The ongoing global health crisis has impacted nearly every aspect of our lives, including the way we buy and sell homes. As California begins to reopen, you may be wondering how the San Francisco real estate market has changed since the beginning of the pandemic. We’ve rounded up everything you need to know, as well as a few essential resources to help you safely make a move!
Here’s How the San Francisco Real Estate Market Has Changed
The state of California has issued specific guidance for buyers, sellers, and agents during the second phase of reopening. Be sure to consult the official CDPH Industry Guidance Manual, or view their abbreviated checklist for additional information.
In addition to these regulations, we’re also seeing some new trends in San Francisco’s hot market. Here’s what to expect if you’re planning on buying, selling, or renting a home.
Home showings can resume…with restrictions
As of early June, Californians can now tour homes in-person and even host or attend open houses. However, new restrictions require agents to use an appointment system or digital sign-in process to limit the number of people on a property at any given time.
Additionally, all buyers, sellers, and agents should continue to practice social distancing. Before a showing, your agent will have to open all doors and sanitize surfaces in a home to prevent the spread of germs. You may also be asked to wear a mask or avoid touching any surfaces.
Sellers are still using virtual resources
If you’re thinking about selling your home, you may not be comfortable with in-person tours quite yet. Luckily, many real estate agents are taking advantage of the latest digital resources, such as enhanced virtual tours and video showings, to continue selling homes for top dollar.
If you do want to allow normal tours, make sure your home is completely clean and sanitized at all times. You can even place a small table near the front door with masks and hand sanitizer. And if you can’t leave the house during a showing, be sure to maintain social distance between potential buyers and their agent.
Rent is going down
We have some fantastic news for tenants in San Francisco: rent is now at a three year low! Rent for a one-bedroom apartment in the city has dropped by 9.2%, which is likely due to a decrease in demand and the ongoing pandemic.
This decrease in price has many current renters upgrading to a nicer space, especially if they plan on working from home indefinitely. Having more money in your pocket can also help you save up for a down payment…and eventually purchase your own home.
Learn More About the San Francisco Real Estate Market
Whether you’re buying, selling, or renting a home, you can trust Amore Real Estate to offer the guidance you need. We’ve served the San Francisco area for decades, and we’d love to help you jumpstart your real estate journey. Just reach out to our team to take your next steps!