Realty World - Success Plans, Inc. » MARKET CONDITIONS

San Francisco Weekly Sales Activity

Daniel Del Carlo — Tue, 14 Jul 2009 17:00:00 +0000

Real Estate is still active in San Francisco.
As expected sales numbers went back down about 31% in San Francisco real estate market from the previous holiday week which included the end of June. But the total sales volume over the week increased a little over 24% and the number of listings in contract increased also.
The number of listing increased by a little over 10% so there is more homes on the market.
Average days on the market increased by 14 days to 62 days. Homes are still selling between 2 – 3 months.

MLS Stats for single family in San Francisco

Week Ending

Week Ending

Week Ending

Weekly %

6/27/2009
7/4/2009
7/11/2009
Change

# of sales
41
61
42
-31.15%

Avg. Sold Price
$1,185,141
$1,102,472
$1,178,705
6.91%

Avg. Days On The Market (Sold)
58
48
62
29.17%

# of Contingent
103
137
163
18.98%

# of Pendings
175
208
262
25.96%

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Total in Contract
278
345
425
23.19%

# of Listings
465
509
562
10.41%

Avg. List Price
$1,707,339
$1,766,470
$1,620,786
-8.25%

Sold Price % of Listing Price
69.41%
62.41%
72.72%
16.52%

Total Sales Volume
$48,590,800
$39,689,000
$49,505,600
24.73%

Click here to get a break down in your area

California Tax Credit for New Home Purchase

Daniel Del Carlo — Fri, 08 May 2009 21:19:00 +0000

If you don’t already know, California is offering up to $10,000 in tax credit for qualified buyers on or after March 1, 2009 and before March 1, 2010, can purchase a principal home that has never been occupied. The buyer must live in the new home a minimum of two years immediately following the purchase date.
Applications will be reviewed and credit allocations will be made on a first-come, first-serve basis. Once $100,000,000 has been allocated, the tax credit will no longer be available. Please check the website below for updates on the allocated and remaining credits available.
Don’t miss out before the program money runs out!
For more info, visit: http://www.ftb.ca.gov/individuals/New_Home_Credit.shtml

WHY IS IT A BEST TIME TO BUY REAL ESTATE IN SAN FRANCISCO, SAN MATEO, AND THE BAY AREA NOW?

Daniel Del Carlo — Thu, 07 May 2009 23:42:00 +0000

Excellent interest rates for new mortgages that will make payments lower. With the lower interest rates you will need to make less to qualify. Rates have not been like this for 40 years and may not be again!
The marketplace is experiencing lower prices, which translates to more selection and opportunity for buyers.
Sellers are more willing to negotiate on their home– not just on price but on other things. Buyers who are still in the market are probably very serious and definitely worth working with.
People were still buying homes in the early 80’s when interest rates were18% for FHA and 7 points. Buying a home, even at high interest rates was still a better alternative than renting. If a person has a job and mediocre credit, buying a home is a definite recommendation. The mediocre rate is probably 8%, great time for mediocre credit.
People moving up from start homes to average or mid-price homes are also likely to continue to buy even in slow times. The reason is that they have equity in their current home and with the low rates available, can
afford a much larger home at close to the same payment they are currently making. The buyer can also pull equity or buy investment property.
Thats why you should buy your house now!