Is Now A Good Time To Buy A House In The San Francisco Bay Area
With the onslaught of Covid19 the real estate markets in some of the hottest markets of the country are moving to a crawl. Many homeowners are pulling their houses off the market for the time being.
The question remains of what will happen over the coming months and beyond.
As people and the economy get back to work how will the housing market react and is it a good time to buy a house in the San Francisco Bay area.
The San Francisco Bay Area real estate market has been an absolute goldmine for those buying their first home or investing in San Francisco and the Bay area since the early 90s.
Starting during the tech boom and the arrival of the mega tech companies, the San Francisco Bay area has brought in millions of jobs and an exorbitant amount of wealth. Thanks to companies like Yahoo, Apple, Amazon, Ebay, Google, Facebook and more growing into enormous companies. With inventory shrinking and the number of cash buyers still very high with multiple offers on most properties it is still currently a sellers market.
So is now a good time to buy a house in the San Francisco Bay area? Lets take a look
The real estate market ebbs and flows over the years but one thing is for sure.
The real estate market in the top hot bed for tech has done nothing through it all but continue to increase.
In the post Covid age of real estate when markets around the globe will soften and real estate prices should retract quiet a bit why should i buy real estate in San Francisco today ?
If you are fortunate enough to be employed by one of the big tech companies in even a moderate position your income more likely trumps that same position in most areas of the country.
What is the one way to conduct business since the onset of Covid. How are people communicating? Where will the top jobs be located in the US. I believe the answer to that is all San Francisco. Tech is what is keeping the nations work force moving while quarantined at home. To stay connected, the tech industry has become more important than ever.
2020 it appears will be a great time to buy San Francisco Bay Area real estate because the top of the market was reached in 1Q2018. Buying today, you should not be buying at the high. Instead, you will be buying after prices have already softened by 5% – 15%, depending on the area and deals during and post Covid Era should provide additional opportunities to buy well. When jobs across the US will be slow to come back, the top tech jobs in San Francisco should continue to boom.
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Already scheduled the Stock IPO windfalls are for 2020 after a boom year for public offerings in 2019 from companies like Lyft, Uber, Pinterest, Zoom and others went public in 2019.
For insiders there is always a six month lockup period before employees can sell their shares. In 2020 many of the employees of those public companies will be able to start selling and take advantage of their funds.
A good part of that money will likely find its way into the real estate market, as employees of tech firms move to the area and diversify their wealth.
San Francisco Bay Area Real Estate Is Expensive
Real Estate prices in the San Francisco Bay Area are expensive. If you are looking for immediate cash flow/ profits this market is not for you. If you are planning on purchasing an investment property and rent it can take up to two years to start cash flowing.
If you are purchasing a property for you to live in or as a primary residence, you could be stepping into a windfall. You will be living in one of the hottest tech markets, with prices most likely outpacing the rest of the country. With interest rates today at all time lows now is the best time to buy a primary residence in the San Francisco Bay area.
Great Suburbs To Buy A Home In the Suburbs Of San Francisco
Currently, homes that are for sale in Hillsborough, California have an average current listing price of $5,495,000 and a median price per square foot of $1,178. Today, there are approximately 43 homes on the market for sale in Hillsborough, California. The average time on the market for home in Hillsborough is approximately 60 days. , which spend an average of 60 days on the market.
Hillsborough California is a suburb of San Francisco that boasts a population of only 11,439. Hillsborough California is in San Mateo County and is rated one of the best places in California to live. In Hillsborough California there are many restaurants, parks and coffee shops.The public schools boast an A+ rating with a median home value of $2 million dollars.
Nob Hill, San Francisco California
Nob Hill was once home to the mansions of the Big Four railroad barons, Nob Hill still retains a sense of wealth and privilege. The steep streets of SF that we are all familiar with along with restaurants and nightspots makes Nob Hill one of the swankiest addresses in San Francisco.
With a population of just under 16,000 Nob Hill is in San Francisco County and is rated one of the best places to live in California. Nob Hill boasts A+ schools and an average home price of $1.1 million.
Presidio Heights, California
Presidio Heights is a quick commute which is good in a congested area. Presideo Heights is a secluded San Francisco suburban neighborhood filled with Silicone Valley millionaires. The city boasts trails and parks with tons of outdoor restaurants and ideal for those that want to put down roots. This is one of the richest and most influential areas to live in the San Francisco Bay area. Presidio Heights boasts panoramic views of the San Francisco Bay, Alcatraz, the Golden Gate Bridge, and the Presidio.
Presideo Heights has an average home price of $2.7 million dollars. This area is a walker’s paradise with convenient shops, transit and convenient biking around the neighborhood. Houses in the neighborhood typically have multiple offers and often sell for over 5% over asking price.
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