San Francisco Bay Area Market August 2020 Update
As we roll into September, the bay area August sales data continue last month’s trend – single families are selling higher and seller while condos are selling lower and lower. There is nothing too interesting going on. In the same period, a single family listing may get 30 showings in 3 days of hitting market while a condo only gets 1 showing for the first two weeks.
Condo owners are struggling between renting out units at a substantially lower rent than normal or selling it at a substantially discount. Neither is desirable. My advice for the condo owners are, if you are cashing out to put the money into some other higher growth asset such as single family homes, then it makes sense to sell it. Otherwise, you will be better off to take a hit on the rent. After all, rent is temporary. You can always raise it to higher level later.
If you own a condo and decide to wait out pandemic, you should look into refinancing your condo to take advantage of the historic low rates now. Schedule a call with me to get the best refi deal. Since none of us can beat the COVID-market, we might as well squeeze every bit of COVID benefit out of it now.