Despite the high prices and competitive market, buying a house in the Bay Area still has a lot of benefits. With home prices changing, it is important to know when the best time is to purchase a home.
San Francisco is still a great place to buy a home and here’s why:
- San Francisco is a city that’s always growing and changing. There’s always something new to explore, and the neighborhoods are constantly evolving. If you’re the type of person who loves being around energy and excitement, San Francisco is definitely the place for you.
- San Francisco might be one of the most expensive places to live, but that also means that your home will appreciate in value over time. So even if you don’t plan on living in San Francisco forever, you can be rest assured knowing that your investment is safe.
- San Francisco is an amazing place to raise a family. The schools are some of the best in the nation, there are endless opportunities for recreation, education and cultural experiences, and the city is filled with friendly people.
But here are some facts you need to know about:
- Home for sales in California plummeted by 36.9% in October 2022 compared to the same month last year, according to CAR
- The California housing market experienced a 2 percent drop in sales of existing homes from October of last year. This was seen in all of the major regions, with Southern California having the sharpest decline. The San Francisco Bay Area had the third-largest drop after the Central Coast.
The median sale price for a Bay Area home last month was $1.25 million, which is 0.5% less than September’s price of $1,256,500. The price also dropped by 2.0% year-over-year.
The average listing prices for homes in San Francisco were at their lowest in September, with prices dropping to around $47,000 less than the annual average. In May, prices rose to around $52,000 more than the yearly average. However, mortgage rates were at their lowest in December. With interest rates currently on the rise, it is important to explore your options with a trusted mortgage provider to make sure you are getting the best rate possible.
Keep in mind that market conditions can change quickly, so it’s always best to consult with a real estate professional before making any decisions or purchasing a home. Reach out to KeyOpp today and learn more.