The West Is the Best: The Booming Housing Market in San Francisco, CA

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While there are still miles to go, the economy is beginning to see its first steps towards recovery in a long time. Neighborhoods and housing markets are reawakening after years of stagnant market activity and inability to sell. San Francisco, CA especially is seeing a huge upswing in the activity of its housing market with homes for sale experiencing relatively short stays on the market, and the lowest mortgage interest rates in years. The San Francisco real estate market is coming back with force and now is a better time than any to look into a house for sale.

Despite the nationwide glut of unsold homes in the housing market, San Francisco is experiencing a high traffic market where homes for sale are being bought up relatively quickly. Studies show that 35% percent of houses for sale accepted offers last month, upwards from a 14% low in the Fall of 2010. The same studies are indicating a high month supply of inventory (MSI) showing that it is on average taking under 3 months to sell off all inventories of a property, with homes for sale accepting an offer after 57 days on the market, on average.

While the truth about the housing market is that the price and MSI is entirely dependent on the home's unique case (model, neighborhood, amenities, etc.), San Francisco neighborhoods all seem to be experiencing a spike in their real estate markets. Especially in areas where high tech employment is available, such as the greater South of Market area, the housing market is especially beginning to gain momentum with an MSI of 1.6 last month. All models and makes of homes are being sold as well, with the most popular being contemporary designed condos and traditionally designed houses.

Finally, what is really setting the Bay Area market apart is its low average mortgage interest rate. San Francisco is experiencing a huge drop in the mortgage interest rate, at 3.88% in January, far below the national average of 4.3%. To put more perspective on this, the average mortgage interest rate in 1981 for San Francisco was 18.45%, making this the best time in almost twenty years to buy a home.

With the homes for sale market booming and the economy beginning to look optimistic, now is the best time to seek out a real estate agent in the San Francisco area and secure your place with a high value home in a growing neighborhood.

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