October Newsletter

October Newsletter
I am paralyzed by the headlines I read regarding Israel & Palestine ๐Ÿ‡ฎ๐Ÿ‡ฑ ๐Ÿ’” ๐Ÿ‡ต๐Ÿ‡ธ I am plagued by anxiety and fear about the barbaric violence we have seen, and the violence that is yet to come. Let us pray for peace. ๐Ÿ•Š๏ธ
 
The #1 question I get asked… What's going on with the market? Well, it's complicated. It's different for San Francisco vs Oakland, and it's different for single family homes vs condos. In comparing the SF with the East Bay market, we can see how distinctly these areas are performing. A couple patterns are worth noting.
  1. People want space. That preference is increasing the disparity between single family vs condo prices. It’s also driving a robust market in Berkeley & Oakland relative to San Francisco. SF prices are down 6% from last year while Oakland prices, in spite of skyrocketing interest rates, have increased 12%.
  2. Buyers are picky. The strong preference for polished, turn-key product can be seen with some listings scoring 10+ offers, all cash while others only receive two offers. For buyers that are willing to put in some work, tremendous value awaits. This past month, my dear friends/clients purchased a lovely Kensington home at a $300k+ discount in comparison to the neighbor’s property that recently sold. The catch? The home requires foundation improvements, but estimated at less than $100k. #winning
  3. Divorce and Death. Maybe we’ll add Downsize in there. These are perhaps the only reasons that sellers are putting their homes on the market right now. Slim pickings out there folks. But the shallow buyer pool also means that some listings don’t get the attention they deserve. If buyers are brave enough to take on the current interest rates, handsome reward awaits.
Reminder that my monthly Virtual Homebuyer Workshops are going strong. Perhaps you want to join in October or November? Or you know someone that could benefit? While the high interest rates are indeed scary, it’s never too early to start charting the road map to home ownership. For the right buyers, there are also some KILLER deals out there right now. Refer a friend that signs up and I’ll donate $100 to your chosen nonprofit. Help me help you….help them!
 
Gather around for The Danny Download.
 
 
                 
My friends...with the right support, buying a home doesn't have to be stressful! Unfortunately that's not the experience for most buyers, according to a recent Redfin survey. A majority of people find home buying more stressful than potty training a child - More stressful even than planning a wedding! Navigating market uncertainties, securing a mortgage, and investing time in a property search are all factors that contribute to the stress. With trustworthy counsel, however, the home buying process can become more logical, more efficient, and dare I say... more enjoyable? Choose your realtor wisely.
 
         
Many buyers don't know which way to turn. Continue down the path of pursuing homeownership? Or hit the breaks and take a hard left, rent for a while and hope things get better? As interest rates head toward 8%, mortgage demand has dropped to the lowest level since 1996 - this according to the latest report by the Mortgage Bankers Association. Mortgage applications are down 22% from this same time last year. If you're looking to buy in '23/'24, the reality is that rates may not be going down any time soon. If you're feeling ready, might be time to jump in.
 
  • โ›ฐ๏ธ The San Francisco home of Ansel Adams, legendary photographer of Yosemite and California wilderness, is now for sale for the first time in more than 50 years. At $5.5 million, the Sea Cliff property where Mr Adams grew up includes a secondary structure that was an expansion to the original 1903 Arts and Crafts-style home. It also features a bold front landscape by one of my favorite landscape architects, Topher Delaney.
  • ๐ŸŽ‰ 16 new VibrantSF locations are now open! Make a day of it and head downtown. Check out the list and locations of pop-ups here, and read more about the program in the SF Chronicle or the SF Examiner. Whether you're looking to get inspired at an art show, swoop an original denim jacket from an SF designer, or grab a ๐Ÿฉ there's something for everyone.

 

Sales volume is DOWN โฌ‡๏ธ Across the board, high interest rates are discouraging both buyers and sellers. In comparison to sales volume last September, Oakland is down 25%, SF -22%, Berkeley -18%.

Price cuts are UP! โœ‚๏ธ Roughly 1 in 5 properties is currently getting a price cut in San Francisco and Oakland, both condos and single family homes.
 

 

In comparison to single family homes, condos are taking longer to sell these days - over twice as long, and in both SF and Oakland. People want more space! And there is a growing preference to avoid high HOA fees.
 

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

 

 
 
 
 
 
Nestled in the picturesque surroundings of Sonoma County, Osmosis Spa is renowned for their distinctive Cedar Enzyme Bath, the only one in the USA. Honestly, I'd describe it as being composted as a human. The soil warms up and feels like a sauna. Grab your friend and treat yourselves to an evening of all-natural facials, massages, and meditation in the world-class Zen gardens ๐Ÿ’†‍โ™€๏ธ ๐Ÿƒ๐ŸŒธHey.....you're worth it โœจ๐Ÿง–‍โ™€๏ธ Let me know if you want photos of me and Lauren being composted.
 
Head over to Azalina's in the Tenderloin and experience a culinary visionary and community champion. ๐Ÿฝ๏ธ With her third restaurant venture, Azalina is cooking up not just absolutely delicious food, but also a strong sense of togetherness. Her passion for the neighborhood shines through as she offers the same $$$ pre-fixe menu to local families for only $5 a table. The New York Times agrees - this place is the good stuff. Here's to culinary delight, and a heart as big as the flavors she serves! โค๏ธ
 
One of my favorite events of the year is coming up, ArtSpan's SF Open Studios! For four weekends in a row starting October 28/29, and organized by neighborhood, all the artists in the city open their doors to showcase and sell their artwork. ArtSpan is celebrating their 49th season! They'll be kicking things off with the renowned ArtLaunch event on Thursday, October 19th - a great way to explore a diverse collection featuring over 300 different artists ๐Ÿ–ผ๏ธ
 
 
Danny Yadegar
Realtor // MCP
510 909 8330
DRE #02019430
 
 
 

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