I’ve bought 4 houses outside of the Bay Area. I’m currently just about to close on a house in the Bay Area. It took a good year looking bidding on so so so many houses and finally getting something. If I put all the other house purchases in one side and put the buying process in the Bay Area on the other, this process would still be the worst I’ve ever gone through. By a lonnnnnnng distance. A very very long distance. I love the Bay Area but I’ll be dammed if I but another in the bay again.
Interesting! I own several houses outside the Bay Area as well, and the biggest thing I've noticed is that in most other states, inspections are not provided upfront, so for me, that seemed to create more friction in the deal. What made the Bay area so difficult? Where did you buy? It sounds like you had to put in a lot of offers?
@@livinginsanfranciscoca haha. That’s interesting you say about the inspections. First time I saw the seller providing the inspection, I was so used to ordering inspections on a property after going into contract, I was actually concerned asking the agent why are they providing the inspection? Have they fabricated the inspection and don’t want me to find out by doing my own inspection? LoL anyways. I actually like getting my own inspection because we would go back to the seller to renegotiate after inspection results. What I see in the Bay Area is the sellers have ABSOLUTE power. As a buyer, you don’t have much leeway and pretty much what the buyer has to think is what will make the seller choose my option. I’m not used to this. We put in lots of offers and ultimately, I did what you mentioned in the video, I would have a limit which I wouldn’t surpass until the next house and this limit kept going up as I kept losing on offers. It seems as if I was just chasing the market. Ended up getting something in Castro valley. I wish I had just budged and go above my original limit. Would of saved a good $200k lol
@@macfahad I actually LOVE that we have inspections provided upfront. It makes it so efficient. I can't speak for areas in the Bay Area outside of SF but in SF the listing agents an buyers agents all use the same inspection companies that everyone trusts so there's not funny business going on there. Since the buyers know everything there is to know about the property going in, there are no renegotiations later, which makes everyone happier, and the deal runs smoother. On the buy side, we spend a tremendous amount of time educating our buyers on what the budget that they have provides for them and helping them understand the comps and pricing strategies so they don't end up spinning their wheels on properties that they can't afford. It sounds like this education piece was missing in your process, so you were left writing a ton of offers that weren't going anywhere. Unfortunately, this is common. On our team, we seldom write more than 2 offers for a buyer before getting them into a contract on a home they love at a price they can afford, BUT the average buyer writes 8 offers before getting into a contract. The agent that you choose to represent you is key to the experience that you will have.
No one wants to live in a dangerous hell hole constantly looking over their shoulder. Moreover, real estate in San Francisco is ridiculously priced pushed up by techs and Airbnb’s. You can have it.
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Debunking these myths is so helpful for first-time buyers!
Amazing content, I just became a homeowner in Sunset and your info was very helpful. It made me love the city even more!
So glad you like it! Thank you for watching and commenting.
Awesome intel, so many great bits of information I took note of!
Really good insights!
Thank you.
I’ve bought 4 houses outside of the Bay Area. I’m currently just about to close on a house in the Bay Area. It took a good year looking bidding on so so so many houses and finally getting something. If I put all the other house purchases in one side and put the buying process in the Bay Area on the other, this process would still be the worst I’ve ever gone through. By a lonnnnnnng distance. A very very long distance. I love the Bay Area but I’ll be dammed if I but another in the bay again.
Interesting! I own several houses outside the Bay Area as well, and the biggest thing I've noticed is that in most other states, inspections are not provided upfront, so for me, that seemed to create more friction in the deal. What made the Bay area so difficult? Where did you buy? It sounds like you had to put in a lot of offers?
@@livinginsanfranciscoca haha. That’s interesting you say about the inspections. First time I saw the seller providing the inspection, I was so used to ordering inspections on a property after going into contract, I was actually concerned asking the agent why are they providing the inspection? Have they fabricated the inspection and don’t want me to find out by doing my own inspection? LoL anyways. I actually like getting my own inspection because we would go back to the seller to renegotiate after inspection results.
What I see in the Bay Area is the sellers have ABSOLUTE power. As a buyer, you don’t have much leeway and pretty much what the buyer has to think is what will make the seller choose my option. I’m not used to this. We put in lots of offers and ultimately, I did what you mentioned in the video, I would have a limit which I wouldn’t surpass until the next house and this limit kept going up as I kept losing on offers. It seems as if I was just chasing the market. Ended up getting something in Castro valley. I wish I had just budged and go above my original limit. Would of saved a good $200k lol
@@macfahad I actually LOVE that we have inspections provided upfront. It makes it so efficient. I can't speak for areas in the Bay Area outside of SF but in SF the listing agents an buyers agents all use the same inspection companies that everyone trusts so there's not funny business going on there. Since the buyers know everything there is to know about the property going in, there are no renegotiations later, which makes everyone happier, and the deal runs smoother.
On the buy side, we spend a tremendous amount of time educating our buyers on what the budget that they have provides for them and helping them understand the comps and pricing strategies so they don't end up spinning their wheels on properties that they can't afford. It sounds like this education piece was missing in your process, so you were left writing a ton of offers that weren't going anywhere. Unfortunately, this is common. On our team, we seldom write more than 2 offers for a buyer before getting them into a contract on a home they love at a price they can afford, BUT the average buyer writes 8 offers before getting into a contract. The agent that you choose to represent you is key to the experience that you will have.
Doing a backwards looking exercise is so smart!
Thank you, it's puts a lot of things into perspective.
a bit of self interest promo, but valid points.
No one wants to live in a dangerous hell hole constantly looking over their shoulder. Moreover, real estate in San Francisco is ridiculously priced pushed up by techs and Airbnb’s. You can have it.