(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

Yes, rates moved down, 0.125 percent, according to several sources, but that was not as low as some had predicted. Remember, we hit the low of 3.49 percent in July, but then we jumped back into the mid to high threes. (Read More: Fed Pulls Trigger, to Buy Mortgages in Effort to Lower Rates.)

“Short term, people who are thinking about moving really need to lock in,” says Craig Strent of Maryland-based Apex Home Loans. He is concerned that the strong consumer sentiment number that came in today could cause the Federal Reserve to pull back on its buying in the future. “When this thing turns, it’s going to be fast. Just pulling back a little sends a message,” adds Strent.

But others argue that the housing market is still on such shaky ground that that’s unlikely to happen. Mortgage applications to purchase a home have declined five of the last six months, according to Diane Swonk of Mesirow Financial.

“I think that this will be a trillion dollar commitment from the Fed,” said Swonk on CNBC’s “Squawk on the Street.” “Home values appreciating, that’s something very important in this economy getting more legs and moving forward more rapidly.” (You can watch the interview here.)

So say mortgage rates could dip lower than the latest record, perhaps to around 3.25 percent. How does that help me? Does it boost my home price? (Read More: Will Fed’s Mortgage Buying Juice the Housing Recovery?)

On the one hand, lower mortgage rates give potential buyers more purchasing power. “A 0.125 percent drop in rates adds 1.5 percent to your maximum purchase price (given all the other fees),” according to Dan Green at Waterstone Mortgage. “Assuming a mortgage payment of $1500, that’s the difference between $404,800 and $411,000-ish.” So that is how much more house you can buy. If people can buy more house, then perhaps home prices will rise.

But as we’ve noted so many times before, the great low rate doesn’t mean anything if you can’t qualify, if you don’t have the down payment or credit scores to get it.

“Instead, the underlying improvement in housing demand is still very reliant on cash buyers and investors,” notes Paul Diggle of Capital Economics, who does not believe mortgage rates will fall dramatically. “Admittedly, low bond yields and savings rates more generally are probably playing a part in the strength of investor demand for housing.”

Lower rates could cause a boost in refinances, but so many have already refied at record low rates that it would take a pretty large drop to lure more in, given the fees and hassle involved. And of course negative equity keeps millions of potential refinancers out of the game. The government’s refinance program for underwater borrowers (HARP) has helped over half a million borrowers get lower rates since the beginning of this year, but unless you have a Fannie Mae or Freddie Mac
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There is a push by Democrats in Congress to expand the government’s refi program, and lower mortgage rates could help more Republicans come on board, but that is unlikely to happen before election day. (Read More: Wealthiest Counties Rake In Government-Backed Mortgages)

“To ensure as many voters as possible can benefit from this, we believe there will be another push to enact HARP expansion legislation during the lame duck session that will start after the election,” says Jaret Seiberg of Guggenheim Partners. “Lower mortgage rates only matter if people can refinance and plow that extra cash into the economy. Given that as many as a quarter of borrowers may be underwater, the HARP is the way to translate the Federal Reserve’s effort into economic stimulus.”

It is hard to say now just how low rates will go and just who will be able to benefit from lower mortgage rates. In today’s tricky housing recovery, so dependent on investors and so sensitive to a still-swollen pipeline of foreclosed properties and delinquent loans, mortgage rates are just one piece of the recovery puzzle.

Sector Watch – Nation’s Biggest Mortgage Lenders:

• Wells Fargo
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• JPM Chase
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• Bank of America
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• Citi
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• U.S. Bancorp
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Questions?  Comments?  And follow me on Twitter @Diana_Olick