Let’s talk residential real estate pricing in San Francisco (thread):
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Replying to @sallykuchar
The median list price in San Francisco RIGHT NOW is $1.27 million, but the median sold is $1.3 million.
6 replies 29 retweets 83 likes -
Replying to @sallykuchar
That means that homes are selling for 11.2% more than the listed price.
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Replying to @sallykuchar
Those figures are based on 422 home sales in the last 30 days. Of those 422, there was an average of 9 offers per property.
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Replying to @sallykuchar
Are you sitting down? The average down payment of those 422 sold properties was 56.4%. I’m screaming.
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Replying to @sallykuchar
Isn't the issue that inventory is half of what it even was a few years ago? 400/month is <5,000 homes sold a year.
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Replying to @kimmaicutler
I don’t think it’s one issue, but a very limited inventory certainly helps fuel this absurdity.pic.twitter.com/kHtkG6RiFc
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Replying to @sallykuchar @kimmaicutler
I know multiple people who become very affluent over time and decide to buy a nicer home. BUT, they don't sell the old one. They rent it.
1 reply 0 retweets 2 likes
yes, why would you sell it? You keep the same tax basis forever and the region's politics conspire to inhibit supply & other units.
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Replying to @kimmaicutler @sallykuchar
Exactly. Low property tax base, low interest rates, low supply of housing --> you can rent out very profitably. And would never sell.
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