So by now, I know you’ve heard all about the fact that Fannie Mae and Freddie Mac have been rescued by the federal government.
What you may not realize is the impact that it’ll have on the San Francisco real estate market.
We (as in SF real estate agents) got the word that interest rates fell today – not just once, but TWICE!
What does this mean to you???
Well, historically, the week after Labor Day, at least in SF, means that real estate sales pick up speed faster than a boulder rolling down a mountain (not a witty analogy, but a good one, none the less.) Inventory increases, buyers come out of hiding and the next month or two means that most SF REALTORS (including yours truly) will not be taking a day off.
The combination of the usual seasonal upswing in the SF Housing market with dropping interest rates add up to (in my humble opinion) a SWEET time to buy or sell a house (at least in comparison to the last few months that weren’t, by any means, ugly, but weren’t pretty either.)
And when you combine lower interests rates with the fact that as of January 1st, 2009, the amount of a conforming loan drops from it’s current level of $729,750 to $625,500 (which will take a decent chunk of purchasing power away from buyers) it appears that those home buyers that have been on the fence about buying a home don’t have a worthwhile reason to wait any longer (assuming they are buying for the LONG term, have good income and a strong down payment, of course!) Oh, and prices in SF have remained relatively stable. While there have been some decreases across the board, they have not been what can be called drastic by any measure.
Just a reminder, if you read this blog, you know that I’m not the one to be ever cheerful. Yes, I believe the SF Real Estate market is strong, especially compared to the rest of the country.
So why am I screaming that NOW is a good time to buy a home in San Francisco (and therefore a decent time to sell as well)?
- Rates are going DOWN!
- Prices are staying STABLE!
- Loan limits will soon be going down and BUYERS WILL LOSE PURCHASING POWER!
If you’ve been on the fence about buying real estate in San Francisco (again, assuming they are buying for the LONG term, have good income and a strong down payment, of course!) , might I suggest you get off your behind and do something about it. And while you’re doing something about it, find yourself a fabulous San Francisco REALTOR to work with. Give me a holler to see if I’m the right SF real estate agent to help you achieve your buying or selling goals!