San Francisco, CA, January 12, 2013 --(PR.com
)-- The San Francisco real estate market has come roaring back. A recent Zillow report suggests that home values in the City have increased 17.6% year over year, with homes in some neighborhoods appreciating more than 30% in the past 12 months. A shortage of homes for sale and an increase in demand caused by the strength of the region’s technology sector helped drive prices higher. Consequently, Hill & Co. Real Estate enjoyed a rebound in revenues, and announced today that it has awarded raises and bonuses to its staff as a result.
“Our agents really did a fantastic job on behalf of their clients,” said Hill & Co. President Jay Costello. “Our agents landed big listings, and brought these properties to market in ways that maximized their sale prices. At the same time, our agents found opportunities for buyers. We were able to put folks in homes and neighborhoods that they may not have been able to afford just five or six years ago.”
In recent years San Francisco real estate values took a hit, as they did in the rest of the country. While prices didn’t drop as dramatically here as they did in some regions, sellers in the City were reluctant to put their homes on the market for fear of losing equity. Business was off for Realtors. Brokers, including Hill & Co., had to pay close attention to the bottom line. Raises and bonuses were put on hold.
“It was challenging,” said Hill & Co. Vice President Eileen Mougeot. “For the most part, our staff has been with us for years. They are as talented a group of people as you would hope to find, and we are delighted to be able to reward them for the patience and perseverance during those earlier difficult times with the raises and bonuses we are giving them now.”
The market’s momentum just continued to build month after month in 2012, and at this point, it shows no sign of slowing down in 2013. After seeing homes sell over asking prices, with multiple offers, homeowners are feeling good again about putting their homes up for sale. Hill & Co. Real Estate is confident that this additional inventory will be snapped up by buyers, some of whom may have been sitting on the fence, looking for signs that the market had hit bottom. The hope now is that they haven’t waited too long.
Hill & Co.
Founded in 1956, Hill & Co. Real Estate has long represented buyers and sellers in the purchase and sale of many of the City’s finest properties. With three offices and nearly 100 full-time agents, the brokerage enables clients to successfully navigate San Francisco’s complex real estate market. Two additional Hill & Co. offices provide property management and rental services. For more information, visit www.hill-co.com.