Foreclosure rates falling in San Francisco
Some of the homes for sale in the Bay Area are unfortunately underwater due to the housing crisis of the mid-2000s, but recently, the number of foreclosed homes in San Francisco has dropped dramatically as the regional housing market continues to improve.
This is great news for seller in the Bay Area, but it is an even better revelation for potential homebuyers searching for a new home.
According to AOL Real Estate, one real estate data company reported that foreclosure activity in San Francisco fell by 36 percent during the third quarter of 2012. This decrease was the largest reduction in the entire United States - the Bay Area was 5 percent ahead of the second-place city, Detroit.
"Two-thirds of the nation's largest metros posted decreases in foreclosure activity in the third quarter, indicating that most of the nation's housing markets are past the worst of the foreclosure problem," said real estate expert Daren Blomquist
As foreclosure statistics go down, the average value of houses for sale in the Bay Area should skyrocket. Therefore, now might be the best time to consider checking out some of the available properties in the region, before they shoot out of your price range.
Speaking of high-value properties, luxury home sales in the Bay Area have been on the upswing as the market moves into the final quarter of 2012. Realty Biz News reported that 74 properties priced at $2 million or more were taken off the San Francisco real estate market between July and September 2012, which was 22 more sales when compared year-over-year.
"Luxury home sales in San Francisco remain very strong as we go through the fall selling season," said Coldwell Banker Residential Brokerage president Rick Turley, according to the news source. "We were encouraged by the number of transactions, in particular the robust sales in the high-end of the luxury market."
While multimillion dollar homes might seem unaffordable, remember that a typical down payment is in between 15 and 20 percent of the appraised value. The median sales price of a luxury home in San Francisco is currently $2,629,573 - a 20 percent down payment would be $525,914, a much more manageable amount.
What's more, the news source reported that the median price dropped by 4.3 percent when compared to 2011. The MLS listings in the Bay Area contain plenty of great properties, so take a look at them to find a discount luxury home today.