(PRWEB) July 25, 2013

Sean Sullivan San Francisco Real Estate New Construction and Senior Sales Leader with Climb Real Estate Group in San Francisco who was recently featured in a KRON4 news report, comments on the California Association of Realtors® (CAR) June Home Sales and Price Report(1) which shows a decline in units sold, as prices continue to trend upward statewide. Sullivan notes the California Association of Realtors® (CAR) June Home Sales and Price Report which shows a decline in units sold, while prices continue to trend upward statewide. The CAR report states that as prices continued to increase statewide in June with double-digit gains over June 2012, the number of units sold was down 3.8 percent from May, and down 3.7 percent from June 2012. The statewide median price of an existing, single-family detached home rose 2.7 percent from May’s revised median price of $417,350 to $428,510 in June. June’s price was up from 33.5 percent over June 2012. “The June decline in home sales was attributed partially to the hike in interest rates in recent months.  The average 30-year fixed rate had been stabilizing at around 3.5 percent since the beginning of the year, until it jumped more than 50 basis points in June to reach above the 4 percent mark for the first time in more than a year and a half,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young.  “This rate increase portends a somewhat higher rate environment going forward as the Fed mulls over the start of its tapering off program in response to positive signs from the economy.”  Available now at ICON, these 1 and 2 bedroom homes feature contemporary, tasteful finishes located adjacent to shopping, transit, services, food and drink. Amazing views toward the top of the 6 story building. Represented for sale by Paragon Real Estate Group’s Suzanne Gregg and Jason Gorski.

Sullivan says it is important to realize that the San Francisco Bay Area bucked the statewide trend in that housing prices in June decreased very slightly by 1.1 percent over May, but still showed an increase of 23.3 percent over June 2012. The median sold price in June was $712,030, while in May it was $719,610 and in June 2012 it was $577,640. San Mateo County showed a 5.4 percent increase over May prices, and San Francisco County showed a 9.7 percent decrease. The month-to-month median price change from April to May 2013 was 5 percent. Alameda County shows a 2 percent decline in prices in June over May, but 29.7 percent increase from June 2012. Linea condominiums are perhaps the most architecturally stunning residential development along Upper Market. Linea offers myriad views and floor plans to suit buyers who crave privacy or who want to be front-and-center in this dynamic location.  Glass curtain wall construction allows for floor-to-ceiling windows in most homes.  With the historic Art Deco San Francisco Mint and a new Whole Foods as neighbors, Linea graces an already remarkable location.  Transit and the neighborhoods of Hayes Valley, Upper Market and Mid-Market are at your fingertips. Developer  represented by Polaris Pacific.

The San Francisco Bay Area was the only region in the state which showed a month-to-month decline in median housing prices. This fact can be seen as a positive sign because it should ease concerns of a housing bubble in the Bay Area. The median time on the market for the Bay Area in June shows a slight increase over May, at 34.1 and 31.4 days respectively. Sean Sullivan specializes in San Francisco Real Estate new construction and more information about other new properties can be found on his website. The Century, a chevron shaped condominium building will open for sales late this summer.  The five story structure has 1 and 2 bedroom floor plans at the crossroads of Duboce Triangle and Upper Market. The Penthouses feature commanding views and large private terraces. The neighborhood is an urban dwellers dream with parks, transit, bars, restaurants and stylish retail just downstairs. Developer represented for sale by Vanguard Properties’ Jean-Paul Samaha and Ed Deleski.

About Sean Sullivan San Francisco Real Estate Agent

Sean Sullivan serves as Climb Real Estate Group’s Senior Sales Leader. With more than fifteen years in the real estate industry, Sullivan has sold over $600 million in residential real estate and built a reputation for customer-focused sales leadership in San Francisco.  Sullivan has extensive experience in a variety of real estate transactions, both on the buyer’s and on the seller’s sides, and collaborates with attorneys, brokers, and the real estate community at large. His relationships with sellers, buyers and developers allows him to leverage market knowledge and experience in negotiating and surmounting challenges.  As a Top Producer in 2010, 2011, and 2012, his reputation is built on putting clients first by being responsive, consultative, collaborative, ethical and honest. 

 

“Community is important to me,” said Sullivan. He is a member of San Francisco Association of Realtors, California Association of Realtors and National Association of Realtors and active in SPUR (San Francisco Planning and Urban Research Association), SF SAFE, The National Trust for Historic Preservation, Jewish Vocational Services, SF Bicycle Coalition and Panhandle Park Stewards. 

Television, radio, print and electronic media often reach out for Sullivan’s take on the local and national real estate market. He has appeared on television numerous times, been featured on the front page of The San Francisco Chronicle and featured on The Today Show, Fox News Business, The Daily Mail UK and LA Times. In 2012 I received the great honor of The Armed Forces Civilian Service Medal.

