michelle January 22, 2020
Let’s face it…San Francisco is an expensive place to live. You’ve probably heard how much you need to earn to own a home in the city. Maybe now you’re weighing up the pros and cons of buying vs. continuing to rent.
We know that most new buyers get in the market because of significant life events, including:
Mosaik Real Estate believes you should only think about buying a property when you’re ready to do so. As a team of trusted real estate advisors, we would simply be failing our clients to suggest anything otherwise.
But let’s say 2020 is your year…you’re ready to buy and are thinking about the best next steps. Here are a few things we would encourage you to think about before buying a home in the Bay Area:
In general, San Francisco real estate is a safe bet. While putting the majority of your wealth in a single asset is risky, the data show that the SF housing market has steadily (and dramatically!) grown over the past 35 years. (This includes 91% growth in average home prices between 2012 and April 2019!) Over time this growth follows a step pattern: strong positive growth when the economy is good, and smaller drop-offs during periods of recession.
According to the latest report from Freddie Mac, average mortgage rates for January 2020 are at their lowest in three months. Current average 30-year fixed rates are 3.6% and 15-year fixed rates are 3.04%, or just a quarter point above all-time lows. This is great news for homebuyers as well as homeowners looking to refinance. (And while these are the two most common loan types, we’d be happy to get you up to speed on other mortgage solutions tailored to your unique needs.)
There are a number of companies looking to disrupt the traditional homebuying model by automating the role of the real estate agent. However, like so many things in life, you get what you pay for. By working with a top agent team like ours, you get not only the expertise to guide first-time homebuyers through the process, but also access to the newest listings and off-market opportunities through our Top Agent Network. This is access that those companies just can’t offer, and your search will be severely limited without it. You can get to know our agents here.
We believe that homebuyers should make the best decisions for themselves. However, it’s the responsibility of real estate agents to equip their clients with the information and service they need to be successful.
Don’t hesitate to reach out with any questions — including about market conditions not just in San Francisco, but across the Bay Area!
Stay up to date on the latest real estate trends.
Michelle Kim | April 1, 2025
Quick Take: Silicon Valley continues to experience strong price growth, while East Bay home prices have stagnated due to rising inventory. Inventory shortages persist … Read more
Michelle Kim | April 1, 2025
Quick Take: San Mateo and Santa Clara continue to see incredibly strong growth in median sale price, while Santa Cruz remains mostly flat when compared to this time la… Read more
Michelle Kim | March 31, 2025
Quick Take: Affordability remains a concern across the country despite lower interest rates compared to this time last year. New homes are being added to the market, w… Read more
Michelle Kim | March 31, 2025
Quick Take: Inventory continues to be a huge problem throughout San Francisco, with continued year-over-year declines. Median sale prices continue to gyrate around the… Read more
Michelle Kim | March 31, 2025
Quick Take: On a year-over-year basis, prices have remained stagnant in the East Bay, likely due to the flood of inventory we’re currently seeing. Inventory levels a… Read more
Michelle Kim | March 31, 2025
Quick Take: North Bay home values continue to stay within their respective post-pandemic “price bands”, deviating slightly from the long term averages. Inventories r… Read more
You’ve got questions and we can’t wait to answer them.