San Francisco single-family-home prices have risen roughly 25% year over year—so where can buyers still find value?
In this episode, Andrew speaks with Michael Williams, a Bay Area real estate broker and a broker-associate at flat fee brokerage TurboHome, about what is driving the market and where opportunities remain. They discuss relatively affordable neighborhood hidden gems, recent changes in the condo market, strategies for finding value, and Michael’s forecast for the next six to twelve months.
Whether you are actively searching or watching from the sidelines, this episode offers a practical look at where the San Francisco market may be headed and smart tips for how buyers can position themselves for the opportunities ahead.
Key Takeaways
Look beyond list prices. Michael emphasizes recent comparable sales and neighborhood sale-to-list-price ratios to understand what homes actually cost.
Expand your neighborhood search. Michael highlights Portola and Crocker Amazon as potential alternatives for buyers seeking single-family homes at lower prices than San Francisco’s best-known neighborhoods.
A discounted condo may come with expensive obligations. Review HOA finances, planned repairs, and potential special assessments to understand the costs beyond the purchase price.
Explore options that could stretch your budget. The episode discusses developer financing incentives and flat-fee brokerage rebates as possibilities worth investigating, with terms and availability varying.
Stay flexible about the home—and realistic about the commute. Broadening your criteria or geography may uncover options, but consider how the neighborhood and daily travel fit your life.
About the Guest
Michael Williams is a Bay Area real estate agent with 17 years of experience. He is a broker-associate at TurboHome, working with buyers, sellers, and investors throughout the Bay Area, with a particular focus on San Francisco and the mid-Peninsula.
Resources and Links
Michael Williams at TurboHome — Michael’s profile and contact information
-
Andrew:
Welcome back to House Call SF. Let me start today's episode by saying, wow, I am really blown away by the feedback from our first few episodes. I'm shocked how far the podcast has traveled through social media, direct outreach, or friends of friends, and I'm hearing that housing is absolutely top of mind for many listeners who are all facing the challenge of trying to figure out how to afford a home in the Bay Area.
In episode one, I mentioned that the process of getting a real estate license felt slightly absurd. Well, speaking frankly now, that all paled in comparison to how ridiculous the idea of starting this podcast initially seemed. I think the last thing we all need is another podcast, but really in my bones, I feel there is a role for real estate to be done differently out here.
And I'm wondering if we touched a nerf because it sounds like many listeners are seeking the same thing I was when we were looking for a home. An independent and in-depth exploration of Bay Area Real Estate that puts buyers first, without an agenda and without a sales pitch. So I want to say a sincere thank you to everyone who has listened so far. It's been really fun to learn together with all of you as we are just scratching the surface of what buyers need to know.
And I appreciate your patience as we figure out exactly what the show is going to look like. On that note, it's been great to hear from you via the website already, but reminder to visit housecallsf.com to share your questions, experiences, and ideas for future episodes.
That brings us to today's episode. Our guest today is Michael Williams. Michael is a Bay Area real estate agent with 17 years of experience. He's done more than $200 million in transactions. He's a broker associate at TurboHome, a flat fee real estate brokerage that services the Bay Area, where he works with buyers, sellers, and investors with a particular focus on San Francisco and the Mid-Peninsula. Today we talk about what Michael is seeing on the ground as we enter the fall real estate season. We talk about what has changed in the market compared to this time last year, the hidden gem neighborhoods that still remain affordable in the city, opportunities that buyers may have to get their foot in the door, and where Michael thinks the market is going in the next six to twelve months.
You can find a link to Michael's bio in the show notes, and remember this interview is not an endorsement of his services. We are here only to educate. Okay, let's get into it.
Michael's Real Estate Origin Story
Andrew: Michael, welcome to the show.
Michael: Yeah, thank you, Andrew.
Andrew: Really great to have you here. I'd love it if you're able to tell listeners about how it is you got into real estate in the first place. Would you be willing to share with us your real estate origin story?
