San Francisco Market Basics for Move-Up Buyers

Thinking about moving up to a larger home in San Francisco but not sure how to time it, structure your offer, or decide between a condo and a house? You are not alone. When you already own in the city, your next move is both an opportunity and a puzzle with many moving pieces. In this guide, you will learn how the SF market behaves, what sellers expect from buyers, and practical ways to finance and sequence your sale and purchase with less stress. Let’s dive in.

How the SF market works now

San Francisco often has fewer homes for sale than buyer demand, which can create competition in key price bands even when the broader market softens. Mortgage rate swings since 2022 have reduced purchasing power relative to the ultra-low rate years, which influences timing and price strategy. Market conditions also shift quickly because our inventory is small and the buyer pool is sensitive to the local economy.

To stay grounded in current data, watch these metrics:

• Median sale price and year-over-year change for San Francisco County.
• Active listings and months’ supply of inventory.
• Share of price reductions and median days on market.
• Cash share of sales and new listings versus pendings.

For a reliable snapshot, check the San Francisco Association of REALTORS market reports and monthly charts through the San Francisco Association of REALTORS and compare statewide trends through the California Association of REALTORS. For rate context, follow the Freddie Mac Primary Mortgage Market Survey.

Offer norms and contingencies in SF

What sellers expect

Price and net proceeds matter, but so do certainty and speed. Sellers often prefer offers with strong pre-approvals, meaningful earnest-money deposits, and clear, short contingency timelines. All-cash or high-cash-to-close offers can be decisive in tie situations.

You may also see escalation clauses, appraisal-gap language, or larger deposits to signal strength. These tools can help in competitive situations when used carefully and with clear caps.

Common contingencies and timelines

• Inspection contingency: often 7 to 14 days.
• Loan contingency: often 14 to 21 days, sometimes longer with jumbo loans.
• Appraisal contingency: usually aligned with the loan timeline.
• Title and HOA review for condos: typically 3 to 10 business days once documents are delivered.
• Home-sale contingency: usable, but typically less attractive in competitive segments unless paired with pricing or other concessions.

Risks of waiving contingencies

Waiving contingencies can help you win, but it adds risk. A low appraisal can require you to cover the shortfall in cash. Skipping or limiting inspections can expose you to costly repairs discovered post-close. Removing loan contingencies too early can put your deposit at risk if financing falls through.

Condo vs single-family in San Francisco

Who buys what

Condos appeal to many move-up buyers who want central locations or newer amenities. Single-family homes tend to carry higher prices per property and attract buyers who want more space or outdoor areas. Both segments are active, but they behave differently in pricing and underwriting.

Underwriting and HOA realities

Condos require close review of HOA documents, finances, reserve studies, and any litigation. Lenders also review project eligibility such as owner-occupancy ratios and reserves. Some projects are ineligible or limited, which can affect rates, down payment, or loan approval. For baseline standards, see Fannie Mae guidance on condominium project eligibility.

High HOA dues factor into your debt-to-income ratio and your monthly cost. If a building has pending special assessments, they can change your budget and lender calculations.

Price behavior and liquidity

Condos often trade faster at lower price points but can show larger percentage swings due to thin sales counts. Single-family homes may take longer at the top end but can show stronger long-term appreciation in absolute dollars. Liquidity varies by neighborhood, price tier, and season.

Seismic and local rules

Older multiunit buildings may be subject to soft-story or seismic retrofit requirements. Review past or planned retrofit work and any related HOA assessments. You can explore local program information through the San Francisco Department of Building Inspection.

Seasonality and timing your move

• Spring: typically the most active season with more listings and competitive bidding in popular segments.
• Summer: activity remains steady, though travel can slow some buyer segments.
• Fall: a mix of motivated sellers and selective buyers; opportunities can emerge as the year winds down.
• Winter: fewer listings and less competition; selection is limited but pricing can be more flexible.

San Francisco also has microseasonality. For instance, high-end single-family homes and urban-core condos may peak at different times. Your strategy should match your target property type and neighborhood.

Buying and selling strategy

Sell first vs buy first

Selling first converts your equity and can make your purchase offer stronger. It reduces conditional risk because your funds are clear and you can make cleaner offers. Buying first can work with a bridge loan or enough cash flow to carry two mortgages, but it adds cost and complexity.

