There’s no denying it: 2020 has not turned out the way many people expected. From canceled events to canceled trips to overall feelings of uncertainty, this year has shaped up to be much different than even the most qualified experts could have predicted.
Before the pandemic people were concentrated near where the jobs were and those areas had pent-up demand and affordability is a big issue. Now with many more people working from home, people can now live and work from anywhere and that creates an opportunity for those who always dreamt of homeownership.
The San Francisco market currently reflects a variety of both positive and negative indicators. Among Bay Area markets, the city is seeing a soft recovery from the initial shelter-in-place plunge in activity in early spring. Other counties - more suburban, or rural - are experiencing extremely high demand.
Within San Francisco, supply and demand conditions have diverged dramatically between house and condo markets, with the latter being far weaker and rapidly climbing into "buyer's market" territory, as price reductions begin to soar. This is a great time for the first-time and veteran buyers alike in this market segment.
While it may not be perfect in some market segments, the conditions are wonderful for homes in the suburbs or homes with a backyard and other amenities! For the sellers in this market, home prices are remaining relatively stable during these uncertain economic times, and unlike recessions of the past, this market is continuing to deliver great returns for sellers of single-family properties.