After Labor Day, the statistics show that people in the Bay Area get to work on home buying and selling. According to Mansion Global, an international real estate publication, September is the hottest month for luxury real estate in San Francisco in recent years, and a slumping real estate market hasn't kept high-end buyers away. What does this mean for both real estate agents and prospective property owners?
Unique luxury comes with unique issues
Perhaps unsurprisingly, San Francisco is one of the least affordable cities for housing in the United States, according to The Guardian. The tech industry boom and the location of the city near the San Francisco Bay are the primary drivers of the housing and real estate crunch. While these factors affect the entire market, there are still unique issues when buying and selling luxury property.
The issues of real estate affect many people beyond just the buyer and seller. Zoning laws or housing organization restrictions are meant to protect property values and keep neighborhoods livable for everyone. However, these can work against individuals who have unique property or needs within the property.
According to The Guardian, there is a growing divide between people who want to develop a luxury property and people who want San Francisco to remain a highly accessible, backyard family friendly city. Who prevails in these neighborhood feuds could depend largely on the resources and advice interested parties rely upon throughout the process.
Money talks with buying power
Buyers of real estate should not hesitate to seek advice from real estate agents and brokers. Further, both buyers and sellers should seek advice from a real estate attorney to ensure that the totality of the law is considered in the transaction. Having access to trustworthy information can give buyers and sellers a competitive advantage in a market as complex as San Francisco.
According to Mansion Global, luxury property in the Bay Area sells in an average of 54 days. Luxury buyers are unencumbered by the regular forces of supply and demand that may hinder purchasers of more affordable property. Luxury buyers can take advantage of a less competitive market and quick transactions with liquid cash.
Even as the city enters the cooler months of fall, the housing market is heating up. Before buying or selling a home, it is important to buy into the right guidance to minimize conflict in the process.