Ironically, I had another individual asked me this question about the Phoenix market. That answer applies to your question.
As an outsider of the San Francisco area, Iâ€™d like to share my two-part professional opinion.
1. If you are in the real estate investment business, you should wait until prices have reached â€œbottomâ€ in San Francisco. Whatâ€™s the bottom in San Francisco? God only knows! Thatâ€™s why itâ€™s called â€œSpeculative Investingâ€.
2. If you are looking to own a home and experience the â€œAmerican Dreamâ€ of home ownership, anytime is a good time to realize your dream.
I know. I know. Rates could get lower. Prices could get lower. Maybe. But, have you looked at the big picture?
In Northeast Columbia, South Carolina during 2007, UNIT SALES were down by 10% from 2006. BUTâ€¦During the same time frame, home prices increased by 4.69%.
What does that mean? Potential buyers in our area LOSS about $8400.
In summary, if you are buying a HOME (and not primarily for investment purposes) and you are working with a real estate professional (I can help you find one), then anytime is a great time to buy.
p.s. - I am willing to bet that prices are higher in San Francisco today than they were in 2002. Iâ€™d be willing to bet on an increase in prices by 2014.
Good Luck in your real estate pursuits!
David A. Patterson, Broker CRS ABR
Russell & Jeffcoat Realtors, Inc.
5219 N. Trenholm Road
Columbia, SC 29206
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