Asked another way, “Is it a good time to buy a home in San Francisco?” The answer, Yah..always. Forget about interest rates, forget about pending recession, forget about all that. For all practical purposes San Francisco is as close to a buyer’s market it’s been in years, and if you’ve been on the fence about buying, get off the fence and buy.
If you want to dive into details about timing, rates, inventory, all that, you’re gonna have to give me a shout, but the long and short of it is this…San Francisco, at the moment, is in a state of limbo…market could go up, it could go down (more), so my advice (if you’re not looking for a quick get rich flip) is to absolutely buy if you can and want to.
I see you thinking…you want to time your purchase at the very bottom. You want rates to drop, AND prices to drop, and then, only then, you’ll pull the trigger. Good luck with that. Something else will f*ck that plan up.
Rates go up, they go down. Prices go up, they go down, and timing your purchase to coincide with the exact bottom takes exactly one thing…luck.
Anecdotally, other buyers out there are waking up, open house traffic is increasing, offers are coming in, so you may have actually already missed the bottom.
Is it a good time to sell? We’ll get into that with the next post…