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Blog Archives: July 2014

Should You Take Photos When Viewing A Home For Sale?

July 31, 2014
When you are looking for a new property, you might find yourself booked into looking at 5-6 properties in one day. In these situations, it can be difficult to remember all of the features that each property had. You will be left wondering which one had the balcony with the great view, or the extra-large closet space in the bedroom. If you want to be able to look back on the homes you visited and remember their features more easily, it can be very helpful to bring a camera with you to the showing and to take photos of the property. It can ...

Median List Price for San Francisco Condos is $899,000

July 30, 2014
      This Week The median list price in SAN FRANCISCO, CA this week is $899,000. Inventory and days-on-market are both trending higher recently. However, the improving Market Action Index implies some increased demand will temper the negative trends. Supply and Demand The market has been cooling over time and prices plateaued for a while. Despite the consistent decrease in MAI, we’re in the Seller’s zone. Watch for changes in MAI.  If the MAI resumes it’s climb, prices will likely follow suit.  If the MAI drops consistently or falls ...

Can One Missed Mortgage Payment Affect Your Credit Rating? Yes! Here’s What to Do if You Miss One

July 30, 2014
Most people don’t know whether or not a single missed mortgage payment can have serious consequences for their credit score. The good news is that there are things that can be done to mitigate the damage and help anyone who has missed a payment repair their credit. What are some options to help homeowners get back in the good graces of their creditors? Own Up To The Mistake The best thing to do is to admit that the payment was missed and immediately make amends for it. For the most part, mortgage lenders are sympathetic to the fact that ...

Tuesday Tour Schedule Released – 20 Pages

July 29, 2014
Tuesday tour (aka Broker’s Tour) is not just for brokers anymore – the public is invited and welcome to attend. In fact, it’s one of SF’s best kept real estate secrets. Many of the properties on the tour are open for the first time. For serious buyers, this is a great opportunity to get a sneak peak before the weekend crowds. Plus, many of the open houses are catered – BONUS! Click here for a full schedule I go out just about every week to scope out what’s hot and what’s not and report back to my clients. This week we have 20 pages. Last ...

Bernal Heights’ House Prices Appreciate 36% Over 10 Years

July 29, 2014
Bernal Heights’ single family home values have appreciated 36% over the past 10 years, according to a recent analysis by Bernal Heights Realtor, Michael Minson with Climb Real Estate Group. In 2004, the average sale price for a single family home was nearly $749,000.  We just passed the mid-year mark for 2014 and the average so far this year is $1,167,000. The data is even more striking when you compare current prices to only four years ago (since 2011).  Bernal has seen a 39% average price increase in this shorter time period.  If there ...

Three Ways That Your Credit Score Affects Your Mortgage (and Your Chance of Obtaining One!)

July 29, 2014
If you’re thinking of buying a home, you’ve probably been thinking a lot about your credit score as well. Credit scores control so much of what we do in the world of finances, but what does your credit score really have to do with your mortgage? Here are three ways that your credit score could impact your mortgage application. Your Credit Score Affects Your Ability To Get A Mortgage The first thing your credit score tells a lender is whether they should lend to you at all. In some cases, if you have a very low credit score, you may not be ...

What’s Ahead For Mortgage Rates This Week – July 28, 2014

July 28, 2014
Last week’s economic news brought several housing-related reports, which indicated varying results in terms of gauging the economic recovery. FHFA reported slower growth of home prices associated with Fannie Mae and Freddie Mac mortgages, but sales of existing homes as reported by the National Association of REALTORS® surpassed expectations and May’s reading. Sales of new homes slumped to their lowest level in three months. Weekly jobless claims were lower than expected and also lower than for the prior week. FHFA Home Prices Grow at Slower ...

The Bernal Heights Hillwide Garage Sale is Coming 9-August

July 26, 2014
Hillwide 2014, quite possibly San Francisco’s largest single day neighborhood garage sale extravaganza, is coming up on Saturday, August 9th from 9a-3p. Bernal Heights Residents:  Register today at Hillwide.com to get on the map! This is your chance to empty out the garage or storage shed, recycle old toys and tools, and part with your least favorite knick knacks, doo-dads and thinga-ma-bobs.  The Hillwide is a San Francisco tradition – last year we had over 96 houses register for their goodies for sale. Promote your sale by posting ...

Nearing Retirement? Three Reasons Why You Might Consider a ‘Reverse Mortgage’

July 26, 2014
  If you are nearing retirement, a reverse mortgage might be right for you. This type of mortgage essentially allows you to turn your home equity into cash. If you find yourself with little money, a reverse mortgage could be the perfect solution, and here’s why. No Worries About Monthly Payments After taking on a mortgage, there are many costs that you have to worry about. One of these problems is mortgage insurance premiums. Add interest and fees from lender service providers to the mix, and you’ve got yourself many costs. All of these ...