Michael: Sure. So my origin story starts from when I was pretty young. My parents owned a brokerage in Mendel Park. You know, as far back as I can remember, I was always in the office helping them print out the MLS hot sheets, faxing properties to clients, helping them with just odds and ends around the industry. Then I went to USC for school. I didn't practice any or study real estate there. But when I came back, it was a very interesting time in real estate 2012, lots of foreclosure, lots of investment activity. And my parents were very much involved in that. And I thought it was going to be a great opportunity to get exposure to that industry. So I helped them for a number of years and then from there joined a few different tech firms in real estate, all in the Bay Area, and am now here at Turbo Home.
Current State of San Francisco's Real Estate Market
Andrew: We've come a long way from printing out MLS forms, huh?
Michael: That we have.
Andrew: Yeah, that's really exciting. Thank you for sharing. Diving right into today's episode, we'll be talking about what buyers are actually experiencing with the real estate market in San Francisco as the fall season is now kicking off. But before we get to understanding what's happening out there today, I was hoping we could take a look back and understanding that San Francisco's real estate market will look very different depending on the neighborhood, the property type, your price range. Can you fill us in on generally how does today's San Francisco residential real estate market compare to where we were at this time last year?
Michael: So right now, San Francisco has shifted from an interest rate story to more of a scarcity and wealth story. Last year, during this time, interest rates were still having a heavy effect on affordability. I believe a lot of buyers were also sitting on the sidelines, waiting for interest rates to drop, knowing that properties were staying on market, you know, 30 days, 40 days, even single-family properties, to accept an offer. And really at the start of this year, December to January, we saw a pretty significant shift in buyer activity. I'm not quite certain exactly what happened during that time, but I think there are a lot of factors that we look back on now, and the current market makes a lot of sense.
So, you know, it has really started, I think, the environment we're in now back in 2021 when interest rates were at all-time lows, and you could get 30-year fixes as low as like 2.8%, you know, rates we really haven't seen ever. And that caused a lot of folks to, you know, overextend themselves, buy up any property they could. You know, we were seeing double-digit offers kind of across the board in most counties in the Bay Area. And since so many folks locked in these sub-3%, 3.5% rates, I now consider a lot of those homes generational properties that may not trade hands for the next 20 to 40 years. So that's caused this kind of future effect of low inventory that we are, you know, have been suffering from for quite some time, but it's just more pronounced now that there are more buyers in the market.
Another shift we've seen from last year to this year is just the sheer amount of buyers in the market. There's a lot of speculation on whether that's driven by AI, tech money, IPOs. I think there's a lot of truth to that. You know, I think a report that came out, there were 20,000 AI jobs added in the last year just here in San Francisco in the general Bay Area. A lot of those are high-paying jobs, folks who are likely going to be here for a long time with very secure positions. And we're starting to see a lot of those folks convert from renters to buyers. And that's just driving up the amount of people that can afford higher-end or higher value properties.
But the interesting thing is, I don't think we've seen the end of it. And we have a number of very high-profile liquidity events coming up. A lot of those employees who are going to be making millions of dollars from these IPOs don't yet have the that money. And I'm nervous for buyers that are either entering the market in the next three to six months what they're going to be up against competition-wise. So it's a very different market than it was six months ago, eight months ago. It doesn't mean there aren't ways to succeed, but people, I'm sure, uh, have an understanding that it is much more competitive now than in mid-2025.
Andrew: I think that's the general vibes that are out there on the buyer's side. So it sounds like last year, buyers waiting on the sidelines, hoping the interest rates would fall. They haven't. And now there's this surge of new buyers coupled with people being locked into those low interest rates, leading to limited inventory, and now that scarcity picture that you're talking about. Thanks for filling us in. What are you seeing in terms of buyer demand, prices, days on the market compared to last year?
Michael: Yeah. I mean, we can just look at the statistics that are really flooding the headlines. Around 25% appreciation from the turn of this year for single-family properties, condos, which had been suffering for a long time, they're now increasing in value and in competition. And personally, I see that trend continuing. Maybe not at 25% through the next year, but you know, it's it's going to be a story that's largely defined around inventory and availability. And unless there are more homes that come on the market this fall, typically we do see an increase in availability as folks come off summer break. Maybe sellers that didn't sell in spring and feel like they may have missed a hot market, put their homes on the market now. And then post-Thanksgiving, we'll likely see a traditional seasonal slowdown. Although I think buyers are going to try to be opportunistic and use these shoulder seasons or these, you know, spots in the market that are typically uh less competitive to see if they can find opportunities.
