Not all Real Estate Pros are self-serving dealmakers as 1 rusty seems to be saying. We have "lost" a lot of money as a firm over the years by frequently recommending buyers DON'T purchase for a number of reasons. Sometimes it's because they have a short window before selling, or as back in the crazy days because properties were selling at prices that made no sense, especially when buyers were putting in non-contingent over ask offers. One axiom will always remain true: the law of gravity applies to Real Estate as well. Most of our buyer clients are still good on value because of our approach to the business.
Foregoing said, it's probably not a good idea to buy ANYtime if you're "Scrounging up" money for mortgage payments. The business is different now, and there is nothing that indicates to me that there is any huge rise in the market coming (disclaimer that I, like everyone else don't have a crystal ball), so the decision to buy or not needs to be well-though out.
When you take in to account raw land, houses, and multi-unit buildings, I have personally bought and sold over 100 properties and NEVER lost money, even in the last couple of years, because I apply business principles to purchases even if I'm going to live there. We use the same approach with our clients, and this has served them very well. We have a large contingent of folks are eternally grateful because we advised them not to buy a particular property or at all.
In San Francisco there are still some opportunities but they are fewer because of market dynamics. If you're thinking of buying you need to look at long-term and short-term needs, and find some trustworthy professionals who really know their stuff to guide you. There are lots of ways to figure out who these people are, and I'm happy to go into that offline.
Lance King/Owner-Managing Broker
DRE# 01384425... more