Recently, 30-year fixed-rate mortgages have risen to an average of about 5.75%. As a result, many people are wondering whether now is a good time to buy or sell. If you are looking for a new home, an investment, or looking to sell a property, the answer is still, YES!
San Francisco and surrounding markets continue to see a very strong seller’s market. The Brokerage Community refers to it as the “normalization” of the marketplace in lieu of a “slowdown.”
On the Buyer side, softened competition for properties combined with small markdowns indicates that summer 2022 may present opportunities buyers haven’t encountered for over two years. With the shift in mortgage rates, lenders are also offering additional financing options for buyers, which should keep options open, even for many first-time buyers. We are also seeing more incentives being offered by many of the developers of the new construction projects.
SAN FRANCISCO MARKET UPDATE – AUGUST 2022
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Bernal Heights, Inner Mission, Mission Bay, Potrero Hill, Soma, Yerba Buena, South Beach, Central Waterfront/Dog Patch
Financial District/Barbary Coast, Nob Hill, North Beach, Russian Hill, Van Ness/Civic Center, Telegraph Hill
Marina, Pacific Heights, Presidio Heights, Cow Hollow
Anza Vista, Hayes Valley, Lower Pacific Heights, Western Addition, Alamo Square, North Panhandle
Glen Park, Haight Ashbury, Noe Valley, Cole Valley, Parnassus Heights, Buena Vista/Ashbury Heights, Calderon Heights, Duboce Triangle, Eureka Valley/Dolores Heights
Forest Hill, St. Francis Wood, Miraloma Park, Forest Hill Extension, West Portal
Central Richmond, Inner Richmond, Jordan Park/Laurel Village, Lake Street, Sea Cliff, Lone Mountain