Did San Francisco Real Estate Just Hit the Bottom?

I didn’t really believe it when I heard it.  I’ve been getting a better vibe about the pulse of the real estate market in San Francisco over the last few weeks.  But I thought that MAYBE, it was just me.
 
I’ve noticed more properties selling, and more properties selling with multiple offers again.  I’ve noticed properties that my clients have been mulling over for weeks suddenly disappearing all at once from the market – yes, going into contract (what’d ya think, they were being abducted by aliens?)
 
I mean, with mortgage rates so low, and prices at levels more affordable than they’ve been in years, it’s no wonder that last week alone, I met with 6 new buyers that plan on buying somewhere between NOW and in the next 6 months.
 
So when I heard about the lead story Wednesday on the six o’clock news on Channel 5 (the local CBS affiliate station), I had to pinch myself.
 
Rather than rewrite the summary, I’ll pass on the summary from the SF association of Realtors:
 
The lead story… was a report by Emmy Award-winning political editor Hank Plante on the rebound in real estate sales that has been noticed recently in San Francisco.
 
The story cited the upsurge in sales that has occurred in the Excelsior district, the Sunnyside district, at the Infinity Towers and many other areas in the city.
 
Plante explained that the driving factors are historically low interest rates, more rational asking prices, the availability of credit and the effects of pent-up demand.
 
The Association which worked on the story with others provided statistical support for what had been observed in the field through Terradatum, the company which provides the Association with reports for publication in REALTOR® Advantage Online.
I know, I know!  Positive news is almost impossible to believe, but trust me, the man knows what he’s talking about.  Check the video out for youreslf, and then holler with questions.
 
The only thing I like better than talking about SF real estate is talking about GOOD NEWS in SF real estate.

Real Estate Rebound Video from CBS5.com

Luba

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