SAN FRANCISCO, Dec. 20, 2018 (GLOBE NEWSWIRE) -- In a recent San Francisco Chronicle article about the rising number of price cuts on Bay Area homes, Rich Bennett, a Zephyr Real Estate agent was cited extensively about his experience with the current market.
“Clearly, there is a market shift,” Bennett commented. The price on his recent Hayes Valley listing was just reduced after attracting very few interested parties.
“In October, we saw more inventory come on the market. The economics of the Bay Area haven’t really changed,” Bennett said. “If you don’t have people beating down your door after two to three weeks, it’s time to reevaluate.”
According to Bennett, the recent shift extends throughout the Greater Bay Area and impacts multi-family homes more significantly than single-family homes. Single-family homes continue to be in high demand in San Francisco.
In a recent article from the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.), Leslie Appleton-Young had this to say:
"The surge in home prices over the past few years due to the housing supply shortage has finally taken a toll on the market. Despite an improvement in supply conditions, there is a high level of uncertainty about the direction of the market that is affecting home-buying decisions,” she commented. “This psychological effect is creating a mismatch in price expectations between buyers and sellers and will limit price growth in the upcoming year."
Rich Bennett works from Zephyr’s Upper Market office and has been a San Francisco agent since 2002. He has a degree in finance from the University of Michigan and a professional history that includes accounting, securities and commercial real estate financing. He may be reached at richbennett@zephyrsf.com or 415.305.4911.
“The Bay Area real estate market is shifting,” remarked Randall Kostick, Zephyr’s President and CEO. “Those firms who can react swiftly and strategically will continue to thrive through the challenge. That is one of Zephyr’s greatest attributes.”
About Zephyr Real Estate
Founded in 1978, Zephyr Real Estate is San Francisco’s No. 1 independent real estate firm with nearly $2.3 billion in gross sales and a current roster of more than 350 full-time agents. Zephyr’s highly-visited website has earned two web design awards, including the prestigious Interactive Media Award. Zephyr Real Estate is a member of the international relocation network, Leading Real Estate Companies of the World; the luxury real estate network, Who’s Who in Luxury Real Estate; global luxury affiliate, Mayfair International; the local luxury marketing association, the Luxury Marketing Council of San Francisco; and the regional luxury real estate affiliation, the Artisan Group. Zephyr has nine locations across San Francisco, Marin, Alameda and San Mateo Counties and two brokerage affiliates in Sonoma County, all strategically positioned to serve a large customer base throughout the San Francisco Bay Area. For more information, visit www.ZephyrRE.com.
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