San Francisco Real Estate Market Update for the week of September 23
Read what Rick Turley, President of Coldwell Banker, San Francisco/Peninsula says in his latest weekly report:It is perplexing and frustrating to continue to see news reports with people who could be considered little more than “real estate pundits” talk about only one side of the current real estate story. This week, the controversial stock market analyst Jim Cramer of Mad Money told viewers of The Today Show that “If you buy a home now, you will lose money." He went on to add "there is no money and no programs for first time home buyers. Down payment money is the biggest issue in the market, because young people don't have any." Housing is a good long-term investment – it’s not a day-trading activity. As we witness the steep increase in foreclosures among housing boom “flippers” who secured sub-prime, adjustable rate loans with no money down, we see the folly of playing the housing market like the stock market.
Homes are not stocks. Most people stay in their home for about 6 years – they buy for the long haul to create a home for their family, not to buy, then turn around and sell six months later. Owning a home isn’t just about investment, although that’s certainly important. It’s also about building community, a place of your own, and having a part of the American Dream. For people who want to buy a home to live in, this is truly a great time to buy a home. In some areas there may be more to choose from, mortgage rates are historically low and the economy is strong. There are some investor opportunities out there as well, but it’s important to remember that the criteria regarding these buying decisions are different between the investor and the homeowner...
Read the entire report here.
- Rick Turley
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posted by SFResidence.com @ 5:57 PM
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