I was at a neighborhood coffee shop this morning when Earl sat down and started to chat. Earl has lived in San Francisco for several years now and absolutely loves it. He is originally from the East Coast, in a neighborhood with such a diverse population he wouldn’t want to have it any other way. It was his desire and appreciation for diversity that he and his wife chose to purchase in Bernal Heights.
Bernal Heights… gosh what a wonderful neighborhood.
Earl was reflecting on how the real estate market was when he purchased, with all of the multiple offers, over bidding and thoughts of submitting a preemptive offer just to get ratified on a home. “Boy I’m so glad I don’t have to deal with that anymore.” Then he asked how the market was in San Francisco and if it’s a good time to buy, acknowledging he knows the City is a whole different market and so unlike the rest of California. I of course had to say, “It’s always my goal of keeping informed on the local market and the nation.”
Having read the Top 10 Best Performing Housing Markets in Realtor magazine recently, I was able to confirm just what he had stated. Forbes magazine states San Francisco is in the top 10 performing housing markets nationwide. According to Forbes magazine (11/21/07), here is San Francisco’s 2007 third quarter median home sales price and percentage that prices have risen compared to third quarter 2006; $825,400, and up 7.5 percent.
I must admit, there are homes in certain neighborhoods that have not sold and may very well not do so for several reasons, but they are all on an individual basis. As you know, its location first and well, there are just some locations, you just don’t want to live in, no matter how good the purchase price may be. In general however; homes are still selling, some with multiple bids, over asking, and believe it or not, with preemptive offers to. It’s not to say this is the case on the majority of homes, but it certainly is still happening.
For those of you striving to achieve that American dream now is a good time to purchase a home. Be open to information from your Realtor. Really listen to what they have to share with you via publications, the web or conversation. We are a great source of information and should be used as a tool, especially in your local market.
Good luck to you always, may you achieve that American dream.