Andrew: I've traditionally heard, yeah, that the spring and the fall are the big real estate seasons, at least out here. Can you use what happened this summer at all to forecast even more like what the fall is going to look like, what post-holiday season is going to look like? I feel like anecdotally, I was still seeing lots of listings over the summer. Did you see an uptick in summer activity this year compared to years past?
Michael: I believe some of the data is telling us that inventory is significantly below last year, 2024-2023, somewhere around 30 to 40% below those averages of years past. And to my other point, those years are also low inventory years due to folks locked into these great rates. So I think that's gonna continue. I I don't think it's going to, you know, ever be a market where there aren't homes available, but we will likely continue with this depressed market in terms of um availability. And buyers are gonna have to cope with that as best they can, either by overpaying for what is available, moving out of the area and looking at other options, East Bay, Mid Peninsula, or they are going to be continuing to bid on properties where there are their, you know, 10 plus bids and likely a number of cash offers.
That's one thing that we've seen a dramatic rise in is cash offers on properties. I don't have data in front of me, but I have seen reports that about 30% of all homes in San Francisco are transacting all cash. That number increases to about 60% when you get over 5 million. And that's with multiple offers, often 10 to 15 offers on a single property. And that's a very, very difficult thing to compete against when you have a traditional 20% down mortgage.
Andrew: It sounds totally crazy out there right now, is what I'm hearing. Lots of all cash offers. The 25% appreciation year over year is nuts. I mean, we see the headlines. We know low inventory, there's surging home prices that you're talking about. Is there anything that you feel like the headlines are missing about the San Francisco market?
Michael: Yeah. Well, the headlines are typically focused on AI and what AI is doing to the housing market, how this, you know, these liquidity events, how much money is flowing in and flowing directly to housing, and what's that, you know, what that effect is on a traditional buyer or borrower, right? There's a lot of folks that I work with that work at UCSF, work in the local school district, local hospitals, and they are having a very difficult time competing with tech money. Um, or they're having a difficult time competing with folks that have access to funds. So one thing that, you know, I've seen amongst a lot of my clients is that they are now going to their parents to borrow funds to make all cash offers, or make stronger offers in terms of a higher down payment that makes them more competitive. And for buyers that don't have those resources, it just becomes increasingly difficult for them to be successful.
Affordable Neighborhoods in San Francisco
Andrew: For those people, for anyone who is out there struggling to buy a home in San Francisco and feeling like they're priced out of the most expensive or maybe the most familiar neighborhoods, are there any neighborhoods, maybe two or or three if you have them, that you would describe as, you know, hidden gems as we enter the fall market here, places that still remain San Francisco affordable. We know the median sale home price in San Francisco, but certainly there's there's homes above that, and there's got to be homes below that as well. What neighborhoods do you direct those buyers to?
Michael: Sure. So, you know, San Francisco very much has a neighborhood branding premium. Noe Valley, Pack Heights, the Marina, these are places that, especially for young workers, they want to be in and they're going to pay a premium for housing in that area. But I think there are certainly neighborhoods where the discount is larger than the lifestyle compromise. And so for buyers that especially want more neighborhood feel, want to be closer to parks, um, and don't need to be in, you know, the few hot pockets where we're seeing 15 offers on every property selling for more than a million or two million above the list price. There are a few great options. And most of them are in the southern part of the city. So the first one, Portola, which borders Bernal Heights, great access, commuter access to downtown, UCSF, almost anywhere that the main, you know, highway thoroughfares take you. And it's still extremely reasonably priced on a, you know, an S from like an FSF perspective. You can still get properties single family under 2 million. They typically have slightly larger lots as well. So great for families or folks with pets. And, you know, these are homes that also offer a lot of space. There can be up to 2,500 square feet. So if bedrooms are something that is a necessity, that's a great location for folks to look in.
