It has not been the easiest time for home buyers.
A recent piece from the New York Times
details how, “[f]or nearly two years, home buyers have been shopping in conditions ripe for regret.“
A Florida couple, priced out of their local market, who bought a country farmhouse—cows and all—but soon realized it wasn’t for them.
A Seattle resident who maxed out her budget to win her dream home, but lost her financial freedom.
Another couple who opted for a historic fixer-upper, but the fixing-up proved too ambitious.
Such stories are increasingly common in a market ruled by rising prices, fierce competition and slim pickings of homes for sale.
The Best Time to Buy a Bay Area Home
In short, the pandemic only exacerbated the preexisting housing shortage. While mortgage rate hikes and buyer burnout may temper the rise of home prices this year (see our 2022 Market Predictions blog
), the underlying supply issues aren’t going away.
In other words: Don’t hold your breath for a dramatic market reversal (at least here in the Bay Area and other highly desirable locations).
So, what IS the best way for a happy outcome as a home buyer?
The NYT article shares a success story too, about a Brooklyn woman who established firm priorities—location and budget, in her case—and where she was willing to compromise.
Knowing your limits, and partnering with an experienced and trusted real estate advisor to help you stick to them as you navigate the market, is the key.
That’s what we’re here for.
If you have a story about this real estate market, we’d love to hear it. Just reply!
And as always, please feel free to reach out with any real estate questions. We are always happy and grateful to help you and anyone you send our way!
Bay Area Real Estate Updates
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Off the Presses
Articles Featured in the Vivre Real Estate Newsletter
JOIE de VIVRE
Events, Community & Things We Love
Roses? Old news. This Valentine’s Day, stop and smell the magnolias. The next two or three weeks are “peak bloom” for one of San Francisco’s most alluring natural attractions. See more info at our fave SF events resource, Funcheap
, and visit the SF Botanical Garden website for tickets
Whether you’re in it for the game, the grub or the commercials, the Super Bowl is basically a national holiday. (Pro Tip: For those who don’t care, it’s a great time to run errands.) Still looking for that perfect game-day recipe? See this throwback from the Chronicle: 19 favorite San Francisco Chronicle Super Bowl recipes
Lowering the Bars
“‘Licenses go where the customers are,’ CEO of Future Bars Group Brian Sheehy said. ‘And the customers-for the past years-have not been downtown.'” Another from the Chronicle, reflecting our shifting neighborhood dynamics: The geography of San Francisco’s bars is changing