With so many REAL ESTATE CRASH videos flooding the internet I'll share with you the shift I'm seeing to a potential Buyer's market in San Francisco.
There's no denying that with such a sharp rise in interest rates over the past month many buyer's have been pushed out of the market. When we add the fact that prices have been also increasing through this same period, it's only a matter of time before we hit a ceiling.
I don't expect the market to crash. For that to happen we'd need a flood of inventory and I don't see a scenario where that happens. What I do anticipate is a correction as we head into the second half of the year which should provide for good buying opportunities with less competition and more options.
Every Spring, new records are made! It's when the highest median prices are recorded for the year, while the Fall is the second busiest season with the most amount of inventory--coupled with tapering or "flatter" prices.
What I'm seeing NOW:
Single Family Homes are still VERY competitive and $/sqft records are still being set in some neighborhoods.
Condos are hot and cold. Some condos are selling quickly with multiple offers while others are sitting. In some cases, even price dropped.
So it begs the question: Is now a good time to buy??? - It depends on your situation. A good rule of thumb is if you:
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• Plan on staying in the area for at least 5 years
• Have a stable job
• Have 10-20% for a downpayment
• Have a 6-12 month emergency fund
Sounds like you? Then let's connect. I'd love the opportunity to advise you and yours in this market.
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Andres Restrepo | 122° West Real Estate
andresrestrepobusiness@gmail.com
www.122westrealestate.com
Compass | San Francisco
DRE 02059106
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Негізгі бет Are we shifting to a BUYER'S MARKET in SAN FRANCISCO!?
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