Small Business Owner? Here’s What You Need To Know About Mortgages

July 25, 2014
If you are an entrepreneur or a small business owner, you probably know that there are a lot of advantages to this lifestyle – the freedom, the exciting challenges, the opportunities and the ability to make a living doing what you love. However, you also know that being a small business owner can make some things more challenging – such as apply for a mortgage for your home. Many small business owners find it tough to get approved for a mortgage, because their income can be erratic and the banks want to see proof of consistent earnings over ...

Understanding the ‘Qualified Mortgage’ or QM and Why It’s Important to New Home Buyers

July 24, 2014
Are you shopping for a home or a new mortgage? If you are interested in finding the best possible financial product, it is important to consider the benefits of selecting a Qualified Mortgage. With so many different types of loan products to choose from and financial terms to learn, schooling yourself on the mortgage market before you buy your first home or apply for your first refinance mortgage may seem like a daunting task. Luckily, there are resources that are designed to help you learn the basics of products and terms so that all ...

National Association of REALTORS Existing Home Sales Exceed Projections

July 23, 2014
According to the National Association of REALTORS®, existing home sales surpassed both May sales and expectations for June. Sales of previously owned homes increased by 2.60 percent in June and reached a seasonally adjusted annual level of 5.04 million sales. June’s reading was the third consecutive monthly increase in sales of existing homes and was the highest reading for existing home sales in eight months. Existing home sales remain 2.30 percent below the June 2013 reading of 5.16 million sales of existing homes. Analysts projected sales ...

Bernal Heights Median Sales Price is $1.032M

July 22, 2014
Over the past six months (from 23-Jan to 22-July), exactly 100 single family homes, condos and/or TICs have sold in Bernal Heights. Prices have ranged from as low as $340k for a 2 Bedroom condo at 400 Alemany to as high as $2,025,000 for a 4 Bedroom house at 147 Peralta (which was previously sold last July for $965k [link to previous listing]). Nearly half (48%) of all sales were between $1M and $1,750k. Despite the extreme high end, the median sale price is $1,032,500, while the average is $1,095,611. About 25% were between $850k and $1M....

A Quick Guide to Assessing Your Home’s Foundation for Cracks – And What to Do if You Find Them

July 22, 2014
When purchasing a home, there are a number of considerations that need to be taken into account. One of those considerations is the foundation of the home. No matter how perfect or suitable a property looks, taking the time to properly inspect the property for foundation problems can save homeowners thousands of dollars in repairs later on. While foundation cracks are usually present in older homes, that does not mean that newer and even brand new homes aren’t prone to them. When choosing a property, the following tips can help homebuyers ...

Tuesday Tour Schedule Released – 21 Pages

July 21, 2014
Tuesday tour (aka Broker’s Tour) is not just for brokers anymore – the public is invited and welcome to attend. In fact, it’s one of SF’s best kept real estate secrets. Many of the properties on the tour are open for the first time. For serious buyers, this is a great opportunity to get a sneak peak before the weekend crowds. Plus, many of the open houses are catered – BONUS! Click HERE for a full schedule. I go out just about every week to scope out what’s hot and what’s not and report back to my clients. Just like last week, we have ...

Median List Price for San Francisco Condos is $899,000

July 21, 2014
      This Week The median list price in SAN FRANCISCO, CA this week is $899,000. The Market Action Index has been trending down lately, while inventory and days-on-market are climbing. The trends imply a weakening market. Supply and Demand The market has been cooling over time and prices have recently flattened. Despite the consistent decrease in Market Action Index (MAI), we’re in a Seller’s Market (where significant demand leaves little inventory available). If the MAI begins to climb, prices will likely follow suit.  If the MAI ...

What’s Ahead For Mortgage Rates This Week – July 21, 2014

July 21, 2014
Last week’s economic news offered a variety of indications that the economic recovery continues, but some readings missed their expected levels. The Philadelphia and New York branches of the Federal Reserve Bank reported higher than anticipated manufacturing for their respective regions and new jobless claims were lower than expected. Fed Chair’s Senate Testimony Hints at Coming Interest Rate Hike Federal Reserve Chair Janet Yellen testified that the Fed might have to raise interest rates sooner than expected if the economy continues to ...

Trust Issues: Protect Your Biggest Investment

July 17, 2014
I recently lost a very special friend.  He left behind an amazing partner, supportive family, and a wonderful group of friends who love him and miss him greatly. It caused me to reflect on my own long-term plans, and pushedme and Phillip to finalize our estate plans.  We’ve both always known it’s important to have an estate plan in place, especially since we own property together and we’re both in the business of real estate.  But like many people, we kept putting it off. Estate planning is one of those “important but not urgent” things ...

Ways to Hold Title in Northern California

July 17, 2014
There are multiple ways to hold title to your real estate in Northern California.  I can’t advise you on the best choice for you as it has significant legal and tax consequences (I can introduce you to very capable folks who can). The form of ownership taken—the vesting of title—will determine who may sign various documents involving the property and future rights of the parties to the transaction.  These rights and responsibilities include property taxes, income taxes, inheritance and gift taxes, transferability of title and exposure to ...

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