Photo: Jeffrey LaMont
A: Along the San Mateo Peninsula, I am not seeing any signs of the real estate market cooling off. The market remains strong due to an imbalance between supply and demand for housing.
Job creation in technology, social media and medical sectors coupled with interest rates also maintain the rally. Factor in a pleasurable climate, 30-year fixed rates remaining at or below 4 percent and the region’s highly rated public schools, and you see why San Mateo County is in demand.
Many residents are highly educated, well-paid individuals who want a home on the Peninsula. They intend to lock in the cheap 30-year rates while they are available.
But the inventory of available homes still lags, and this imbalance increases home prices.
Data from the Multiple Listing Service shows the median home price for a single-family dwelling in San Mateo County for the month of June at $1.3 million — a 16.1 percent increase from a year ago.
Yet the overall number of homes sold in the county dropped 6.4 percent, because of a lack of homes for sale.
We don’t have enough homes to meet the incredibly strong demand.
This kind of market will continue as long as we have strong job creation and attractive mortgage rates.
Jeff LaMont, Coldwell Banker,
(650) 558-6886, firstname.lastname@example.org
There don’t seem to be any signs of cooling in the world of Bay Area real estate.
Lately, I’ve been helping people buy and sell homes from as far north as Petaluma and Vacaville. They’re looking east to Brentwood and south to La Honda because they’ve been priced out.
Even in the aforementioned cities, there are multiple offers that closing above the list price. The city where I currently live, San Bruno, is experiencing record high sales.
This is the first time we’ve seen offers on homes go over a million dollars.
It’s a great time to be a seller in San Francisco and the Peninsula. You’re also in fine shape if you’re a potential buyer with the money to put down and the endurance to compete.
On the flip side, a lot of people who would like to either sell, stay or buy simply can’t.
This tasks us to help find homes in the Bay Area and beyond that are affordable with great schools and trendy downtowns.
I am seeing more people take advantage of their equity and put it somewhere where they will have a small loan or none at all. That’s what makes the most sense for some people.
Berkshire Hathaway HomeServices California Realty,
A: I’ve coined this phrase, “Tech is to San Francisco as oil was to the Middle East.”
Oil created massive wealth in that region, and that is what the tech revolution is doing here.
The Bay Area’s wealth continues to grow this year. The San Francisco real estate market remains on fire, albeit from white hot to just hot.
We are still seeing multiple offers on nicely presented, well-priced homes. The supply continues to be slim with no signs of increasing.
There is some buyer fatigue where buyers, who keep bidding and losing out, take a break. Yet the stream of new buyers continues to flow.
This summer, more people are on vacation, hence slower activity, but buyers should not get their expectations too high.
If they like something, they should do whatever they can to win it. The tech revolution has a long way to go.