March 28, 2022 | Sexton Real Estate Group
The Bay Area is one of the most expensive places to live in the United States. The high cost of housing has caused many people to move away from the area and has made it difficult for those who want to stay. Despite this, there are still a lot of myths about Bay Area housing prices that continue to circulate. In this article, we will debunk 5 of the most common myths about Bay Area housing prices
Myth No. 1: There is less of a challenge.
The number of buyers in the market for a home has increased dramatically in recent years. In fact, according to the National Association of Realtors, the number of buyers searching for homes jumped 17 percent from last year. The competition is only going to continue to heat up as more and more people are priced out of San Francisco and look to the East Bay for affordable options.
If you’re looking to buy a home in the Bay Area, be prepared to compete against other buyers who may be willing to pay above the asking price or offer all cash. It’s important to work with a knowledgeable real estate agent who can help you navigate the competitive landscape and put your best foot forward.
Myth No. 2: House values have decreased significantly.
This is one of the most common myths about Bay Area housing prices. People believe that since the market crashed in 2008, prices have not recovered. However, according to Zillow, the median home value in San Francisco has increased by more than $300,000 since bottoming out in 2009. In addition, many of the areas that were hardest hit by the housing crisis, such as Oakland and San Jose, have also seen significant increases in home values over the past few years.
Myth No. 3: People aren’t selling their homes during the pandemic.
This is one of the most common myths about Bay Area housing prices. People are still selling their homes, just at a lower rate than usual. Home sales in the Bay Area have increased by 5% since the pandemic began.
The decrease in home sales is due to many factors, including job loss and uncertainty about the future. However, there are still people who are buying homes in the Bay Area. It’s important to remember that not everyone’s situation is the same during these uncertain times. Some people are still able to buy homes, while others may be forced to sell their homes for less than they originally planned.
Myth No. 4: The economy will collapse, bringing about a real estate disaster.
This myth has been perpetuated since the 2008 financial crisis, and it continues to plague the Bay Area real estate market. While it’s true that the economy can affect housing prices, there are many other factors at play. The Bay Area is home to some of the most innovative companies in the world, and its population continues to grow. This demand for housing will continue to drive prices up, regardless of what happens with the economy.
Myth No. 5: It’s not a good idea to buy a house without seeing it first.
It’s now possible to acquire a real feeling for a location thanks to technology. And, with health and safety concerns at the forefront of home buyers’ minds, the real estate sector has developed new ways to see and purchase properties securely.
With a focus on appointment setting and maintenance, these specialists are seeing increased demand for requests for face-to-face conversations, Zoom house tours, and other digital visits. With 25% more people going virtual tourists than previously, there has been a 41% boost in remote contact with agents.
It’s also a good idea to request photos that show different views of rooms and floor plans with measurements, as well as ask questions about the neighborhood and the local community. Buyers may also use Google Maps to get a more detailed view of the location’s environment.
You Don’t Have to Make Six Figures to Buy a Home in the Bay Area
While it is true that you’ll need a higher income to afford a home in San Francisco than you would in other parts of the country, you don’t necessarily need to be making six figures.
There are several programs available to help first-time homebuyers with down payments and closing costs, and many employers offer assistance with purchasing a home as well.
Not All The Homes In The Bay Area Are Out Of Your Price Range
You might think that with the recent housing market crash, prices for homes in the Bay Area have gone down. But that’s not necessarily true. While some prices have dropped, others have stayed steady – or even increased.
The truth is, there are plenty of affordable homes in the Bay Area. It’s just a matter of knowing where to look. And with a little bit of patience, you can find the perfect home for you and your family.
You Can Buy More Than Just A Condo In The Bay Area
Condos are more prevalent in the Bay Area than single-family homes. You can find plenty of houses and even some single-family homes in the Bay Area. Several townhomes and apartments are available for purchase. The key is to do your research and work with a real estate agent who knows the area well.
You Don’t Need A 20% Down Payment To Buy A Home In The Bay Area
While it’s true that you’ll need a higher down payment to buy a home in the Bay Area than you would in other parts of the country, you don’t necessarily need 20%.
There are several programs available to help first-time homebuyers with down payments and closing costs, and many employers offer assistance with purchasing a home as well.
Are You Looking to Invest in Real Estate in the SF Bay Area?
The top real estate agency in Northern California, Sexton Group Real Estate | Property Management in Berkeley, California is a boutique real estate company specializing in residential sales for properties throughout the San Francisco Bay Area. To better serve our clients we have three local offices, one in the heart of picturesque Berkeley, one near downtown Oakland and the third in the heart of historic Lafayette, California. The Sexton Group encompasses the essence of Berkeley’s charm, Oakland’s history, and Lafayette’s family-oriented vibe all with a relaxed, down-to-earth nature. We are an amazing group of real estate agents whose wealth of experience spans more than 25 years in the industry. Looking to buy a home in Contra Costa or Alameda County? Contact us today for your free consultation!
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