Redfin announced today that 80% of offers this month so far have been made on properties with multiple offers. That is up from 69% last month. This was reported on the website SFGate.com.
This is a good indication as to the market, but we also have to realize that this is only what Refin is reporting. We have not had any agency like NAR (National Association of Realtors), or CAR (California Association of Realtors) report any stats like this at the moment.
Personal Note: I would agree that in the areas that they are reporting (East Bay & Central Valley) we have seen an up turn in the number of homes being sold. On the other hand though this is nothing like 2006-2007 when we were seeing multiple offers going 10-20% over the asking price.
San Francisco has seen an upward movement in the amount of properties that are currently being sold. We are even seeing on homes that are priced correctly and show in excellent condition are moving and even getting multiple offers.
Over all Market: Now is a wonderful time to buy. We have loan products out there and available to everyone. We are still able to finance 3.5% down payment, credit scores down to 580, closiong costs negotiated to be paid by seller and stated income for self employed is available. If you can afford to buy now and it makes sense financially....ask yourself WHY NOT?
** Blog post to follow with more information on Self Employed Stated Loans now Available**
Article Referenced in above remarks: Multiple Offer Article - SFGate.com
At the end of 2007 buyers were...well....let's just say we hadn't seen a buyer in a long time. Everything that was going on with the lending and the holidays coming had seemed to push buyers in a holding pattern and seller just not willing to attract the buyers by pricing their homes correctly.
We have seen in just the past month activity for both buyers & sellers increase a lot. Buyers seem to realize that no one actually knows when the "bottom" will hit. They realize that they would rather jump into the market now rather than having missed it entirely. Sellers are starting to realize also that they can't compete with the short sale or foreclosure down the street, so if they are very motivated and truly want to sell that have to price it correctly.
I don't believe that this is the turn around point in our market, but I do believe that the buyers that are starting to come around now are the ones that will end up buying. Everyone else that says that they would buy and are not taking advantage of it now, probably wouldn't have even bought when the market changed or in a "hot" market.
I would love to hear comments on what everyone else is seeing as far as activity in their market!
GO BUYERS!
George-
I just read an article that FORTUNE wrote on the current real estate market. It says that there are a lot of areas in the nation that still need to correct. They are suggesting 30% up to 50% correction. I wanted to post the very first part of the article and then attach a link if you would like to read the full story. *Warning* The article is long but very interesting.
The San Francisco/ Peninsula market is correcting itself but we have never seen more than a 25% reduction in prices for the past 43 years. I am starting to think that the media is controlling this a little more than they really should. There is always going to be a buy and always going to be a seller. The question is are YOU going to be the one that help them in the transaction?
First part of article below..... would love to hear comments after you have read the article!
George
You can't blame America's homeowners for feeling hopelessly confused. From suburban porches and city terraces, they're gawking at a housing world gone mad. Just 18 months ago, folks on a tony Linden Lane or a leafy Boxwood Court were astounded to see the colonial their neighbors bought for $600,000 in 2000 sell for $1.5 million after multiple bids. Now they're just as bewildered to watch the same model across the street go begging for months at $1.1 million without a single offer.
The millions of Americans who believed yesterday's happy talk about housing are now paying the price, from couples who stretched to buy second homes, to true believers who drove the Florida condo craze, to executives who can't take that great new job in Charlotte without suffering a huge loss on the house purchased at the bubble's peak in Sacramento.
Now that the gilded forecasts have proved spectacularly wrong, homeowners don't know what to think about real estate's future. The dizzying rise sure didn't make sense. And the sudden slump doesn't seem any more logical. How can you make reasonable financial plans for the future if you have no idea what your house is worth?
Take a deep breath. We can't tell you what your house would fetch tomorrow. But we can help you through the fog of whipsawing prices and vacillating views to develop a clear picture of what your house will most likely be worth in five years or so. Over long periods housing, like stocks and bonds, follows a set of economic fundamentals. No matter how far prices get unhinged in a speculative craze - and we've just witnessed a blowout - those basic forces eventually regain their grip.
Click Here to Read Full Story!
<!-- REAP --><!--startclickprintexclude-->
<!-- REAP --><!--startclickprintexclude-->
 |
| These homes in Hesperia, east of Los Angeles, sell for $450,000, down $70,000 from 2006. |
 |
| Clifton and Sheri Gorham are saving $800 a month renting a townhouse in Manassas, in northern Virginia, instead of owning one. They want to buy, but only after prices drop another 5%. |
 |
| Matt Goldberg and Rain Kramer sold their Manhattan co-op for a big gain. Now they're renting this loft, waiting for prices to fall before buying again. |
 |
| John Safa, who owns a car dealership, had his Lincolnwood, Ill., home on the market six months without an offer. He'll rent it out until the market rebounds. |
 |
| A big drop in construction costs allows developer Paul Roman to offer this model for $379,000, down 10% from the peak. |
| Current Mortgage Rates |
| Type | Overall avgs |
|---|---|
 | |
| wrtBankRateLinkMtg('30yrFixedMtg'); 30 yr fixed mtg | 5.92% |
| wrtBankRateLinkMtg('15yrFixedMtg'); 15 yr fixed mtg | 5.37% |
| wrtBankRateLinkMtg('30yrFixedJumboMtg'); 30 yr fixed jumbo mtg | 6.87% |
| wrtBankRateLinkMtg('51Arm'); 5/1 ARM | 5.11% |
| wrtBankRateLinkMtg('51JumboArm'); 5/1 jumbo ARM | 5.76% |
 | |
| Find personalized rates: | |
Below you will find the January sales stats for San Mateo County by each individual city.
