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October 2019 Report – San Francisco Real Estate Market Update for September 2019
Posted on: October 7, 2019
The number of homes in the Overall Sales category sold in SEPTEMBER decreased again from the previous month as well as a year ago in the San Francisco Real Estate Market. However, the average sale prices versus list price is higher from the previous month as well as a year ago. These numbers reflect the homes sold (for the most part) in the previous month given a typical 30 day close. Days on the market increased slightly from the previous month as well as a year ago.
What do these current numbers all mean? STOP US IF YOU’VE HEARD IT! Single family homes UNDER $2M (on average) continue to be the best performer. The average increase was more than 12% over the asking price, less than the previous month as well as a year ago. In fact in all the categories we track the average sales price was over 100% of sales price including co-ops which tend to always do their own thing. All in all, the San Francisco market continues to be pretty good, but WHAT WE NEED IS INVENTORY! The numbers are off only because there is very little to sell.
So if you are thinking of selling this is still a GREAT time to SELL. And it can be a great time to BUY with the right agent. Whether you are buying or selling, call Janis Stone at 866-224-8024 or Bethany Patten at 415-235-9077 TODAY!
* Remember, closed sales in any month reflect deals ratified in the previous month with a typical 30 day close.
September 2019 **
| Property Type |
Sold
|
Avg List Price |
Avg Sold Price
|
% Sold Price vs. List Price
|
Avg Days on Market
|
| Single Family $2M & Over | 38 | $3,495,762 | $3,714,976 | 106.27% | 33 |
| Single Family Under $2M | 84 | $1,205,345 | $1,357,295 | 112.61% | 26 |
| Condominium | 157 | $1,416,787 | $1,472,054 | 103.90% | 33 |
| Loft Condo | 7 | $1,084,929 | $1,158,643 | 106.79% | 29 |
| Co-op | 4 | $1,298,500 | $1,345,000 | 103.58% | 95 |
| TIC | 17 | $1,342,882 | $1,413,765 | 105.28% | 42 |
| ALL * | 354 | $1,770,391 | $1,862,813 | 105.22% | 34 |
August 2019 **
| Property Type |
Sold
|
Avg List Price |
Avg Sold Price
|
% Sold Price vs. List Price
|
Avg Days on Market
|
| Single Family $2M & Over | 50 | $2,648,158 | $2,823,795 | 106.63% | 27 |
| Single Family Under $2M | 110 | $1,192,677 | $1,385,686 | 116.18% | 25 |
| Condominium | 163 | $1,370,038 | $1,440,066 | 105.11% | 32 |
| Loft Condo | 7 | $801,573 | $842,716 | 105.13% | 41 |
| Co-op | 3 | $1,278,000 | $1,257,000 | 98.36% | 59 |
| TIC | 13 | $1,193,482 | $1,253,577 | 105.04% | 30 |
| ALL * | 393 | $1,596,713 | $1,708,001 | 106.97% | 31 |
September 2018 **
| Property Type |
Sold
|
Avg List Price |
Avg Sold Price
|
% Sold Price vs. List Price
|
Avg Days on Market
|
| Single Family $2M & Over | 32 | $3,364,984 | $3,480,867 | 103.44% | 34 |
| Single Family Under $2M | 110 | $1,163,958 | $1,364,626 | 117.24% | 19 |
| Condominium | 151 | $1,203,329 | $1,275,473 | 105.99% | 28 |
| Loft Condo | 6 | $1,068,833 | $1,234,208 | 115.47% | 11 |
| Co-op | 3 | $1,881,667 | $1,833,333 | 97.43% | 103 |
| TIC | 15 | $1,020,933 | $1,073,000 | 105.10% | 46 |
| ALL * | 367 | $1,600,594 | $1,712,962 | 107.02% | 30 |
* Includes Single Family Homes, Condo/Coop/TIC and Loft, 2-4 Units, and 5+ Units. (If you add all categories, 5+ units accounts for the extra numbers.)
** Figures subject to change as Multiple Listing Service is updated.
+ Formerly, condominium statistics
included condos, co-op, lofts and TICs.
Realtor.com is the official site of the National
Association of Realtors® (NAR) and is a search engine for real
estate nationwide. Realtor.com
has all of San Francisco’s listed homes and condominiums.
September 2019 Report – San Francisco Real Estate Market Update for August 2019
Posted on: September 4, 2019
The number of homes in the Overall Sales category sold in AUGUST decreased dramatically from last month as well as a year ago in the San Francisco Real Estate Market. The average sale prices versus list price was lower than last month but higher than a year ago. These numbers reflect the homes sold (for the most part) in the previous month given a typical 30 day close. Days on the market remained the same from the previous month but slightly higher than a year ago.
