First Time Buyer in the San Francisco Bay Area
After house hunting for 9 weeks, it’s clear that the San Francisco Bay Area is a difficult market to buy a single family house for a first time homebuyer. House prices are driven upward due to scarcity of the supply and high demand for houses. House sales are completed in an astoundingly fast paced that is head spinning for a novice house buyer. The sheer competitiveness of the market forces the buyer to remove their safety nets in order to compete. Purchasing a house is pretty much a rat race skewed in favor of more wealthy individuals in the current housing market.
The Rat Race
an exhausting, usually competitive routine
Oxford Languages
Here are things to know for any first time buyers in the SF Bay Area.
Market Conditions
Listing Prices
Unfortunately, the bay area is a very competitive housing market where the seller has leverage because there are multiple offers to choose from. It’s commonly called a seller’s market. The listing price isn’t a great indicator of how much the house will sell for. In San Francisco, houses may be priced at 1 million but they will sell for 1.4 million. A whopping 40% over listing prices! Toward the East Bay, the competitive areas with good schools and neighborhoods may still go for 15% to 30% over listing…
