San Francisco: $1 Million Median Home Prices
My forecast for the upcoming fall San Francisco housing market season is that it will again be a frenzied time.
San Francisco, California (PRWEB) August 19, 2014
For San Francisco home buyers in the under $1 million market, choices are narrowing and the time to buy is now, before San Francisco’s traditionally hot fall market gets underway, according to a July 2014 San Francisco real estate report just released by Ruth Krishnan of Paragon Real Estate.
For buyers looking to purchase a home for under $1 million, there are only eight neighborhoods left in the San Francisco housing market where it is possible to buy a two-bedroom home for that price, according to the July 2014 San Francisco real estate report (see “Where to Buy in San Francisco for under $1,000,000,” attached).
“The market is an interesting place right now,” says Krishnan. “It has appeared to cool off more for summer than I’ve seen in years past. Although prices are still on the rise, there is less competition for homes and slightly more available inventory.”
“My forecast for the upcoming fall San Francisco housing market season is that it will again be a frenzied time,” says Krishnan. “If you’re thinking of buying, you have a few weeks left to do so with less competition and possibly even getting yourself a deal.”
This summer, up to 26% of San Francisco homes sold for less than 10% over asking price, with 14% of those homes selling for within 1% of list price (see "Sales Over, Under List Price," attached) according to Krishnan's report.
“Prices right around asking, combined with a few homes that are staying on the market for weeks, instead of just days,” says Krishnan, “represent an increasingly rare opportunity for San Francisco home buyers to get into the market without a lot of competition and hassle.”
“Unfortunately,” Krishnan says, “many buyers seem to be sitting on the sidelines just waiting and watching this phenomenon. I’ve witnessed this sad scenario many times when buyers complain about a competitive market, yet when the market shows signs of softening, they sit back and wait for things to get even softer! When they finally decide to jump back in, it’s too late. The market has become ultra competitive.”
Krishnan’s advice? “Don’t be that buyer!”
For the full report, visit http://www.ruthkrishnan.com/article/buy-now/.
About Ruth Krishnan: Ruth Krishnan is one of the San Francisco housing market's top real estate agents. With a background in design and business, Ruth Krishnan brings an artistic eye and strong negotiation and business skills to the arena of real estate sales. Representing both buyers and sellers, and with a expert knowledge and comfort with San Francisco's unique real estate market, Ruth Krishnan has a long history of satisfied clients and successful transactions. To learn more about Ruth Krishnan’s experience as real estate agent, to get free advice about the San Francisco housing market and San Francisco housing prices, or to request an interview contact her at info(at)ruthkrishnan(dot)com.
