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We hope this update is finding you well. We’ve been pretty busy of late. Whether it’s seeing properties with a larger and larger buyer pool that we have, getting Raffi situated for his latest calendar photo shoot, or being interviewed on our changing market by local reporters, we’ve had real estate on the mind!
We’ve also been busily preparing and showing a pair of great properties for our seller clients that you can come and visit us at today if you have the inclination. The first is a large, stylish and recently updated single-family home in the Richmond District that has more than 2,800 sqft of space and up to 5 bedrooms, 4 bathrooms and two distinct living areas. 3136-38 Anza will be open today from 2 to 4 p.m. And before that, we’ll be at another large, 1,900+ sqft, top-floor condominium that’s bright and comfortable. 438 Steiner Street will be open from 11 a.m. to 1 p.m. today. See the property videos and 3D tour links below.
In Other News...
The 800-lb gorilla in the room of rapidly rising mortgage rates and diminishing affordability and prices has been hard to miss this fall. We now have close to 1,700 active listings on the market — an extraordinarily high number — this means that there’s a lot for buyers to go through which means our fall selling season will go longer and later than years past. Instead of the market cooling down in early November, it’s likely we’ll see a good amount of sales well into December. For buyers, our advice is to keep looking and taking the time to see more (and more) properties. For sellers, our advice is patience and a reminder that all it takes is just one buyer.
Because of all this monetary policy, we have seen home prices come down to meet new affordability realities. For sellers this means median and average sale prices have declined, for buyers this means purchase prices are lower meaning less of a down payment and slightly lower property taxes going forward, but monthly payments may be the same or a bit higher than before.
New conforming rate loan limits for 2023 have been announced. Because San Francisco is considered a high-market area, our limits are higher.
- $1.073 million - single-family/condo
- $1,374 million - 2-unit
- $1.667M - 3-unit
- $2.064M - 4-unit
For many people these may not matter as much as most buyers getting mortgages will likely be using jumbo loan products but there are certain advantages that come from using a conforming loan versus a jumbo one. For those differences, check out our Mortgage 101 treatment here.
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See Kevin On the News
Statistics released from the Census Bureau show that the Bay Area is losing high-income earners and professional folks in their late 20s and 30s to other parts of the country. Indeed, our own client pool is seeing this trend too where folks who would otherwise upgrade from their San Francisco condo to their San Francisco single-family home choose to head “home” to be closer with extended family members on the east coast or Midwest. This leaving-an-expensive-urban-metro-area to be in a small or medium-sized city is even more acute here because San Francisco is filled with so many transplants. See Kevin talk about that on a story that ran last week from ABC7 KGO. Watch the story here.
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Come Visit Us Today, part 1
You'll love the wonderful home we will be holding open today at 438 Steiner Street near Alamo and Duboce from 11:00 a.m. –1:00 p.m. 438 Steiner is a magnificent top-floor, 3-bed, 2 full-bath, bright and spacious condominium, perched above the apex of where 4 iconic neighborhoods meet near to Duboce, Alamo Square and the Wiggle. Its top-floor perch above the tree-lined street gives it copious amounts of natural light + great outlooks, this home features its historic, tall-ceiling Victorian roots alongside amenities and just-updated finishes suited for living your best life today. The refreshed kitchen has brand-new, stainless appliances, quartz, countertops, LED lighting, subway tile backsplash, pantry, and a breakfast nook. From the kitchen, there's a screen door that opens out to your exclusive use and sheltered patio, complete with a heat lamp above. There is in-unit laundry in an updated bathroom. Spectacular light fixtures throughout allow you to create the right mood any time of day. A Victorian clawfoot tub anchors the primary en suite bedroom that also has its own sitting area and ample closet space. The other bright two bedrooms stay quiet thanks to the dual pane bay windows that face out over Steiner Street. With additional storage and parking downstairs there is also a shared yard in this two-unit HOA.
Visit the website here: 438-Steiner.com
Take the virtual tour here.
Watch Raffi’s tour video below:
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Right in the middle of it all at 438 Steiner.
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Come Visit Us Today, part 2
You'll love the wonderful home we will be holding open today at 3136-3138 Anza Street in the Richmond from 2:00–4:00 p.m. Behind 3136-38 Anza's stylish facade sits a large updated main home, legal in-law space and serene yard with a combined 2,824 sqft of living area. Near Geary, Golden Gate Park and excellent schools, the centrally located updated Richmond District Arts + Craft home has a quiet and secluded feel. The 2-level, 4-bed, 3-bath, nearly 2,000+ sqft main home has practical appeal like the coveted 3-bedrooms-on-one-level layout, alongside elegant elements like coved ceilings, designer LED lighting and modern bathrooms. A beveled glass backsplash, 36-inch Thermador gas range and plush window seat anchor the large, eat-in kitchen. The top-floor bedroom can be an office, playroom or workout space. Other updates include ample storage, dual-pane modern windows, EV-car charging, and air conditioning. If all this wasn't enough, there's a legal 1-bed, 1-bath, 800+ sqft in-law space with its own kitchen, laundry and entrance that's ideal for extended family living or supplemental income.
Visit the website here: 3136-anza.com
Take the virtual tours here and here.
Watch Raffi’s latest tour video below:
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There’s so much to see at Anza.
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OUR PROPERTY VIDEOS + WALKTHROUGH VIDEOS
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There’s a lot to see out there and you can’t be blamed if you can’t get out there to see it all, which is one of the reasons why days-on-market figures are going up as there is a lot for buyers and agents to go through. This is where we come in — as we’ve been out seeing properties and posting our walk-throughs on our YouTube Channel here (we’re up to 470+ recent ones but have almost 1,000 walk-throughs we’ve taken over the years).
Care to walk and talk?
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YEAR-OVER-YEAR COMPARISONS
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We’re proud to be a part of the largest locally owned real estate brokerage for San Francisco and the greater Bay Area. Founded, owned and operated with close ties to the LGBT community, development community and a civic minded spirit that has remained a compelling force in San Francisco’s housing market.
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