A recent study from HarrisX shows the current health crisis isn’t slowing down today’s homebuyers. Many buyers are accelerating their timelines to take advantage of low mortgage rates, and staying home has enabled some to save more money to put toward a down payment. Reach out to a local real estate professional today if your needs have recently changed and you’re ready to make a move this year.
“Experience San Francisco As it was Meant to be Lived”
Located on a naturally formed Island, Yerba Buena Island will become home to 266 new residences, all with 360 degree breathtaking views of the San Francisco City Skyline in early 2021. With an emphasis on nature, wellness and community Yerba Buena will provide residents an island oasis, while still being close to the heart of San Francisco. Along with 72 acres of green land, and 5 miles of trails, the Island will feature three contemporary unique residences: The Bristol, The Flats, and The Townhomes, each with the natural beauty of the outdoors incorporated in the design. The residences on this island allow you to be just steps away from all the benefits nature has to offer including hiking and biking trails.
For more information and construction updates visit: https://yerbabuenaislandsf.com/
Buying property in San Francisco can be intimidating if you’re not familiar with the terms used throughout the process. To point you in the right direction, here’s a list of some of the most common language you will hear along the way.
The best way to ensure your home buying process is a positive one is to find a real estate professional who will guide you through every aspect of the transaction.
1657 18th Street
This 2-BR loft like condo offers three levels of luxury living in the heart of the North Slope of Potrero. Located in an award winning complex the home has a great separation of spaces, which is ideal for working from home or sheltering in place. Graced by beautiful maple hardwood floors throughout, the entrance to the unit on the main level leads to a large living space with soaring 13-foot ceilings & a wall of windows allowing for plenty of natural light and views of the neighborhood. Down the stairs to the lower level an efficient gourmet kitchen has quartz counters, high-end stainless steel appliances, ample cabinets, and a washer/dryer. Tucked away behind the kitchen there is a private bedroom and full bath, great as a guest room or home office, and a fabulous outdoor deck. Up the stairs on the top floor there is a spacious main bedroom with ensuite bath and walk-in closet. The floors and some of the lighting have been redone and the unit has been painted throughout. A great 1-car parking space completes the home. Building amenities include a beautiful garden area, perfect for barbecues and entertaining (Post Covid). The building is in an excellent location, with many neighborhood restaurants, cafes, and local businesses only one block away. Enjoy the advantage of being close to UCSF Mission Bay, Dogpatch, SOMA, Caltran and tech shuttles, with easy access to freeways 280 & 101.
Bright 1 Bedroom Condo with Private Terrace and Downtown View
140 South Van Ness #909
Spacious 1Br/1Ba condo with plenty of natural light and beautiful views of downtown, featuring an open concept floor plan, hardwood floors, large windows, clean lines, and private outdoor balcony; a great space to unwind, work, live and play. The main LR/DR space enjoys expansive views of the city and an open kitchen with lovely granite countertops, crisp white cabinets, and quality stainless steel appliances. There is a large bedroom with ensuite bath, excellent closet space, and doors opening onto a private terrace. Relax and spend quality time outdoors overlooking the city. In-unit laundry, leased parking and additional storage make the home all that more comfortable. Located in the mid market corridor the building is well run and professionally managed with Low HOA dues, on site management, a fitness center, conference room and serene outdoor courtyard space with outdoor seating, BBQ and a fountain. Enjoy all the benefits of living steps away from Hayes Valley and the Valencia Corridor with it’s wide array of shops and restaurants, and easy access to freeways, public transportation & tech shuttles.
The word “home” is taking on a whole new meaning this year, and buyers are starting to look for new features as they re-think their needs and what’s truly possible. From more outdoor space to virtual classrooms for their children, buyers have a growing list of what they’d like to see in their homes. Let’s connect today if your needs have changed and your wish list is expanding too.
Lots of people have questions about buying a home, and other topics related to the process. Working with a trusted real estate professional will help you create the most personalized and helpful experience when buying a new home. Let’s connect so you have the guidance you need along the way.
Today’s low rates mean it’s less expensive to borrow money, so the savings over the life of your loan is significant. Sometimes it helps to see the dollars and cents you’ll save when you purchase a home while mortgage rates are low. Let’s connect to determine the best way to position yourself for a financially-savvy move in today’s market.
Real estate has outranked stocks, savings accounts, and gold as the best long-term investment among Americans for the past 7 years. The belief in the stability of housing as a long-term investment remains strong, despite the many challenges our economy faces today. Of the four listed, real estate is also the only investment you can also live in. That’s a big win!
According to the latest FreddieMac Quarterly Forecast, mortgage interest rates have fallen to historically low levels this spring and they’re projected to remain low. This means there’s a huge incentive for buyers who are ready to purchase. And homeowners looking for eager buyers can take advantage of this opportune time to sell as well.
There’s a very positive outlook on interest rates going forward, as the projections from the FreddieMac report indicate continued lows into 2021:
“Going forward, we forecast the 30-year fixed-rate mortgage to remain low, falling to a yearly average of 3.4% in 2020 and 3.2% in 2021.”
With mortgage rates hovering at such compelling places, ongoing buyer interest is bound to keep driving the housing market forward. Rates also reached another record low last week, so homebuyers are in what FreddieMac is identifying as the buying mood:
“While the rebound in the economy is uneven, one segment that is exhibiting strength is the housing market. Purchase demand activity is up over twenty percent from a year ago, the highest since January 2009. Mortgage rates have hit another record low due to declining inflationary pressures, putting many homebuyers in the buying mood. However, it will be difficult to sustain the momentum in demand as unsold inventory was at near record lows coming into the pandemic and it has only dropped since then.”
There’s no doubt that even though buyers are ready to purchase, it’s hard for many of them to find a home to buy today. Mortgage rates aren’t the only thing hovering near all-time lows; homes available for sale are too. With housing inventory as scarce as it is today – a nearly 20% year-over-year decline in available homes to purchase – keeping buyers in the purchasing mood may be tough if they can’t find a home to buy (See graph below):
What does this mean for buyers?
Competition is hot with so few homes available for purchase and low mortgage rates are helping to drive affordability as well. Getting pre-approved now will help you gain a competitive advantage and accelerate the homebuying process, so you’re ready to go when you find that perfect home you’d like to buy. Working quickly and efficiently with a trusted real estate professional will help put you in a position to act fast when you’re ready to make your move.
What does this mean for sellers?
If you’re thinking of selling your house, know that the motivation for buyers to purchase right now is as high as ever with rates where they are today. Selling now before other sellers come to market in your neighborhood this summer might put your house high on the list for many buyers. Homebuyers are clearly in the mood to buy, and with today’s safety guidelines and precautions in place to show your house, confidence is also on your side.
Whether you’re looking to buy or sell, there’s great motivation to be in the housing market, especially with mortgage rates hovering at this historic all-time low. Let’s connect today to make sure you’re ready to make your move.