What do these current numbers all mean? Single family homes UNDER $2M (on average) continue to be the best performer. The average increase was more than 16% over the asking price, slightly less than the previous month but slightly more than a year ago. In fact in all the categories we track the average sales price was over 100% of sales price with the exception of co-ops which tend to always do their own thing. All in all, the San Francisco market continues to be pretty good, but WHAT WE NEED IS INVENTORY! The numbers are off only because there is very little to sell .
So if you are thinking of selling this is still a GREAT time to SELL. And it can be a great time to BUY with the right agent. Whether you are buying or selling, call Janis Stone at 866-224-8024 or Bethany Patten at 415-235-9077 TODAY!
* Remember, closed sales in any month reflect deals ratified in the previous month with a typical 30 day close.
August 2019 **
| Property Type |
Sold
|
Avg List Price |
Avg Sold Price
|
% Sold Price vs. List Price
|
Avg Days on Market
|
| Single Family $2M & Over | 50 | $2,648,158 | $2,823,795 | 106.63% | 27 |
| Single Family Under $2M | 110 | $1,192,677 | $1,385,686 | 116.18% | 25 |
| Condominium | 163 | $1,370,038 | $1,440,066 | 105.11% | 32 |
| Loft Condo | 7 | $801,573 | $842,716 | 105.13% | 41 |
| Co-op | 3 | $1,278,000 | $1,257,000 | 98.36% | 59 |
| TIC | 13 | $1,193,482 | $1,253,577 | 105.04% | 30 |
| ALL * | 393 | $1,596,713 | $1,708,001 | 106.97% | 31 |
July 2019 **
| Property Type |
Sold
|
Avg List Price |
Avg Sold Price
|
% Sold Price vs. List Price
|
Avg Days on Market
|
| Single Family $2M & Over | 62 | $3,117,904 | $3,356,337 | 107.65% | 25 |
| Single Family Under $2M | 141 | $1,178,194 | $1,374,543 | 116.66% | 22 |
| Condominium | 197 | $1,255,698 | $1,341,074 | 106.84% | 31 |
| Loft Condo | 14 | $1,098,500 | $1,173,214 | 106.80% | 17 |
| Co-op | 4 | $1,749,750 | $1,770,000 | 101.16% | 59 |
| TIC | 17 | $1,078,588 | $1,165,824 | 108.09% | 48 |
| ALL * | 505 | $1,712,511 | $1,840,075 | 107.45% | 31 |
August 2018 **
| Property Type |
Sold
|
Avg List Price |
Avg Sold Price
|
% Sold Price vs. List Price
|
Avg Days on Market
|
| Single Family $2M & Over | 52 | $2,866,808 | $3,022,939 | 105.45% | 23 |
| Single Family Under $2M | 123 | $1,183,248 | $1,377,008 | 116.38% | 22 |
| Condominium | 180 | $1,289,999 | $1,356,161 | 105.13% | 31 |
| Loft Condo | 17 | $1,104,851 | $1,146,479 | 103.77% | 30 |
| Co-op | 2 | $1,269,500 | $1,264,000 | 99.57% | 96 |
| TIC | 20 | $1,372,750 | $1,442,069 | 105.05% | 39 |
| ALL * | 435 | $1,583,942 | $1,691,283 | 106.78% | 29 |
* Includes Single Family Homes, Condo/Coop/TIC and Loft, 2-4 Units, and 5+ Units. (If you add all categories, 5+ units accounts for the extra numbers.)
** Figures subject to change as Multiple Listing Service is updated.
+ Formerly, condominium statistics
included condos, co-op, lofts and TICs.
Realtor.com is the official site of the National
Association of Realtors® (NAR) and is a search engine for real
estate nationwide. Realtor.com
has all of San Francisco’s listed homes and condominiums.
August 2019 Report – San Francisco Real Estate Market Update for July 2019
Posted on: August 2, 2019
The number of homes in the Overall Sales category sold in JULY increased slightly from last month as well as a year ago in the San Francisco Real Estate Market. The average sale prices versus list price was slightly power than last month but significantly higher than a year ago. These numbers reflect the homes sold (for the most part) in the previous month given a typical 30 day close. Days on the market increased slightly from the previous month as well as a year ago.
What do these current numbers all mean? Single family homes UNDER $2M (on average) continue to be the best performer. The average increase was again almost 17% over the asking price, more than the previous month but less than a year ago (at slightly over 17%) . In fact in all the categories we track the average sales price was over 100% of sales price. All in all, the San Francisco market continues to hum along! It’s looking like we are in store for a great fall market.
If you are thinking of selling this is still a GREAT time to SELL. And it can be a great time to BUY with the right agent. Whether you are buying or selling, call Janis Stone at 866-224-8024 or Bethany Patten at 415-235-9077 TODAY!