Financing tools for move-up buyers

• Strong pre-approval: go beyond pre-qualification and confirm jumbo options if needed.
• Bridge loan or swing loan: a short-term solution to buy before you sell; useful in competitive segments but typically higher cost.
• HELOC or home equity loan: tap existing equity for a down payment, subject to qualification.
• Carry two mortgages temporarily: feasible if you meet lender requirements and have the reserves.
• Rent-back: sell your current home with an agreed post-close occupancy so you have time to secure and close on your purchase.

If you are using a boutique-plus-platform approach, tools like Compass Concierge for presale improvements, Private Exclusives for limited listing exposure, and Collections for tracking on-market and off-market opportunities can help you prepare, search, and sequence with less friction.

Map your timeline

Plan for 30 to 60 days of overlap between closings unless you arrange a rent-back or matched closing dates. Typical escrow periods are 30 to 45 days for conventional loans and 45 to 60 days for complex or jumbo financing. Build buffers around inspections, underwriting, and HOA document reviews for condos.

Costs to plan for in SF

• Property tax reset: moving typically triggers reassessment under California law. Review eligibility for portability programs like Prop 19 with your tax advisor and reference the San Francisco Office of the Assessor-Recorder for local guidance.
• City transfer tax: San Francisco imposes a local transfer tax that scales with price. Include it in your net proceeds and purchase planning; see the San Francisco Office of the Assessor-Recorder for details.
• HOA dues and assessments: verify current dues, reserve strength, and any pending or potential special assessments.
• Insurance and maintenance: older structures may have higher insurance or maintenance costs.
• Closing costs: budget for lender fees, title and escrow, and prepaids. For a general overview, review Consumer Financial Protection Bureau guidance.

Your move-up checklist

• Get a detailed pre-approval from a lender experienced with SF jumbos and condos.
• Request a broker price opinion or pre-listing appraisal to estimate sale proceeds.
• Decide sell-first or buy-first, then secure the right financing tool: bridge, HELOC, or reserves to carry two mortgages.
• If you are targeting condos, have HOA resale documents and project eligibility reviewed early.
• Set specific dates for inspections, loan approval, and appraisal resolution in your offer.
• Budget for transfer taxes, a property tax reset, insurance, and potential HOA assessments.
• Consider a pre-listing inspection to reduce surprises for your sale.
• Discuss rent-back or short-term housing options to smooth your move.

What to watch weekly

• New listings and pendings in your target neighborhoods.
• Mortgage rates and lender turn times via the Freddie Mac Primary Mortgage Market Survey.
• Local inventory and days on market via San Francisco Association of REALTORS and broader state context via the California Association of REALTORS.

Next steps

If you want a larger home in San Francisco, preparation is your advantage. Tighten your lending plan, clarify your sale proceeds, and set offer timelines that reflect market reality. With the right structure, you can move up without unnecessary risk or rushed decisions.

Ready to map your plan? Connect with Stephen J Bartlett to align pricing, timing, and financing, and to put concierge-level tools to work on your move. Schedule a Market Consultation.

FAQs

What should a San Francisco move-up buyer track each month?

• Watch median price trends, new listings, pendings, months’ supply, and rate movement through resources like the San Francisco Association of REALTORS and Freddie Mac.

How big is a typical earnest-money deposit in SF?

• Many competitive offers use 1 to 3 percent of the purchase price, with larger deposits sometimes used to signal strength.

Are condo loans harder than house loans in SF?

• Sometimes. Lenders review HOA financials and project eligibility; high dues or litigation can affect approval and terms.

How long should I plan for escrow and overlap?

• Plan for 30 to 45 days for a standard escrow and 45 to 60 days for complex or jumbo financing, plus 30 to 60 days of overlap unless you arrange rent-back or matched closings.

What seasonal timing works best for listing and buying?

• Spring is typically most active, fall can offer opportunities, and winter has less competition but fewer options. Match timing to your property type and neighborhood.

What local costs commonly surprise move-up buyers?

• San Francisco transfer tax at closing, a property tax reset after purchase, and HOA special assessments for condos can all affect your budget.