Congratulations to my amazing buyer clients who beat out 22 other offers to purchase their San Francisco home!
The home was listed for $995,000 and sold for $1,720,000. Yes, this is one of those crazy San Francisco real estate stories that is making headlines! And no, not all property sales in SF are quite this crazy. These ones just become the “big fish” stories that keep being told over and over.
Here's how it all happened:
Preparing to Compete in San Francisco's Real Estate Market
My buyers found a home they just HAD to have!
They'd already missed out on several properties while working with other agents, so they knew how competitive the market could be. We spent a lot of time discussing offer strategies, negotiations, and how to prepare.
When it came time to submit an offer, my buyers were actually out of the country! But because we'd planned ahead and stayed in close communication, we were ready.
They made an all-cash offer, with plans for my buyers to obtain financing after the purchase. This strategy can make an offer more attractive to sellers, especially in a competitive market.
How They Competed Against 22 Other Offers
The home needed a complete remodel, so it attracted plenty of investors and flippers. My buyers had renovation experience and were ready to take on a major project of their own.
With so much competition, we had to be strategic.
The listing agent had indicated that all buyers would have an opportunity to improve their offers, rather than just the top two or three offers. This is not always the case when offering so it’s important to ask the listing agent how they plan to handle their offer review and what they have prepped their sellers for in the process as well.
Our initial strategy was to come in somewhere in the middle of the pack. We wanted to stay in the running without immediately revealing their highest price. Because we knew they’d have another opportunity, we could potentially gather more information before making our next move.
Know Your Walk-Away Price (And Be Ready to Adapt!)
One of the biggest lessons from this transaction is the importance of having a plan while staying flexible.
I always encourage my buyers to know their walk-away price before negotiations begin. What's the number where you're willing to say, "Nope, that's too much. We're going to leave it"?
Things move quickly in San Francisco real estate. Even with days of preparation, you have to be ready to adapt to what's happening with that specific property, seller, and competition.
In the end, my buyers purchased the condo for $1,720,000, beating out 22 other offers.
Now they're getting ready to transform the property with a major renovation. I'm so excited for them!
I spent years as a top-producing agent in Seattle before relocating to San Francisco myself. Now I do both—helping buyers and sellers in San Francisco, and connecting relocating clients with the best agents across the country. If you're making a move, I'd love to be in your corner from day one. Get in touch!