June Newsletter

June Newsletter
Happy birthday to me! It's always a treat when my birthday lands on Pride - the whole city throws a party for me, so I don't have to. Everywhere I go I thank people for being there, pretending I'm the host of the entire city.
 
What can you get me for my birthday, you ask? Life is good to me, I don't need more things. The biggest present you can give me is actually free - is there someone you know that's looking for a real estate superstar to guide them? Please make the connect! Working with my extended community is my favorite part of being a realtor.
 
Enough about me. What's going on with the market? Ooph, it's a tough market. Many sellers are staying put while interest rates stay above 6%, causing a dramatic inventory shortage. Buyers are more of a mixed bag - some are quite motivated, while some are waiting it out until rates drop. By far the biggest trend I'm noticing - fully renovated homes are commanding a bigger premium than typical.
 
The takeaway: Despite the inventory pinch, if you're thinking to buy/sell now is actually not a bad time. There are always deals to be had - the question becomes, are you willing to do a little work to avoid fierce competition?
 
Gather around for The Danny Download.
 
 
                 
I thought you might appreciate a more detailed look at the inventory crunch. The chart to the left shows the precipitous drop in new single-family listings coming out of the pandemic. The chart for condos can be viewed here. The huge market distortion caused by lowered interest rates is that Quasimodo hump you see. Of note is that despite the huge drop, the # of condo listings is still higher than the pre-pandemic peak.
 
         
A recent study by Curbio sheds light on buyer preferences. 77% of homebuyers say they won’t even consider a home that is not move-in ready! Funny enough, only 43% of sellers think that improvements are necessary before listing a home for sale. The most important features that buyers look for? (1) Gorgeous kitchen, (2) a new bathroom and (3) an open floorplan. I'm surprised backyard oasis didn't rank higher than #4.
 
  • 💼 Will the local tech layoffs impact housing inventory? "There are rumblings that those laid off in the tech industry are starting to feel uncomfortable and feeling the pressure of needing to sell," shares one East Bay agent in Ted Anderson's recent article. Not surprisingly, since buyers now place a bigger priority on outdoor space, the median home price in the East Bay is above pre-pandemic levels at $1,115,000.
  • 🏓 New pickleball courts in SoMa! 200 Folsom St in South Beach. (I'm not ready to call it the East Cut yet...) Food trucks, a family-friendly beer garden, soccer fields, a space for workouts, outdoor film screenings. It's cute. Like...REAL cute. Open Fri-Sun, schedule viewable HERE.

 Median days on market (DOM) for condos in San Francisco, up 15% from the previous month. Market slowing down a bit.

Almost half of SF transactions above $3M were completed all cash. The percentage for all homes is much lower, at 21.4%. In Berkeley, 26.4% of sales were without financing. Oakland 17.3%.

 

 

El Cerrito leads the pack with % of homes currently in contract. For context, SF is 30% in escrow and Berkeley is 47%.

 

That’s right. My last three clients have gotten into contract with just ONE OFFER. If your friends are writing a ton of offers and not having any luck, maybe they’re working with the wrong agent 🤷‍♂️

 

For more detailed monthly analysis, please visit my website News page

 

 
 
 
 
 
 
 
If you're staying local this July 4th weekend, don't miss Fillmore Jazz Festival! Visitors, locals and businesses come together to groove to some incredible live music and enjoy some gourmet food - a taste of the French Quarter in New Orleans, just a whole lot closer. Multiple stages stretch from Jackson to Post Street. Come celebrate the soulful melodies and discover new, talented musicians.
 
I treated myself to a couple days at a cabin, just north of the Russian River. If you have the opportunity to dip into nature for some solo time, I cannot recommend anything more highly. It was an opportunity to do yoga on the sun-drenched deck, dance like nobody was watching, reflect in my journal, sweat it out in the sauna before going to bed, and remember what life was like before we had access to our smart phones every moment of the day. I came back fully charged, and helped my clients beat out 15 other offers. I may have found a new quarterly ritual.
 
If you haven’t seen it yet, run don’t walk to see Dear San Francisco. It’s hands down one of the best shows I’ve ever seen. I’ve seen it twice, and I plan to see it again. Think Cirque du Soleil, but on a much smaller stage, SF-themed, and interwoven with spoken word and choreography. Perfect for a date, bday, or random night out. Three thumbs up.
 
 
Danny Yadegar
Realtor // MCP
510 909 8330
DRE #02019430
 
 
 

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