To Buy or Not to Buy in San Francisco During Shelter-in-Place
With COVID19 rapidly spreading through the United States as well as the rest of the world, governments are mandating people to stay home. In San Francisco, Mayor London Breed has ordered a shelter-in-place through May 3rd with only essential workers and essential businesses able to be open. Everything from schools to offices, churches, and restaurants are all closed with the exception of restaurants who can adapt to take-out or delivery only options.
While home buying in the best of markets is already daunting, rest assured realtors are quickly adapting to provide ways to go about assisting you with home buying safely during this pandemic. With the support and partnership of California Association of Realtors and the government, there are many ways you can shop for homes at a safe social distance, or even remotely that may not have been an option in the past.
As of March 31, 2020, the Department of Public Health Order of the Health Officier released an order clarifying real estate agents as essential workers under specific terms and guidelines.
While social distancing efforts are recognized and enforced throughout San Francisco, eager real estate agents will bend over backward to get you the information you need to make informed decisions. Brokerages are developing and encouraging agents to develop and adopt new virtual tools to keep buyers and sellers informed and engaged while maintaining social distancing. This means you should have easy access to virtual open houses and property tours. It also means you’ll have less competition during the coronavirus lockdowns when bidding on properties as many other buyers will likely be hesitant to move forward.
If you choose a property that requires construction, the good news is that San Francisco’s County Order allows for construction workers to work on any residential construction projects necessary to making it habitable.
While mortgage rates continue to fluctuate based on the spread of COVID19 and government financial reactions and potential bank bailouts, it’s still possible to get a pre-approval and opt to get new pre-approvals as rates fluctuate. Mortgage lenders only need to do a soft credit check which does not affect your overall credit score in order to get you a formal pre-approval to bid on your dream property. Historically and statistically San Francisco real estate prices have always held their value with little fluctuation. Investors and financial experts alike can agree that real estate is a good investment.
Putting your money into real estate, unlike many other options, is an asset for you that you can leverage in the future for more funds. If you purchase a typical older Victorian building San Francisco is known for, you will likely end up with a second unit you can rent for passive income to help offset your expenses.
If you’re thinking of buying or selling, it’s a good idea to get in touch with a knowledgeable, licensed local realtor. Write down all of the pros and cons so your real estate agent can help walk you through the ever-changing San Francisco real estate market during this pandemic.
LINKS TO OTHER BLOG ARTICLES
QUICK GUIDE TO BUYING A HOUSE IN SAN FRANCISCO
THINGS YOU CAN DO WHILE QUARANTINED AT HOME
HOW TO BUY A HOME DURING COVID-19
GOVERNOR GAVIN NEWSOM’S EXECUTIVE ORDER EFFECTS ON REAL ESTATE
About our Founder, Crystle
As the CEO of a San Francisco founded, global tech startup, Crystle understands from experience what it takes to succeed. Her real estate experience spans from successfully managing multiple properties over the last 10 years including residential, commercial, and mixed-use, as well as her time spent actively investing in flipping properties, tax liens, tax deeds, and other property types. As a native born and raised in San Francisco, you can trust that you’re in good hands of a local who can help you navigate the micro neighborhoods of San Francisco. Crystle invests in relationships and you can count on her to walk with you through the process of buying or selling your property.
You might ask yourself, “What does a tech startup have to do with real estate?”
Good question! Everything about Crystle exudes intention. Her ultimate goal is to grow her tech company so that she can utilize its philanthropic arm to fund micro-housing for the homeless in partnership with key, long standing and successful social services organizations in San Francisco. Real Estate gives her the ability to network and learn about developing land to purchase in the future to develop the micro housing. Her time serving on boards for these non profits gives her the knowledge of what these organizations really need to be able to get more people off the streets for good.
The same cornerstones that drive success in her tech company are the same cornerstones that make her the best real estate agent to work with: honesty, transparency, integrity, and a relationship- focused mindset toward life.
Crystle was born and raised in San Francisco’s Inner Richmond district and continues to choose to establish her future life in San Francisco as well. She is a woman of her word. She not only financially supports several not-for-profits, but also regularly serves in her community helping the homeless, youth, and those in poverty.
In her spare time, she is an active and current member of the Board of Directors of Lutheran Social Services of Northern California and the APA Heritage Foundation Committee of San Francisco. She has previously and faithfully served on the Board of Directors for Zion Lutheran Church and School of San Francisco, the Board of Directors for Designing a Difference, the Board of Directors for APAPA San Francisco, a member of the Friends of Smuin Ballet, and as a Co-Chair for the Princess Project.