Though one cannot primarily say that real estate is in high demand in San Francisco but, like any other big city, real estate rates are comparatively higher in San Francisco. According to the 2005 US census there were 355,000 housing units in San Francisco. However, owner occupancy rate in San Francisco is under half the national average of 66.9% besides San Francisco homes are also relatively older and smaller. In 2006 the median value of an owner-occupied home was $749,400, over 4 times the US average and the median price for condominiums was $600,600. The median monthly housing cost was well above the national average at $2558 and 69.8% owner-occupied homes had mortgage.
The mortgage payment rate in San Francisco is:
- 30 Year Fixed- 5.73%
- 15 Year Fixed- 5.47%
- 30 Year Jumbo- 6.09%
- 5/1 ARM - 5.46%
The median property tax bill for owner occupied homes is $3,897. These are assessed by the Office of Assessor-Recorder and are collected by the Office of the Treasurer and Tax Collector.
Real estate agents are of 3 types and the customer must make a wise selection while buying any real estate property. The 3 types of real estate agents are:
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- Seller's Agents: They represent the seller
- Buyer's Agents: They represent the buyer
- Dual Agents: They represent both the buyer and the seller.
San Francisco, including the whole of California has some mortgage and real-estate organizations to help the customer in need. They are:
- California Association of Mortgage Brokers
- California Association of REALTORS
- California Mortgage Bankers Association
- San Francisco Association of REALTORS
Some of the more trusted real estate companies in San Francisco are:
- Hill and Co. Real Estate
- Alain Pinel Realtors
- Barrelier Associates
- Jeffrey Marples, Prudential California Realty
- Ofelia Catbagan, Countryfield Real Estate
While buying real estate property in California the following neighborhoods are worth checking out:
- Bernal Heights
- The Castro
- Chinatown
- Cole Valley
- Nob Hill
- Pacific Heights
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