A big jump in sales of homes and further gains in home construction suggest the national housing recovery is gaining momentum. That's even more apparent in San Francisco with a very strong sellers market and low inventory. That brings bidding wars, so buyers be ready...
Across the nation sales of previously occupied homes rose 7.8 percent in August from July to a seasonally adjusted annual rate of 4.82 million according to the National Association of Realtors. That's the highest level since May 2010. In the San Francisco and Marin markets we're doing even better.
The report comes amid other signs of steady progress in the housing market. After years of stagnation new-home sales are up and builder confidence is at its highest level in more than six years. Increases in San Francisco and Marin County CA home prices appear to be sustainable along with the better than average economy in the San Francisco Bay Area. High tech and creative employment opportunities are booming and that brings buyer demand.
The housing recovery is on. Great affordability, pent-up demand and strong investor interest in rental units are driving the market. Rents are just nuts in San Francisco and going up in the Bay Area, the Federal Reserve's plan to spend $40 billion a month on mortgage-backed securities to keep mortgage rates low will continue to keep demand high and make the market more attractive to sellers.
Now may be the time to consider buying, it may be a better investment than renting. If you have a home you are considering selling this is the time to consider your options.
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