homesmillbrae.com » Francisco Bay Area

Bay Area Home Prices Cooling Off

Sat, 14 Sep 2013 07:12:51 +0000

SAN FRANCISCO (CBS/AP) – A research firm said home prices in the San Francisco Bay Area began to cool off last month after a torrid run.

California posted its strongest homes sales for any August in seven years as price increases cooled, a research firm said Friday, a relief to buyers who have been competing over slim pickings.

There were 42,546 new and existing houses and condominiums sold, up 3.1 percent from 41,280 sales a year earlier and the highest August tally since 51,054 homes sold in 2006, according to DataQuick.

The median sales price was $361,000, down 0.6 percent from 363,000 in July but still up 28.5 percent from $281,000 in August 2012. It was the 18th straight month of annual price gains.

Sales were especially strong for mid- to high-priced homes. Sales above $500,000 jumped 28.2 percent in the nine-county Bay Area and soared 48.7 percent in Southern California.

Louis Marcoux, 35, lost three bids before buying a four-bedroom house last month for $830,000 in Pleasanton. It is better house than the previous ones he sought—and less expensive.

“It got sort of crazy in May, June,” said Marcoux, an executive at a medical device maker. “We were ready but weren’t pressed for time … The wait was worth it.”

The median sales price in the Bay area was $540,000, down 3.9 percent from $542,000 in July but still up a whopping 31.7 percent from $410,000 in August 2012. There were 8,616 homes sold in the Bay area, down 0.6 percent from a year earlier.

DataQuick reported Thursday that Southern California’s median sales price was $385,000 last month, matching a 64-month high and marking the 13th straight month of annual double-digit gains. Sales increased 2.8 percent to 23,057 homes.

“We’re starting to see an overdue correction that’s going to lead to much more moderate price increases,” said Michael Lea, lecturer at San Diego State University’s Corky McMillin Center for Real Estate.

The sales increase partly reflects a national trend of fewer homeowners owing more than their homes are worth, allowing them to sell without taking a loss, analysts said. CoreLogic Inc., a real-estate data firm, reported this week that 15.4 percent of its mortgaged homes in California were “underwater” at the end of June, down from 21.3 percent three months earlier.

Foreclosed homes, which drove sales after the 2008 financial market meltdown, made up a much smaller part of the sales mix. According to DataQuick, homes foreclosed upon during the previous year accounted for 7.8 percent of existing home sales in August, down from 20 percent a year earlier and 58.8 percent in February 2009.

Lea said he is watching for housing inventories to grow, which will help keep a lid on price increases.

The California Association of Realtors reported a 2.9-month supply of single-family homes for sale in July, down from 3.5 months a year earlier. A normal supply is considered five to seven months.

Article source: http://sanfrancisco.cbslocal.com/2013/09/13/bay-area-home-prices-cooling-off/

Bay Area Housing: Santa Rosa House Prices Continue to Rise, Along With …

Thu, 08 Aug 2013 10:39:55 +0000

Home News Bay Area Housing: Santa Rosa House Prices Continue to Rise, Along With Demand

–>

By Brandon Cornett | Housing Market News
August 5, 2013 | © 2013, All rights reserved

–>

Mortgage shopping?

If Zillow’s Home Value Index (ZHVI) is any indication, the Santa Rosa real estate market is undergoing a major transformation right now. The ZHVI for Santa Rosa increased by 24.6% over the last year or so.

Granted, the ZHVI is not an exact science. But it does give us some insight into which way the market is moving. And the Santa Rosa housing market is clearly headed north, where home prices are concerned. The same could be said for the entire San Francisco Bay Area.

The median sale price is arguably a better indicator, because it’s based on actual sales prices. Here again, the trend is undeniable. According to Zillow, the median price paid for homes in Santa Rosa has risen by more than 27% in the last year or so. The median list price climbed by 21.7% during the same period.

Data from Trulia, another real estate information website, confirms this trend. Trulia’s numbers show a 28% increase in Santa Rosa’s median sale price over the last year, closely matching Zillow’s figures.

These are tremendous gains, and they mirror the broader trends we are seeing across the San Francisco Bay Area housing market. All across the nine-county Bay Area, home prices are surging in response to inventory shortage and growing demand. It’s good news for homeowners. But it presents certain challenges for home buyers.

Bay Area Housing Market En Fuego

The entire Bay Area real estate market is on fire right now – for better or worse. Consider the evidence. According to DataQuick, a San Diego-based company that tracks housing trends in key cities across the country, the region’s median sale price rose at its fastest pace ever in June 2013.

