If you are thinking of purchasing property in San Francisco, for yourself or as an investment, read my 5 reasons to buy a home now. Many people call San Francisco one of the most romantic and sophisticated cities in the U.S. I concur! Those of us fortunate enough to call San Francisco home enjoy the beautiful weather, the strong economy, the highly educated population, our abundance of entertainment choices, and the remarkable architecture. Read my previous blog post about the perks of living here.
1. More jobs
The unemployment rate is 6.1%, according to the U.S. Bureau of Labor Statistics. The latest numbers show an increase in the health care industry as well as professional and business services, transportation and social assistance, among others. Simply put: when more people have jobs, they have the money to invest in real estate.
2. Houses are a smart investment
Even if inflation rises, a major asset like a home is an even more valuable when prices climb.
3. Slowing housing price increases
Experts are predicting the increases in home prices will slow, so now is the time to take advantage of these great conditions.
4. Low mortgage
Mortgage rates are close to where they were at the beginning of the recession when a benchmark 30-year, fixed-rate loan averaged 4.32%. Those numbers have nowhere to go but up.
5. Demand drives prices up
With 81 million Echo Boomers now over the age of 30, the number of homebuyers will rise to where they were in the ‘70s when 78 million Baby Boomers grew up.
As we have all witnessed, a housing recovery is not a linear experience. Smart investors know that surges come and go, conditions get better and worse, but I am here to tell you, buying a home right now is an excellent idea! Besides the five reasons I’ve explained above, owning property is a great financial asset to anyone’s portfolio, and offers long-term tax savings.
San Francisco continues to be one of the most robust real estate markets in the U.S. If your search to buy a new home now brings you to “the city,” please email me at Daniel.DerVartanian@sothebyshomes.com or give me a call at (415) 200-7744. In the meantime, be sure to check my website to see what’s on the market today.