2018 San Francisco Real Estate Predictions
2018 San Francisco Real Estate Predictions by Matt Morgus
As expected, the 2017 San Francisco real estate market ended the year on a high note with prices still on the rise and a Seller’s Market still in full swing. The economists and experts are crunching the final sales numbers but Zillow.com is saying that San Francisco year-over-year property values went up a staggering 12.8% which brought the median home price to $1,275,700.
What should we expect from 2018?
If the economy remains the same and jobs continue to grow in the city of San Francisco, we should expect more price appreciation in the real estate market. Experts are predicting a slower growth. Zillow.com, for example, is predicting a 4.8% continuing year-over-year appreciation. On a positive side, this is great if you are a homeowner watching values rise but not-so-great if you are a home buyer trying to get into the market and watching home values become more unaffordable.
As prices continue to rise, I expect to see more renewed entry-level buyer interest in neighborhoods with lower price points such as Excelsior and the Outer Sunset.
An unfortunate reality is that we will also continue to see an exodus from lower income individuals, families, artists, handicap and the elderly from San Francisco as rents continue to rise and affordability levels reach new epidemic proportions.
I see many great opportunities for people and families in the city. San Francisco homeowners who need to sell their home before they can buy another home should have a relatively easy time selling their property and cashing out for a great price, as long as they are priced realistically and not greedy. These same homeowners will then experience first hand the difficulty of buying a new home, and the fierce buyer competition they will have to face in San Francisco.
I see lots of opportunities for real estate investors looking to invest in buildings long-term, and also flippers who have the cash-flow to invest in high-end properties. Look around, all over the city we are seeing construction of homes on just about every block. While the economy is good, this trend will continue.
If you are looking to buy or sell a property in the City of San Francisco in 2018, I would love to be your real estate agent. My specialities are representing home buyers and sellers in the neighborhoods of Pacific Heights, Russian Hill, Presidio Heights, Cow Hollow & the Marina. One thing that makes me stand out over all the other agents in the city is my relationships that I have with the Broker and Agent community. I also represent clients from around the country and the world to help buy and sell real estate in neighborhoods all over San Francisco.