Property Prices Continue to Soar in 2015

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Zephyr Realty’s Tim Gullicksen believes that, despite the property cost increases, the trend will not continue.

Now that the boom has reached year four with property prices still at a 76 percent increase in cost, the question everyone is asking is “Can this upward trend continue?”

Tim J Gullicksen of Zephyr Realty thinks it cannot and will not continue to increase. With the market so high, many potential buyers are holding off or contemplating on waiting for the market to cool down.

“In my experience trying to time the market is impossible, so it’s better to make sure you buy the right home instead,” Gullicksen said.

According to the San Francisco MLS, property costs have risen 76 percent since the current boom kicked off in 2011. The median home price in the city has now risen to $1.356 million, up from $1.1 million at this time last year. The median condo price now sits at $1.125 million, a jump from $950,000 last year. The median price for all property in San Francisco now sits at $1.16 million, up $500,000, or 76 percent.

Gullicksen said this trend simply cannot continue and each buyer’s concern should be focused on finding the right home.

“The right home is one you can afford, and that will meet your foreseeable needs for at least five years. Is the home big enough? Is it in a desirable location? That way, in the worst case scenario when you bought at the top of the market and home values plummet shortly thereafter, you can ride out that downward trend in comfort,” he explained.

When deciding what the “right home” is, a good starting point is choosing between a single-family home and a condominium. The difference is a condominium includes the living space within the unit and a home includes the house and land underneath. Both properties have advantages and disadvantages, but weighing them out will help decide which the best choice is.

Working with a professional realtor can help immensely with the decisions made while buying and selling property, as well as coping with the market prices. For professional help and advice, reach out to Tim J Gullicksen of Zephyr Realty.

About the company:
Tim Gullicksen has been a top-producing real estate agent since he first entered into the business and takes great pride in managing every aspect of each transaction. After graduating from high school in the South Bay, Tim earned a bachelor’s degree in political science and history from the University of California-Berkeley. He went on to earn his teaching credentials from JFK University in Orinda and taught kindergarten in the San Jose Unified School District. He brings an educational approach to real estate developed from that background and sees himself as a facilitator of property transactions. For more information, visit his website at http://www.timgullicksensf.com/.

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