Is it a Good Time to Buy a House in San Francisco?
People love San Francisco! It’s a diverse city with tons of character and charm. Its real estate appeal attracts people from all over the world! It hasn’t always been easy to purchase a home in San Francsco because of its sky high prices but things have changed! For example, you can buy a home in the Sunset/Parkside or the Mission District for around $500,000+.
The City is an awesome place to live. I know this because I grew up in the Sunset where the streets are wide and Ocean Beach is our backyard. Contrary to belief, there is actually plenty of parking for those who own their own homes in San Francisco. Houses come with garages and driveways and if you lived in the Sunset like me, there was always places to park on the street. Not true when you live downtown or rent an apartment and there are some people who don’t even bother owning a car in the City because there is a bus stop on almost every corner!
Rents are still high in San Francisco so if you want to live there, it would make sense to buy at this point and time. If you put 3.5% down on a house that’s $500,000 ($17,500) your payment would be $2,300 per month. That’s a 30 year fixed with a 4% APR. That’s not including property tax or PMI but it would be around the same amount as renting!
There are other deals to be found in San Francisco as well! There are smaller houses that require a little handy work for $400,000 in some areas like Visitation Valley and Silver Terrace or you can buy a very cool 2 bedroom condo in the Ingleside or Diamond Heights for the same price!
Anyways, there is always something for someone in San Francisco and if you can’t find exactly what your looking for, then let me tell you about the San Mateo peninsula but that’s another blog!
Offer Pricing
I have several buyers very confused. They offered the asking price for a Daly City home but were outbid by $50,000. This is not supposed to happen in a today’s buyer’s market. The low price is a marketing tool and not a realistic list price. I explained before making a purchase offer, buyers must determine the true present market value. http://www.pruvoices.com/2008/10/what-is-market-value/ Read more
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