December 2008

As of December 20, 2008 the highest sale in Pacific Heights is a gorgeous 6 bedroom, 11 bathroom home with 6 cars located at 2515 Scott Street.  Originally it was listed for $19,750,000 and closed for $18,000,000.  11 days left of the year….will there be another sale in Pacific Heights to top this one?

The National Association of Realtors has come out with its annual cost vs value home remodeling report. Check with me if you want information specific to San Francisco or another city, I can send that report to you.  Be heartwarmed, there is still upside in investing in your home!

Today’s Chron article sums it up well. San Francisco is feeling the pain of the real estate meltdown. It’s now the buyer’s turn.  While we all want to find out if we have hit bottom or not noone will ever really know until we start climbing back up. This softening may last a few more months or well into 2009. Either way those that buy now have the best chance to invest in property at a discount. My two cents….look now for a home. One is bound to capture your eye and you will likely get it at a price lower than you would last year at this time.

It is safe to say we are in a buyer’s market in San Francisco. There are a few buyers out there aggressively looking for that right home. Other buyers are sitting on the fence. Is the market going to decline further? Or has there been enough softening to indicate that there is value in purchasing a home today?

Time is on one’s side whenever a real estate purchase is made. This recent NYT article  sums it up well. Ten years from now we will look back at this period as the golden age to purchase real estate. 

Talk to your lender/mortgage broker. Find out what you can qualify for.

There is an opportunity for home buyers today. Mortgage rates are dropping. Prices are more flexible. San Francisco will always be a destination city. We will come out of this financial upheaval and those buyers that are aggressively looking for property will come out ahead.