Statistical Tables | Mortgage Rates Outlook | 10 Essential Questions To Ask When Buying A Home
After a four month stretch from last November through February when the median price for single-family, re-sale homes in San Francisco were lower than the year before, the last two months have seen the median price higher.
The sales price to list price ratio stayed over 100%, indicating a strong sellers’ market, for the fifty-first month in a row.
Average Days on Market, referring to the time from when the property was first listed until it went into escrow, was twenty-six in April. On average, since January 2000, Days on Market has been forty-one.
Home sales slumped 28.4% in April from March and were down 8.1% year-over-year. As this is the start of the Spring/Summer selling season, we suspect the drop in sales is due mainly to lack of inventory.
Below are links to some real estate articles we thought might be useful, or at least informative for you.
This white paper from the NAR’s includes tips for both buyers and sellers.
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|Trends at a Glance|
|Apr 17||Mar 17||Apr 16|
|Days on Market:||26||31||32|
|Apr 17||Mar 17||Apr 16|
|Days on Market:||33||30||38|
for single-family homes fell 0.4 of a point to -2.4. Pricing momentum for condos/lofts fell one point to -2.7.
Our momentum statistics are based on 12-month moving averages to eliminate monthly and seasonal variations.
This is an extraordinarily tough market for buyers. It's important to be calm and realistic. If you don't know what to do or where to begin, give me a call and let's discuss your situation and your options.
The graph below shows the median and average prices plus unit sales for homes.
The following chart shows the median price difference compared to the year before.
The graph below shows the median and average prices plus unit sales for condos/lofts.
The following chart shows the median price compared to the average price. The average price will always be more than the median price. The greater the difference, the more higher priced homes are being sold.
The real estate market is very hard to generalize. It is a market made up of many micro markets, especially in San Francisco. For complete information on a particular neighborhood or property, or for an evaluation of your home's worth, call me.
If I can help you devise a strategy, call or click the buying or selling link in the menu to the left.
Complete monthly sales statistics for San Francisco are below. Monthly graphs are available for each district in the city by clicking the links to the left.
|April Sales Statistics|
|Prices||Unit||Yearly Change||Monthly Change|
|D2: Central West||$1,350,000||$1,437,041||35||20||120.9%||14.6%||12.6%||16.7%||12.5%||12.1%||25.0%|
|D4: Twin Peaks||$1,631,500||$1,839,114||26||18||114.3%||26.5%||25.6%||8.3%||5.2%||2.5%||4.0%|
|D6: Central North||$1,555,000||$1,555,000||2||26||105.6%||-45.1%||-45.1%||100.0%||-68.4%||-65.5%||-33.3%|
|D9: Central East||$1,452,500||$1,456,964||26||24||119.2%||0.1%||-0.7%||44.4%||-3.2%||-15.0%||36.8%|
|April Sales Statistics|
|Prices||Unit||Yearly Change||Monthly Change|
|D2: Central West||$-||$-||0||0||0.0%||n/a||n/a||n/a||n/a||n/a||n/a|
|D4: Twin Peaks||$725,000||$788,959||5||34||113.0%||19.8%||30.4%||400.0%||2.8%||20.7%||66.7%|
|D6: Central North||$1,195,000||$1,154,800||25||28||106.5%||5.8%||-1.9%||19.0%||5.8%||0.7%||-30.6%|
|D9: Central East||$1,035,000||$1,158,759||83||42||98.3%||-5.5%||-4.9%||-22.4%||-4.6%||-5.9%||-14.4%|
Apr. 28, 2017 -- Tight supplies of existing homes for sale are squeezing some
buyers into the market for new homes.
In March, sales of new homes rose by 5.8 percent to a 621,000 annual rate. This was the second best figure in about 9 years' time and it wouldn't take much of an upward revision (just 1,000) to make it number one over that stretch.
Sales of new homes have been in a long-running (if notchy) uptrend since a May 2010 nadir of 280,000 (annualized) units sold. Even with nearly seven years of nearly steady gains, there remains plenty of room for growth, as even before the boom of the last decade, sales routinely ran at about 850,000+, including during the brief recession in 2001.
Despite the increase in sales, inventories of built and ready-to-sell units crept up to 268,000 during the month, some 5.2 months of supply at the current rate of sale. This is a fairly normal level and contrasts starkly with just 3.8 months of available existing inventory.
The spurt in sales engendered some higher prices, too -- after two months of lower costs year-over-year, prices in March were 7.2 percent above the cost of a new home sold in March 2016. If a potential 20% tariff on Canadian lumber goes into effect, those costs will be passed along to consumers, and prices here will rise even further.
