Home Buying in San Francisco>Question Details

Albert W, Home Buyer in San Francisco, CA

Do you think the market is slowing down in San Francisco? Is it a great time to buy?

Asked by Albert W, San Francisco, CA Wed Oct 16, 2013

Slowing down as in sales are slowing down and interest rates are going up. Would you buy?

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Answers

8
Albert,

A lot of great answers here and a few differing opinions it seems. The "right time" to buy is always going to be dependent on your situation of course, but in my opinion assuming you're in the market already, I think this is a GREAT time. We're starting to reach the end of the busy summer/fall season, but inventory is creeping up. With a slight change in inventory coupled with yet another dip in rates (back to low 4.x%) I think this will be the last opportunity to get in the market until next year sometime, at which point we don't really know how hot the market is going to look then.

I hope this answer helps! If you have any other questions regarding real estate please don’t hesitate to reach out. I’m always happy to be a trusted resource for all things real estate in San Francisco and the Bay Area.

All the best and good luck!

Aaron Bellings
Realtor, Vanguard Properties
Aaron@vanguardsf.com
BRE #01915431
415-601-3000
1 vote Thank Flag Link Wed Oct 16, 2013
Hello Albert:

These are all good questions.

As far as the market 'slowing down' I would say yes AND no. Depending on the areas of interest, they started to slow and in others, they have remained the same with, sometimes, fewer offers than we had seen maybe 3-6 months ago.

When you talk about a good time to buy, it is clearly a case-by-case story. However, the purpose of buying real estate, for most, is to build equity and create wealth. Some buyers can clearly benefit from purchasing vs. giving money away to a landlord each month which is why so many have decided to do just that in SF given the extremely high rental prices were currently experience.

Personally speaking, I would buy now. Depending on where in the city you would like to buy will determine the particular buying strategy you'll have to use.

Good luck!

Gabriel
1 vote Thank Flag Link Wed Oct 16, 2013
The market is definitely slowing in general, but there are still neighborhoods that remain hot, so my advice would be to look for opportunities and be prepared to pounce when one shows up.

Also, you should know that there is a very large off market inventory in San Francisco - if you're only seeing properties listed on the MLS you're missing out on a lot - and the only way you can see those properties is working with an agent/broker who has access. If you would like more info on that our contact info is below:

Best Regards,



Lance R. King - Founder/Managing Broker
King Realty Group

DRE # 01384425
415.722.5549 - Cell
lance@king-realtygroup.com
1 vote Thank Flag Link Wed Oct 16, 2013
Yes, there is a definite slow-down in some neighborhoods and it started almost 3 months ago. If you are a cash buyer, you can get some good deals because of higher interest rates and the government shutdown.

Oggi Kashi - 415.690.3792 direct
Broker Associate, Paragon Real Estate Group CA BRE 01844627
All data from sources deemed reliable but subject to errors and omissions, and not warranted.
Web Reference: http://www.oggikashi.com
1 vote Thank Flag Link Wed Oct 16, 2013
Like everywhere there has been a little slow down but it is a great time to buy. Prices are still much lower than 5 years ago and rates are low. Call or email for a free pre-approval and free credit report.

We can do: FHA, Conventional, USDA, VA, HARP, Interest Only, Home Equity, Fixed, and Variable. Find out which product is right for you by calling Brad at (630) 639-1081.

Brad Neumann
Sr. Loan Officer
Toll Free: (855) 415-5626 ext. 5734
Email: bneumann@myccmortgage.com
0 votes Thank Flag Link Sat Oct 26, 2013
Albert,

There is definitely a slow down in some neighborhoods of the city. However, I submitted two offers in the past two weeks and there were still many offers submitted for the properties.

It is a great time to buy depending if you like the property and of your situation.

I hope this answer helps you and please let me know if you have any other questions.
0 votes Thank Flag Link Wed Oct 16, 2013
The market in SF is starting to calm a little bit but there are homes that will still see 10+ offers! It's still a great time to buy due to the market heading the right direction and that's going up direction... Interest rates are slowly going up but nothing compared to the rates we had a few years ago when it was in the 6%-6.75%. Please let me know if you have any other questions regarding the current SF market so that I can provide you the proper answers and make your buying experience a great one!

-Russelle A.
0 votes Thank Flag Link Wed Oct 16, 2013
Yes and no as to the market going down. Some properties are seeing fewer (or no offers) and others are going even higher. Bottom line is that the premium properties and/or properties in great locations are still commanding ample attention.

As to the question, is it a great time to buy. The time to buy is when you find a property you like and can see yourself living in. Inventory is still very low, so finding that one property is still going to take sometime.

I would absolutely buy right now.

All the best
Eric Castongia
BRE No. 01188380
Zephyr Real Estate
Web Reference: http://SFHotBuy.com
0 votes Thank Flag Link Wed Oct 16, 2013
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