A competitive market can make buying a home a challenge, especially in a popular and thriving city like San Francisco. This bustling city’s beautiful views is one of San Francisco’s main attractions, but the high prices and competitive housing market can make living there seem like a pipe dream. However, with the right tips, those interested in buying property can make this pipe dream a reality. Below are insights to help you buy a home in San Francisco.
Research the current market
Before making any life-changing decision, research is always a recommended step. Looking into market trends in your current area in comparison to the Bay Area can help you make more informed decisions before selling your home and purchasing a new one.
Check your financial situation
This step may seem like a no-brainer, but calculating net worth, cash savings, home equity and investments after debts have been paid can give potential buyers an overview of where they stand before making the next big move. Consider asking yourself how long you plan to live in the home you’re interested in, your commute, location, home amenities, how much you can afford to spend and what you are willing to give up.
Anticipate challenges in a competitive market
In the third most expensive housing market in the country, the housing supply may be limited. Before participating in the market, you should anticipate challenges along the way. Houses sell quickly, so get in contact with your home fast. The demand for houses in the Bay Area drives prices up, so be prepared for competition with other buyers looking at the same house.
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Establish trust with your real estate agent
Having a good real estate agent you can trust will be helpful when looking to buy in San Francisco. Depending on your needs or your family’s needs, agents can help pinpoint the best options for you and your situation. This also allows you to ensure all options have been considered before making a decision.
Look at outer boroughs
In one of the most expensive cities in the U.S., affordability is a major factor when looking to buy. It is also one of the benefits to considering a home in a neighborhood in the outer borough closer to the ocean. Outer borough neighborhoods such as outer Sunset and Richmond are great for larger families, good schools, family-oriented neighborhoods, modern homes, and more. However, they are further from downtown and more quiet. Based on your situation, looking a little further outside of the city may be the best option for you and your family.
Even with the tips above, there is more to learn about buying in the Bay Area if that is of interest to you. If you are seriously considering San Francisco, get in touch with an agent who knows the city and can assist you in your search. With a competitive market and high prices, you may face more hurdles, but buying in San Francisco isn’t impossible.