Kevin+Jonathan In and On the Media
SAN FRANCISCO CHRONICLE Q+A
The San Francisco Chronicle asks expert area realtors questions every week for their Sound-Off segment found in its Sunday Real Estate Section. The online counter part appears on SF Gate. We've been asked to contribute and do so fairly often, which is what you're seeing here.
Q: How do you expect the recent spike in COVID-19 cases to affect the Bay Area’s housing market?
A: Since COVID started, many aspects of the Bay Area’s housing market stayed the same: it still costs about $1,000 per square foot to buy a home in San Francisco. People are still buying and selling.
Lenders are still lending (at very low interest rates). But it’s also changed: There are fewer transactions overall. Prices have stayed strong for houses but dipped a bit for condos. And there are no open houses.
The latest spike in COVID-19 cases will impact the housing market like everything else: it’ll interrupt our slow crawl towards a semblance of normalcy. You won’t be able to stumble upon an open house while out one weekend for a long while.
But the spike stresses why it’s even more important to work with good agents especially now.
Private appointments that agents facilitate are the only way to see a property for sale in person. More important, because COVID has really highlighted what “home” means to people, who better to help guide people with expertise, perspective and context sorely needed now than your friendly agent?
The online version of this was published on July 5, 2020 while the print version was also published on Sunday, July 5, 2020. Find the online version here.
For More Sound-Off Snippets...
1264 Church Street, San Francisco, a sunny, top-floor, 2-bed, 1-bath, 1-car parking garage space with ±1,284 sqft (per LiDar) as listed by Kevin Ho and Jonathan McNarry of Vanguard Properties. SF MLS 423910006. www.1264-church.com At the heart of this stand-out property is the newly renovated chef’s kitchen (designed for cooking classes and entertaining), the new bathroom, new, in-unit laundry, new stainless appliances, dual pane windows, wood floors and designer lighting. Combined with its 1935 Spanish-revival heritage in a sought-after Noe Valley location, 1264 Church is exceptional.
While acute market forces are curtailing new construction starts now, development here was already an uphill battle. Development timelines take years, so any non-NIMBY-related delays in adding new homes will keep housing prices high that much longer. But even for people who can afford to buy in the Bay Area, there’s a shortage of accessible destination homes for folks who are downsizing or ones who can no longer do the stairs in their 3-story Victorian.