Now is the time to sell if you own a home in San Francisco
As the economy continues to recover in the United States, much attention has been given to the rise of the supposed buyer's market, as experts are suggesting potential buyers snatch up homes for discount prices. However, this newfound enthusiasm has resulted in lower housing inventories across the nation as demand increases. If you own one of the homes for sale in the Bay Area and San Francisco, you might be able to secure a higher asking price due to the current surge in interest in the greater Bay Area.
Bloomberg Buisnessweek reported San Francisco is among the most competitive housing markets in the nation. The low housing inventory in the area has resulted from the surge in buying after the general decline of the past few years.
"It's a sign of transition from a slow slide down to what hopefully will be a solidly improving market," said UPenn real estate professor Susan Wachter, according to the news source. "We're not going to have a healthy market until we can have move-up buyers purchase homes and not simply stay in place."
A low housing inventory may not be the greatest news for potential homeowners, but both buyers and sellers can remain confident that home values will increase as demand goes up. Therefore, sellers in San Francisco can secure higher asking prices while buyers can enjoy more valuable property.