The Time to Own In San Francisco Couldn't Be Better For First-time Home Buyers Than Now!

Have you ever considered owning a home in the city by the bay?

With the median home price in San Francisco dropping from $742,250 in January 2008 to $658,350 in May 2009, coupled with stellar mortgage rates, and a sizeable tax credit, qualified, first-time home buyers may be able to reap the benefits of home ownership in this beautiful city.

According to a recent article from the California Association of Realtors titled, Trends In California Real Estate - Affordability Highest Since Start of Decade (Volume 30, Number 2, February 2009), the unsold inventory index for San Francisco as of January 2009 is 7.8 months of supply for detached homes and 10.1 months of supply for attached homes, meaning there is a good size of inventory to choose from and greater negotiating leverage for the buyer.

Furthermore, the housing affordability index has also increased from 35% in the third quarter of 2008 to 47% in the fourth quarter of 2008.

This is a perfect opportunity for qualified first-time home buyers. Those that are waiting for the bottom of the housing market and reluctant to buy now are really gambling that things may drop further.

One can never truly determine when the market has bottomed out until it starts back up again!!

And at that point, they have unfortunately missed their golden opportunity.

A wiser approach would be to start the due diligence of searching for a sound and sensible purchase now while the rates and home prices are low. Those are the real buyers in a buyer's market!