Walking to the gym earlier this week (in my parka and earmuffs, but that is another story), I saw an SF Chronicle headline that “Bay Area home prices Stabilize” and while you might think an article like that would thrill the Realtor in me, you’d be wrong.
The problem with that headline is that there is no “bay area” real estate market from a buyer’s perspective. It might work for statistical analysis and data aggregation, but in my experience buyers in the market for a view condo in Pacific Heights aren’t also thinking that there 2nd best option is a fully detached home in Antioch. San Francisco, for better or worse, is its own 7 square miles surrounded by, well, the rest of the world. And what happens here sometimes has very little to do with what is happening just 10 miles away in Oakland, or Berkeley, or Mill Valley, or San Mateo county, or, um, anyplace else that is 10 miles away from here.
My experience has been that the SF market stabilized quicker than other markets in the bay area, and wasn’t as impacted (overall) by short sales and foreclosures like outlying towns such as Antioch or Brentwood. Which isn’t to say we haven’t had our share of short sales (been to The Palms lately?) or foreclosures.
So next time you see a headline trying to grab your attention with sweet promises of news about the “bay area” real estate market, keep on walking to the gym. You’ll be warmer. And just as smart.