San Francisco RE Sales Trends Show Signs of Stabilizing

By Karen Lawson
Local Lender Columnist
Apr 15, 2008
Although seasoned San Francisco homeowners are not in immediate danger of losing their home equity, recent downward trends in residential real estate markets have caused a dip in local property values. If you're planning to make use of home equity financing for home improvement, debt consolidation, or other purposes, knowing how much equity you do have can help you in financial planning.

October Brings Encouraging News for SF Homeowners

Sales of existing single family homes were up approximately 33% from September, but sales remain down by approximately 14% compared to last year, and about 10% year to date. Median prices of existing condos rose about 5% from September to $827,000. Typically the average price of condos is up a little more than 10% from a year ago. Due to San Francisco's rich diversity of neighborhoods, home prices and listing times can vary considerably within the city.

To pinpoint your home's actual value, contacting a local real estate agent who specializes in selling homes in your area. Once you've established the value of your home, and therefore, the approximate amount of home equity you have, contact your mortgage lender to determine which type of home equity financing best meets your needs. The equity you've built in your San Francisco home can help you achieve many goals, including home improvement, starting a business or financing educational and investment activities. Your financial advisor can help you make a plan that's compatible with your objectives and risk tolerance.

Source:

San Francisco Real Estate Report

About the Author
Karen Lawson is a freelance writer with more than fifteen years of experience in mortgage banking. She holds a Master's degree in English from the University of Nevada, Reno.