The City’s white-hot market has made it an expensive place to live for years. People have made philosophical or financial concessions for decades. The difference now, with mortgage interest rates inching upward, is a highly competitive market.
Jenna Eastman and her fiance recently purchased their first home in Cole Valley, despite mortgage rates being on the rise once again and asking home prices increasing above pre-COVID rates.
While Eastman and her soon-to-be husband had specific ideas on where they wanted to live, the current state of the market forced them to be more open-minded. When they had issues landing a home in Cole Valley, they considered NoPa. When fees on a traditional condo soared, they pivoted to a tenancy in common unit.
This movement exacerbated existing high prices, causing prospective residents to come to the condo side in droves. The once-hurting category became a commodity, with median condo sales topping out at nearly $1.3 million in the last quarter of 2021, according to Compass. On top of fewer listings than usual resulting in high prices, first-time buyers are among the many subcategories that are experiencing what agents call “buyer fatigue.” They face an array of possible hurdles to jump, including multiple bidders and the growing popularity of all-cash offers.
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