Real Estate San Francisco inventory for March 7, 2023, is up by 72 units since January, and undoubtedly it’s still one of the most beautiful cities and one of the financial hubs of the Bay Area. Hence the heavy traffic and commute for workers getting to San Francisco. However, most people, if they could, would like to live in the city they work, and buying in San Franciso has always seemed unattainable. However, who wants to stay in traffic on five main bridges and multiple highways gridlocked with cars? And although many people would love to buy a home in San Francisco, the high-cost real estate has always been a standard roadblock.
So, let’s check out the inventory for today, March 7, 2023, and an alternative way to look at your rent and commute costs that might make buying in or close to San Francisco an equitable option.
SAN FRANCISCO REAL ESTATE INVENTORY:
Single Family Homes
Active listings 249
Starting price is $688,000., for a fixer.
Average price is $3,670,442.
Median price is $1,950,000.
Maximum price is $35,000,000.
Average Days on Market (DOM) = 58
Median Days on Market (DOM) = 29
Maximum Days o Market (DOM) = 736
Active listings are up by 16, compared to February’s 233 listings, and up by 72, compared to January’s inventory of 177. The lowest price is $688,o00. for a fixer, the average days on the market is 58, it’s taking 1.9 months to sell, and the median price of $1,950,000. is selling in just under a month at 29 days to sell.
San Francisco has 7 hills and 10 districts, each with distinctive demographics and cultures. In the lower price points, houses are typically older, in vintage condition, in need of TLC, or full-on renovation projects. Conversely, you can move up the asking price range and pay a premium for a fully rehabilitated property.
However, don’t be discouraged. There are creative ways to get in, and I am happy to discuss them. Although it may cost you more to buy a home if you add up your costs for gasoline, bridge toll, the lost hours on the road, the wear and tear of mileage on your car, and the wear and tear on your body and mind, and spirit, it may be worth it. So let’s talk 628-888-9078 to see posibility.
Here’s a little trick to determine if your gas, toll, and wear and tear costs might be better applied to a mortgage. The average bay area rent is $3,700. and the average cost to commute into San Francisco is approximately $52.00 a day, that’s $1560. a month. If you add the averages of $3700. and $1560. for housing and commuting into San Francisco, it totals $5260. a month.
Now here’s food for thought, neither your rent nor your cost of commuting as a w-2 employee provides the tax-deductible benefits of homeownership. The rent to commute to San Francisco scenario of $5260. is a monthly work-to-commute cost just to earn a living is time and money that’s lost to that grind. You have nothing tangible to show for it, and that money is not going towards building the equity that owning a personal asset of the home will provide. If you can’t afford San Francisco, buying a home closer to reduce your commute costs is still a better way to go.
If you would like to find out how much home you can qualify for, please contact the lenders I have listed that may help start you on the better road to owning a home, the best destination of all!
By Mary Ann Cadorna for SincerityRealty.com © March 7, 2023, ALL RIGHTS RESERVED
Brian Reeg, Cal HAFA preferred lender specializing in down payment assistance.
Paula Reinhold, who specializes in VA Veteran’s Loans.
CoCo Ke Jing is Bilingual and speaks Mandarin.
Brian Reeg – First-Time Buyer Loans
Cal HAFA Preferred Lender
Homebridge Financial Services
Mortgage Loan Originator | NMLS# 251085
(925) 303-0915
Brian.Reeg@homebridge.com
www.homebridge.com/brianreeg
1200 Concord Avenue, Suite 180
Concord, CA 94520
Branch NMLS# 1563682
Kind Lending – VA – Veteran Loans
Paula Reinhold
Senior Loan Officer | NMLS #225983
Direct:707.490.7322
Fax: 1.714.948.8909
preinhold@KindLending.com
1260 N. Dutton Ave Suite 205
Santa Rosa, CA 95401
Kind-Lending.com
CoCo Ke Jinag – Bilingual – Mandarin
Mortgage Lender | NMLS #2150418
Clear2Close Brokers
415-766-1320