Maggie's Market Minute: November 2021

Competing for a home may just have gotten a bit more challenging The pandemic travel ban has put a stop to most overseas buyers from purchasing properties for almost 2 years.  After travel restrictions to the US were lifted this week, wealthy foreign home buyers are anticipated to rush back in During the pandemic, buyers from abroad have gained much from investing in stock markets. The anticipated upside in demand will be especially beneficial to the high-end and luxury markets - such as San Francisco. California is second to Florida as the largest market for buyers outside the US, with 16% of the country’s total. If the thought of more competition makes you feel like throwing in the towel, there is good news..... Foreign buyers ideally want recently built properties and they like to be close to water.  This is great news for neighborhoods such as SoMa & Mission Bay - where the bulk of new construction is concentrated. Pre-Covid, approximately 30% of the home buyers in these neighborhoods were foreigners.  Office closings and Covid measures resulted in a disproportionate decline in demand in these neighborhoods.  Lifting the travel ban, t he surge of foreign buyers, and offices opening up next year, offer a great opportunity for a comeback of the neighborhoods south of Market. Are you, or someone you know, ready to move to what's next? Let me know - I can help. Keep well, Maggie Maggie Visser Top 4% SF Realtor DRE #: 01925742 M: 415.793.3470 O: Enter Office Phone maggie.visser@compass.com marketingcenter-sfbayarea-sfcityproper