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April 2008 v April 2007 How's the San Francisco Real Estate Market for a Bernal Heights 1st Time Buyer?

May 16, 2008

How’s the San Francisco real estate market?

Are prices going up or down? Staying the same? How does this year look compared to last year?

Check out this chart of single family home sales, comparing this April to last April.

There are many interesting items of note but let’s focus on the District 9 statistics.

What is District 9, you ask? It consists of Bernal Heights, Potrero Hill, Soma, South Beach, Mission Bay, the Waterfront (dogpatch).

Prices are down 6% from this time last year. However, the number of sales (i.e. the number of folks buying a home) is down 32%.

To me, this is the fascinating part. Certainly, there are a lot of ways to look at this… We’ve had a liquidity crisis whereby a lot of potential home buyers can no longer get loans. We’ve had a crisis of confidence whereby a lot of would be sellers and buyers are fence-sitting until things are more certain… and so on.

But, and this is an important but…if I were a potential home buyer who remains qualified to buy, I might look at this and think, “Wow, prices are down 6% on average but interest rates remain awesome. Maybe I could get a deal and get into a great home in say, Bernal Heights?”

Wouldn’t that be the cat’s meow?

Regardless of what you think, whether you agree or not, please just think outside the box and take everything, the media, me, with some perspective.

By the time the Chronicle announces a rebound in housing, it will be too late to cash in on this historic moment.

The 2nd loan market will return and with it so will the many, many home buyers with 5 or 10% down payment. Plus, more of us will be aware of and comfortable with the new FHA loans. These new FHA loans make a Bernal Heights home doable with as little as 3–5% down!!!

We’re helping buyers with one right now.

Okay, enough of my rant. It’s hot and I want to go out for happy hour! No, it hasn’t begun yet for me.  

The stats are below. Enjoy. Comment.

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View Full Street Address SAN FRANCISCO, CA 94114 (415) 528-7355 ©2008 VIVRE REAL ESTATE. ALL MATERIAL PRESENTED HEREIN IS INTENDED FOR INFORMATION PURPOSES ONLY. WHILE THIS INFORMATION IS BELIEVED TO BE CORRECT, IT IS REPRESENTED SUBJECT TO ERRORS, OMISSIONS, CHANGES, OR WITHDRAWAL WITHOUT NOTICE. ALL PROPERTY INFORMATION, INCLUDING, BUT NOT LIMITED TO SQUARE FOOTAGE, ROOM COUNT, NUMBER OF BEDROOMS, AND THE SCHOOL DISTRICT IN PROPERTY LISTINGS SHOULD BE VERIFIED BY YOUR OWN ATTORNEY, ARCHITECT, OR ZONING EXPERT. IF YOUR PROPERTY IS CURRENTLY LISTED WITH ANOTHER REAL ESTATE BROKER, PLEASE DISREGARD THIS OFFER. IT IS NOT OUR INTENTION TO SOLICIT THE OFFERINGS OF OTHER REAL ESTATE BROKERS. WE COOPERATE WITH THEM FULLY. EQUAL HOUSING OPPORTUNITY. ALL INFORMATION DEEMED RELIABLE BUT NOT GUARANTEED AND SHOULD BE INDEPENDENTLY REVIEWED AND VERIFIED.
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