The latest scoop on the San Francisco housing market
The greater San Francisco metro area has officially escaped the clutches of the housing recession of the mid-2000s, and new statistics are pointing to a vigorous interest in the real estate market in the city. The values of homes for sale in the Bay Area are skyrocketing, and this uptick is one of the main reasons buyers are flocking to northern California.
If you are a potential homeowner seeking a great place to call home, now might be a great time to check out San Francisco to find your next residence.
Average home prices
The average home price in a region is a large indication of how the metro is doing in terms of stability, and San Francisco's values have been rising for quite some time. Most recently, the San Francisco Chronicle reported that the average price in the city had risen by 4.75 percent in July 2012 when compared with a year earlier.
This increase is in line with national housing figures, which reported the average price in the United States rose by 1.2 percent from July 2011, the largest jump seen in nearly two years.
As prices continue to rise all across the West Coast, it might be prudent to purchase a home immediately if you are searching in the area. Using 4.75 percent as a ballpark figure, if a house costs $400,000 right now, it could retail for $419,000 by 2013 - why wait? That extra $19,000 could go toward a down payment, a college fund or even a new car.
Public housing controversy
The San Francisco Examiner reported that public housing projects in San Francisco are undergoing major renovations, and some residents have been complaining about less-than-ideal living conditions. In response, the city's Housing Commission will be holding a meeting to discuss possible solutions for the future.
"The reasoning behind this important move is that many of the authority's clients feel disempowered and disconnected from policy-level decisions," said Supervisor Christina Olague, according to the news source.
Olague is one of the people who are pushing the Housing Authority to take action.
While purchasing cheap public housing might be a great option for the budget-conscious homeowner, until problems are solved, it might be a better idea to check out the MLS listings in the Bay Area. You can find the best property available on the market on these listings, and perhaps make a down payment on your new dream home.