From its exquisite vistas of the foggy Pacific to its array of arts and culture–ballet, jazz, opera, and extraordinary museums–San Francisco has become the most exclusive city in the United States for a reason: It is one of the most electrifying places to live in the country.
Its desirability isn’t going anywhere anytime soon, either. Home and rental prices have continued to soar, while the city proceeds to grow its reputation as the epicenter of progress. Coupled with its natural beauty and luxury mindset, it’s no wonder why buying a home in this coveted zip code is frequently deemed the acme of success.
If you are currently in the process of exploring Pacific Heights homes or other pieces of San Francisco real estate–or if you have arrived at the decision to list your property–it’s crucial to have an understanding of where the housing market is headed. Leading San Francisco realtor Cece Doricko is your guide to walk you through what is expected to come to fruition in 2023. Read on for her insights and counsel.
Home prices may dip–but only slightly
Fannie Mac and Zillow, however, predict that the median home price will go down in 2023. This will only be a marginal dip, though. This means that if you are planning to sell your piece of San Francisco real estate in 2023, you may still see a robust profit. Indeed, reports show that 6% of homes in “The City by the Bay” sell above their asking price, while “hot homes”–what is defined as the most competitive residential properties on the market–sold an impressive 15% above the seller’s asking price.
There will be an increase in inventory
What does this mean for you, as a homeowner who may want to sell? You may have to stand out from the competition, marketing your home with extreme taste and eloquence and updating your home to compete with your neighbors’ renovations. As for homebuyers? You will have a wider selection from which to choose, and once the growth rate of home prices normalizes in the middle of 2023–as experts anticipate–San Francisco could shift into a buyer’s market.
The economy will shape buyer’s decisions
San Francisco will welcome homebuyers from nearby–and a quarter of homeowners will leave
San Francisco maintains a mix of properties
However, the high-profile properties in this area–which is known as District 7–tend to linger on the market longer, with homes selling for an estimated 98% of their asking price. In hot, popular neighborhoods–burgs renowned for their alluring mix of restaurants, bars, shops, and proximity to parks–the number of days on the market (DOM) for homes is much less. These enclaves include Noe Valley, Glen Park, Ashbury Heights, and Cole Valley. In other words, if you are searching for a home in the iconic city of San Francisco, you will have a range of properties and neighborhoods to explore.
Cece Doricko is the professional you want on your side to help you navigate the San Francisco real estate market–no matter the season or year, and whether you are a buyer or seller. An expert in San Francisco luxury homes, she has spent the last 17 years successfully helping clients procure or sell residential properties. Cece’s storied career in the corporate world has served her clients well, as she combines impeccable marketing skills with dynamite negotiating powers. Request a consultation with her today to meet your real estate goals.
*Header photo courtesy of Shutterstock