Home buyers are feeling a little bit skittish about buying when it seems like everything is going down. During times of economic turbulence, factors such as losing money from stock accounts, having to dip into retirement funds, and feeling unsure about the economy in general all create extra stress when it comes to buying a home.
We’re not just discussing national economic turbulence either. When big countries like China experience trouble in their economies, the effects are far-reaching. The tightening of domestic spending certainly affects the real estate market within those countries, typically in a negative way, since people don’t have the money to buy and sellers are forced to drive down their listing prices.
However, this does not mean there will be any negative effect on real estate here in the United States, and especially within the San Francisco real estate market. In fact, according to top real estate agents, like the team at Keller Williams San Francisco, it will most likely be the opposite...
In general, Keller Williams San Francisco and I recommend that clients have their down payment liquid. It may be a good time to put into a cash account. And so far, the San Francisco real estate market has been super busy since January 1st. We had the usual seasonal slow down but now, open houses have been busy! One of my own listings this past weekend had over 120 groups come through and the places I toured were packed even in the cold rain.
If you have a solid financial plan and have an idea of both your short-term and long-term homeownership goals, then buying in the San Francisco real estate market, even during times of international economic turbulence, can be a wise decision. This is also where having a good Realtor, who has experience and knowledge about the local real estate market, will be your biggest asset.
Are you interested in buying a home? Reach out to me or the team at Keller Williams San Francisco. Let's talk!
-DL
