Market Updates -January 2021

The Condo Market is hot right now! Check out some updates from January

Looking at 2020 compared to 2021, pending sales are up by 77.4% and sold listings are up by 68.4%. The condo market saw a huge increase in activity during the month of January.
Looking at a monthly breakdown of condo pending sales, December 2020 and January 2021 have seen a large increase as condo activity has greatly increased
Looking at a breakdown of condo inventory, over the past year, inventory was incredibly high from June to November 2020, and looks to be decreasing as we are heading into 2021 more, possibly due to the increased sale and pending rates.

If you are considering selling or purchasing a condo now is a great time! Feel free to reach out with any questions as I would love to discus the current market with you!

Perfect Life/Work Loft Condo for Lease

Have you been looking for the perfect space to combine your work and life space? Look no further because this condo could be the perfect place for you.

Characterized by its soaring ceilings & enormous windows, this fabulous loft-condo corner unit is a true live/work space with its own separate entrance along with an entrance from the lobby. The main live/work space has spectacular double high ceilings, great natural light, built-in shelves, & an open stairway which leads to the BR on the second floor, great for sheltering in place, working from home,& entertaining (post Covid). The recently renovated eat-in kitchen has quality stainless steel appliances, a beautiful tile floor, handsome Caesarstone countertops, recessed lighting, & ample cabinetry for maximum storage. Adjacent to the kitchen is a full bath with W/D. The upper-level BR has floor to ceiling windows, wood floors, a large closet, and remodelled ensuite bathroom. One car parking is included. Building amenities include a shared courtyard. Close to many wonderful restaurants,shops & parks, w/easy access to freeways, BART/MUNI,& corporate shuttles.Property is virtually staged.

Reach out to schedule a COVID Compliant listing today!

The Bright Star On Sacramento Street

Take a sneak peak at a Condo Listing Coming Soon- The Bright Star on Sacramento Street

3240 Sacramento Street is a luxury 3 bedroom 2.5 bath condo filled with natural light, warm tones, and beautiful custom finishes, perfect for luxurious city living. 

This unit is located in the heart of Sacramento Street, in Pacific Heights with boutique shops, famous restaurants, and shopping centers all within walking distance.

Reach out to schedule a showing today! ⭐️ 

Serene 1-BR Historic Loft in South Beach

Perfect for a flexible live and work environment, this Condo could be yours today!

Characterized by its soaring ceilings and enormous windows, this ground floor 1-BR/2-BA corner loft condo offers an inspirational and flexible live/work environment, great for sheltering in place or working from home. The main “great room” space has impressive double high ceilings, phenomenal natural light, warm wood floors, built in shelves, and an open stairway which leads to the bedroom on the second floor. The completely remodeled eat-in kitchen has beautiful tile floors, recessed lighting, and comes with quality stainless steel appliances, handsome caesarstone countertops, and ample white cabinetry. There is a cozy upper level bedroom with a large closet, recessed lighting, and ensuite tile bathroom with washer/dryer hookups. A full bath on the lower level and one car parking make the home that much more comfortable. The building has a shared courtyard and is located in an area of the Mission known for its tech start ups. The home is across from Franklin Square Park and close to many wonderful restaurants and shops. Easy access to freeways, BART/MUNI, and corporate shuttles.

Why Is It so Important to Be Pre-Approved in the Homebuying Process?

Why Is It so Important to Be Pre-Approved in the Homebuying Process? | MyKCM

You may have heard that pre-approval is a great first step in the homebuying process. But why is it so important? When looking for a home, the temptation to fall in love with a house that’s outside your budget is very real. So, before you start shopping around, it’s helpful to know your price range, what you’re comfortable within a monthly mortgage payment, and ultimately how much money you can borrow for your loan. Pre-approval from a lender is the only way to do this.

According to a recent survey from realtor.com, many buyers are making the mistake of skipping the pre-approval step in the homebuying process:

“Of over 2,000 active home shoppers who plan to purchase a home in the next 12 months, only 52% obtained a pre-approval letter before beginning their home search, which means nearly half of home buyers are missing this crucial piece of paperwork.

This paperwork (the pre-approval letter) shows sellers you’re a qualified buyer, something that can really help you stand out from the crowd in the current ultra-competitive market.

How competitive is today’s market? Extremely – especially among buyers.

With limited inventory, there are many more buyers than sellers right now, and that’s fueling the competition. According to the National Association of Realtors (NAR), homes are receiving an average of 2.9 offers for sellers to negotiate, so bidding wars are heating up.

Pre-approval shows homeowners you’re a serious buyer. It helps you stand out from the crowd if you get into a multiple-offer scenario, and these days, it’s likely. When a seller knows you’re qualified to buy the home, you’re in a better position to potentially win the bidding war and land the home of your dreams.

Danielle Hale, Chief Economist for realtor.com notes:

“For ‘a buyer in a competitive market, it’s typically essential to have pre-approval done in order to submit an offer, so getting it done before you even look at homes is a smart move that will enable a buyer to move fast to put an offer in on the right home.’”

In addition, today’s housing market is also changing from moment to moment. Interest rates are low, prices are going up, and lending institutions are regularly updating their standards. You’re going to need guidance to navigate these waters, so it’s important to have a team of professionals (a loan officer and a real estate agent) making sure you take the right steps along the way and can show your qualifications as a buyer at the time you find a home to purchase.

Bottom Line

In a competitive market with low inventory, a pre-approval letter is a game-changing piece of the homebuying process. If you’re ready to buy this year, let’s connect before you start searching for a home.