Buyers are still optimistic of being a homeowner

Half of the year has gone by and the real estate market is still pretty hot, especially here in the San Francisco Bay Area.  If you’re planning to sell your home now or in the future, there are buyers ready to purchase your home now and in the future.  A lot of buyers are very practical and will purchase a home in a good school district as oppose to having a other benefits the home may offer.

If you’re planning to sell your home, you want to make the home appeal to what the buyers are looking for in a home.  Don’t wait too long, there is a forecast that says home values are going to peak in 2016.

 

Contact me today and find out how you can get started.

Properties are selling like hot cakes!

Last year, in 2013, more then half of the homes sold were on the market for 6 weeks or less.  This was the shortest time on the market since 2005.  One of the reasons why homes sold so quickly was due to lower then normal inventory levels.   In this type of market, sellers are seeing more and more offers over the asking price.  In 2013, 50% of the properties that sold last year, sold over the asking price. Most of the sales, almost all, had multiple offers to buy the property.  When this happens, buyers have no choice but to participate in an auction type situation.  The situation is changing and the inventory levels have increased, providing buyers with more choices.  As prices increase, sellers are more willing to make a move.

This is still a good time to purchase a home.  A couple of things to think about when buying a property, you might want to know how the neighborhood will fit in your lifestyle and since we are in a drought, how will the property help you conserve water.

 

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California prices are up!!

If you’re thinking about selling your property here in California, now might be a good time for you to do so.  Median home prices are up in most, if not all of the counties in California.  Locally,  San Mateo and Santa Clara counties have low inventory, but is increasing, so there would be more buyers for your home and you’ll get a higher price for now.  It’s been about approx. 7 years since the great recession and finally we see an improvement for our state.

If it’s the right time to sell, don’t forget to use a REALTOR.  You’ll be glad you did.  There are so many things involved in a sale, you need a REALTOR to help you get the best price for your home, with least amount of stress.  Believe me, if you don’t know what you’re doing, it will cost you in the end.  The fee is still tax deductible until the government takes it away.  Remember when commercial property mortgage payments and your interest paid to credit cards were tax deductible ?  Well not anymore.

 

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What do the buyers say?

HAPPY HOLIDAYS EVERYBODY!!!  It’s that time of the year when real estate sales starts to slow down and everybody is shopping for gifts instead of homes.  However, there are still buyers out there looking to purchase a home before the year is over.  If you’re thinking of selling, find out what buyers want and don’t want.  This could help you get your home sold faster.  If you live in areas that have increased in value, you may want to cash in now.   If you’re having problems keeping your home, at least you will not be responsible for paying taxes on the loan you didn’t pay off.

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Buyers are optimistic about the market!

Thinking of selling in the near future?  If you are, buyers are out there with a positive attitude about home ownership.  Since the big recession, buyers believe it is still a good time to purchase their home before they get priced out.  So if you’re planning to sell, there are buyers out there ready to purchase your home.   Don’t wait too long or you’ll miss all of the excitement.

 

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Hidden benefits when owning a home

OCT financial perks

Not only do you have a place to live in, you also have a bunch of other benefits when owning your own home.   Uncle Sam wants you to own your own home and help stimulate the economy at the same time.  This is why there are still a few perks left in home ownership.

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Everybody is feeling better

oct ripple effect

When the housing market declines, it effects everybody.  When it is on the upswing, more opportunities are created for everybody.  We have been in a recession for 6 years and we are seeing better times.  Let’s hope that this is not another bubble.

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San Francisco has recovered but need inventory!!!

SINGLE-FAMILY HOMES

Median Sales Price:

▲ $915,000

Active For-Sale Inventory:

▼ 487

Days on Market:

 ▼ 27

CONDOMINIUMS

Median Sales Price:
▲ $825,000

Active For-Sale Inventory:

▼ 682

 

Days on Market:

▼ 29

 

 * Statistics reflect year-over-year figures from March 2012 to 2013.

