This weekend the Uncorked: SF Spring Wine Fest takes place atop City View at Metreon, Macy’s two-week Flower Show kicks off at Union Square on Sunday, and the Rock’n’Roll San Francisco Half Marathon also takes place on Sunday.
On the “Homes for Sale in San Francisco” front, here’s our report for this week, 3/19/17 – 3/25/17
San Francisco’s first-time home buyers are more likely to see their purchases through to a successful conclusion, in comparison to other California first-time buyers. The reasons are complicated, but it appears that San Francisco’s first-time buyers tend be more qualified than buyers found elsewhere.
For example, according to real estate news provider First Tuesday Journal, the share of starter homes — homes for sale in the low-tier price range — failing to close in 2016 in many California metros was well above the national average of 7.1 percent. In Ventura the rate came in at 13.7 percent, in Orange County at 12.4 percent, and in Los Angeles at 12.2 percent. In contrast, San Francisco’s rate came in at 6.5 percent.
An increase in first-time homebuyers is mostly good news, and evidence that the housing market across the state and country is improving. However, working with first-time homebuyers can sometimes be tricky. For example, they tend to be more sensitive to interest rate fluctuations. Fortunately, in San Francisco, that sort of thing appears to be less of an issue.