For San Francisco Potential Buyers,
San Francisco saw the fourth-highest decrease in housing transactions in markets across the U.S. with a 29.1% drop in sales between June 2021 and June 2022.
Are you worried to buy a home in San Francisco in this situation?
Hey, hold on!!! The cover page doesn’t tell the full story.
Though there is a decrease in home sales in San Francisco with the active housing inventory going up is a good thing for potential home buyers. The prices of homes in San Francisco have seen an upward trend of 12.6 percent over the past year, and the median home price is nearly $1.3 million which implies that buying a home in the area is not an option for many. Hence, there are fewer buyers in the market currently. Thus, buyers who are able to pay the big purchase prices may see this as an opportunity because sellers are also getting realistic due to fewer buyers. The pricing now is more realistic.
Thus, this is a great time for potential buyers to grab the opportunity and get creative with their purchase choices.
There are many buyers who think there will be a massive market correction. But do you really think that would happen soon?
Since the active housing inventory is going up and it looks impossible to match up the inventory in near future. Alongside, the mortgage rates are expected to go up with rising inflation. We can expect the mortgage rate to lower only when the inflation slides down. How soon do we expect it to happen??
The interest rates are still in the reasonable bracket and they are expected to rise. That means that there will be fewer homes available in the market with higher prices and higher mortgage rates. Now decide whether you want to pay the current prices or higher prices in near future.
The tech companies are still investing in commercial real estate spaces in the Bay area thus it shows signs of Tech companies only increasing their operation here.
The more the residents > the more the home buyers > the less the inventory > the more the purchase price.
Thus, buyers who may be waiting for a big dip in the market to get into their homes may be waiting in vain. If you are a potential buyer, don’t delay …. Every time is the perfect time to get into your home.