Right now, we have that perfect combination of historically low interest rates (predicted by some to go as low as 4.2% by years end), fewer qualified buyers, price softening and inventory.
If youâ€™re in the fortunate position of having job stability, a down payment, can make a 4-7 year commitment to owning a property and the dream to get into a property, then now is your time! If the numbers make sense, go for it!
Currently, the majority of my clients are first time buyers who had been priced out of the market but are now able to get in for the above mentioned reasons.
A link to an interesting WSJ article that sheds more light on the housing market in general:
Cheryl Bower, Realtor , GRI, ABR
San Francisco remains one of the very few healthy real estate markets in the US. However, we have seen our fair share of loss in residential values. In a word, "Yes!" Buy, buy, buy...but, buy smart!
New construction is a great place to begin. The city has been over built and the developers have been forced to cut their pricing. Neighborhoods like SOMA and South Beach are a great place to begin your search. (FYI - Choose an agent first, before you present to the sales office. If you do not go with your agent on your first visit, the sales office may not pay for your representation.)
I am also a big fan of smaller projects, in more established neighborhoods. Many of the smaller developers have built amazing products and we have been able to get some amazing deals for our clients because the mom & pop developers do not have the margins to long term carrying costs.
Re-sales may also present a fantastic opportunity! I have found my client's some foreclosure properties in the heart of the city that have sold far less than their value.
For more information, please feel free to contact me. We have a client portal that will help you with your search.
James Testa, MBA
Paragon Real Estate Group
TRI Coldwell Banker, SF's #1 Office