If the pattern of first-quarter weakness followed by faster growth in the second quarter and beyond holds true, we will likely see a decline in rates.
Eventually, warming data will begin again the drumbeat for a move at the June Fed meeting. Right now, and even with a Fed get-together next Tuesday and Wednesday, we are still in what is a "sweet spot" between the major quarterly Fed meetings, but at the bottom of it -- about six weeks past March and about six weeks before June.
With recent meetings as a guide, this is usually a place in time that has
seen the lowest mortgage rates of the meeting-to-meeting period. As such, we may
be at or just past this point, and may start seeing more firming than not in the
By: Lisa Johnson Mandell
You’ve finally found it: a home you’re swooning over and dying to own. From the exposed ceiling beams to the hardwood floors, this feels like the place. So what’s next? Don’t just stand there dumbstruck; it’s time to dig deeper and ask questions—and not just the kind that randomly pop into your head, either. You need to hit all of the necessary topics head-on, and some of them are not so obvious.
But you’re in luck: We’ve pulled together a checklist of some of the most important initial questions to ask when buying a home:
What is the home’s sales history?
When was the last time the house sold, and how much did the current owners pay for it? This is essential intel, and you don’t even have to ask the seller or your real estate agent about it, because it’s posted on every MLS listing. All you have to do is scroll down to find it. But make sure you know it.
When buying a home, the previous sale price will give you a sense of what the sellers might expect you to pay—but keep in mind that a home’s true market value is based more on what comparable homes are selling for now rather than what it went for in the past, says Los Angeles Realtor® Jennifer Niman of Berkshire Hathaway HomeServices. Sales history will also show you whether the home’s price has been trending up or down over time, which can help you hone your negotiating stance.
Did the sellers make any major renovations or additions?
If they’ve overhauled the kitchen, added a bedroom, or finished the basement, you’ll want to know that—and, ideally, see receipts from contractors to get a sense of what they paid for these upgrades.
In general, this will give you a ballpark notion of how much money they’ve sunk into the home—and what they hope to get out. That said, don’t assume you have to fork over as much cash as they put in; home improvements generally reap only a 64% return on average. And that return on investment varies widely based on which renovation is done.
How much are the property taxes?
Property tax history is also typically available right on the listing detail page. If you can’t find it, ask the seller. You’ll want to find out what previous owners paid, but understand that the property tax, since it’s based on a percentage of the value of the house, will probably be affected by your purchase price. This could be a huge additional expense, and you’ll need to budget for that when putting together your offer.
What are the monthly maintenance and utility costs?
Is there any type of homeowners association fee? Find out. Also learn what kind of power the house uses, be it gas, oil, electric, or a combination, and ask what the average monthly bill for each is. Also inquire about water, waste removal, and any other utility costs that are applicable.
Has there ever been a broken pipe? Sewer backup?
This may sound trivial (not to mention unpleasant), but according to the Insurance Information Institute, broken pipes account for an estimated 22% of all home insurance losses. If the homeowner doesn’t ‘fess up, a good home inspector can probably find evidence of either one of these situations, so you might want to put these on your list of questions to ask your inspector, too.
How old is the roof?
The 2015 Remodeling Impact Report from the NATIONAL ASSOCIATION OF REALTORS® says the national median cost of an asphalt roofing replacement is about $7,600. It would be good to know how soon you might need to lay out that substantial amount of cash.
Have there ever been any pest infestations?
If there was an infestation, when were pest control procedures undertaken? No, this won’t necessarily mean the house is pest-free at the time you’re buying it, but it’s a good starting point to know the history. Many buyers require that termite treatment be included in the price; it’s easiest to tent for pest removal when the house is empty, between owners.
Are there warranties on the appliances, HVAC system, garage door, etc.?
And if so, can the homeowner provide the documentation? Ask for it. This can establish how old these features are, and give you an idea of when they might need to be replaced and how expensive it could be. It will also help you decide whether or not to buy a home warranty.
What are the parking restrictions around the house?
Will guests need parking permits? How many permits are you, as the homeowner, allowed, and can you obtain more if you decide to throw a party? Also, check out the parking situation on the property itself. Will your car(s) fit in the garage? Is there room to park anywhere else on the property other than the driveway?
Does the house have any kind of unusual history?
In many states, owners are legally bound to disclose if a death or major crime has occurred recently on the premises, but there are other circumstances you should be aware of as well. For example: Did anyone famous ever live there? Was it ever used in a film, TV series, or commercial? If so, you might have to deal with fans ringing your doorbell or driving by at all hours of the day or night.
Oh, and if the house has a history of being haunted or paranormally “stigmatized,” you might have a little extra negotiating power when buying a home. Thanks, ghosts.
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