The largest gain occurred in Alameda County, where the median rose by a whopping 44% over the last year. Sonoma County’s median sale price rose by 29.8% during the same 12-month period.

Granted, home prices in the Santa Rosa real estate market (and elsewhere across the Bay Area) are still well below their pre-crisis peaks. This is partly why we are seeing such big gains right now.

According to DataQuick president John Walsh: “It’s easier for a market to regain lost ground than to push into new territory. We’re still bouncing off the bottom.”

Santa Rosa Real Estate Trends Good for Sellers

This is all good news for Santa Rosa area homeowners, particularly those who lost a significant amount of equity during the housing downturn. While home prices are still well below their pre-crisis peaks, they are gaining ground quickly.

This could be a game changer for homeowners who were unable to sell or refinance their homes in the past, due to their negative or low-equity situations. Property values in the area will likely continue to rise for some time, further empowering homeowners by restoring lost equity.

But the news is not so good for home buyers. The real estate market in Santa Rosa, California has become increasingly competitive. Housing demand has increased on the heels of economic improvement, but inventory levels have fallen over the last year. This means there are more buyers competing for fewer properties. This is what we’re seeing across the entire Bay Area housing market right now.

“There’s a slew of buyers, and there’s nothing for them out there,” said Santa Rosa real estate agent Mike Kelly, when speaking to the Press Democrat recently.

At the same time, rising prices will create affordability issues for many would-be buyers.

The Santa Rosa housing market is emblematic of what is happening across the entire San Francisco Bay Area. Declining inventories, along with the release of pent-up demand, are driving prices north with surprising speed. It’s not a question of if home prices will continue rising through the end of 2013. The question is, by how much.

Disclaimer: This story contains forward-looking statements about the Bay Area real estate market in general, and Santa Rosa in particular. These statements represent an educated guess made by the author. They should not be viewed as facts or financial advice. We make no guarantees about the future of home prices or other housing trends.

Filed under Housing Market News

–>

Article source: http://www.homebuyinginstitute.com/news/santa-rosa-prices-rise-437/

San Francisco Bay Area real estate market booming

Wed, 31 Jul 2013 04:05:04 +0000

A new report out Tuesday shows the real estate market in the Bay Area is hot.

San Francisco home prices have surged nearly 25 percent in the past year; the biggest increase in seven years. That’s more than double the nationwide average of major cities.

According to the SP/Case-Shiller index that ranks metropolitan cities, Las Vegas reported the next biggest jump at 23 percent, followed by Phoenix at nearly 21 percent.

ABC7 Poll

–>

Get more Business »

real estate, housing market, las vegas, business

–>

Comment Now
Email

Report a typo

Article source: http://abclocal.go.com/kgo/story?section=news/business&id=9190210

San Francisco stats like you’ve never seen them

Wed, 19 Jun 2013 01:45:30 +0000

Share this gallery: 1 of 13

San Francisco gets called diverse, liberal, wealthy, and over-educated– often. And apparently, such adjectives are verifiable, thanks to these handy graphs developed by Paragon Real Estate (view the original post with more slides at The Frontsteps blog). Note that the data crunched here is predominately that of the 2010 census, so some figures will be less than current, and perhaps not completely accurate as they are subject to that which is (and is not) reported to the census.

Still, overall, kind of cool stuff. And to most residents, these slides seem to tell of a version of San Francisco that’s pretty close to the real story.

Anna Marie Erwert writes from both the renter and new buyer perspective, having (finally) achieved both statuses. She focuses on national real estate trends, specializing in the San Francisco Bay Area and Pacific Northwest, and writes for SFGate and CurbedSF. Follow Anna on Twitter: @AnnaMarieErwert

Article source: http://blog.sfgate.com/ontheblock/2013/06/18/san-francisco-stats-like-youve-never-seen-them/

Encouraging news out in real estate market

Mon, 13 May 2013 21:28:47 +0000

There is more encouraging news out in real estate markets across the country. 7 On Your Side takes a look at what it could mean for California homeowners.

It’s a good time to sell your house. Home prices in 20 major markets are at their highest in seven years. You can bet the San Francisco Bay Area is on the list.

The S P/Case-Shiller home price index calculated growth rates for a 12 month period ending last February. They looked at 20 major markets and found home prices went up 9.3 percent.

