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« Let's See First Hand How the Market is Doing... | Main | San Francisco Real Estate Blog 1 San Francisco Chronicle 0 » March 24, 2008I Don't Want to Hear Any ComplaintsJust a tidbit of good news on home sales I put out a round of phone calls and emails to agents this evening to get some reaction to the good news... yes, it's good news no matter how you look at it... even if it only lasts a month, you're going to at least for the next 30 days stop blaming the press for real estate woes in San Francisco. Enjoy it for what it is, a brief break in the storm. I hope to hear back from folks Tuesday, and would love to hear what everyone one else is thinking. I just got this note from Leah Karp with http://sf2marin.com in response to my request for feedback on the news... The immediate reality is we have just seen the sharpest drop in housing prices on record. We have a surplus of houses coming through foreclosure that will be hitting the market over the next year and continuing to keep the inventory up. 1/3 of home sales were foreclosed properties and with unemployment increasing, and the bulk of mortgages resetting this year, we will continue to see an increase of foreclosure activity. I believe we will continue to see prices drop this year, nationwide, but we will then, slowly start seeing the inventory decrease, as most new construction has slowed.
So, here is the bad news. For first-time home buyers who want to get in the market, there are not a lot of "great deals" in SanFrancisco's sought-after neighborhoods. The other bad news is that nice homes in outlying neighborhoods are having a hard time appraising because of slowing sales and dropping values. So, if you are looking for a good deal, you might find one there, but you should plan on holding onto those properties for at least 3 to 7 years. If you find a below market priced property in a great neighborhood, more than likely it has an odd floor plan, tenants or grossly underpriced to get attention. Last week an underpriced house in the Sunset District received 49 offers. Yes, 49! We are also noticing that a lot of people from the Peninsula and the East Bay are now interested in moving back to San Francisco. We are also seeing more families staying in the city to raise their children. As a result, homes with 3 bedrooms or more are in high demand, especially in sought after neighborhoods. Additionally, fixers with great potential are going fast and getting overbid. Most buyers who have been looking and waiting for a deal are still looking. So, if you're looking in areas with a lot of inventory, be aware that homes are having a harder time appraising. If you are a first time home buyer or hoping to move back to San Francisco, get ready to compete for desirable properties. Posted by Jeff Brooks on March 24, 2008 10:38 PM | Permalink TrackBackTrackBack URL for this entry: |