Monday, December 8, 2008

Housing in the Sunset

Today, America’s economic crisis’s of job and home losses has been a striking issue headlining all newspapers, online press and news networks; however, the Sunset District in San Francisco seems to be a little different.

The Sunset District has been known to be a stable area for several years because owners (a heavy Asian population) keep the homes in the family for generations. Considering it is one of the last living places that is relatively affordable in San Francisco, it tends to be secure. This stands out when other parts of San Francisco, California and the country are being hit heavily with the recession.

Many real estate agents I have met with have been giving great information on the plus side of the market but not the negative. Explaining that the Sunset District is doing better than other parts of San Francisco, they avoid the topic of the hurting areas of District two; it may be doing better but not great according to statistics.

While they can all agree that many agents—not themselves—are feeling the economic woes business wise, they also make the selling market seem very steady. Many agents have been striving for work, making it a point that what little business they have is not what it used to be at all.

Brokers, on the other hand, have been extremely helpful in explaining the financial side of the housing market by explaining what loans are like right now, mortgages and other factors. Loans are still happening; people want to help people in need but there are differences today compared to a year ago.

The open houses I attended were interesting. Many people seem to know exactly what they want and spend little time in a home if the house is to their disliking. I have found that buyers are very willing to talk and have a lot to say about the economy today and where they stand. They can relate to the issues very well and even though they are looking for a home in this difficult time, they are much more wary of how much they are spending and whether or not it is worth it.


All in all, it is extremely interesting to still see people buying in this market. One agent discussed how American’s used to live with very bad spending habits: buying fancy gas consuming cars, expensive lattes and unnecessary appliances, when people should have been more frugal with their money.

Today, with the newer generation, people are still living in their old ways which could be why the market is still a bit stable in this area.

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