Real Estate in San Francisco now Considered Unaffordable
According to the housing and real estate experts, the rent and mortgage costs in San Francisco have reached new highs that some now consider completely unaffordable. There may be some relief on the way for San Francisco residents.
Rent is Cooling Down
The amount of rent and mortgage costs have slowly been getting lower in San Francisco and real estate experts say that they will continue to do so. There are quite a few new homes on the market, and this is why prices are falling suddenly. More companies are starting to build rental properties to entice renters to move to the city.
With the prices still being quite high, many landlords have started to give their tenants nice incentives to keep them around. Some have started to give them weeks of free rent, free bicycles so that they can ride around the city, and some give discounts on rent if tenants are in the technology field of work.
Buying a home in San Francisco
The average home buyer in California cannot afford to buy a home in the city of San Francisco. This is another one of the reasons that rates have started to go down. A lot of sellers see that there is no way for a typical person to afford the homes, so they have to drop the price. The city is driven by those who work in the technology industry as more and more jobs come open for them. However, with the high prices for property, these employees are seeking homes outside the city limits.
The Bay Area is a great place to buy a home, and as more and more people want to buy here, the prices will begin to fall again. It may be a very slow process, but it seems that it is possible and it is happening.