July 2017 Market Activity for the San Francisco Association of REALTORS
How long can the residential real estate market go on like this? We are about two years into a national trend of dropping housing supply and increasing median sales prices. There are some regional variations to the story, but the shift to a predominantly seller’s market is mostly complete. Multiple-offer situations over asking price are commonplace in many communities, and good homes are routinely off the market after a single day. It is evident that a favorable economy keeps hungry buyers in the chase.
Buyers need a $181,349 annual salary to afford a home in the San Francisco metro market
Buyers looking to snap up a home in the San Francisco metro area will need to pull in a $181,349 annual salary, a new report from mortgage tracker HSH said this week. On top of that, they’d then pay $4,231 a month in home-related taxes, interest and other costs like a mortgage loan’s principal.
Hurricane Relief and Local Charity Mixer Info
Houston and Florida Needs Us!
KW Cares is Keller Williams charity arm. It is a 501(c)(3) public charity created to support Keller Williams associates and their families with hardship as a result of a sudden emergency. Hardship is defined as a difficult circumstance that a person or family cannot handle without outside help. The charity is the heart of Keller Williams culture in action – finding and serving the higher purpose of business through charitable giving in the market centers and communities where Keller Williams associates live and work.
During Hurricane Katrina in New Orleans, KW Cares raised more money for the relief effort that the entire National Realtor Association combined!
I am proud to report that our office has raised over $6,000 to date for Hurricane Harvey relief and we’re continuing the cause as Hurricane Irma has Puerto Rico and South Florida in it’s path.
Whether through KW Cares or another charity, please think of these folks who may not be able to buy or even be eligible to buy flood insurance and are at risk if starting over with only the clothes on their back. They should remain in our thoughts always!
More details about KW Cares can be found by clicking here.
Keller Williams Bay Area Living Charity Mixer
Thursday, September 21st, 2017
628 El Camino Real
San Carlos, CA 94070
How to get down payment help if you don’t have rich parents
As Bay Area home prices soar, coming up with a 20 percent down payment can feel like walking up the down escalator. Wannabe buyers who don’t have parents to help out have several options. They can borrow more than 80 percent of the purchase price with a first mortgage and pay private mortgage insurance. They can borrow some of the down payment with a home equity loan or line of credit. Or they can go with a lesser-known option: giving up part of their future appreciation in exchange for down payment help from a government or private-sector program.
Study: FSBOs Net ‘Significantly’ Lower Profits
For-sale-by-owners tend to sell their homes for lower prices
The study examined the price differences between homes sold through traditional agents versus those sold by FSBOs from 2016 to the first half of 2017.
Some homeowners may be tempted to try to avoid commission costs to a broker and try to sell the home on their own. But that can backfire and turn into a much lower sales price, the study found.
Even successful FSBO sellers achieve prices “significantly below” those from similar properties sold more traditionally via REALTORS®, the study found.
315 San Juan Avenue
1610 sq ft 3 bed/2.5 baths on a half acre plus a 1500 sq ft bonus building that can be used for a car collection, home based business offices, exercise studio, ultimate man cave and more. Simply unique and phenomenal property!
Sold for $1,399,000
770 Alta Vista Road
5400 sq ft 6 bed/6 baths on 1.55 acres with ocean views. Unique configuration for optimum flexibility. Can be a single family home or a duplex with rental opportunity(s).
Otherwise shown by Appointment Only.
Offered at $2,299,000