Happy New Year! 2022 is shaping up to be a seller’s market, which also means that we hope to see more inventory this year for prospective buyers. Since 2021, buyers were determined and qualified, due to increased personal wealth from accumulated savings and working from home. Moreover, more millennials are reaching peak first-time home buying age and will be motivated. Many of my buyers accomplished their homeownership goals last year, mostly seeking remodeled turnkey homes. At any given time, there are off market opportunities and properties getting prepared for the market. Let me know if you would like information on these listings.
Currently, the average sales price in San Francisco is 15.4% higher than 2021, year-over-year and is higher than it was in 2019 before the pandemic.
The price per square foot is a bit higher than pre-pandemic 2019.
What buyers should know about the market in 2022
Mortgage rates are up 0.375% in just 10 days. That's quite a hike. They are at their highest level since May 2020 and are more than half a percent higher than January 2021.
By ZIP code, the area with the biggest increase were Sea Ranch at 38% and Bolinas at 28%. A third waterfront community, Bethel Island in Contra Costa County, had the third highest home value increase of 27%.
Mortgage rates are up 0.375% in just 10 days. That's quite a hike. They are at their highest level since May 2020 and are more than half a percent higher than January 2021.
