Buying a house in San Francisco, the Bay Area is definitely challenging for all walks of life. With almost a million average house prices in the Bay Area, even making a 20 percent down payment is a hurdle. While it takes a lot to buy a house in the Bay Area, it certainly isn’t impossible though.
If you have a requisite income, the money aside to make the down payment, and an excellent credit score, why should it be impossible to buy a house in the Bay Area.
Whether you plan on buying a house in the Bay Area to use it as a primary residence or investment, the sale could turn out to be a profit in the future. On average, the house prices in the Bay Area rise about 2 to 3 percent every year. Due to COVID-19, the market has been slowed down but it’s gaining traction slowly but surely.
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Although the house prices all over San Francisco was declining since the 2018 peak, the Bay Area seems to be the least affected place of all. The market predictions suggest that 2020 and beyond is a great time to buy real estate in the Bay Area.
As for whether or not it will worth getting a mortgage to buy a house in the Bay Area, there are a lot of variables that go into it. If you’re planning on settling down for some time and have what it takes to get a loan and pay it off comfortably over the years, it’s definitely worth it.
The sale of the property in the future could give you close to a quarter of the bought price in profits, this means you can get more out of your initial purchase.