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Spring has Sprung Alongside Housing Prices March often signals the start of spring and has historically brought an influx of property listings onto the market as seasonal home buying gets underway. In San Francisco, despite more properties being listed for sale in March than in either January or February of 2013, inventory levels are still below year-over-year figures.
The lack of inventory has fueled a drastic jump in median home sale prices for both single family homes and condominiums at the city and state levels.
According to the California Association of REALTORS®, strong sales in higher-cost coastal regions, coupled with heated market conditions have helped drive California’s median home price to its highest level in March since May 2008.
In San Francisco, that demand has resulted in 51 percent of single-family homes sold for more than 5 percent over list price and 35 percent of condos sold for more than 5 percent above list price. Click on the graph below to see the number of properties sold above and below asking price in the first quarter of 2013.
Selling Over List Price Q1 2013

click on  graph  to  enlarge

Single-Family Home Sales

Compared to March of last year, the inventory of single-family homes for sale in the city dropped by 34.2 percent, to a total of 487 properties currently for sale. The number of homes under contract also fell by 10.2 percent, while the number of homes sold decreased by 9.9 percent, to a total of 201 properties. The decrease in sales is a direct result of lack of inventory.

 

For homes that were priced below $700,000, the average number of days on market fell 55 percent to just 25 days. For higher-priced homes between $700,000 and $1.2 million, the average number of days on the market fell by 53 percent to 26 days.

 

 District 6 in San Francisco exhibited the largest gain in median home prices of all the districts, jumping 102 percent in March 2013 compared to March 2012 figures. The jump was a result of very few home sales during the month. The median home price in the District (which includes the neighborhoods of Hayes Valley, Western Addition, NOPA and Lower Pacific Heights) rose to $2.2 million in March.

Condominium Sales

Just like single-family homes, the inventory of condominiums for sale across San Francisco’s 10 Districts fell by 27.6 percent, to 682 condominiums. The number of condominiums under contract, meanwhile, grew by 3 percent to a total of 313.

For condominiums that were priced between $500,000 and $900,000, the months supply of inventory decreased by 28.6 percent to 1 month. For luxury condominiums priced above $900,000, the months supply of inventory dropped by 41.6 percent to 1 month.

 

District 8 in San Francisco showed the largest jump in median sales price for condos, bounding 65 percent over March 2012 numbers. The median price for the area (which includes Telegraph Hill, Nob Hill and Russian Hill) was $1.07 million.

 

In The News…
Consumer Confidence Falls in March
Lynn Franco, Director of Economic Indicators at The Conference Board recently said in a statement, “Consumer Confidence fell sharply in March, following February’s uptick. This month’s retreat was driven primarily by a sharp decline in expectations, although consumers were also more pessimistic in their assessment of current conditions. The loss of confidence, particularly expectations, mirrors the losses experienced this past December and January. The recent sequester has created uncertainty regarding the economic outlook and as a result, consumers are less confident.”
Highest month-to-month median price jump since 1979
The California Association of REALTORS® highlighted the record jump in statewide median home sales prices in a recent press release saying, “The statewide median price of an existing, single-family detached home climbed 13.7 percent from February’s $333,380 median price to $378,960 in March, reversing a two-month decline.  The month-to-month increase was the highest since C.A.R. began tracking this statistic in 1979. The March price was up 28.2 percent from a revised $295,630 recorded in March 2012, marking the 13th consecutive month of annual price increases and the ninth consecutive month of double-digit annual gains.”
Better to rent or buy?
CNNMoney recently categorized San Francisco as a one of the 10 major cities that it is better to rent in than to buy in. The report said with home prices still among the highest in the nation, it can take at least five years before buyers begin reaping the financial benefits of homeownership.
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Real Estate Market Improving in California

OCT improving markets

Write text here…

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San Francisco needs more inventory

 

MarketFOCUS

A monthly analysis of the San Francisco real estate market
MARCH 2013
SINGLE-FAMILY HOMES

Median Sales Price:

▲ $800,000

Active For-Sale Inventory:

▼ 430

Days on Market:

 ▼ 32
CONDOMINIUMS

Median Sales Price:
▲ $762,000

Active For-Sale Inventory:

▼ 612

 

Days on Market:

▼ 40

 

 * Statistics reflect year-over-year figures for February 2012-13.

