U.S. homebuyers flooded back into the real estate market in March, pushing up sales and prices at the start of the spring buying season.
If you spend most of your weekends on Craigslist or elbowing your way through crowded open houses for overpriced rentals, this should come as no surprise: the San Francisco Bay Area is the worst place in the country to rent.
No, it’s not a dorm room — but it’ll cost you the same of putting three kids through college, medical school and then maybe leave you with some leftover change for retirement.
Think Bay Area Rent Is High? Rents Are Rising Everywhere Faster Than Inflation, Experts Say It’s Going To Get Worse
The average U.S. rent has climbed 14% to $1,124 since 2010. That’s four percentage points faster than inflation, and more than double the rise in U.S. home prices over the same period.
So how sad a story is too sad for a house to sell? When it comes to how desperate Bay Area home buyers have become – this house is still a gem. And speculators know it.
When the old, dilapidated house known as “The Honeymoon Cottage” hit the market in Larkspur last year, everyone was certain it would be a total teardown.
Faced with square footages in the triple digits with rents approaching five digits, a pair of health care consultants grabbed a banjo, a video camera and some kitschy lyrics and uploaded the result YouTube to lament and possibly land a sweet new pad.
One of San Francisco’s priciest listings is no longer for sale. The 13,500 square foot Queen Anne mansion at 2724 Pacific Avenue just sold for $23,889,000.
The housing market is crazy here in the Bay Area, so a career in real estate may be a good fit. CBS News Business Analyst Jill Schlesinger on the new hot job. (3/25/15)
Los Angeles real estate agent Tami Pardee says tech buyers from Silicon Valley make up about 10 percent of her current clients. “They’re buying second homes — or third or fourth homes.”