By MarketWatch
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Facebook’s initial public offering is having a marked effect on San Francisco Bay Area real estate, according to one mortgage banker.
As Julian Hebron wrote on his blog, “The Basis Point,” this week, there’s a definite “Facebook effect” being seen in the San Francisco real-estate market. He tells the story of one 3-bedroom, 1-bathroom home that had 51 offers before it sold for $1.4 million.
“That’s the most offers I’ve seen in 10 years. And a different property that week got 23 offers,” he wrote.
People are rushing to buy right now so they don’t get priced out when the tech boom pushes prices up, he wrote. Limited housing inventory and rising rents in San Francisco also are factors, Hebron added.
“When droves of newly wealthy individuals suddenly rush to a low-inventory market at the same time, it can drastically impact the market,” Hebron wrote.
Read more real-estate news in this week’s pages, including why lenders are asking borrowers for a mountain of paperwork when they apply for a loan, the latest on record-low mortgage rates and a Realty QA about a landlord who refuses to address a renter’s noisy neighbors.
To read more about the “Facebook effect” on San Francisco real estate, check out
The Basis Point blog.
—
Amy Hoak
, Real Estate writer
Mortgage borrowers face litany of questions
As a home buyer or a candidate for refinancing, you’d expect to submit recent pay stubs and bank-account statements when applying for a mortgage loan. But a copy of your college transcripts? Or a decade-old divorce decree?
Read more: Mortgage borrowers face litany of questions.
Landlord refuses to address noisy neighbor
In a recent column, you mentioned dispossessed homeowners sliding “all the way to the bottom of the ladder” to an apartment. Describes me perfectly!
Read more: Landlord refuses to address noisy neighbor.
Article source: http://www.marketwatch.com/story/facebook-effect-on-bay-area-real-estate-2012-05-18?reflink=MW_GoogleNews