San Francisco (region) is the top ranking real estate market in the country.
San Francisco, CA (PRWEB) January 22, 2014
According to full-service real estate and property management firm ACL Real Estate & Property Management, 2014 brings in good opportunity and ROI for those choosing to invest in residential real estate in San Francisco. Only 17 cities in the United States witnessed double digit growth in the per square foot list price for homes in 2013. San Francisco made it to this list by the skin of its teeth with a 10.2% y-o-y increase.
According to the Emerging Trends in Real Estate 2014 report published by PriceWaterhouseCoopers and the Urban Land Institute, San Francisco is the top ranking real estate market in the country. The report puts the city in the #1 position for the second consecutive year due to its thriving economy, which is likely to see an addition of 2% more jobs in 2014. The report also mentions that respondents to the survey of top real estate markets in the US pegged San Francisco as a strong “buy” for all types of property. Multifamily housing continues to gain momentum due to demand from Gen Yers and Baby Boomers alike.
According to ACL Real Estate & Property Management, the Bay Area has seen price recovery in both 2012 and 2013, with the high-price tier of the housing marketing witnessing a surge in the spring of each year. This surge was especially noticeable in Spring 2013, led by an increase in buyer demand, coupled with low inventory levels, high consumer confidence and historically low interest rates. The demand is likely to continue in 2014, fuelled by new wealth from the mushrooming high-tech sector.
The S&P/Case-Shiller Home Price Index also supports investment in real estate in San Francisco, with home prices rising more than $900,000 in 2013 in the city. This significant jump in prices was witnessed by both house and condo sales in the last quarter of 2013. With experts predicting a potential rise in interests rates during 2014 and increasing inventory levels as home builders continue to focus on new development, the time to invest is ripe, says a spokesperson for ACL Real Estate & Property Management.
About ACL Real Estate & Property Management: With years of experience and a proven track record in quality service and reliability, ACL Real Estate & Property Management is one of the fastest growing full service real estate and property management firms in the East Bay and Peninsular areas. The company has a successful track record of assisting home owners in both selling and buying any type of property. The company also offers comprehensive property management services that ease the process of selecting tenants, maintaining the home and ensuring timely rent collection for homeowners.