It's nice to notice that our average days on market is: 63 days
George is a San Francisco native living in Noe Valley. Since starting his Real Estate career in 2004, George approaches each transaction with a vast knowledge of the current market and economic condit
Today's Real Estate industry offers a wide selection of agents to represent a client. As one of the most important decisions for you or your family it is imperative that each client choose an agent who will preserve emotion, legal, financial and physical security. An agent who is professional, efficient and values individual needs is critical in any decision making process.
George Langford is a leading crop of innovative, cutting edge real estate agents in the San Francisco Bay Area. Combining his enthusiasm and passion for buying and selling homes, George presents a strong desire to serve his clients with unbiased information, thorough analysis, and high energy. San Francisco bay area native, George commands a thorough understanding of the local areas, with a focus on San Francisco, Peninsula and Greater Bay Area
Professional Services:First Time Home Buyers
Investment Property
1031 Exchange
Tenancy-In-Common
Short Sales
R.E.O. Properties
Short Sales
Buyer Financing & Advice
Professional Home Staging
Relocation Specialists
Credit Analysis & Repair
San Francisco Bay Area
The San Francisco Bay Area, commonly known as the Bay Area or the Bay, is a geographically and ethnically diverse metropolitan region that surrounds the San Francisco and San Pablobays in Northern California. It encompasses the cities of San Jose, San Francisco, and Oakland. It also includes the smaller urban and rural areas of the North Bay. Overall, the Bay Area consists of nine counties, 101 cities, and comprises 7,000 square miles.[1] The nine counties are Alameda, Contra Costa, Marin, Napa, San Francisco, San Mateo, Santa Clara, Solano, and Sonoma.[2] As of July 2006, the Bay Area is home to 7.2 million people, making it the fifth most populous metropolitan area in the United States, with the majority of the growth due to international immigration.[3][4] The Bay Area comprises many cities, towns, military bases, airports, and associated regional, state, and national parks sprawled over nine counties (sometimes defined as ten or eleven counties) and connected by a massive network of roads, highways, railroads, bridges, tunnels and commuter rail.
While San Jose is now the largest city in the Bay Area, having surpassed San Francisco in the 1990census, for most of its history San Francisco was the area's most populous city. San Francisco remains the focal point and major cultural center in the region[citation needed]. The Bay Area has the highest median household and per capita income of any metropolitan area in the United States[5] and is also one of the most politically liberal areas in the nation.[6] The cost of living is also one of the highest in the nation.
City and County of San Francisco is the is the fourth-largest city in California, second most densely populated in the United states, and the traditional focal point of the San Francisco Bay Area. In 1776, the Spanish settled the tip of the San Francisco peninsula, establishing a fort at the Golden Gate and a mission named for Francis of Assisi. As a result of the California Gold Rush in 1848, the city entered a period of rapid growth. After being devastated by the 1906 earthquake and fire, San Francisco was quickly rebuilt. San Francisco is renowned for its months-long episodes of fog, steep rolling hills, an eclectic mix of Victorian and modern architecture, its peninsular location (surrounded by the Pacific Ocean and San Francisco Bay), and its liberal cultural and political identity. Famous hallmarks and landmarks include the Golden Gate Bridge, Alcatraz Island, the cable cars, the Transamerica Pyramid, Coit Tower, and Chinatown.
Daly City in northern San Mateo County is a majority Asian American city, especially Filipinos with 102,000 residents. There is a large concentration of big box retailers in its Serramonte shopping area. Daly City shares the Cow Palace with neighboring San Francisco.
South San Francisco, dubbed "The Industrial City" lies in northern San Mateo County and is home to 60,000 residents. A growing biotech industry includes the corporate headquarters of Genentech.
San Bruno is a city in San Mateo County, California, United States. The population was 40,165 at the 2000 census.
Millbrae is a city in San Mateo County, California, United States, just west of San Francisco Bay, with San Bruno on the north and Burlingame on the south. The population was 20,718 at the 2000 census.
Burlingame is a city in San Mateo County, California, which is the second wealthiest county in the state, as well as the fourteenth richest in the country[citation needed]. It is located on the San Francisco Peninsula and has a significant shoreline on San Francisco Bay. The city is named after diplomat Anson Burlingame. It is renowned for many surviving examples of Victorian architecture and its high residential quality of life. Burlingame was settled by wealthy San Franciscans looking for a better climate for their second homes, but industrial growth was spurred in the 1960s and 1970s by proximity to the San Francisco International Airport, generating airline support services growth near the U.S. Route 101 corridor. As of the 2000 U.S. Census, Burlingame had a population of 28,158.
San Mateo is a suburb on the San Francisco Peninsula with a population of around 92,000. Its Coyote Point Park, once an amusement park, contains an environmental education center.
Members Of:
Millbrae Lions Club
E-Certified
Local Chamber of Commerce
Mortgage Certification
National Association of Realtors
California Association of Realtors
San Mateo County Association of Realtors
San Francisco Association of Realtors
I have to give George Langford 5 stars! He just sold my fiance and I a home 2 months ago! George worked so hard and found us exactly what we wanted. He listened to our needs and expectations of a home and totally delivered! He is a wonderful individual and won't let you down. So if you are looking for investment property or your future home I would highly recomend this dynamic agent. I promise you will not be disappointed! Thanks George we love our home!!!
M. Margiannis
People Are talking....Five Star Service!
George has helped me and my family invest in property in the past. I can only say great things about George. He has been more than helpful and very easy to talk to. George is highly motivated and it definitely shows in his performance. I have recommended several friends to George and they were very pleased as well, in fact one of my good friends just purchased her first home in San Francisco with the help of George at Zephyr Real Estate!
Elenie B.
Call George Today! 415.336.8191
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2012 ActiveRain Corp. All Rights Reserved