* Remember, closed sales in any month reflect deals ratified in the previous month with a typical 30 day close.
July 2019 **
| Property Type |
Sold
|
Avg List Price |
Avg Sold Price
|
% Sold Price vs. List Price
|
Avg Days on Market
|
| Single Family $2M & Over | 62 | $3,117,904 | $3,356,337 | 107.65% | 25 |
| Single Family Under $2M | 141 | $1,178,194 | $1,374,543 | 116.66% | 22 |
| Condominium | 197 | $1,255,698 | $1,341,074 | 106.84% | 31 |
| Loft Condo | 14 | $1,098,500 | $1,173,214 | 106.80% | 17 |
| Co-op | 4 | $1,749,750 | $1,770,000 | 101.16% | 59 |
| TIC | 17 | $1,078,588 | $1,165,824 | 108.09% | 48 |
| ALL * | 505 | $1,712,511 | $1,840,075 | 107.45% | 31 |
June 2019 **
| Property Type |
Sold
|
Avg List Price |
Avg Sold Price
|
% Sold Price vs. List Price
|
Avg Days on Market
|
| Single Family $2M & Over | 70 | $3,197,457 | $3,421,708 | 107.01% | 21 |
| Single Family Under $2M | 111 | $1,183,512 | $1,384,395 | 116.97% | 22 |
| Condominium | 217 | $1,371,618 | $1,455,571 | 106.12% | 28 |
| Loft Condo | 15 | $1,120,800 | $1,201,600 | 107.21% | 24 |
| Co-op | 4 | $2,420,750 | $2,411,250 | 99.61% | 67 |
| TIC | 20 | $1,291,075 | $1,334,400 | 103.36% | 59 |
| ALL * | 495 | $1,740,033 | $1,865,687 | 107.22% | 29 |
July 2018 **
| Property Type |
Sold
|
Avg List Price |
Avg Sold Price
|
% Sold Price vs. List Price
|
Avg Days on Market
|
| Single Family $2M & Over | 59 | $3,038,159 | $3,257,786 | 107.23% | 22 |
| Single Family Under $2M | 129 | $1,211,287 | $1,419,042 | 117.15% | 20 |
| Condominium | 225 | $1,143,421 | $1,227,166 | 107.32% | 29 |
| Loft Condo | 18 | $1,279,640 | $1,321,833 | 103.30% | 29 |
| Co-op | 4 | $2,008,750 | $1,975,625 | 98.35% | 93 |
| TIC | 13 | $1,250,692 | $1,319,345 | 105.49% | 37 |
| ALL * | 498 | $1,540,581 | $1,664,016 | 108.01% | 27 |
* Includes Single Family Homes, Condo/Coop/TIC and Loft, 2-4 Units, and 5+ Units. (If you add all categories, 5+ units accounts for the extra numbers.)
** Figures subject to change as Multiple Listing Service is updated.
+ Formerly, condominium statistics
included condos, co-op, lofts and TICs.
Realtor.com is the official site of the National
Association of Realtors® (NAR) and is a search engine for real
estate nationwide. Realtor.com
has all of San Francisco’s listed homes and condominiums.
July 2019 Report – San Francisco Real Estate Market Update for June 2019
Posted on: July 14, 2019
The number of homes in the Overall Sales category sold in JUNE decreased significantly from last month as well as a year ago in the San Francisco Real Estate Market. The average sale prices versus list price was slightly higher than last month but significantly higher than a year ago. These numbers reflect the homes sold (for the most part) in the previous month given a typical 30 day close. Days on the market was about the same as the previous month but slightly more than a year ago.
What do these current numbers all mean? Single family homes UNDER $2M (on average) continue to be the best performer. The average increase was almost 17% over the asking price, more than the previous month but less than a year ago (at over 21%) . In fact in all the categories we track the average sales price was over 100% of sales price except Co-ops. All in all, the San Francisco market continues to hum along! It’s looking like we are in store for a great summer market.
If you are thinking of selling this is still a GREAT time to SELL. And it can be a great time to BUY with the right agent. Whether you are buying or selling, call Janis Stone at 866-224-8024 or Bethany Patten at 415-235-9077 TODAY!
* Remember, closed sales in any month reflect deals ratified in the previous month with a typical 30 day close.
