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San Francisco home prices are rising! If you are like many homeowners in your neighborhood, the value of your home has increased 24 Case-Shiller index points during the past year. That translates roughly to a 22% increase in price.
What does this mean for you? Now’s a very good time to sell! This market is flying high, but the current bounce in prices won’t last forever. The law of gravity applies to real estate pricing as much as it does to anything else: what goes up (beyond the rate of inflation) must come down.
Today, California’s home prices are way above their historical level, but they always pull back down. Other market indicators, like sales volume, point to an approaching drop in prices. Sales volume has dropped since November 2012, a sign of prices cycling back to the mean price point. If you’re thinking about selling, don’t ignore this pricing pattern—instead, use it to time the market to your advantage.
If you want to make the most of today’s sellers’ market, call me for a free consultation!
Instructions for customizing your FARM letter
Case-Shiller provides home pricing data for three California regions:
- Los Angeles;
- San Diego; and
- San Francisco.
The home pricing data is further divided into three property tiers:
- High tier;
- Mid tier; and
- Low tier.
This information is updated monthly. To substitute data in this FARM letter for any region, property tier, or month, visit California tiered home pricing. This article offers current home pricing data. The information you need for FARM letter updates is given in the data table located below the market chart for each region of California. Simply find and enter the most current property pricing information in your FARM letter and you’re done!