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SF Real Estate Trends & Insights

Real estate trends are constantly changing. It’s important to check out what real estate trends are happening.

real estate trends

The real estate trends of 2021 prove that there will still be a good time for home sellers. It’s hard to believe that more than 6 months into COVID-19 the demand for new, unique homes continues to increase. Here’s what we’re seeing across the country:

  • Mortgage rates have dropped below 3%, the lowest in history.
  • US home prices increase 5.5%, with sales of homes over $10 million up 11% YOY, according to WSJ.

While we never thought it would be possible, we’re seeing rates as low as 2.87% and predict this could last well into 2022.

San Francisco Bay Area Market Watch:

  • The Median price of Single-family homes broke a new record of $1,068,000 in the Bay Area.
  •  The median price of single-family homes in San Francisco is just over $1,700,000.
  • Sales in Marin County have increased 35% on luxury real estate properties over 3 million, with over 45 sales in this category.

In such an unusual year, many of you are still trying to figure out if now is the right time to make a move. We’d like to share with you a couple of the sentiments that we’ve been hearing amongst our agent network for sellers who are waiting to list:

1. Selling in a down market means you can buy in a down market. If you list now, you might sell a bit lower but you can buy so much more with it. Think of the home — and that balcony or home office — you can now buy at a discount.

2. Active buyers are more serious than ever before. People have spent the last 5 months realizing the inadequacies of their homes. The buyers who are looking right now, in the middle of Covid-19, are very motivated to get a transaction done and take advantage of the historically low mortgage rates.

3. Price so that the market chases you up, not down. If you don’t price correctly, chances are buyers will not bid — and they may not even view.

4. We don’t know what the future holds. Don’t take this buyer demand for granted. This unprecedented year is far from over — the election and ongoing pandemic could freeze real estate activity again, making it harder to sell afterward. And if your home may require some home improvement services to shine, it’s time to take advantage of this moment when we know that contractors are still allowed inside the home.

As always, if you’d like a more tailored look at how the market is playing out in your neighborhood, just let us know. Check back next month for updates on the latest.

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