The housing recovery’s been driven by near record low mortgage rates, lower unemployment and more buyers than sellers.

This last factor is a big one in California and the Bay Area where the inventory of homes on the market is one of the tightest in the country.

ABC7 Poll

–>

Get more 7 On Your Side »

housing market, economy, real estate, 7 on your side, michael finney

–>

Comment Now
Email

Report a typo

Article source: http://abclocal.go.com/kgo/story?section=news/7_on_your_side&id=9085727

Supply affects SF Bay area March home sales – U

Sun, 05 May 2013 14:23:48 +0000

LOS ANGELES ?
The real estate tracking firm DataQuick says San Francisco Bay area home sales dipped in March compared to the same period in 2012, but the median price rose on a year-over-year basis for the 12th consecutive month.

San Diego-based DataQuick said Thursday that the March results were due to demand continuing to outstrip supply in many areas.

DataQuick says 7,263 new and resale houses and condos sold in the nine-county area last month, up 34.4 percent from February but down 6 percent from March 2012.

The median price paid in March was $436,000, an increase of 7.7 percent from $405,000 in February and up 21.8 percent from $358,000 in March 2012.

DataQuick says transactions of $500,000 or greater helped push the median sale price up.

The Associated Press

Article source: http://www.utsandiego.com/news/2013/apr/18/supply-affects-sf-bay-area-march-home-sales/

LessThan6Percent Revolutionizes How Home Sellers and Real Estate Agents …

Tue, 30 Apr 2013 06:54:55 +0000

SAN FRANCISCO, April 29, 2013 /PRNewswire/ – LessThan6Percent (http://www.lessthan6percent.com), the online marketplace where home sellers can compare commissions and marketing plans from local real estate agents, is exiting its beta launch in the San Francisco Bay Area and expanding into Southern California. Founded in late 2012 by serial entrepreneur Simon Ru, LessThan6Percent provides home sellers a convenient platform to streamline the process of finding the best agents to represent their home.

“The problem home sellers face is that there are thousands of agents in any given market,” says Ru. “It is difficult for home sellers to compare agents to find the best match. They don’t know what questions to ask, what to look for in a marketing proposal, or how to start the awkward conversation of negotiating services commissions.” This is where LessThan6Percent steps in.

LessThan6Percent differs from traditional agent-matching service such as Trulia (http://www.trulia.com/) and Zillow (http://www.zillow.com) by matching sellers to proposals submitted by agents rather than agents’ profiles. Instead of directing sellers to call agents’ numbers on a directory, LessThan6Percent transforms the matching process by having agents compete for sellers’ business. With a click of a button, home sellers would know exactly what services they are going to receive and how much they would cost. This level of transparency is unparalleled in the real estate industry.

LessThan6Percent Benefits Home Sellers

When using LessThan6Percent, sellers are able to request proposals anonymously and review profiles that showcase agents’ marketing brochures, past transactions and social network reviews. A typical request will receive five proposals within two business days. Each proposal is personalized and includes answers to all the pertinent questions that a seller would typically ask when interviewing agents. Sellers will be able to compare commission quotes, length of contract, and services such as number of open houses, staging, marketing and virtual tours that the agents are willing to offer.

Beyond quantitative metrics and stats, agents are also given the opportunity to provide a customized response on how they can help the seller obtain a higher price and how they are the best agent for the seller and the property. This information adds depth to an agent’s profile and helps the seller decide on the appropriate agents to interview and hire.

“When agents compete for your business, the opportunity to get a competitive commission quote comes naturally,” says Ru. On top of the commission savings, LessThan6Percent also offers home sellers a $500 bonus rebate at close of escrow.

LessThan6Percent Also Benefits Agents

While home sellers enjoy convenience, selection and savings when using LessThan6Percent, real estate agents will enjoy a new avenue to connect with sellers they would not have met otherwise. By gathering and analyzing massive amounts of data from credit bureaus and third-party data sources, LessThan6Percent identifies potential home sellers and brings them to the site. LessThan6Percent’s team interviews and identifies the needs of each seller so that agents can create tailor-made proposals. Because the proposals and commission quotes are personalized and only viewable by the seller, LessThan6Percent provides a safe platform for full-service agents to compete with discount brokerages such as Redfin (http://www.redfin.com/) in a way that was not previously available.

Since piloting the beta in February 2013, LessThan6Percent has established partnerships with over 300 real estate agents in the San Francisco Bay Area. Several of its partner agents are ranked in the Wall Street Journal as among the top 100 agents in the U.S.

