“California’s housing-market slump showed hints of improvement in March, with sales of existing single-family homes increasing 64% from the prior-year period and median home prices rising month-to-month for the first time since August 2007, according to a trade group report.”
Does this mean more homes in San Francisco are selling too? More on that later.
Just 5 of the Reasons Why I wish I was a First Time Buyer Right Now:
1. I’d finally have a **** chance to get my first choice home rather than lose out over and over again in outrageous bidding wars!!
For the first time in many, many moons (most say since 1990-1991), San Francisco real estate is not a crazy seller’s market. The playing field is MUCH more even. In some micro-markets, it is even a buyer’s market.
In general, the market is balanced and for a chronically “low supply / high demand” city like San Francisco, this means the outlook is extremely good for home buyers.
Although this may last well into 2009, it will not last forever. SF has had a strong, expensive real estate market since the Gold Rush and this latest financial debacle is not likely to change this reality.
2. I could actually pay a decent price for my starter home.
Okay, there is no “fire sale” in San Francisco but there are some darn good values right now. Home price appreciation has stagnated and in many cases, home values are down (think lofts, TICs, some condos, and single family homes).
Over the long-term, even 5 years or more, San Francisco real estate prices remain way up. Remember, real estate is a long-term investment… However, in the short-term, prices are down or flat. This means a home buyer can expect to pay 2005/2006 prices for many properties.
THIS IS A RARE, ONCE IN A DECADE OR MORE HOME BUYING OPPORTUNITY.
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Thank you and be well.
Do you need another real estate newsletter?
Probably not. Yet, in our biased opinion, you should definitely sign up for our twice-monthly email for market insights, webinar invites, local news, gorgeous homes, and more. We never share or sell your information. And, when you’re ready to work with us, please email or call to discuss your plans. We’d love to help!