Wondering what to expect from the 2018 Real Estate Market?
Home prices and values are on the rise! The average sales price of a home nationally went up in December by 5.6 percent, and it doesn’t appear that they’ll be changing direction any time soon. In San Francisco prices shot up by 9.5% to a median of $910,000 last year, and 64.5% of all homes sold in the San Francisco came in over the asking price. If you’ve been thinking about selling, it’s an incredible time to act.
One of the leading factors of home values increasing is the lack of homes for sale on the market. December saw the amount of homes on the market fall again - that’s 31 months in a row across the country. Housing inventory is down about 10% nation-wide, but the drop is more severe in the Bay Area. The number of homes available for sale in the San Francisco has actually gone down 27% over the past year (compared to 15% the year prior)
I’m also watching interest rates. Industry experts are predicting that rates will creep up as the year goes on; they won’t jump up to historic levels, but expect an uptick throughout the year. We don’t have a crystal ball, so the exact numbers are tough to come by. If you’re buying, thinking about refinancing, or considering an equity loan this year, I’d suggest acting early.
If you are thinking about selling and want to know exactly how your home will stand up in this market, I would love to go into more detail and offer a free comparative market analysis, just message me directly #sanfrancisco #sanfranciscorealestate #property #architecture #realestateagent #dreamhome #housegoals #humbleabode #investment #realtor #guecogroup