Redfin released its Bidding War Report this week, with San Francisco once again topping the charts as the most competitive of their 22 real estate markets. Amid all the bad news for San Franciscans looking to purchase a home, there are a few nuggets of good news, so we'll start with those first.
The Good News: All-cash offers fell in popularity in the city as a winning strategy among home-buyers, falling from 11.5% of offers in August to just 3.6% in September. Sales are slowing down by about 2.4%, with only 42.3% of homes selling in under two weeks, down from last year's 44.7%.
The Bad News: San Francisco still tops the charts for percentage of homes facing multiple offers, with a whopping 77.3%, and for percentage of homes selling above asking price, with 7.3%. If the multiple offers and offers above asking price are not enough, 7.1% of homes in San Francisco are selling to buyers who complete a home-inspection before making an offer, in order to make the offer stronger and reduce the risk of the deal falling through.
· Bidding War Report [Redfin]