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San Francisco real estate news

In the heart of San Francisco, Bernal Heights continues to stand out as a neighborhood of choice for many homebuyers, reflecting a robust and dynamic housing market. With its charming streets, community-centric atmosphere, and panoramic city views, Bernal Heights has seen significant growth in its housing market, making it one of the most competitive areas in San Francisco.

Market Overview

The Bernal Heights housing market has shown remarkable strength over the past year. The median sale price of homes in the area has surged to $1.36M, marking a 12.4% increase since last year. This growth is complemented by a substantial rise in the median sale price per square foot, which now stands at $979, up 17.4% from the previous year. These figures underscore the high demand for properties in Bernal Heights, fueled by its unique blend of urban convenience and neighborhood charm.

Competitive Market Dynamics

Bernal Heights is characterized by its competitive housing market, where homes sell swiftly, often within 19 days on the market. This brisk pace of sales is a testament to the area's desirability, with many homes receiving multiple offers, some even with waived contingencies. On average, homes in Bernal Heights sell for about 3% above the list price, highlighting the strong bargaining power of sellers in this market. Exceptionally desirable properties can fetch upwards of 10% above the listing price, going pending in as little as 14 days.

Key Market Indicators

  • Median Sale Price: $1.36M, a 12.4% increase from the previous year.
  • Median Sale Price per Square Foot: $979, reflecting a 17.4% rise since last year.
  • Days on Market: An average of 19 days, indicating a very competitive market.
  • Down Payment: The average down payment is 20.2%, showing significant buyer investment.
  • Total Homes Sold: 10 homes were sold, demonstrating active market transactions.

What This Means for Buyers and Sellers

For buyers, the competitive nature of the Bernal Heights market means that speed and preparedness are crucial. Prospective buyers should have their financing in order and be ready to make compelling offers quickly to stand out in this hot market.

Sellers in Bernal Heights are in an advantageous position, likely to receive multiple offers and sell their homes at or above the list price. However, to maximize their property's potential, sellers should focus on presentation, including staging and high-quality photography, to attract the highest offers.

Conclusion

The Bernal Heights housing market is a beacon of growth and competitiveness within San Francisco's real estate landscape. Its appeal is driven by a combination of neighborhood allure, market dynamics, and a strong sense of community, making it a sought-after location for both buyers and sellers. As the market continues to evolve, staying informed and prepared will be key to navigating the opportunities and challenges of buying or selling in Bernal Heights.

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D.C
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"Tim helped make my first home buying experience easy and straightforward, giving me good and honest advice on evaluating houses, making offers, negotiating, and generally being very responsive to questions or concerns that I had during the process."
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J.P
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Buyer
“After meeting with a few real estate agents, we decided to choose Tim for our home purchase and we were not disappointed. Tim was always a text or a phone call away and provided us with everything we needed and more. He was with us every step of the way during the experience and we couldn’t have asked for a better agent. He is extremely knowledgable of the current market landscape and helped us negotiate for an offer below asking in the San Francisco market (amazing right?!). He is kind, friendly and will always have your best interest in mind when he is assisting in your home purchase. We wholeheartedly believe that if we had chosen another real estate agent to work with we might not have been able to purchase our home since Tim brings a bunch of intangible skills to the table that other agents simply do not possess. We would highly recommend Tim to our friends and family and we will not think twice about working with him again in the future.”
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E.Y
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“I highly recommend Tim! He knows the market very well and he is a very knowledgeable and responsive real estate agent. If you want to work with an expert who looks out for you and your best interest, Tim is the best choice!”
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Y.C
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Buyer
“My husband and I were the first time home buyers. We contacted Tim just couple of months after moving to San Francisco. Tim really helped us to learn about different neighbourhoods in SF. He showed us all the apartments that we wanted to visit even the ones that we could not afford. He is a good negotiator and we end of buying an apartment below the asked price.”
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S.A
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Buyer
“I highly recommend Tim as a realtor to help sell your home! He comes with all the skills and contacts (contractors, stagers, designers, etc.) to make the process successful. He is a great listener and highly responsive. We could not have asked more from a realtor to help us selling our first home. Thanks Tim!”
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F.G
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Seller

Selling real estate has been a dream career for Tim McMullen. He’s fascinated by all aspects of the business and takes great pride in solving problems for clients to achieve their desired outcome.

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