June 2019 **
| Property Type |
Sold
|
Avg List Price |
Avg Sold Price
|
% Sold Price vs. List Price
|
Avg Days on Market
|
| Single Family $2M & Over | 70 | $3,197,457 | $3,421,708 | 107.01% | 21 |
| Single Family Under $2M | 111 | $1,183,512 | $1,384,395 | 116.97% | 22 |
| Condominium | 217 | $1,371,618 | $1,455,571 | 106.12% | 28 |
| Loft Condo | 15 | $1,120,800 | $1,201,600 | 107.21% | 24 |
| Co-op | 4 | $2,420,750 | $2,411,250 | 99.61% | 67 |
| TIC | 20 | $1,291,075 | $1,334,400 | 103.36% | 59 |
| ALL * | 495 | $1,740,033 | $1,865,687 | 107.22% | 29 |
May 2019 **
| Property Type |
Sold
|
Avg List Price |
Avg Sold Price
|
% Sold Price vs. List Price
|
Avg Days on Market
|
| Single Family $2M & Over | 55 | $3,242,599 | $3,428,542 | 105.73% | 22 |
| Single Family Under $2M | 140 | $1,218,726 | $1,386,485 | 113.77% | 23 |
| Condominium | 260 | $1,233,371 | $1,327,703 | 107.65% | 28 |
| Loft Condo | 19 | $1,077,667 | $1,106,709 | 102.69% | 32 |
| Co-op | 12 | $2,078,149 | $2,081,167 | 100.15% | 33 |
| TIC | 28 | $1,303,393 | $1,379,067 | 105.81% | 41 |
| ALL * | 610 | $1,721,938 | $1,827,213 | 106.11% | 30 |
June 2018 **
| Property Type |
Sold
|
Avg List Price |
Avg Sold Price
|
% Sold Price vs. List Price
|
Avg Days on Market
|
| Single Family $2M & Over | 75 | $2,763,157 | $3,082,320 | 111.55% | 20 |
| Single Family Under $2M | 149 | $1,126,108 | $1,363,752 | 121.10% | 17 |
| Condominium | 225 | $1,261,034 | $1,346,119 | 106.75% | 28 |
| Loft Condo | 17 | $1,078,694 | $1,141,106 | 105.79% | 20 |
| Co-op | 8 | $2,664,875 | $2,642,250 | 99.15% | 43 |
| TIC | 23 | $1,014,087 | $1,126,848 | 111.12% | 20 |
| ALL * | 551 | $1,575,143 | $1,738,301 | 110.36% | 25 |
* Includes Single Family Homes, Condo/Coop/TIC and Loft, 2-4 Units, and 5+ Units. (If you add all categories, 5+ units accounts for the extra numbers.)
** Figures subject to change as Multiple Listing Service is updated.
+ Formerly, condominium statistics
included condos, co-op, lofts and TICs.
Realtor.com is the official site of the National
Association of Realtors® (NAR) and is a search engine for real
estate nationwide. Realtor.com
has all of San Francisco’s listed homes and condominiums.
5 Reasonable Repairs to Request Before You Buy a House
Posted on: June 19, 2019
By: Paige A. Mitchell
You’ve found your dream home and are looking to get the necessary repairs done before you can move further. These repairs will test your negotiating skills; we suggest focusing on those that will directly affect you instead of asking for all small and large fixes. Here are five reasonable repairs to request before buying a house.
- Galvanized Pipes
Common in the 1960s, galvanized pipes have a zinc coating to protect them from corrosion and rust. The zinc used in these pipes was most likely impure, so it may contain other compounds, including harmful ones like lead. Also, while the zinc protects the pipe from the outside, the water flowing through them damages them from the inside, possibly causing water pressure issues. The lifespan of a galvanized steel pipe is typically 20 to 50 years, according to house logic.
- Sewer Pipes
Sewer pipe replacements can be expensive, but they may also be necessary. An expert will be able to determine if the problem is localized or extensive. If the damage is extensive, then the whole pipe may need to be replaced. Of course, the type of pipe will also be important in determining its life span. For instance, the wood fiber-based Orenburg pipe lasts for about 50 years. These pipes are more common in the houses built in the 1950s.
- Wiring
Problems with the electrical distribution system are the third leading cause of structure fires in US homes, according to ESFi. Some houses built in the 60s may have aluminum wiring instead of copper. Aluminum wiring is problematic because it can lead to overheating and fires. The inspection should make it clear whether the whole installation needs to go, or some minor replacements will do the job.
- Roofing
It’s perfectly reasonable to ask for repairs if the roofing inspection reveals any extensively damaged parts. If the seller doesn’t have a roofing certificate, request an inspection and certification. The roofer won’t provide a certificate for a roof that still needs work. Again, don’t mind a few broken or missing shingles. Do discuss damaged skylights, chimneys, and vents.
- Heating and Cooling
Determine the age and condition of the heating and cooling systems as well. Some of the costlier repairs include heat exchangers ($500 to $1,200), smart valve ($750), condenser coil ($1,900 to $2,900) and compressor ($1,900) (prices by HVAC.com). If the HVAC system needs replacements or repairs, then remind the seller of these issues as well.
