Navigating the San Francisco Real Estate Market: 8 Steps to Prepare for Your Dream Home in 2024 with Marina Shiferman
Welcome to a special podcast episode hosted by Marina Shiferman, tailored to all aspiring homeowners in the wonderful city of San Francisco. In this episode, Marina will guide you through the essential steps to prepare yourself for buying a home in 2024. Whether you're a first-time homebuyer or looking to upgrade, Marina's expertise in selling luxury real estate will help you navigate the exclusive market of San Francisco.
Before we dive into the details, we invite you to listen to the full episode featuring Marina Shiferman. Tune in below and discover the secrets to successful home buying in San Francisco.
If you’re a reader instead, here are the 8 steps to prepare yourself to buy a home.
Ready
Set
Go
1. Reflection, honest thinking about your future and the home you want and need.
This is a big one and soo important, you cannot skip this step. You must know exactly what kind of life you are after in order to know what kind of home you want to buy and live in. Know what life you want to know how you want to live and in what space.
-What is your life like now, both personal and work. Single, married, kids, want kids in the next 5 years
-work from home?
2. Reflect on the home you need.
Everyone must make compromises on the home they buy. With bigger budgets come more expectations (realistic or not) so here is an exercise.
Create a list of everything you want in your house
-how many bedrooms (home office, gym room, hang out room)
-how many bathrooms (everyone can have their own!)
-how many square feet (I need 2 living rooms)
-views of the GG, views of the city, views of embarcadero?
-Balconies like Juliet? Big yard for that big dog?
-very modern, very classical
-lots of light in the kitchen?
Once you are finished with your list, circle 5 must have things that you cannot live without. Things that must be in the house and you will not compromise on. Those are your 5 must have things.
Everything else is nice to have.
Make sure you compare notes with your partner.
3. Reflect on realistic time line and use of the property.
Will you live in the house 5 years or less, 10 or more? Will you sell it later? Rent it? What are your plans with the actual property?
You might not have thought about this but it needs to be thought about.
4. Get a grip on your financial situation
Basically, Getting your financial ducks in a row.
Look into all the places where you have money. All investment accounts.
Talk to the right people to understand how to get the money out of your investment accounts.
Get the right mortgage from the right lender. This can happen now or after you have found your Realtor. Realtors are the best people to ask for the best lenders. I only work with the best in San Francisco. If they are not quick, good at their job, communicative, and educating the clients they are out.
5. Get an amazing realtor.
Take the time to find the right Realtor for you and your family. I cannot stress enough, you cannot DIY this process because it will look like the window trim I decided to paint myself, splotchy and missed spots and lots of mistakes. In the end I hired a pro to fix it.
A good realtor will
-educate you on the home buying process
-educate you on the market, best strategies to use, make sure you stay on track with what needs to get done
-help you get the home of your dreams
-negotiate on your behalf on price, terms, time frames and more
-project manage the entire process and escrow
-give you peace of mind
-They will know the market inside and out
Understanding the home buying process is crucial. Your realtor will explain it. Escrow happens the very next day after your offer gets accepted and you must know what to do and what decisions to make.
6. Attend lots of open houses in different neighborhoods.
This happens mostly in the beginning of your search. Every realtor has their own strategy for this. I can't tell you mine just yet.
7. Be ready to act.
In a competitive market like San Francisco, good properties move quickly. Be prepared to make offers swiftly when you find the right home.
This does not mean to offer $500K over asking and waive contingencies just because with out a solid reason behind it it just means when you see the house you want you need to act fast to write an offer. In other words, call your realtor asap. Sleep on it but thats it.
8. Stay Patient: trust your realtor.
You might get your first offer accepted and it might take 2 or 3 times. Its just how it is.
Here are some related articles I have written about buying a home
Costs associated with buying a home
How to look for a home you are going to live in
Whats happening around SF?
Anchor Pacific nabs block-size property in SF’s North Beach for $26M
Purchase includes an 87K sf shopping center and 72-unit apartment complex
Anchor Pacific Capital and a family office have purchased an 87,000-square-foot shopping center and a 72-unit apartment complex in San Francisco’s North Beach for $25.8 million. The NorthPoint Centre at 350 Bay Street, and the NorthPoint Vistas housing complex at 2351 Powell Street
Anchor Pacific Capital and a family office have purchased an 87,000-square-foot shopping center and a 72-unit apartment complex in San Francisco’s North Beach for $25.8 million.
The San Jose-based investor led by Anton Qiu teamed up with the unidentified family office to buy the NorthPoint Centre at 350 Bay Street, and the NorthPoint Vistas housing complex at 2351 Powell Street, the San Francisco Business Times reported. The seller was Northpoint Investors, based in San Jose.
The apartment complex and largely vacant retail center take up a city block bounded by North Point, Powell, Bay and Mason streets, near Fisherman’s Wharf. It includes a parking garage for 350 cars.
Safeway is moving out and they are looking for another grocery store to drive traffic.
San Francisco population jumps by 5,000, highest growth in the state
City rebounds to 848,019 residents after two years of decline
And with that and lower interest rates we are looking at a more competitive real estate market
S.F. tax on empty homes faces legal challenge
The Empty Homes Tax, Proposition M in November 2022, is intended to encourage owners to make apartments available to would-be tenants while raising funds for the city to provide affordable housing. The measure passed with 54% of the vote.
Starting in April 2025, taxes are to be collected from owners of buildings with three or more units that are vacant for more than 182 days in a tax year. Initial taxes will be from $2,500 to $5,000 a year per empty unit, based on its size, and the levies are due to increase up to $20,000 per unit in future years. It does not apply to individual homes, leased properties or homes intended for tourists and other travelers.
