San Francisco Area Sells 5,000 To Investors & Home Buyers
March 31, 2009, Writen by: Chris Anderson, Ph.D
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The market is totally dead, right?
Wrong! Would you believe that about 5,000 homes are selling MONTHLY in the bay area right now. Does not sound like the market is totally dead to me.
One of the interesting stats is that most of these homes sales are going to one of two categories of people:
- Investors; or
- First Time Home Buyers.
Let’s look at the first time home buyers first. One of the things that has happened in the Bay area is the ability to use FHA financing for first time buyers. Previously, the price points made this impossible but today, the FHA limit goes all the way to $729,250. Personally I believe that is a bit ridiculous but that is besides the point. So, with FHA financing, the buyer can put little money down and get into a fantastic deal.
The price points have changed dramatically as well in the area. A couple of years ago, less than 10% of the homes in the area sold for under $300K…… Today, it is over 51%.
Investors are also finding good deals. A recent article in the San Francisco Chronicle described how a real estate agent turned a quick $77,600 profit by buying a house with cash and the reselling. While most investors are buying, then renting, then planning to sell in a few years, there is still a few flip type opportunities that exist.
This Is A Link To The Chronicle Article
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