1 post tagged “san francico”
As a real estate agent, I am often asked
"What is going on in the market?" or "What is my place worth?" etc...
Let me take this opportunity to give all of you a simple and concise overview.
Premise this by saying we are coming off record sales so be careful when comparing data to last year and saying it's a declining market.
So what is criteria for a "good" real estate market? I would answer that by looking for any city with 1.) Job Growth 2.) Income Growth and /or 3.) Population Growth
When you have more people and they have more money it puts upward pressure on home purchase prices. More dollars vs. Fewer Properties.
Now let's throw in a scenario where there are zoning restrictions or anti-growth sentiment. This too drives prices up.
For San Francisco specifically the median price is up 37% since 2003, which is 3X national figures. And right now there are fewer bidders but a fair amount of inventory. Interest rates are low anywhere around 6.14% but some are offering 5.25% on new construction.
Lastly, for my investors you know I have been preaching the "Buy & Hold" strategy well I am happy to say some national magazines are currently supporting that very same philosophy!!
