Some of my clients are first time buyers and have been very wary of the heated of the San Francisco market. They have been sitting on the sidelines of a continually accelerating housing market, waiting for something adventageous to happen. In June I called these clients to advise a cooling trend in the market. Most of them were intrigued, but still relatively paralyzed by the fear of paying too much for a home.
The SF Chronicle today reported last month's sales, and, as predicted, that the market had softened a bit. Many Realtors claim summer vacationing lessened the demand, which would mean now that the school year has begun, the market will heat up again. You can read the article by clicking here.
However, with interest rates rising and housing prices still mind boggling to buyers, there is some indication in the low numbers that buyers are simply not willing to stretch financial limits in order to own a home. There are still going to be those properties that receive a sensational reception from the market and sell incredibly higher than their list price. But their numbers have been fewer in the past two months, and I think we can expect to see this trend continue.
Have more questions about San Francisco housing trends? Questions about buying or selling a home? Contact me for honest, experienced answers.
Amy Blakeley, Realtor
ablakeley at mcguire.com