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Home Buying in Western Addition : Real Estate Advice

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  • Local Info6
  • Home Buying2
  • Home Selling0
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Activity 2
Sun Dec 9, 2012
Seth Swenson, MBA answered:
Your question is tough to answer and I would recommend that if a person were to buy out of state then they would definitely want to work with a tax expert. Here is an interesting article discussing the pros and cons of buying out of state property:

http://www.investopedia.com/articles/mortgages-real-estate/10/out-of-state-property.asp#axzz2EU3tgOgq

Thank you,

Seth
415-860-7384
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Thu Oct 25, 2012
Jed Lane answered:
Not sure if the number 1301 is the number of units sold below asking or an address but I want to offer a fact that my research shows is pretty consistent in the San Francisco market. (I can't say if this is typical in other markets because I have never seen this data analysis anywhere else)
Pulling sold data from our MLS I've documented that forty something percent of properties sell below the original asking price, another forty something percent selling above the original asking price. The most surprising outcome for me was the consistently small percentage, usually single digit, of properties that sell at the original asking price.
The fact is that there are two prices involved in the sale of real estate. There is what I call the "marketing price" and then there is the "sale price". With a dynamic market, like SF has, it is virtually impossible to predict what the buyers will pay for a specific property. When prices are rising because there are more buyers than inventory it is always possible that any single buyer might shoot the moon with an offer. When the market is in decline, like it was when confidence was low and money not really available, who can tell if a buyer would be found for the place?
One other fact that turned up in the above research; if a property sells below original asking, it takes an additional fifty days to sell. Yup, fifty days. The average DOM for units sold below asking was in the eighties and over asking was in the thirties.
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