Rebecca Hoffman
415-321-4296
rhoffman@hill-co.com
RebeccaHoffman.com
If you have any questions about anything you see in this newsletter, or about real estate in general, please be sure to contact me. I am here to assist you in any way I can. And naturally, should you, your family or your acquaintances require real estate representation, I hope you'll keep me in mind.
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A Quick Note
Last Friday the Wall Street Journal published a story under the headline, "Stunned Home Buyers Find the Bidding Wars Are Back." The article talks about how a low inventory of homes for sale is causing competitive bidding throughout the nation. The charts they share show how the squeeze is particularly acute in San Francisco.
Anecdotally, we know this to be the case. We're seeing examples of it every day. At a recent company meeting we heard about one home that listed for $1,099,000 and sold for $1,400,000. Another property received 13 offers. On still another property the listing agent sent out 50 disclosure packages - 50 - that means there were at least 50 relatively serious buyers requesting more information on the listing.
It's not universal, and it's not in every neighborhood. But clearly, for the right property in the right location, the real estate market has turned around dramatically, especially in recent weeks.
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Market Update for San Francisco*
03/01/2012 - 03/31/2012
Single Family Homes - 213 Sold
· Median Sale Price: $720,000
· 102 Sold OVER Asking Price
· 83 Sold UNDER Asking Price
· 28 Sold AT Asking Price
· There are currently 680 Single Family Homes on the market
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Condos/Lofts/TICs - 255 Sold
· Median Sale Price: $630,000
· 105 Sold OVER Asking Price
· 93 Sold UNDER Asking Price
· 57 Sold AT Asking Price
· There are currently 849 Condos/Lofts/TICs on the market
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*Source: San Francisco Association of Realtors® |
Mortgage Update
The market has been hovering along the 50 day and 100 day moving averages for the past two weeks. At first glance this would equate to at least some short term stability, but the economic news continues to be both unpredictable and contradictory.
Analysts are reporting that the US economy looks to have slowed down some in the 2nd quarter and that the Fed may have to provide additional stimulus. However, as of last Friday, of the 287 companies in the S&P 500 that have reported quarterly earnings, nearly 73% have reported better than expected numbers.
We will continue to keep you updated with the economic news as it unfolds.
This information is provided by Ephraim Schwartz, Partner, Mortgage Consultant, CMPS. Ephraim can be reached at the O'Dette Mortgage Group, (415) 931-2129, or email him at ephraim@omglenders.com.
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Mortgage Rates
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