After nearly a year of house-hunting in San Francisco, it’s become very apparent why SFGate.com runs a weekly column called “Surreal Estate”.

All those stories you hear about the crazy real estate market in San Francisco are true. My fiancée, Ramie, and I were outbid ten times during our search for a home until we let go of our preconceived notions about what a house should cost and went with the market.

We’ve been among a frenzy of more than 30 bids on some houses, and we’ve submitted offers that were more than $100,000 lower than the actual selling price. We had the highest offer on a couple of places, only to be turned away because minor details made close, competing offers more attractive.

We were about to give up when we bid more than we ever could have imagined a year ago for a modest, two-bedroom home in the Outer Sunset District. To our surprise, the bid was accepted. Escrow is scheduled to close on March 25.

Our search has given me new perspective on the housing imbalance in San Francisco. Owning a home in the city is difficult for professional people earning a moderate income. It’s nearly impossible for low-income wage earners, at least at market prices. It’s easy to see why San Francisco has one of the lowest home ownership rates of any city in the country.

Owning a home is one of the best investments you can make. For those who want to live in San Francisco, the high cost keeps many from enjoying the benefits of home ownership. Many people who want to buy are forced to move out of the city.

It’s unfortunate because San Francisco is such a wonderful place. In the future, hopefully everyone, not just the privileged few who can afford it, will be able enjoy the experience of being a San Francisco homeowner.

chinoloco