Plenty of good news for the San Francisco housing market
It is no secret that the San Francisco housing market is one of the most celebrated regions in the United States. Real estate experts continually laud the Bay Area for its excellent property statistics, and homebuyers are snatching up the homes for sale in San Francisco at an astounding rate.
A lucrative market always features interesting trends and happenings, and the Bay Area is not exempt from this quality. The following are just a few of the characteristics that make San Francisco an excellent choice for a person who is looking to relocate.
Real estate forecast
The testimony of professionals is documented proof of success, and in San Francisco, a positive forecast is not hard to find.
"I can tell you I do not believe in the trees growing to the sky," said real estate expert John Kilroy, according to the Sacramento Bee. "But I have never seen so much visible demand from such a diverse group of people as I have seen in San Francisco and the Bay Area right now."
However, such an opinion is baseless without hard numbers to back it up, and luckily, San Francisco has such facts. Every few months, the Federal Reserve updates its "Beige Book," a report that analyzes the current economic and housing conditions in metro areas across the United States. The most recent iteration of this predicts a great future for San Francisco - the median home price in the Bay Area hit a four-year high in September, peaking at $429,000. This is a 17.5 percent uptick from just a year ago.
With the unemployment rate falling and home values rising, there is no better time than now to consider moving to the greater Bay Area. There is no end in sight to the unparalleled success of the region.
Another interesting trend that has emerged in Northern California is the prevalence of "prefab," or prefabricated, homes. These are properties that are completely assembled at a factory or outside location and then "shipped" to a specific address. The Silicon Valley/San Jose Business Journal reported that these types of properties were receiving a lot of attention in San Francisco, especially in neighborhoods north of the city proper, across the Bay.
The news source claims the homes could be priced as low as $140 per square foot, which could be more or less expensive than the average property in San Francisco, depending on the locality involved. One home, a one-story flat with one bathroom, was priced at $128,000, which includes delivery and installation fees.
If you own a slice of land in the Bay Area, it might be prudent to investigate prefab homes as a more cost-effective option than building a new house. Plus, such homes might be available at bargain prices - check the MLS listings in the Bay Area to discover more.
Luxury homes are currently quite prevalent on the San Francisco market - a couple of million dollars can secure an excellent property. While this number might seem like a lot, remember that a down payment is typically 15 to 20 percent of a final asking price - with the standard mortgage, the initial fee on a $2 million house could be around $200,000, a much more manageable figure.
The San Francisco Chronicle reports a similar asking price on a fantastic property in the heart of the Mission District - the house in question is listed for $2.17 million and features five bedrooms, three bathrooms and 2,931 feet of living space.