A little bit more south of that, right across from McLaren Park, is Crocker Amazon. I just landed a buyer in a property there. Extremely affordable, four-bedroom. It was purchased for $1.55 million. That was $250,000 above the list price. But on the grand scheme of things, it's looking like a very affordable purchase and one that should have a lot of appreciation in the future. So these areas are great if affordability is an issue and you want a single-family property. They're both right next to highways. You know, Crocker Amazon is just three miles from Stonestown Mall and very accessible to Mid-Peninsula, or if people work at Google or down in Santa Clara, it's extremely accessible to get down there. But you still get a more of a community feel, backyard, single-family property, walkable, and also great views of the city. So there are still wonderful options, sub 2 million if you're looking for a single-family home.
Andrew: Portola and Crocker Amazon. Why do you think it is that these neighborhoods have stayed relatively affordable compared to the rest? Is it just distance from downtown, or what do you think? What is it about them?
Michael: Yeah, distance from downtown, distance from the areas that I think are always in high demand, you know, Hayes Valley, Noe Valley, Inner Sunset, they don't have as rich of restaurants, shopping. It's not quintessential San Francisco necessarily, but I think the the community, the safety, the ability to enjoy, you know, all of the outdoor activities in San Francisco, um, and then access to commuter lines make them some of the most reasonably priced neighborhoods in the city currently.
Exploring Off-Market Opportunities
Andrew: I see. I'm kind of wondering one other place where buyers might look for value is trying to find opportunities that are outside the MLS multiple listing service. How common these days are pocket listings in this market as potential opportunities for buyers to avoid bidding wars? What are some of the benefits and trade-offs of doing a strategy like that?
Michael: If you can find a property that is a not, you know, in complete disrepair, that's a wonderful way to go. Typically, I would say anywhere between 95 to 97% of listings that don't require all cash due to their condition will hit the MLS and hit the open market just because that's where sellers are going to find the highest price. And that's because they're going to get multiple bids, they're going to be able to get a bidding war going and inch that final purchase price up. So for sellers that, you know, they're not, I guess, convinced by their agent to go an off-market route, the traditional properties is going to find its way to the market. And you're going to see that on Redfin and Zillow. Redfin and Zillow are both now offering properties that are coming soon, which used to be hidden in the MLS for realtors only. So there are pre-market opportunities, but for folks who are talking to agents who tell them, you know, I can get you off-market deals. We're not seeing that many trade hands. And most of the ones that are off-market are off-market for a reason. It's that you you can't get a loan on them. They're in such states of disrepair. It's really just for investors and flippers, which is another issue that buyers are encountering, this influx of interest for folks trying to flip property and buy investment property.
The Changing Landscape of Condos
Andrew: Okay. So pretty rare out there to find something that's not listed that's actually worth it. It's a seller's market by a mile, but are there any areas that you're seeing, Michael, where sellers are having to be more flexible?
Michael: Yeah. And one safe haven for buyers who did not want to experience the SF bidding more used to be condos for a good part of 2022 to 2025, especially high-rise condos, downtown condos with high HOAs. These were readily available at massive discounts. And, you know, you could really pick whatever building you wanted to be in. That's changed over the past three to four months where folks are either priced out of single-family properties and they need to look at other types of properties. Um, so TICs or condos. And it's it's been a fascinating change because I didn't think it would be this rapid.
You know, there was one property I just saw in 2020, it sold for 1.25 million. In 2023, it sold for 1.1 million. And just a month ago, it sold for 1.8 million. So that middle buyer, that middle seller, unfortunately, had a bad experience with the SF market. But it just shows you how quickly things have changed for condos. That was a property in a wonderful area in Noe Valley, but we're starting to see a resurgence across the city that we haven't seen before. And that used to be, again, the safe haven for buyers that couldn't afford or or didn't want to join in the the frenzy for single-family properties. And now it's looking like there may be some availability for tenancy in common, but those are quickly being taken off the market as well.
Andrew: Interesting. Do buyers still have some degree of leverage in the condo market, do you think?
