With the country well underway with its vaccination program, 2021 promises to be a better and safer year to shop for a new home. If you postponed your hunt for San Francisco homes for sale last year, now is the perfect time to restart your search. Here are four reasons why now is the best time to buy a house in the Bay Area.
Historically low interest rates
As a buyer, you should take advantage of the interest rates which are at their all-time low. There’s no better time than now – the money you loan will go a long way. Furthermore, it will be easier to make monthly payments.
There are more condos in the market
Buying a condo is a great first step if you are thinking of settling down in the Bay Area. And right now, the market is full of opportunities.
If you’re currently searching for a condo, you will find low prices in San Francisco and San Mateo County. But if you already own a condo and are considering an upgrade, now is also a good time. Condo prices are at their lowest since 2018: you might find a bigger condo unit that’s within your price range without needing to move out of the Bay Area.
More condo listings are expected to enter the market later this year, so consider your options well.
San Francisco is cheaper
San Francisco is known to be one of the most expensive cities to live in the United States. But compared to other cities of the same caliber (e.g., New York City, London, Paris, and Singapore), San Francisco is a cheaper city to live in.
The unique geography of San Francisco is seen as both a bane and a boon – it draws in people from other locations and it also keeps the housing stock limited. This drives property prices here to lofty levels, essentially bringing with it the cost of living. But, as mentioned earlier, real estate opportunities are opening up.
Two facets of San Francisco life can still keep you financially in the green: the variety of public transit options and the mild climate. You’ll save more on transportation and certain utility costs here.
Luxury homes for investment
If you’re thinking about buying a luxury home as an investment property, know that you’re sitting on a gold mine. Today’s low mortgage rates will help you buy a luxury property in the North Bay Area. Wine Country, in particular, is a hot real estate market with plenty of city dwellers opting to relocate here for homes with marvelous vistas and investment opportunities.
Don’t wait too long
San Francisco remains an attractive place to live in, and more people are realizing that pursuing their real estate goals in the Bay Area is a smart move. Don’t wait until all the real estate opportunities are gone.
You shouldn’t miss out on Noe Valley, St. Francis Wood, and Pacific Heights homes for sale. I’m Amir Hardy, a Compass real estate agent who’s more than qualified to help you find the home of your dreams. Contact me today at 415.602.0570 or email amir(dotted)hardy(at)compass(dotted)com to learn more about Bay Area real estate.