Given February is a month in which we celebrate Valentine’s Day, my thoughts move to relationships.
Selling residential real estate is all about establishing relationships, not a product “numbers game”. A home is an emotional investment, not based on future dollars returned, though there’s certainly an aspect of that in the buying decision. I connect less with people who consider home just a place to sleep and park their belongings. I think a home is a reflection of who a person is, and finding that out is part of the challenge and fun.
When I consider what to look for in an ideal client relationship, it’s easy to draw comparisons to what we look for in a significant other. Instead of forcing issues and trying to piece together puzzles that don’t fit, I prefer to let opportunities develop, in their own time, in their own way. One of the reasons relationships are so valuable is because they can be an incredible source of stillness. “The market will speak.” “We’ve done what we can…it’ll happen when it happens.” Folks wonder how it is I’m able to remain calm and patient when I go to bat a dozen times for a buyer and lose to competition before securing the perfect home on the thirteenth try; or when working with a listing that doesn’t sell within a week.
Relationships are also something you draw energy from. When it works, it works, and those of you reading this know what I’m talking about. Relationships are a place to check thoughts against, to check frustrations against. To get another’s perspective of yourself and how things are going. It’s a lot of work. It will be painful and tough at times. Doesn’t that sound like a marriage?
I decided long ago that with the limits of time in this life, it’s important to establish relationships with those who will add to our lives in the most positive ways. Some advice I’ve read: “Choose someone whose way of life as well as words, and whose very face as mirroring the character that lies behind it, have won your approval. Be always pointing him/her out to yourself either as your guardian or as your model. There is a need, in my view, for someone as a standard against which our characters can measure themselves. Without a ruler to do it against you won’t make crooked straight.” Do I take this advice and apply it to each potential relationship, working or personal? I Do.
Luxury Listing & Delightful Deal of the Month
6 Bed | 7 Bath | 3 Parking
2830 Pacific Avenue is one of San Francisco’s best examples of Georgian Colonial architecture. Located in the heart of Pacific Heights, this elegant 6BD, 6BA 2HBA fully renovated home captures the essence of a life well lived. The home’s unprecedented scale and elegant symmetry are revealed from the marble front steps past the columned entry to the grand staircase. With soaring ceilings, oversized windows, and elongated sight lines, its spacial elegance is unmatched. Built in 1910 this home has been fully restored and modernized to capture the original integrity of the home’s essence and to usher it into 21st-century living. With the renovation, the current owners honored and paid homage to the home’s past while creating their version of the perfect family home. No expense was spared to ensure the end product was of the highest quality craftsmanship and millwork. The moment one enters the house there is a feeling of calmness. This sense of peace is omnipresent throughout the home, and enhanced by an abundance of natural light, garden outlooks, majestic views, privacy, and tranquility. Picture taking a respite on the roof deck while taking in the unobstructed views of the Golden Gate Bridge and feeling an elevated connection to the world around you.
Listed by Max Armor at Compass
1 Bed | 1 Bath | 0 Parking
Beautifully sophisticated boutique home steps to the best Noe Valley has to offer. Professionally designed with stylish finishes that create a peaceful retreat, this lovely condo has been thoughtfully reimagined and merges a modern sensibility with artisan craftsmanship to create a dream abode. Open floor plan is built for today’s lifestyle with spacious living room, large dining area with ample space for dinner parties with friends or cozy nights in and a luxe work from home area. The high end kitchen boasts custom cabinetry with ample storage, marble countertops, premium appliances and designer tile. Large bathroom features a deep tub with marble tile and contemporary vanity. Sleeping alcove with custom drapery overlooks tree lined Noe Street. Large closets throughout the home provide ample storage. Exquisite finishes include grass cloth wallpaper, wainscoting, wood floors and designer lighting. Located in a gorgeous, classic building with flowers at your window and doors, this home is set in a treasured neighborhood and just steps to the best dining and shopping on 24th Street as well as a short walk to Valencia, Dolores Park and the Castro. Easy freeway access and a walker’s paradise, this special home is the one you have been waiting for.
Listed by Karen McKenna at Corcoran Icon Properties
by Patrick Carlisle, Market Analyst for Compass Bay Area
Early 2023 Data Suggests Buyers Are Beginning to Jump Back In
December is typically the month that sees the year’s lowest level of deal-making activity — i.e. listings accepting offers (going into contract) — which leads to January usually posting the lowest monthly number of closed sales. (Sales typically close 3 to 6 weeks after going into contract.) In the 11-county, greater Bay Area, accepted-offer activity in December 2022 and closed sales volume in January 2023 generally hit their lowest monthly points in 14 to 15 years. (SF hit lower points in listings going into contract in January 2019 and, after the pandemic hit, in April 2020.)….
Click the above image or here for to view the entire report.
Benchmark Mortgage Rate Hits 6.5 Percent, Poised to Rise
The average rate for a benchmark 30-year mortgage ticked up another 18 basis points (0.18 percentage points) over the past week to 6.50 percent, which is 261 basis points, or nearly 70 percent, higher than at the same time last year and 385 basis points, or nearly 150 percent, higher than its all-time low of 2.65 percent in early 2021 but still well below its long-term average of 7.75 percent.
Mortgage rates continue to climb: 30-year loan at 6.50%
Freddie Mac’s Primary Mortgage Market Survey has revealed a rise in mortgage rates, with the 30-year fixed-rate mortgage averaging 6.50% as of February 23, 2023.
This represents a notable increase from the previous week’s average of 6.32% and a significant jump from the 3.89% recorded at the same time last year. The 15-year fixed-rate mortgage has also seen an uptick, averaging 5.76%, up from last week’s 5.51%.
Bay Area housing market slowest it’s been in more than a decade
January saw the highest average number of days on the market for both houses and condos since 2012, according to the most recent Compass housing report. While a home might have been snapped up in under 30 days in January 2020, spaces are currently languishing on the market for more than 45 days.
Overbidding is also no longer the norm. The percentage of home buyers paying over the list price was down to 31% last month, the lowest it’s been since 2012. That number was at 73% in April 2022.
The first gray whale of the year has been sighted in the San Francisco Bay — and it looks like it’s not alone.
Since Compass launched in 2012, we’ve been simplifying the real estate process one community at a time. Today, we have more than 350+ offices extending from coast to coast and a network of top real estate agents ready to bring you your buyer.
Please let me know if you or a friend/colleague needs a fantastic agent in an area other than San Francisco. Through my network I can make the connections and introductions and help to find a perfect fit. If you like what you have received, I encourage you to share it with your friends and follow me on Facebook & Instagram.
© Compass 2023 ¦ All Rights Reserved by Compass ¦ Made in NYC
Compass is a real estate broker licensed by the State of California operating under multiple entities. License Numbers 01991628, 1527235, 1527365, 1356742, 1443761, 1997075, 1935359, 1961027, 1842987, 1869607, 1866771, 1527205, 1079009, 1272467. All material presented herein is intended for informational purposes only and is compiled from sources deemed reliable but has not been verified. Changes in price, condition, sale or withdrawal may be made without notice. No statement is made as to accuracy of any description. All measurements and square footage are approximate. Equal Housing Opportunity. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.