On the Rebound?

There was a lot of flurry yesterday about a report broadcast on one of the local TV stations pointing out "Signs Of Real Estate Rebound In San Francisco".

The quote that seemed to catch everyone's attention was: "more San Francisco properties have gone into escrow in the last two weeks than at anytime in the last six months". The more likely interpretation of that particular data is our normal bounce from the lows around the end-of-year holiday period.

But that doesn't diminish what our agents have known for a while now -- areas that were hit early and hard by a wave of foreclosures are now seeing a significant uptick in sales activity. In San Francisco that area is concentrated in the south of 280 neighborhoods. In the wider Bay area, Antioch is a major example.

And the reporter was right in pointing out that a lot of qualified potential buyers have been on the sidelines for months trying to figure out what's going on and waiting for some signs of stability both in the real estate market and the broader economy.

Two of the properties used to illustrate this "rebound" were notably under priced when they were brought on the market and that strategy has a solid record of producing multiple offers in almost any market conditions. Nevertheless, even in the worst real estate market most of us have ever experienced, properties will sell if they are properly priced taking into consideration their condition and location.