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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Thinking of selling your property?

Every property owner have choices to make when it comes to improving the property. Unfortunately, most of the improvements are done prior to selling the home.  When making plans to sell your home, you want to get the best price, right?  Well, there are a few things you can do to increase the value of the property and there are things that won’t. However, if you’re planning to keep the property until you die, then it really doesn’t matter what you do to the home as long as it makes you happy.

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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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SOLD & CLOSED 5020 Palmetto Ave., Pacifica CA

 This home has new owners.  Please welcome them to the neighborhood.    Email me if you would like more information.

photo (10)

   Virtual Tour of 5020 Palmetto Ave., Pacifica, CA 94044

Listed at $600,000

Great opportunity to own a home with 1250 sq ft of living space and a view of the ocean just outside the door. This well maintained 3 bedroom 2 bath home, built in 1966, is waiting for you to enjoy the updated kitchen, updated baths, beautiful hardwood floors, crown molding, recess lighting, and much  more. This home is conveniently located to transportation, shopping, schools and freeways.

San Francisco properties heating up for the summer

Due to lack of inventory, San Francisco is really heating up for the summer.   The Median Sales Price was up 35.6 % to $1,055,000 for single family homes and 18.2 % to $827,500 for Condo/TIC/Coop properties.  Supply of Inventory decreased 23.1 % for single family units and 36.4 % for Condo/TIC/Coop units.

You can almost say good by to the 3% loans.  Interest rates are going up as well.  Making it even harder for buyers to purchase anything in San Francisco.  But, loans are still cheap, don’t wait until they reach double digits again.

 

 

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Sticker shock

San Francisco is doing well.  Prices have been and still going up.  Fueled by low inventory, low interest rates and a high demand, the market prices will continue to rise.  If you think it is hard to buy something today, it will be harder tomorrow.

city

Single-Family Homes

Median Sales Price:
 $1,000,000

Active For-Sale Inventory:
 541

Days on Market:
 27

Condominiums

Median Sales Price:
 $850,000

Active For-Sale Inventory:
 740

Days on Market:
 31

Statistics reflect year-over-year figures from April 2012 to April 2013

May 2013

A million dollars doesn’t go as far as it used to in San Francisco

“Don’t you think we should ask for more than a million dollars? A million dollars isn’t exactly a lot of money these days,” Number 2 – Austin Powers International Man of Mystery.

If your clients are looking to buy a home in San Francisco after relocating from elsewhere in the nation, they can be forgiven for making the same mistake Austin Powers did in thinking he could get what he wanted (in his case, world domination) for a mere $1 million. Newcomers to the area are often shocked to find that $1 million might not get them all the amenities in a home that they desire.

April, the kick-off month of peak spring homebuying, found the median price for single-family homes in San Francisco reaching the $1 million mark, an increase of nearly 32 percent over the April 2012 median price. Click here to read SFAR’s press release about prices hitting the $1 million mark.

Add to escalating prices, high demand, tight inventory and stiff competition from investors who can pay all cash and homebuyers may too take a moment’s pause (with pinky finger firmly resting at the corner of one’s mouth). 

Single-Family Home Sales

Compared to April of last year, the inventory of single-family homes for sale in the City fell by 19.6 percent, to a total of 541 properties. The number of homes under contract rose by 11.5 percent, while the number of homes sold dropped by 4.1 percent, to a total of 212 properties.

For homes that were priced below $700,000, the months supply of inventory dropped by 42.6 percent to 1.1 months. For higher-priced homes between $700,000 and $1.2 million, the months supply of inventory also fell, by 20.6 percent to 1.1 months.

Properties being sold within just a few weeks of listing indicates a strong sellers market. Sellers are, in most cases, getting multiple offers due to limited inventory.

One region of the City experiencing a boost of mojo is the Central East section known as District 9 which includes the neighborhoods of Portero Hill, Dog Patch, Inner Mission and Mission Bay. Since 2011, the inventory of homes in this district has shrunk more than 42 percent with just 48 properties for sale in April 2013. At the same time, median prices in the area hit a 2-year high in April 2013.

The Inner Mission neighborhood has become a popular area for young tech professionals, due to its proximity to downtown, availability of mass transit, shuttles to Silicon Valley and an abundance of popular restaurants. The median price for a home here is $1,001,000, up 33 percent from the same time last year.

Condominium Sales

Along with single-family homes, the inventory of condominiums for sale in the city fell by 17.1 percent, to a total of 740 condominiums. The number of condominiums under contract rose by 20.6 percent, while the number of condominiums sold decreased by 0.3 percent, to a total of 295 units.

For condominiums that were priced between $500,000 and $900,000, the months supply of inventory tightened by 46.2 percent to 0.8 months. For luxury condominiums priced above $900,000, the months supply of inventory also dropped by 64.2 percent to 0.9 months.

One area in the City, perhaps not often thought of for condos is District 1, which includes the neighborhoods of Richmond and Sea Cliff, which sits just south of the beautiful Presidio. Condos in the area have been a hot commodity with inventory there decreasing by nearly 60 percent over the last two years. The median price for a condo in the district reached $810,500 in April 2013.

Outlook

The Conference Board Consumer Confidence Index®, which had declined in March, increased in April. Lynn Franco, Director of Economic Indicators at The Conference Board said: “Consumer Confidence improved in April, as consumers’ expectations about the short-term economic outlook and their income prospects improved. However, consumers’ confidence has been challenged several times over the past few months by such events as the fiscal cliff, the payroll tax hike and the sequester. Thus, while expectations appear to have bounced back, it is too soon to tell if confidence is actually on the mend.”

The California Association of REALTORS® (C.A.R.) reported California home sales and prices experiencing strong increases in April, with the median price surpassing the $400,000-mark for the first time in five years. In addition, homes across the state sold more quickly in April 2013, with the median number of days dropping to 27.9 from 48 days in April 2012.

CNN Money recently reported that, “during the housing bust, sales were often derailed by low-ball appraisals that fell far shy of a home’s selling price. But now, as home prices climb and housing inventories shrink, appraisers are valuing homes at or above their selling prices.

According to SF Gate, “San Francisco rental rates rose 15.8 percent in the first quarter of 2013 compared with the same time last year, to an average of $2,663 for all size units. Studio apartments averaged $2,075, up 16.5 percent in a year. The steepest rise came in one-bedroom, one-bathroom apartments, which are now $2,611 – up 19.9 percent in the past year and up 30 percent from two years ago.

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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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