Repair Options
Some sellers will offer repair credit for major repairs. And, any credit left over after the repair goes back to the provider. If the seller isn’t willing to make repairs in advance, ask them to include a home warranty with the home.
You can ask for repairs for any problems with the house that will stop you from using it normally. Of course, there may also be some smaller issues that need attention. But, you have to give and take in these matters; ignore the minor ones, and focus on the major ones.
The Most Efficient Way to Unpack Once you’ve Moved Into your New Home
Posted on: June 5, 2019
Guest Post by: Paige Mitchell
If you’ve ever moved to a new home, you know just how exciting and stressful it can be. Even after you’ve gotten all your belongings into your new place, the unpacking process can start to feel overwhelming.
Sometimes, it can even feel like living out of boxes until everything is slowly unpacked is your best option. But fortunately, the unpacking process doesn’t have to be as daunting as it seems. Keep reading for some tips on the most efficient way to unpack once you’ve into your new home.
Clean Before You Unpack
Even if your new home looks spotless when you move in, it’s still a good idea to clean everything thoroughly. Since it’ll be much more difficult to clean once everything is in its designated place, it’s a good idea to get your cleaning done before you unpack.
Create a Labeling System for your Boxes
One of the worst things you can do is throw a bunch of random from different rooms into one box. Instead, you should try creating a specific labeling system for your boxes. You can organize your boxes by number or color based on what rooms the items go in.
As you (or movers) bring your belongings into your new home, they’ll know exactly where the boxes belong. When you start to unpack, you won’t have to worry about running around and trying to find all of your stuff.
Unpack Your Bedroom and Bathroom First
No matter how smooth your move goes, it’s still going to make for a pretty long day. The first thing on your mind will probably be climbing into bed for a good night’s sleep. By unpacking your bedroom and bathroom first, you’ll have all the necessities you need to get ready for bed on your first night.
As soon as your bed is set up in your room, you should unpack your bedding and make your bed. You can then move on to the rest of your bedroom items before moving on to the bathroom.
Don’t Unpack or Set Up Things That’ll Distract You
You may be tempted to set up your TV, computer, or game consoles right away, but this is one trap you definitely don’t want to fall into. It’s best to save electronic gadgets until the end of your unpacking process so you can avoid distractions as you unpack the rest of your things.
Don’t Unpack the Kitchen on Moving Day
The kitchen may seem fairly easy to unpack, but it’s usually one of the most time-consuming rooms due to the number of items, small appliances, and utensils you have in your kitchen. Since it can take a while to get your kitchen organized, you might want to put this room off until the day after you move. While you’re unpacking your kitchen, you should also ensure that all of your home appliances are working properly. The last thing you want is to realize the dishwasher is acting up after you finally finish unpacking.
Enjoy Your New Home!
The best part of unpacking is undoubtedly when it’s all done. Once everything is in place, you can finally rest, relax, and enjoy the comforts of your new home.
June 2019 Report – San Francisco Real Estate Market Update for May 2019
Posted on: June 4, 2019
The number of homes in the Overall Sales category sold in MAY increased from last month and was slightly more than a year ago in the San Francisco Real Estate Market. The average sale prices versus list price was less than last month as well as a year ago. These numbers reflect the homes sold (for the most part) in the previous month given a typical 30 day close. Days on the market decreased slightly from the previous month but was more than a year ago.
What do these current numbers all mean? Single family homes UNDER $2M (on average) continue to be the best performer. The average increase was almost 14% over the asking price, more than the previous month but less than a year ago . In fact in all the categories we track the average sales price was over 100% of sales price including Co-ops. All in all, the San Francisco market continues to hum along! It’s looking like we are in store for a great summer market.
If you are thinking of selling this is still a GREAT time to SELL. And it can be a great time to BUY with the right agent. Whether you are buying or selling, call Janis Stone at 866-224-8024 TODAY!
* Remember, closed sales in any month reflect deals ratified in the previous month with a typical 30 day close.
