge out other bidders.
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A January Zillow report found 64.5 percent of San Francisco homes sold for over the asking price. The median amount paid over list price was $41,000.
Eyebrows raised and eyeballs rolled last month when an 800-sq.-ft. Sunnyvale home sold for $2 million – $550,000 over asking. It sold in 13 days.
Michelle Robertson is an SFGATE staff writer. Email her at firstname.lastname@example.org or find her on Twitter at @mrobertsonsf.