{"id":65719,"date":"2019-05-09T14:06:48","date_gmt":"2019-05-09T21:06:48","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=65719"},"modified":"2020-10-06T12:58:36","modified_gmt":"2020-10-06T19:58:36","slug":"san-francisco-housing-market-tech-ipos","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/san-francisco-housing-market-tech-ipos\/","title":{"rendered":"Here Come the Tech IPOs: Redfin Agents Say the San Francisco Housing Market Is Heating Back Up"},"content":{"rendered":"

Just 2.6% of homes in the metro are affordable on the area\u2019s median income, and the influx of cashing coming from this year\u2019s IPOs could push homeownership further out of reach for most residents.<\/span><\/i><\/p>\n

The <\/span>San Francisco<\/span><\/a> metro, the most expensive large housing market in the U.S.<\/a>, is unaffordable for most of its residents: Just <\/span>2.6 percent of homes for sale in the area<\/span><\/a> are affordable on the area\u2019s median income. And while the Bay Area real estate market showed <\/span>some signs of cooling<\/span><\/a> in the beginning of the year, local Redfin agents expect the wave of IPOs from San Francisco-based companies, combined with low mortgage interest rates, to lead to a renewed increase in home prices and sales. <\/span><\/p>\n

\u201cEvery single homebuyer I\u2019ve met in at least the last two months mentions IPOs and low rates as reasons to start their search for a property. I\u2019m seeing our market become more active and more competitive, and I believe it will become even stronger in the fall,\u201d said San Francisco Redfin agent <\/span>Carina Isentaeva<\/span><\/a>. \u201cBuyers who stand to make money from the public offerings taking place this year or next year are looking at homes because know they\u2019ll soon have enough for a down payment.\u201d<\/span><\/p>\n

The typical home in the San Francisco metro sold for $1.43 million in April, on par with a year earlier. Home prices in the area are likely to continue to rise, partly due to the cash tech employees will have on hand once Uber, Lyft, Slack, Pinterest and Airbnb have all gone public and applicable lockup periods have ended. <\/span><\/p>\n

\u201cWhile the IPOs will put cash in the pockets of some San Francisco residents, they will ultimately contribute to wealth inequality in the area,\u201d said Redfin <\/span>chief economist Daryl Fairweather<\/span><\/a>. \u201cThe housing affordability crisis in San Francisco has been decades in the making, as its housing stock has failed to keep pace with demand. Without a significant increase in housing supply, prices will rise even further away from the typical resident\u2019s budget and only people like wealthy tech workers will be able to afford a home in the city. People like nurses, teachers, nonprofit workers and artists will continue to move further away from the city center, and many of them will leave the area altogether.\u201d<\/span><\/p>\n

Isentaeva is working with a few homebuyers involved in the Lyft IPO, which took place in March, and one who is an employee of Airbnb, which could go public <\/span>by the end of the year<\/span><\/a>. \u00a0To help employees of these companies make bigger, stronger offers, some mortgage lenders are taking buyers\u2019 prospective stock compensation into consideration when deciding on a loan preapproval amount. <\/span><\/p>\n

\u201cThe Airbnb employee wanted to move quickly because he noticed a lot of buyer demand. He looked at a gorgeous four-bedroom condo listed just above $1.5 million, loved it and put in an offer for $1.8 million three days after it went on the market to try to avoid competition. And it\u2019s a good thing he offered above asking price because the day after he went under contract for the condo, another buyer offered an additional $50,000,\u201d Isentaeva said. <\/span><\/p>\n

\u201cAnother client, an investor in Lyft, is aggressively looking to buy an investment property in San Francisco before the IPO lockup period ends and more cash flows into the city,\u201d she continued. \u201cAnd still another buyer, who previously worked at Lyft for several years, was recently outbid on a small condo in the <\/span>Mission<\/span><\/a> neighborhood of San Francisco that had a total of 10 offers. Now he\u2019s looking at properties further away from his ideal location so he can close on a home before even more IPO money enters the city later this year.\u201d<\/span><\/p>\n

Kalena Masching<\/span><\/a>, a Redfin agent who focuses on the San Francisco Peninsula, which includes cities like Palo Alto and Mountain View, is also working with a homebuyer whose employer is going public this year. \u201cHe\u2019s doing in-depth research on neighborhoods now so he can jump in and start making offers the second the money he\u2019ll receive from selling his shares hits his bank account,\u201d Masching said. <\/span><\/p>\n

Local Redfin agent <\/span>Miriam Westberg<\/span><\/a> said she\u2019s working with a few Uber employees on their home searches. One is looking to upgrade from a condo to a single-family home, and the other is a renter looking to buy her first home in San Francisco. <\/span><\/p>\n

Bay Area Redfin agents are also seeing a rise in interest among homebuyers who won\u2019t see an influx of IPO cash. <\/span><\/p>\n

\u201cMy other clients, those whose employers aren\u2019t associated with IPOs, are actually even more motivated than the ones who may be getting an influx of cash,\u201d Westberg said. \u201cThey want to buy homes as soon as possible to avoid what they think will be increased competition. And they\u2019re right to think that the market is getting more competitive. Over the last couple of months, we\u2019ve definitely seen increased activity in the San Francisco market, including multiple offers<\/a>, similar to what was going on in early 2018.\u201d<\/span><\/p>\n

Masching also noted that her clients are anticipating an uptick in competition. \u201cEven though most of my clients won\u2019t be coming into IPO money, the topic is definitely on buyers\u2019 minds. Many people I\u2019m working with are fast-tracking their search in case the public offerings push up home prices, which I do think will happen,\u201d she said. <\/span><\/p>\n

If Uber and Lyft employees were to hypothetically pool the money they\u2019ll receive if they sold all of their stock compensation (once their companies\u2019 lockup periods are over) and put it all into San Francisco real estate, there would quite literally be nothing left for anyone else. Together, Lyft employees could purchase every single home for sale in the <\/span>city of San Francisco<\/span><\/a>. And Uber employees could pool their cash to buy every single home for sale in the cities of <\/span>San Francisco, Oakland and Berkeley combined<\/span><\/a>.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Home prices in San Francisco fell year over year for two months straight, but Redfin agents predict this year\u2019s tech IPOs will change that.<\/p>\n","protected":false},"author":13153,"featured_media":65720,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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