May 2019 **
| Property Type |
Sold
|
Avg List Price |
Avg Sold Price
|
% Sold Price vs. List Price
|
Avg Days on Market
|
| Single Family $2M & Over | 55 | $3,242,599 | $3,428,542 | 105.73% | 22 |
| Single Family Under $2M | 140 | $1,218,726 | $1,386,485 | 113.77% | 23 |
| Condominium | 260 | $1,233,371 | $1,327,703 | 107.65% | 28 |
| Loft Condo | 19 | $1,077,667 | $1,106,709 | 102.69% | 32 |
| Co-op | 12 | $2,078,149 | $2,081,167 | 100.15% | 33 |
| TIC | 28 | $1,303,393 | $1,379,067 | 105.81% | 41 |
| ALL * | 610 | $1,721,938 | $1,827,213 | 106.11% | 30 |
April 2019 **
| Property Type |
Sold
|
Avg List Price |
Avg Sold Price
|
% Sold Price vs. List Price
|
Avg Days on Market
|
| Single Family $2M & Over | 70 | $3,964,047 | $4,135,713 | 104.33% | 28 |
| Single Family Under $2M | 146 | $1,215,129 | $1,368,076 | 112.59% | 24 |
| Condominium | 256 | $1,335,970 | $1,397,209 | 104.58% | 36 |
| Loft Condo | 18 | $1,042,100 | $1,103,323 | 105.87% | 36 |
| Co-op | 2 | $1,374,000 | $1,349,000 | 96.16% | 117 |
| TIC | 28 | $1,149,679 | $1,176,073 | 102.30% | 47 |
| ALL * | 565 | $1,649,742 | $1,786,541 | 108.29% | 34 |
May 2018 **
| Property Type |
Sold
|
Avg List Price |
Avg Sold Price
|
% Sold Price vs. List Price
|
Avg Days on Market
|
| Single Family $2M & Over | 82 | $2,936,083 | $3,244,095 | 110.49% | 19 |
| Single Family Under $2M | 159 | $1,133,070 | $1,368,057 | 120.74% | 21 |
| Condominium | 259 | $1,339,928 | $1,429,406 | 106.68% | 27 |
| Loft Condo | 19 | $973,938 | $1,041,070 | 106.89% | 25 |
| Co-op | 6 | $1,628,000 | $1,580,000 | 97.05% | 84 |
| TIC | 19 | $1,256,237 | $1,425,632 | 113.48% | 26 |
| ALL * | 606 | $1,621,632 | $1,784,447 | 110.04% | 26 |
* Includes Single Family Homes, Condo/Coop/TIC and Loft, 2-4 Units, and 5+ Units. (If you add all categories, 5+ units accounts for the extra numbers.)
** Figures subject to change as Multiple Listing Service is updated.
+ Formerly, condominium statistics
included condos, co-op, lofts and TICs.
Realtor.com is the official site of the National
Association of Realtors® (NAR) and is a search engine for real
estate nationwide. Realtor.com
has all of San Francisco’s listed homes and condominiums.
7 Ways to Avoid Debt When Shopping for Your First Home
Posted on: May 24, 2019
Guest Post by: Paige A. Mitchell
When shopping for your first home, it’s smart to have a financial plan in place to pay for monthly home ownership expenses and avoid going into debt. Besides having a stable source of income, you should learn to be savvy with your money and budget for home-related costs. Here are seven ways you can avoid debt when shopping for your first home and save money throughout the home buying process.
- Save for a down payment
Before buying a house, research the current real estate market, compare the prices of different houses you’re looking at, and determine how much of a down payment you’ll have to make. Aim for a down payment of at least 20% of the total value of the property. For example, if you’re looking to buy a $200,000 house, consider putting down at least $40,000.
If you put down a lower down payment, you’ll likely need to purchase private mortgage insurance (PMI). PMI covers the difference between the sale price of the house and the package you get from your lender. Your PMI package will ultimately depend on how much you put down. If you’re in a situation where PMI is completely unavoidable, try to estimate the cost of the insurance to know how much you’ll be paying each month. Use a PMI calculator to help you figure out these costs.
- Know your loan options
If you truly can’t afford a 20% down payment (or are having a hard time saving for a down payment), there are a few low-mortgage programs available to you. For instance, the Federal Housing Association (FHA) offers a 3.5% down payment loan to applicants who have a credit score of at least 850. The FHA also has a 10% down payment option for people whose credit score is between 500 and 579. Both of these loans have an upfront premium of 1.75%.
If you or a family member is in the military, you could try financing offered by the Navy Federal Credit Union. Navy Federal offers complete financing and a zero-down payment loan with a funding fee of 1.75%. Similarly, the Department of Veteran Affairs guarantees loans offered by private lenders. These loans are for active and retired members and some reserves and national guard members.
Opting for a United States Department of Agriculture (USDA) rural development mortgage is another option for first-time home buyers. This program assists approved lenders in providing low- and moderate-income households the opportunity to buy a house in eligible rural areas.
In addition to checking for low down payment options, get pre-approved early on in the home buying process and compare mortgage packages offered by different lenders. Check loan comparison sites and contact lenders to get a complete view of what you’re dealing with. Don’t be shy to ask for details about each package and get as many quotes as you can so you know the best available offers.
- Understand the different types of mortgage
There are two main mortgage options: a fixed rate mortgage and an adjustable rate mortgage (ARM). A majority of home buyers go for a fixed rate plan even though the interest rate is higher than an adjustable rate mortgage. An ARM has an initial period (usually 3 to 10 years) where the interest rate remains fixed. After this period, the rate typically changes after each consecutive year. If you’re planning on selling your property within the fixed rate period, an ARM may be a better option because of the lower interest. However, if you’ll be staying in the home for a longer term, a fixed rate mortgage might be cheaper.
