I called the bottom of the San Francisco real estate market last year. It felt like things were flattening out. And in some by some reports, prices were even increasing in SF!
Since the holidays, I’ve been busy as a bee trying to keep up with buyer and seller demands, and you may have even noticed that blog posts, and my “weekly” newsletter, The City Update(TM), have been rather sporadic.
So MY take on the market is that it’s picking up, volume is increasing, prices have stabilized and most agents I know are in a pretty good mood.
But still, there’s no consensus on whether or not we’re REALLY seeing the bottom of real estate prices in San Francisco, or the rest of the country for that matter.
Some people (like the folks at Freddie Mac) are saying the market is at or near the bottom, while other folks (like the Center for Economic Policy and Reseach) are saying prices are STILL too high and need to fall.
My thoughts? With interest rates at all time lows, if you’re looking to own a home in San Francisco for the long term, it’s a great time to buy if you do a traditional thirty year fixed mortgage. But if you’re looking at a housing here to try to make a quick buck, then back off and invest in something else.
Same thing goes if you’re selling. If you need to sell, and your situation dictates you do it now, you will find a buyer. They’re out there. (With the caveat that if you just bought a few years ago, don’t expect to make any money on the deal. )
And if you need help figuring out what side of the fence your buying or selling situation falls on, give me a call at 415-307-1392 or email me at [email protected]. I’ll call it how I see it – though fair warning, you may not always get the response that you want. 😉