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Farrell Real Estate Investments

Farrell Real Estate Investments

Your Real Estate Specialists

Market Trends

Overview of 2018:

It appears the national economy will remain stable through 2018, barring unforeseen geopolitical events. Here are some key economic indicator forecasts, which are quite positive:

  • The  is forecasting 2.5% GDP growth and the Wall Street Journal Survey of Top Economists 2.6% -- similar to 2017.
  • National unemployment is predicted to drop to the 3.9% to 4.1% range, from the current 4.4%.
  • Global GDP is predicted to rise to 3.7% from the current 3.6%.

The Bay Area economy continues to break records making it the world's 18th-largest economy.

Salaries in San Francisco are the highest in the country (making it the third most expensive city in the world to employ a workforce, while New York has the overall highest cost of living in the US) -- and in November it reached an unemployment rate of 2.3%, its lowest in at least five decades! It stands with Austin as the second largest US city with unemployment under 3%. Incredible!
  

With sales totaling nearly $8 billion, San Francisco's real estate market hit new highs in 2017, ending the year with a median sale price of $1,475,000 for single family homes citywide -- an increase of 13.5% compared to December 2016. 

Taking everything into consideration, there are no indications that these trends should reverse in 2018. 

 

 Demand for San Francisco real estate are very high and inventory is still low. Definitely a good time for Seller’s, however Buyers do not be discouraged. There is still plenty of opportunities and we an help you!

Buyers Need to Be Prepared:

  • Desired Properties are Moving Fast

    • Don't just rely on the Sunday Open House Section for information- 

      Sign up for our updated watch list

       

  • Buyers are waiting longer to obtain their “dream” home:

     

    • Be Flexible & Patient

    • Be Prepared to Place an Offer- Get a preapproval letter

    • Understand that you might have to place several offers on various homes before you get an accepted offer

  • Multiple Offer Situations

    • Work with Us  to present a strong offer