Michael: They do, but condos that are either not selling or selling still at discounted rates to the 2021 highs, I would caution that they should have a very uh discerning look at the disclosures. There are some new laws in California that put mandatory repairs or inspections on HOAs and condo managers. And a lot of condos are now experiencing, especially if they're older condos, a very steep bill of fix up work, especially for balconies or soft story retrofit. And those are the ones that are still trading at discounts. So while there are still deals to be had, I would want any buyer looking at condo deals, especially if they're older buildings, to take a very close look at the HOA disclosures and understand what future assessments look like for that building.
Andrew: Mm-hmm. You outlined a couple of them, but just for our listeners who maybe are facing this dilemma, what are some of the downsides of condo ownership as opposed to owning a single-family home?
Michael: Yeah, I would say that's a main one where you can see the budgets for the next five, 10, sometimes projected out 30 years, but having confidence in those budgets, I personally don't have a high degree of confidence that, you know, those budgets are going to stay on track. I would always plan for at least, you know, 15 to 20% above what those projected HOA rates are going to be for the next five to 10 years and possibly more. You just don't want to find yourself in a position where you invested your nest egg into a property, and now you have to come up with $20,000 on the spot for repairs that either weren't seen in a previous inspection or due to one of the new laws, they are now, you know, having to create, you know, a safer building.
Value Outside San Francisco
Andrew: This is making me think. So it sounds like the frenzy that we're seeing in San Francisco residential real estate has spilled over from single-family homes into condos. You mentioned earlier some people are just having to move out of San Francisco altogether. Is the frenzy spilling over into the surrounding communities, or is is there an opportunity for better value outside of San Francisco proper?
Michael: Yeah. And it depends on where you're looking. San Francisco in all of the Bay Area has experienced the highest rate of appreciation. There are certainly communities that come close. The mid-peninsula between Santa Clara and Burlingame have all markets have really appreciated somewhere in like the 15 to 20% range this year. Although those markets weren't as depressed between 2022 and 2024. If someone is looking for value, there are still some areas that are very easy to commute into San Francisco if one needs to, but still very affordable. So the 24 corridor out to Walnut Creek, we're seeing a number of properties that either are not going pending within seven days or having a bidding war of 10 to 15 buyers all circling it. Oakland, I think, is uh going to be a fascinating case study over the next few years, especially West Oakland. There are a few high-profile companies that are moving into that area. Prometheus, uh Jeff Bezos' new company, and a few others are building large-scale buildings for future employees. And I think now is an interesting time to purchase property in some of those surrounding areas, maybe not directly in West Oakland, but areas around Oakland that are easy to commute.
And, you know, there are a few areas I would say south of SF that are still quite affordable by SF standards: Daily City, San Bruno, and then subpockets of San Mateo, but there are still a lot of buyers that are active in those areas. If you're looking for a condo, I would actually try to uh show buyers some of those areas since condos are not as attractive and often trading below their highs in 2021. So I think it for a condo, mid-peninsula still extremely affordable. Single family homes still quite active, unless you're getting into the ultra luxury market.
Andrew: For our North Bay listeners, any value to be had up there?
Michael: Yeah, it's not as competitive in Marin. I'm based in Sausolito. I think there are still issues with inventory here in Sausalito, in Mill Valley, Corte Madera, really up the 101 corridor, we are still in a very depressed market if we're looking at inventory year over year. Pricing hasn't appreciated as much, but it's still extremely competitive for a traditional 3-2, you know, 4,000 square foot lot. If you drive further up into San Rafael, Novato, Petaluma, things get more and more affordable. The trade-off is the commute. Having driven 101 across the Golden Gate Bridge for the past few years, I can see the backup building and building as I get closer to my turnoff. And so if that's something that someone is not concerned by, maybe they can take the ferry, maybe they work off hours. Marin's an incredible place to live. There's really a lot to be said for Marin as a county. If commute is something that someone does daily, I would caution them to make that drive a few times and see if they can deal with that with their lifestyle.
Andrew: Seems like these will be really interesting communities to watch, especially with the upcoming liquidity events that you mentioned and see where things go this season and into next year. Michael, before we leave this topic, are there any other levers that buyers can pull just to try to get a foot in the door and become homeowners?