There are two main types of fixed rate mortgages: a 15-year and a 30-year mortgage. With a 15-year mortgage, you’ll likely get a lower interest rate and will be able to pay your house off faster. With a 30-year mortgage, the monthly payments will be lower, but the interest rate will be higher.
- Check your credit score before applying
Your credit score plays an important role in how much interest you’ll have to pay on your mortgage. An excellent credit score of 750 or above will result in a better mortgage. There are a variety of free resources you can use to check your credit score, including Credit Karma and myFICO.
Once you get your report back from one of these companies, check it for any possible dings that may result in a higher interest payment. You should also give a thorough assessment of your credit report for any discrepancies or errors. If you find account information or balance amounts that are incorrect, contact the reporting company and the information furnishing company to get it fixed before applying for a loan.
- Ask questions about the lock-in period
When getting a quote, remember to ask lenders about their lock-in period. This is the time between the offer and the closing of the deal where the interest rate will be “locked-in.” The lock-in period usually ranges from 30 to 60 days. The obvious benefit of having a lock-in is that you won’t have to worry about any interest rate hikes. Of course, the main downside is that you won’t be able to benefit from a decrease in interest rates.
- Prepare for the future
First-time home buyers can save money by considering the different kinds of insurance they’ll need to invest in as a homeowner. When you buy a home, not only will you be dealing with potential damage from natural disasters or break-ins, but you’ll also have to deal with repairs and replacements to major systems and appliances.
One option for covering repair and replacement costs is through a home warranty. Unlike homeowner’s insurance, which covers damage due to fires, floods, and burglaries, a home warranty will cover the cost of repairs and replacements to major systems and appliances like your HVAC system, dishwasher, and refrigerator.
In addition to securing insurance and a home warranty, be sure get a home inspection done before closing. A home inspection will give you a good idea of the condition of appliances and systems of the house and whether or not any major repairs need to be made before closing.
- Don’t overspend on home improvements
Shopping for a new house is an exciting process, but it can be challenging when you’re on a tight budget, and even more challenging if you want to make a lot of updates to the house. Make a list of high-priority improvements and determine how much you can allocate to these changes—put repairs and improvements that increase resale value at the top of your list. For example, if an appliance is sucking up a lot of energy each month, you might want to get an energy efficient upgrade as soon as possible. If you have a faulty plumbing system, fixing this might take priority over installing a new tile backsplash in your kitchen or ripping up carpet for hardwood floors.
Here are a few other ways to save money on home improvements:
- If your budget doesn’t allow for new furniture, go to a secondhand store to look for unique pieces.
- Check listings on social media pages or join local groups where people are selling and buying used items.
- Hire a friend or family member to help you with simple home improvement projects like painting a room, installing trim, or moving furniture.
From the initial research to the purchase of your home, try to be as through as possible with each step of the process. Pay off as much debt as you can beforehand, get pre-approved early on in the process to determine how much you’re working with, and save up for additional costs that come with purchasing a house.
May 2019 Report – San Francisco Real Estate Market Update for April 2019
Posted on: May 5, 2019
The number of homes in the Overall Sales category sold in APRIL increased from last month as well as a year ago in the San Francisco Real Estate Market. And the average sale prices versus list price was more than last month but about the same as a year ago. These numbers reflect the homes sold (for the most part) in the previous month given a typical 30 day close. Days on the market decreased slightly from the previous month but was more than a year ago.
What do these current numbers all mean? Single family homes UNDER $2M (on average) continue to be the best performer. The average increase was over 12% over the asking price, more than the previous month but about half of what it was a year ago . In fact in all the categories we track the average sales price was over 100% of sales price with the exception of Co-ops. These numbers seem to indicate a very robust summer market is in the works.
If you are thinking of selling this is still a GREAT time to SELL. And it can be a great time to BUY with the right agent. Whether you are buying or selling, call Janis Stone at 866-224-8024 TODAY!
* Remember, closed sales in any month reflect deals ratified in the previous month with a typical 30 day close.