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Like us on Facebook

 

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SFAR OFFICE CLOSURE

 

In observance of Good Friday, The San Francisco Association of Realtors office will be closed Friday, March 29th. Have a good weekend! 

Love and (Bidding) Wars in the San Francisco Home Market 

February, a month often spent reflecting on love, brought with it continued affection for home sellers in the San Francisco residential market. Buyers, however, were not as enchanted.

The month was characterized by increasing residential real estate demand and shrinking supply, resulting in bidding wars between buyers that continue to send home prices upward.

Meanwhile, real estate agents have been employing both old and new tactics to entice homeowners to sell, from dropping flyers door-to-door, to blasting potential clients through social media and email channels.

Single-Family Home Sales

Compared to February of last year, the inventory of single-family homes for sale in the city dropped by 38 percent, to a total of 430 properties. The number of homes under contract also fell by 20.1 percent, while the number of homes sold decreased by 30.8 percent, to a total of 126 properties sold.

 

For homes that were priced below $700,000, the months supply of inventory shortened by 51.4 percent to just 1 month. For higher-priced homes between $700,000 and $1.2 million, the months supply of inventory also fell, by 29.1 percent to 1.4 months.

 

With homes on the market selling in weeks, rather than months, homeowners are wise not to set their hearts on a particular property or neighborhood. A prime example is the Central District, made up of a diverse array of neighborhoods including Cole Valley, Mission Dolores, Haight Ashbury, Noe Valley, Twin Peaks, Claredon Heights and Glen Park. Since February 2011, the number of homes sold in this area has jumped more than 40 percent, while just a handful – 20 total – were sold in February.

 

With its close proximity to the beautiful Golden Gate Park, family-friendly Noe Valley and the foodie haven that is the Mission District, there may be a shortage of property, but there is no shortage of entertainment in this sought-after region.The median single-family home price here is $1,602,500, up just 2.2 percent from a year ago. Year over year, the average number of days homes stay on the market is just 29, down from 53 in 2012.

 

Condominium Sales

Following similar trends as single-family homes, the inventory of condominiums for sale in the city fell by 33.3 percent, to a total of 612 condominiums. The number of condominiums under contract fell by 5.2 percent, to a total of 191 units.

For condominiums that were priced between $500,000 and $900,000, the months supply of inventory tapered by 40.2 percent to 1.1 months. For luxury condominiums priced above $900,000, the months supply of inventory dropped by 38.9 percent to 1.7 months.

One area of the city with limited condominium inventory is the Northeast District encompassing North Beach, Russian Hill and Nob Hill. Low supply has helped push up demand and median price, which grew by 10.9 percent. The median home price here rose to $696,000 over the past year, while the number of condominiums sold decreased to 117 from 187. With awe-inspiring views of the Bay from the neighborhoods of Russian and Nob Hill and proximity to North Beach, the Little Italy of San Francisco,condominiums in the area were snapped up quickly. Staying on the market an average of just 45 days.

 

Outlook

The Consumer Confidence Index®, which had declined in January, rebounded in February. At the end of February, The Index stood at 69.6, up from 58.4 in January. Lynn Franco, Director of Economic Indicators at The Conference Board said in a statement, “Consumer Confidence rebounded in February as the shock effect caused by the fiscal cliff uncertainty and payroll tax cuts appears to have abated. Consumers’ assessment of current business and labor market conditions is more positive than last month. Looking ahead, consumers are cautiously optimistic about the outlook for business and labor market conditions. Income expectations, which had turned rather negative last month, have improved modestly.”

The California Association of REALTORS® highlighted the lack of inventory available for buyers in a recent press release. “The demand for homes remains solid, but a shortage of homes for sale, especially in the lower-priced segments, is negatively impacting housing sales,” said C.A.R. President Don Faught.  “Sales of homes priced above $500,000 continue to be strong, posting nearly 31 percent higher than a year ago, while homes priced below $300,000 were down 27 percent from last February due to fewer available homes for sale.”

A recent SFGate report shed some light on the city’s shrinking inventory, saying that home sellers remain reluctant to put their homes on the market for a number of reasons including: being underwater on their mortgages, not wanting to have to go through a short sale and sellers continuing to hold out for higher offers.

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