About LessThan6Percent
Founded in November 2012 by serial entrepreneur Simon Ru and led by a team that has helped grow companies like EBay (http://www.ebay.com/) and Redfin, LessThan6Percent™ is a marketplace where home sellers can compare commission quotes and listing proposals from local real estate agents. To learn more about LessThan6Percent, please visit http://www.lessthan6percent.com

LessThan6Percent, Inc.
1001 Bayhill Drive, #294
San Bruno, CA 94066
(Office) 1-800-692-5010

SOURCE LessThan6Percent

RELATED LINKS
http://www.lessthan6percent.com

Article source: http://www.prnewswire.com/news-releases/lessthan6percent-revolutionizes-how-home-sellers-and-real-estate-agents-connect-205310341.html

Supply Affects SF Bay Area March Home Sales

Thu, 18 Apr 2013 22:33:45 +0000

The real estate tracking firm DataQuick says San Francisco Bay area home sales dipped in March compared to the same period in 2012, but the median price rose on a year-over-year basis for the 12th consecutive month.

San Diego-based DataQuick said Thursday that the March results were due to demand continuing to outstrip supply in many areas.

DataQuick says 7,263 new and resale houses and condos sold in the nine-county area last month, up 34.4 percent from February but down 6 percent from March 2012.

The median price paid in March was $436,000, an increase of 7.7 percent from $405,000 in February and up 21.8 percent from $358,000 in March 2012.

DataQuick says transactions of $500,000 or greater helped push the median sale price up.

Copyright Associated Press

Article source: http://www.nbcbayarea.com/news/local/Supply-Affects-SF-Bay-Area-March-Home-Sales-203631541.html

Decrepit Homes in San Francisco Bay Area Fetch Top Dollar for Mountain Views

Fri, 22 Feb 2013 18:37:17 +0000

A sorry-looking shack, with deep cracks in the cinder-block walls and busted windows, that looks like it’s ready to collapse: You wouldn’t pay a dime for that, would you? OK, say it’s nestled in the gorgeous hilltops of the San Francisco Peninsula with no shortage of pristine mountain views. Now how much would you pay? More than $1 million? Well, that’s how much it’s going for.

Even rundown, shabby homes in the San Francisco Bay Area are fetching prices that top-notch single-family homes do. The reason is simple: those gorgeous mountain views. It seems that a great view can get homebuyers to pay top dollar — even if the home itself is nothing to look at. The aforementioned shack? It’s going for $1.275 million. Another home in San Jose, Calif., has a bathroom that hasn’t had any work done to it since the 1930s, a kitchen that’s falling apart and a shabby exterior. The listing agent even admits that he’s “looking for someone to come in, remodel, probably flip this house.” Well, hope the flip nets a big profit because to buy this house as it is, you’ll need $585,000. See the video above to learn why such decrepit homes are going for such high prices.

Find homes for sale in San Francisco, or search listings in your area.

More on AOL Real Estate:
Find out how to calculate mortgage payments.
Find homes for rent in your area.
Find foreclosures in your area.
See celebrity real estate.

Follow us on Twitter at @AOLRealEstate or connect with AOL Real Estate on Facebook.

Article source: http://realestate.aol.com/blog/2013/02/21/decrepit-homes-mountain-views-san-francisco-bay-area/

Real Estate > Decrepit homes mountain views san francisco bay area Decrepit …

Fri, 22 Feb 2013 00:35:47 +0000

Decrepit homes mountain views san francisco bay area Decrepit ..." src="http://homesmillbrae.com/wp-content/plugins/rss-poster/cache/83abe_517678971_3_570_411.jpg" title="Real Estate > Decrepit homes mountain views san francisco bay area Decrepit ..." />

Find homes for sale in San Francisco, or search listings in your area.

More on AOL Real Estate:
Find out how to calculate mortgage payments.
Find homes for rent in your area.
Find foreclosures in your area.
See celebrity real estate.

Follow us on Twitter at @AOLRealEstate or connect with AOL Real Estate on Facebook.

Decrepit homes mountain views san francisco bay area Decrepit ..." alt="83abe screen shot 2013 02 21 at 4.20.18 pm Real Estate > Decrepit homes mountain views san francisco bay area Decrepit ..." />

Article source: http://realestate.aol.com/blog/2013/02/21/decrepit-homes-mountain-views-san-francisco-bay-area/