April 2019 **
| Property Type |
Sold
|
Avg List Price |
Avg Sold Price
|
% Sold Price vs. List Price
|
Avg Days on Market
|
| Single Family $2M & Over | 70 | $3,964,047 | $4,135,713 | 104.33% | 28 |
| Single Family Under $2M | 146 | $1,215,129 | $1,368,076 | 112.59% | 24 |
| Condominium | 256 | $1,335,970 | $1,397,209 | 104.58% | 36 |
| Loft Condo | 18 | $1,042,100 | $1,103,323 | 105.87% | 36 |
| Co-op | 2 | $1,374,000 | $1,349,000 | 96.16% | 117 |
| TIC | 28 | $1,149,679 | $1,176,073 | 102.30% | 47 |
| ALL * | 565 | $1,649,742 | $1,786,541 | 108.29% | 34 |
March 2019 **
| Property Type |
Sold
|
Avg List Price |
Avg Sold Price
|
% Sold Price vs. List Price
|
Avg Days on Market
|
| Single Family $2M & Over | 57 | $3,141,070 | $3,326,439 | 105.90% | 23 |
| Single Family Under $2M | 114 | $1,265,451 | $1,393,628 | 110.13% | 27 |
| Condominium | 206 | $1,296,097 | $1,343,248 | 103.64% | 32 |
| Loft Condo | 21 | $1,140,905 | $1,187,720 | 104.10% | 37 |
| Co-op | 4 | $2,332,006 | $2,258,000 | 96.83% | 102 |
| TIC | 25 | $1,147,300 | $1,215,608 | 105.95% | 44 |
| ALL * | 466 | $1,637,800 | $1,719,155 | 104.97% | 32 |
April 2018 **
| Property Type |
Sold
|
Avg List Price |
Avg Sold Price
|
% Sold Price vs. List Price
|
Avg Days on Market
|
| Single Family $2M & Over | 61 | $3,164,902 | $3,965,359 | 125.29% | 17 |
| Single Family Under $2M | 126 | $1,128,796 | $1,371,917 | 121.54% | 19 |
| Condominium | 248 | $1,260,546 | $1,362,702 | 108.10% | 26 |
| Loft Condo | 12 | $1,130,149 | $1,192,408 | 105.51% | 23 |
| Co-op | 4 | $728,750 | $732,500 | 100.51% | 61 |
| TIC | 24 | $1,084,583 | $1,211,000 | 111.66% | 26 |
| ALL * | 529 | $1,630,035 | $1,774,958 | 108.89% | 25 |
* Includes Single Family Homes, Condo/Coop/TIC and Loft, 2-4
Units, and 5+ Units.
** Figures subject to change as Multiple Listing Service is updated.
+ Formerly, condominium statistics
included condos, co-op, lofts and TICs.
Realtor.com is the official site of the National
Association of Realtors® (NAR) and is a search engine for real
estate nationwide. Realtor.com
has all of San Francisco’s listed homes and condominiums.
6 Signs of a Great Realtor
Posted on: April 26, 2019
Janis Stone DRE 00517072
When you’re ready to find a new home or purchase your first home, you want to make sure that the person you are trusting to help you with the process has your best interests in mind. More often than not, it can be tricky trying to decipher whether or not the realtor you found has those qualities. During your search, keep these top qualities in mind when finding a good realtor.
Good Rapport
Realtors with good track records tend to be the most experienced and the most successful in the real estate industry. Ty and find some reviews on their website or social media page, or even ask around to see what other home buyer’s experiences have been with the realtor your looking to use.
Listening Skills
There’s nothing worse than taking the time to break down exactly what you want in a home, only for your realtor to not hear you and send you homes that don’t meet your needs. Realtors should have great listening skills to be able to research the best home’s that fit your needs and budget.
Bethany Patten DRE 01341512
Educated on Current Trends
The real estate market is very fluid and you need an agent that is up-to-speed on all the trends in the industry, especially market value. Realtors that are on top of their game do not settle and are passionate about finding a home for you and negotiating the best price.
Motivated
You want your realtor to be motivated to take action and strategic in being able to find you the best home at the best price. Additionally, your realtor should have strong negotiation skills and be able to offer little perks like a home warranty or cleaning service during the home buying process. If you find that your realtor is hesitant to negotiate, or simply says that the current listing is already fair, then you may want to find another realtor that is more motivated to get the best deal for your new home.
Reachable
If you find a house you want to see or discuss with your agent, or if you have questions about the negotiation process or financing, you want your realtor to be easy to reach. Your realtor should also be willing to communicate in a way that best fits your needs, not vice versa. For example, if you try calling your realtor, and they don’t answer and instead send a text, make sure you are clear in how you best want to communicate. You are their client, after all. If it takes days to hear back from them, then you may want to find a different realtor.
Understand Financing (And the Bumps That Come with It)
Not all of us have perfect credit, but a great realtor will understand that and will be ready for any bumps in the road that comes with getting a mortgage. You don’t want to put yourself in a position where you find your dream home, only to discover that you may not be able to get it due to circumstances you were unaware of. With a realtor being educated in the guidelines that come with getting a mortgage and being informed of your financial situation, they will be able to mitigate any issues that can arise further down the line.
