Through the first quarter of 2008, San Francisco home sales are down approximately 55% in volume but prices experienced a slight rise of 3% based on the median value, compared to quarter 1 of 2007.  While homes sales volume has dipped into a range not seen since 2003, the median value of homes has remained relatively stable.  San Francisco home values have actually remained relatively stagnant since Q1 2005 and have remained just about even over the last 3 years. Based on the data,  San Francisco shows signs of being a strong market but with the large dip in sales volume for Quarter 1 2008, there may be a significant price decrease to follow in Quarter 2.  Prices will certainly decline if the the volume does not pick up soon.

San Francisco consumers looking to purchase a home are certainly in the driver’s seat. The sharp decline in sales volume has genrally made sellers much more flexible and willing to work with buyers. Many buyers have decided to wait until the market bottoms out, but the only way to know when the market has hit rock bottom is when it starts to come back up. That being said, if you are in a position to purchase real estate, this is the time to buy. The Market may continue to slide but if you buy a home you can afford with the intent to live in it for 3-5 years, you will be able to weather the storm of an unpredictable market.

SharpBuyers.com Realtors will provide you with the tools to better understand the market and identify what type of property best suits your needs. In addition to their real estate knowledge and expertise, SharpBuyers.com Realtors will provide you with with a real estate rebate of up to 50% of their commission at closing. The rebate can be used for closing costs or any way a home buyer desires.