Michael: Sure. I actually spoke with a new buyer just yesterday. He's a doctor at Kaiser, and he is looking at his future earnings and believes that he can afford to pay off the principal on his property within seven to ten years. With that in mind, he's looking at properties that he can get adjustable rate mortgages on, which are typically a half percent cheaper than a fixed mortgage, sometimes more. And he's really interested in new development, which typically offer interest rates well below as they're subsidized by the developer. So he's looking at new buildings in San Mateo. For him, he works insane hours, as I'm sure most of the medical community does in the general Bay Area. And so for him, it's a priority that he has a home that he doesn't even need to really think about. And, you know, new homes just kind of lend themselves to that type of buyer. They don't have to worry about roofs, they don't have to worry about replacing a dishwasher when it goes out. All of these properties have 10-year warranties on almost all of the components. And he's able to take advantage of these incredible rates that are sponsored by the developer. So for a buyer in that position that really values that, they have an incredible opportunity with some of the new developments that are going up in San Mateo and across the Bay Area to find a wonderful deal at a very affordable monthly rate.
Andrew: So it's being aware of the areas for opportunity, it's taking advantage of anything at your disposal, including new developments that may be subsidized, and then thinking about the different lending products and based on kind of your future forecast of your own income and what your expectations are, will an adjustable rate mortgage be a way to get that foot in the door?
Michael: Exactly. And, you know, for folks who have that medium to longer term plan and really understand their finances well, I'd say that's a great option. The flip side of that is a lot of buyer or a lot of former buyers who are now in properties that they purchased in 2022 or 2023, and they chose an adjustable rate mortgage, thinking that the rates would adjust down in the next five to seven years. There may be an opportunity in the marketplace to purchase some of those homes when those adjustable rates come due. Since most of those mortgages were sourced likely in the 5 to 6% range, interest rate-wise, they're going to be adjusting up, which I don't think many of us expected we would be at this interest rate level now or in the next two to four years. But they're going to be needing to plan either to shore up their finances, buy down that principal, or possibly sell their property and look elsewhere if the payment doesn't fit their financial plan anymore. So there may be some opportunity in the next three to four years with some of those homes coming on the market.
Andrew: Yeah, you never know what the interest rates are going to do. I remember being in the position of a trying to buy a home last year, and everyone said, yes, wait till interest rates come down, and yet here we are, they're higher. So that's a really interesting point to keep in mind and watch moving forward as a potential opportunity for buyers.
Michael: And if someone's really crafty, since a lot of these loans are public, they can actually try to find that data, see which are adjustable rates and which ones are coming due, and reach out to those or have their agent reach out to those sellers directly to see if there might be an opportunity there.
Looking Ahead: Future Market Predictions
Andrew: That's a next level tip. So, Michael, we've talked about how we got where we are now, what you're seeing on the ground this season. Let's look ahead six to 12 months. Where do you think we're going with the San Francisco single family home market?
Michael: I think we're going to see a lot of what buyers and agents have experienced this year. I believe we're probably going to see an uptick in inventory over the next few months and then typical seasonal slowdown between November and January. And I think in February is going to be a very interesting month to watch to see how many homes are being prepped, how many are listed as coming soon. And that will be a really good indicator of where homes are going to be inventory-wise for the spring. I don't see home prices stagnating at all. I think they're going to continue to rise. If we see another 25% increase year over year, there are a lot of folks who are going to be priced out, but that's going to coincide with some of the liquidity events as well. So there will be new buyers entering the marketplace, especially on the high end. And there's going to continue to be this general feeling that once you sell in San Francisco, you may not be able to come back in later on. So I think that pressure, the headlines, the news stories, all of that is going to encourage sellers to stay put or homeowners to stay put. And we may see a market that has even less availability than it has today.
Andrew: Well, for the average prospective home buyer out there, you mentioned keeping an eye on coming soon properties and how many listings there are and the sale price, obviously. Are there any other indicators that these listeners should watch if they really want to understand where the market actually is going before the headlines catch up?
