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.

District 3 of San Francisco

This neighborhood is located on the southwest corner of San Francisco, south of district 2, the Sunset.   It also borders the ocean and has a number of interesting places to visit like, Lake Merced, U.S. Military Reserve, Golden Gate National recreation Area, the Olympic Club, the San Francisco Zoo, San Francisco State University and more.

There are nine neighborhoods:

Lake Shore
Merced Heights
Pine Lake Park
Stonestown
Lakside
Merced Manor
Ingleside Heights
Ingleside
Oceanview

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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.

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   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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Is your area getting better?

It’s been 6 years since the reccession started.  Do you think things are better?  In my area, San Francisco Peninsula & San Francisco, are definately on the rebound.  I hope yours is doing the same.

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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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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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Still a good time to buy a home

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This is a good time to buy a home in the San Francisco Bay Area!!!

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Low inventory in San Francisco

Since the beginning of the year, there has been a shortage of homes for sale and thousands of buyers trying to take advantage of the lowest interest ever.  This has caused a lot of heartache and disappointment when the buyers are making there best offer and finding out that there are 20 other buyers making an offer as well.  Buyers have made offers 10% to 30% over asking price and still get beat out by another buyer that had all cash.  After going through this high and low emotional trip 2 or more times, many have given up but many are hanging in there.   With this type of situation, rentals have gone up and will continue to rise.

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Great time to sell

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