Originally a Connecticut Yankee, he has lived in San Francisco for 16 years.  His interests include family, urban planning, yoga, surfing, and gardening.  He has also been fortunate to travel to over 30 countries. He currently resides in the Upper Haight. Sean Sullivan can be contacted at 415-215-0554, Sean(at)climbsf(dot)com. Please visit his website at: http://sfresource.com.

Contact Information

Sean Sullivan, Senior Sales Leader

Climb Real Estate Group

San Francisco, CA 415-215-0554

Sean(at)climbsf(dot)com

http://sfresource.com

(1) http://www.car.org/newsstand/newsreleases/2013releases/june2013sales

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Article source: http://www.prweb.com/releases/2013/7/prweb10954088.htm

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Fear and financing have kept the apartment rental market strong for the past several years, with rising rents and falling vacancies. Rents rose yet again in the second quarter of this year, according to a new report from Reis, up more than 2 percent from a year ago. But rents and vacancies have been stabilizing of late, as buyers return to the market.

Mark Sadaka and his wife are looking to buy a home in New Jersey.

“It’s hard to get a mortgage, but now things have apparently lightened up. I don’t know, we’re exploring that now,” said Mark.

Mortgage credit is easing up slightly, according to a new index from the Mortgage Bankers Association. The increase was driven by a small uptick in the number of jumbo, investor and cash-out products as well as those with higher loan-to-value ratios. All those are riskier loans.

But while credit is easing slightly, mortgage rates are rising. The 30-year fixed hit 4.41 percent on the Zillow Mortgage Marketplace, up 24 basis points from a week ago.That’s the highest in two years. Rates could move higher after Wednesday’s release of the Federal Open Market Committee meeting minutes and more clues to the easing of federal stimulus in the mortgage market.

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Rising rates have already taken away considerable purchasing power for potential buyers. Fewer consumers now think it’s a good time to buy compared with just a month ago, according to a survey from Fannie Mae.

Article source: http://www.cnbc.com/id/100874193

“One cautionary note is that the 90 day delinquency rate increased by 8 basis points, reversing a fairly steady pattern of decline and the largest increase in this rate in three years,” notes the MBA’s chief economist Jay Brinkmann.

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These so-called “seriously delinquent” loans are being processed more quickly now that new foreclosure rules are in place and will therefore be sold back to banks or investors in the next few months. Those sales would therefore be shown as loans coming out from underwater because they would cease to exist.

Another important factor in looking at negative equity, as with everything else in real estate, is location:

“Among the nation’s 30 largest metro areas, those with the highest number of homeowners freed from negative equity last year were Phoenix (135,099 homeowners freed in 2012); Los Angeles (72,936 homeowners freed in 2012); Miami-Fort Lauderdale (70,484 homeowners freed in 2012); Dallas-Fort Worth (59,461 homeowners freed in 2012); and Riverside, Calif. (58,417 homeowners freed in 2012),” notes the Zillow report.

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The highest volume of underwater borrowers were in the most distressed states, where the foreclosure rates are high and where investors are pursuing short sales fervently. It is therefore incorrect to make the assumption that all of the “newly freed” borrowers are either still in their homes with newfound equity or sold at any kind of profit. Of course this also means that negative equity may cure faster than anticipated, since it is so highly concentrated in certain hot investor markets.

The return of home equity is good news for the greater economy, as it makes borrowers feel better about their own personal wealth and therefore more apt to spend. It could also prompt more borrowers to sell their homes. Unfortunately that will not do much to ease the severe inventory shortage of homes for sale, as most sellers will be buyers as well. There are currently just 1.74 million homes for sale, the lowest since December of 1999.

(Read More: Fewer Borrowers Are Behind on Mortgages, but for How Long?)

Article source: http://www.cnbc.com/id/100480500

A limited inventory of homes on the market, combined with the extremely low cost of mortgage financing, has resulted in homes selling above asking price in many western markets, boosting the average listing to closing price ratio, explains Lanny Baker, Chief Executive Officer and President of ZipRealty. The median amount of time that homes are listed on the market before they sell has shortened by more than two weeks since last year, and in some areas we are seeing one-in-five newly listed homes sell in less than seven days. Multiple-bid situations are also increasingly common in the markets we reviewed.

In January 2011, the list to close price ratio in the U.S. reached 97.1%, and increased 40 basis points to 97.5% in 2012. The ratio hit 98.3% nationwide as of December 2012, according to ZipRealty data.

TheTop 10 Best Cities for Home Sellersbased on ZipRealtys List Price to Close Price RatioReport are: San Francisco, San Diego, Sacramento, Las Vegas, Los Angeles, Orange County, Denver, Tucson, Portland and Seattle.