The housing market still remains ultra-competitive in some parts of the country, despite what is typically a slowdown in real estate. A four-bedroom, 2,400-square foot newly remodeled home in San Francisco recently sold for $3.5 million—40% more than the initial asking price of $2.5 million. That is $1 million above list price.
The home fetched three offers in three days. All three offers were more than $500,000 above the asking price, Compass listing agents Richard Woo and Holly Phan told KRON-4 News.
“We didn’t price the house low—it was priced based on area comps so when we saw the offer come in at more than $1 million over asking with no contingencies, it was amazing and we thought, is this real?” Woo told KRON-4 News.