Prime rate drops and Mortgage rates go higher…Buy Why?
December 1, 2008 · Leave a Comment
At the end of October, the Fed cut its overnight rate on loans between banks by 0.5% to 1%.
so… why do the Mortgage rates go up? This article explains why.
Is the Government Bail Out Helping or Hurting the mortgage Industry?
Government bailout uses tax payer money to help stabilize the banks but where does all the money really go?
Is the government bailout money being used by the banks to purchase other banks and monopolize the industry or to stabilize the industry? The Washington Post offers more information.
Trickledown Effect
Some of the banks have now started a “trickledown” effect to pass on this saving to their best customers. But will JOHN Q PUBLIC and the new home buyer ever see the benefits of this easy money?
San Francisco Market Trends
November 13, 2008 · Leave a Comment
Two Year Market statistics San Francisco
Here are the numbers as sourced from Broker Metrics for San Francisco area.
This is a 2 Year Comparison from the month of September 2006 to the month of September 2008.
Single Family Homes All SF as of September 2008:
- Median sales price is down 6% from 835,000 in 2006 to 782,500 in 2008
- Months Supply of Inventory is up 42% from 2.7 in 2006 to 3.8 in 2008 (it is down from 4.45 in 2007)
- Days on Market was 34 in 2006, 31 in 2007, and 44 in 2008
Condos All SF as of September 2008
- Median sales price is flat. It was 738,250 in 2006 and is 735,000 in 2008 (it is also flat from 07)
- Months Supply of Inventory is up 30% from 3.6 in 2006 to 4.7 in 2008
- Days on Market was 41 in 2006, 38 in 2007 and is currently 53 for 2008
Additional Information
- October/November 2008 FUTURE Market Trends
- More specific details on YEAR 2007
- Neighborhood sales – 2nd Quarter 2007 to 2008 San Francisco Market statistics
- Neighborhood sales – 1st Quarter 2007 to 1st Quarter 2008
- More specific details on YEAR 2007
- Market Statistics in other Bay Area Counties (Alameda, Contra Costa, Marin, Napa, Sonoma
The GOLDMAN REPORT- Weekly market Update
November 13, 2008 · Leave a Comment
The Goldman Report Blog and The Goldman Report is a weekly update and BLOG from the President of Pacific Union Real Estate on BAY AREA and North Counties MARKET CONDITIONS of homes, condos, and investment properties.
These links provide interesting and valuable information on real estate news along with specific sales, Bay Area market statistics, and real estate activity on SAN FRANCISCO, MARIN, CONTRA COSTA, ALAMEDA, NAPA, and SONOMA counties.
Foreclosures in San Francisco?
November 13, 2008 · Leave a Comment
Are there foreclosures in San Francisco? The answer is YES, but not a many as in other Bay Area counties.
While San Francisco property owners face market slow down, some sellers are caught on the uptick adjustments of subprime loans and/or credit crunches.
The majority of our foreclosure sales are on the lower priced homes and in the fringe neighborhoods. However, there are DEALS out there for those that are READY, WILLING, and ABLE to move fast. During the 1970’s and the early 1980’s, I purchased over 50 foreclosed properties and I will share my experience with you.
Foreclosure Tips:
Do your homework FIRST.
- Find a good lender and get pre-qualified. Make sure that this lender will loan on “as is” or “fixer” properties.
- Familiarize yourself with the market and the areas of preference. If you do not know the market, you will not know if the property is a good deal. If the property is a good deal, chances are that you will NOT be alone as there are other buyers out there to compete with.
- Find good representation. The old saying of “BUYER BEWARE” applies. Foreclosures do not have the same disclosures required on non foreclosure real estate sales. Make sure your agent is experienced and knowledgeable in this area. A good Realtor can help provide you with competent contractors and inspectors to supplement the disclosures and guide you through the process.
- Give yourself an “OUT” clause on the purchase contract. Property Inspection contingencies, Pest Inspection contingencies, appraisal and loan contingencies all allow for time frames to complete inspections and for deposits to be returned to the buyer if the buyer is not satisfied with the results.
- Be thorough and comply with the purchase contract. Once lenders agree to the price and terms of a purchase contract on a foreclosure, they are less willing to make concessions.
Everything you every wanted to know about Western SOMA…
November 13, 2008 · Leave a Comment
Last April 2008, I attended the Town Hall meeting for Planning and Task Force for the Western SoMa District in San Francisco. The meeting was well attended by property owners, environmentalists, developers, transportations specialists, local residents, and all sorts of indendent groups concerned with the future of the is area.
I was delighted to see the overall changes that will be happening to this area in the near future. The Planning department intends to make this area more user friendly by combining public transportation, wide sidewalks in retail and business areas, and by providing for open space. There will also be new building height and use restritictions on some of the developments in the proposed area. The proposals are challenging to many as there are conflicts of interest between the various enities, but overall, the atmosphere of the neighborhood will be an improvement. Providing for new retail and business opportunites, more community and public transportation options, shops and restaurants will enhance property values.
In past years, many SOMA residents found good value with the convenient City location and the favorable SOMA climate, but were diasppointed with the lack of a “neighborhood friendly” feel that makes many of the San Francisco areas more desirable. The abundance of concrete and steel, with a mish mash of mixed use businesses coupled with an undesirable street element turned many potential buyers away from this area.
The new SOMA plan will provide for investment potential for both homeowners and developers and encourages the feel of a neighborhood as new developments unfold.
Check it out for yourself.
Here’s the link to the new San Francisco Planning Department recommendations with ZONING & USE MAPS, HEIGTH LIMITATIONS and OPEN SPACE recommendations.
