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Calling All San Francisco First Time Buyers: Why You Should Buy Your First Home Now

August 20, 2008

10 Reasons You SHOULD Buy Your First Home Now (or very soon)


  • While financing sucks for most home buyers right now, it is actually very good for San Francisco entry-level or first 1st time buyers (prices up to about $800,000).
    • Higher loan limits for FHA loans (and super conforming loans) mean fantastic loan options for loan amounts up to about $729,000 in San Francisco. With only 3%-5% down payment, you CAN purchase either a single family home or condo in a larger building AND obtain a really safe, 30-year fixed interest rate loan. This is very new and very exciting.
    • The loan limit DECREASES next year so to make it work best in San Francisco, buy in 2007.
  • Follow the leaders not the followers.
    • Prices are down so you should be buying. Prices may or may not come down further but as the investment leaders know.... timing the market is a fool's game. Be happy that you can buy at or very near the bottom and move on with your fabulous life.
  • Following #2, most folks are in fear-mode right now or they are waiting for prices to fall further. This means less competition for you!
    • Let the masses wait until the media reports the market is recovering (and we are already seeing glimmers of this) while you take advantage of the even playing field, the great loans available in 2007 and become a homeowner. Most folks make their buying decisions on emotions rather than facts. The market is down so we panic and do nothing when we should be buying.
  • The markets may be down but your job is solid and you could use the tax break.
    • Talk to your tax adviser. You will be surprised by how much money you will save as a home owner. If can afford market rate rent in San Francisco and have a little bit of savings, you are likely to be able to afford a starter home in SF.
  • The seller may even throw in the kitchen sink.
    • Seriously, not only is their less competition for the house you want, you may even be able to negotiate a credit to help pay your closing costs or help you replace that nasty shag carpeting with trendy green bamboo flooring.
  • Owning is just much cooler than renting.
    • Let's face it, most of us have that home ownership dream. It is very cool to be able to host a housewarming party at a house you actually own. You can do what you want, change what you want, create your party central or your peaceful sanctuary. The space is yours to do with as you please. (Well, we hope you follow the law and neighborly codes of conduct but you get the point.)
  • You don't have to live in a rental to find your soul mate!
    • There is no rule stating that you must be a renter to get hitched. Truly, too many of us wait around for the perfect partner before we achieve the financial security of home ownership. What is up with this? Why not be that much more financially secure and successful when Mr or Mrs Right comes a knockin'? You can always keep your 1st place as a rental or sell it and buy a bigger home together. Single women are getting much savvier at this. They are the largest segment of home buyers after married couples. Yet, I am talking to everyone here! Guys, you too can commit to your own home. It doesn't have to be for forever...
  • Your pet can poop in their own yard!
    • Seriously, folks, I'm pretty sure I moved out of my condo and bought a little single family home so my dog would be happier! Moving out of the Mission didn't exactly help my nightlife, that's for sure. Being able to stumble home from the bars is a benefit in one's 20s but in one's 30s, your dog having her own Barbie Dream Cottage becomes much more important. Plus, I can always take a cab home or heaven forbid, the bus.
  • Your parents have a place to stay when they visit. Okay, this may be more of a con, depending on your situation.
  • Well, I have to say it. You can raise your family in your own home. Let that one sink in a little. It is deep and....important. Of course, it is crucial that you buy what you can afford as the benefits of home ownership on your family come from the stability & consistency of the home.


Who will benefit MOST from the new FHA financing available in expensive Cities, like San Francisco?

First Time Home Buyers Who:

  • want to purchase a home between $575,000 and $800,000.
  • have secure, steady jobs with retirement savings but little savings for a down payment.
  • may or may not have good credit. FHA loans don't require good credit!
  • want safe, affordable home loans.
  • understand that home ownership benefits them.
  • want to take advantage of San Francisco's "relative" buyer's market.
  • have their own reasons for buying instead of renting and are willing to buy the best home that they can safely afford.
  • are realistic about their starter home. They want to get into the market and stay put for about 4-5 years. Then, they'll move up to a different neighborhood or bigger home.
  • want either a single family home or a condo in a larger building. (FHA loans don't usually work in 2-12 unit buildings...)

Wondering what kind of home you can get in San Francisco for less than $800,000? Right now, there are 180 single family homes for sale between $575,000 and $800,000. Click here to see what is for sale right now.

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