Northern California Real Estate News - Northern CA and San Francisco Homes for Sale
Quality local news and information from a professional California Real Estate Agent. Local real estate news, information and listings for Northern California authored by San Francisco real estate professional Meredith Martin and edited by RISMedia.ABC reports the San Francisco Real Estate News | Is there a Housing Bubble in SF?
ABC reports the San Francisco Real Estate News | Is there a Housing Bubble in SF?
I was recently interviewed for ABC Nightline for a story called Bubble Blogger takes on Housing Market. Patrick Killealea was the voice of the Bubble Blogger – something he’s turned into his career, and basically his premise is this: It’s cheaper to rent than buy, and you make more money in the stock market than you will by owning your own home. I ended up on the cutting room floor, due to time in the segment, but the piece - which can be read in the link above - was still interesting. The argument that it’s cheaper to rent than own is one I’ve read before - the Wall Street Journal did a blog piece on it a while back. What I found it interesting about that blog was it was written by a person who had a financial stake in making sure people invested in the equity market, rather than the real estate market – but no matter…numbers are number right?
Maybe.
‘According to Ken Rosen, a professor and chairman of the Fisher Center for Real Estate at the
University of California at Berkeley, said Killelea’s math is wrong. “The advice not to buy a house is very bad advice.”
The entire article is published here:
http://abcnews.go.com/Nightline/Story?id=3731415&page=3
My personal experience on the matter after having sold real estate now for the past 14 years, in which time I’ve seen people both make and lose money in real estate transactions is this:
1. If you are looking to flip a property – unless you are an expert and can afford to hold it for a while, it’s probably not a good time to buy.
2. If you are looking for a home that you are paying over 50% of your income to keep, you’re probably better off renting until you can raise more down payment.
3. If however, you are like the vast majority of people who get W2’s in which their home is their primary tax write off, and you can afford the monthly payments…I would start to do my research in the area I was interested in living and seriously look into whether now is a good time to become a homeowner – because inventory in most areas is building – and that means a far more favorable temperature for Buyers.
In San Francisco – we are still seeing properties sell for over their asking prices. In the past four weeks from September 24th – October 16th 2007; 275 properties sold per the
San Francisco Multiple Listing Service. 132 of which sold for over their asking prices, 92 that sold under, and 51 that sold at.
It’s a city by city, and even neighborhood by neighborhood situation in real estate. Good to get educated before you decide one way or the other.
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ABOUT LOCAL AUTHOR
Meredith Martin is a San Francisco California based real estate agent with over a decade's worth of experience selling real estate in the San Francisco Bay Area. Meredith brings a wealth of experience, a sharp eye, a keen gut instinct and impeccable ethics to every real estate transaction she's involved in. Her primary focus is helping her clients prioritize what is most important to them and create a strategy that helps them succeed in achieving their investment goals.
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