Michael: Yeah. I wish I had the answer. I would probably be an economist somewhere if I did. Uh one thing that I try to have people look at when they are in the market or they're thinking about entering the market is just the reality of home sales. In San Francisco, in the East Bay, it's a common strategy for agents to list prices well below their expectations, the market value of the home. Sometimes they list it below what the previous sales price was eight years ago. That's something we see quite often. And it's very confusing. It makes it difficult to assess what the expectations are. And what I try to drive people to data-wise, one are the actual home sales in the area. And two, just the general trends of the sales to list price ratio. So it's not sticker shock when a home sells 30% above what that list price was. That can be typical for a neighborhood.
Andrew: Gotcha. We'll keep a close eye on that metric. Michael, we're coming up on closing out the interview. I'd love to ask you just one more rapid fire question. What is one mistake prospective buyers should avoid this season when it comes to San Francisco residential real estate?
Michael: Yeah. And this is something that's very personal based on preferences, but I work with a lot of buyers that come in with criteria and they're very adamant of sticking with that. That's typically bedroom, bathroom count, square footage, or a particular amenity at the property. And I would encourage folks to have a slightly more open mind about what works for their lifestyle. You live in the neighborhood as much as you live in the house. So if there is a particular location or neighborhood amenities that you really enjoy, San Francisco is a place where people, you know, live here because of the outdoors, the access, you know, all of the community benefits. And if you are focused too much on, you know, specific details that are strict requirements, you're going to be leaving a lot on the table in terms of properties that may work for you.
Final Thoughts and TurboHome Model
Andrew: Flexibility. Yeah, going into the fall season is what I'm hearing there. Michael, before we let you go, you're affiliated with TurboHome Brokerage. Can you tell us a little bit about the TurboHome model and maybe where can listeners go to learn more about your work with TurboHome?
Michael: So if anyone wants to find out about our company TurboHome, turbohome.com, you can review a lot of our buyers' uh reviews and understand how we operate a little bit differently in the marketplace. So we are a full service brokerage that works on a flat fee model. And that means we charge a flat fee as a commission and we give back typically $30,000, sometimes upwards of $40,000 to $50,000 as a rebate to our clients out of the total commission that we request. And that money can be a deciding factor on whether you win a property. So that buyer I worked with earlier in Crock Amazon, we were up against another home that uh, excuse me, another buyer at the exact same all cash purchase price, no contingencies. At the last minute, he used the rebate to increase his purchase price. And that's the reason that he won the property. So the ability to have a little bit more financial gas in the tank in an offer situation can make a meaningful difference. And we've seen that with many of our clients. Or a lot of folks use the rebate to either do a rate buy down to make the mortgage more affordable, or use it for closing costs, especially in areas where closing costs can exceed 1% at the purchase price. And we are a team of agents that usually have about 10 to 15 years experience coming from traditional brokers and understand that this model is consumer-friendly and really aligns incentives where we don't have an incentive for our buyer to pay a higher purchase price for the property. Agents make more money in a traditional model. We don't make any more money pushing them higher and higher. So with aligned incentives, I think it just makes it a much easier conversation to have, and there's a lot more trust built with the agent-client relationship.
Andrew: And we will put your a link to your bio in the show notes. Michael, thank you so much for coming on House Call SF today.
Michael: Thank you, Andrew.
Andrew: All right. Thanks again to Michael for being on the show to give us a realistic look at the dire straits we're in with San Francisco Real Estate right now. I'm appreciating his buyer-centered tips to consider neighborhoods like Portola or Crocker Amazon, to stay flexible when it comes to the features you think you need in the home, to check on the status of homes that were purchased five or seven years ago with adjustable rate mortgages to see if the owners might be willing to sell, and to at least consider options like condos or purchasing new development to get your foot in the door. But mostly the impression that I'm left with after hearing this market update is that something has to give. 25% year-over-year appreciation is insane and will not be sustainable for most people looking to buy in the Bay Area. The housing crisis is going to require policy changes, a lot more inventory, and certainly well-informed buyers. And that's what we're here to explore. My goal is to give you every lever to pull and kick the tires on all of them so you know the options available to you and can make smarter home buying decisions. With that in mind, we've got our work cut out for us.
Remember to visit housecallsf.com and use the contact us page to let us know how we can help. See you soon for our next house call.
