Real Estate Expert Kyle Algeo Warns Sellers of Overpricing Homes in San Francisco Market

SAN FRANCISCO - Dec. 22, 2014 - PRLog -- There is no doubt among most real estate agents that the San Francisco market is one of the hottest in the country, however many believe that the soaring prices of single family and luxury properties are headed towards stabilization.  According to comments made by real estate expert Kyle Algeo, San Francisco is still very much a sellers’ market, but buyers are beginning to get some relief.

“At the beginning of the year, it was not unlikely to have seven or more offers come in for the same property within weeks of it entering the marketplace,” stated Algeo. “Now at the end of the year, we are seeing houses stay on the market a little longer. Especially in the luxury market, many sellers have chosen to reduce their price or are even taking their properties off the market rather than sell for less than they were expecting.”

According to numbers published by Internet Real Estate site Trulia, the median price for homes in San Francisco rose over 14 percent year over year for the months of August, September and October. In pure money terms, that means prices rose an average of one hundred and twenty-five thousand dollars for a home. While that statistic sounds good, there are other key figures to consider when judging what price a seller should initially set upon entering the market. According to the most recent report published by Trullio, the average price per square foot is down only about 3.4 percent however the number of homes sold year over year is down more than 22 percent.

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“This is critical information that sellers need to stay aware of,” confirmed Algeo. “Everyone wants to get top dollar for the sale of their home.” Algeo continued to explain, “However, reducing the asking price a little when the home first goes on the market will often generate multiple offers which, in turn, can create a bidding war and often result in a final selling price even greater than what was originally thought.

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Kyle Algeo, as an expert in the field of residential real estate in San Francisco, knows that these findings will help buyers in the upcoming year as they start to see the market stabilize on their behalf. Additionally, this knowledge will help sellers make insightful choices about when and how to sell their property.

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