San Bruno Real Estate “Shake Up” 2010!

January 15, 2010 · Karin Cunningham · 3 Comments

112 Georgia Ave. San Bruno, Ca. $419,000

So far, in 2010, San Bruno real estate inventory is low making it a great new environment for homeowners who have been thinking of selling! Currently there are only 30 homes for sale ranging from $299,000 for a small one bedroom home to $1,000,000 brand spanking new homes in a new developement! Md range is about $550,000-$600,000.

With interest rates still teetering between 5 and 6%, home buyers are out in full force looking for good deals before the rates hike up!

What we are seeing is pretty quick sales of homes in the lower and mid ranges while the high end homes are taking awhile. They are selling though! It took quite a few months but the new homes in the Skycrest Develoment next to Lunardi’s have all sold! One most recently at $918,000! Read more

A Look at the Past and a Look at the Future

December 30, 2009 · Dean Rizzi · 1 Comment

This time last year we predicted that 2009 would end a lot better than it began. We were right, though it wasn’t a great accomplishment to be right considering how low the housing market, stock market, and overall economy had sunk during the latter half of 2008. As we’ve stated repeatedly over the past year, a low base and a dour outlook provide an excellent buying opportunity, so we weren’t surprised when buyers stepped forward to exploit the opportunities.

Looking ahead to 2010, we see continued improvement in home sales and home prices. In fact, we wouldn’t be surprised if the market turns to a sellers’ market from a buyers’ market by year’s end. We are almost certain that will be the case if we see a two to three percentage point drop in the unemployment rate. Low mortgage rates and income tax credits are contributing factors in stabilizing the market, to be sure, but no factor is more important than employment in not only maintaining stability but stimulating activity. Read more

Happy New Year?

December 28, 2009 · Jean Joh · 1 Comment

As we approach the end of 2009, things seem to be looking more promising in terms of the real estate industry. The California Association of Realtors just released a report with the following “Quick Facts”:

* Existing, single-family home sales increased 4.7 percent in November to a seasonally adjusted rate of 536,720 units on an annualized basis.
* The statewide median price of an existing single-family home increased 2.4 percent in November to $304,520 compared with October 2009.
* C.A.R.’s Unsold Inventory Index fell to 4.5 months in November, compared with 7.1 months in November 2008.

According to the C.A.R.’s President Steve Goddard: “First-time buyers continued to drive the market in November, as many opened escrow to take advantage of the federal tax credit prior to its original Nov. 30 expiration. The extension and expansion of the tax credit until April 30, 2010, along with low interest rates, should continue to positively impact the market in coming months. Read more

It’s Working and Working Well!!!

December 27, 2009 · Lee Ginsburg · 1 Comment

You might ask, what is working and working well. I am speaking about the $8000 Home Buying Credit. A recent home buyer brought up the $8000 credit and told me that was the motivating factor for him and his wife purchasing a home. The termination date creates urgency and action. Low prices are motivating but not the cause of action. Many think they can time the market. Good Luck to them. People in the business think the lowest interest rates in 40 years should be creating urgency. It certainly makes people think but low rates is all many of these young first time buyers know. I purchased a home in 1982 at 14% interest and that was considered good. Today’s 5% and below interest rates are like the “After Christmas Sale”. But still does not create the urgency since many believe it will last forever.

The $8000 federal tax credit was extended and now sounds like it will really terminate April 30, 2010. Now that creates urgency! OK; the credit created a home sale and that helps stabilize pricing. Let’s not forget all the mouths a home sale feeds: the realtor, mortgage broker, title people, escrow company, termite inspector, home inspector, city tax coffers, and more. Now let me show you all the mouths my client fed by spending his credit on: landscaping, painting, double pane windows, window coverings, furniture and more. Others may remodel a kitchen or bath, carpet, appliances, roof, etc. My client purchased the home from a flipper who must have put $50,000 into the home. Add that up, and the $8000 quickly turns into over $100,000 of added income to local people. That feeds lots of mouths. Being employed in Real Estate and related fields, as Americans and Smart business people we should be ecstatic. I know I am. I am a believer. Read more

To Send or Not to Send?

November 30, 2009 · Kathy Wall · 10 Comments

I did a floor shift in the afternoon on the Wednesday before Thanksgiving. At some point during the shift I received a call from a woman who was very anxious to see a condo in South San Francisco. I told her “no problem!” I’ll meet you at 3:30. I still had a lot to do to get ready for the 14 guests coming to my house the next day, but sales are critical now, so I changed all of my plans and met her and her family at the condo.

This particular condo wasn’t going to work for them, so I told them that I would send them information on other nicer complexes that I thought they might like. On Friday, I did just that. In response, I received the following email:

Dear Kathy,

Thank you for showing us the Mission Road place on Wednesday. I need to let you know that since we spoke, I spoke with my Mother in law who is a realtor, and she is going to represent my parents.

I really appreciate the time you took on our behalf and I apologize for any inconvenience we may have caused you.

Peace and Grace to you.

Sincerely,

(I’ll leave her name out)

Needless to say, I’m really irritated. I am contemplating sending her the following letter and want my reader’s opinions as to whether it is a waste of time. Read more

5 Advantages for Move-Up Buyers In This Market

November 13, 2009 · Adam Chinn · 3 Comments

moving up Five reasons current home owners should consider upgrading to a new home.

1. Interest rates are at historic lows: Lower interest rates means you can now buy more home then you could have a year or two ago.

2. Prices have come down: Even if your current home may be worth less than the last peak in the market, the next home you are looking for will probably be as well. The percentage decrease will actually help you get more house when buying up to a larger home.

3. There are still a good amount of homes on the market right now, both new construction and existing, giving you lots of choices and negotiating power.

4. You can move in to your new home faster, as many builders either have completed homes in inventory or they can start working right away due to the production slowdown.

5. You may have outgrown your home, but its probably someone else’s ideal starter home. With the $8,000 tax credit just recently being extended and the new $6,500 tax credit for move up buyers, now is the time to market your home to first-time home buyers.

For more information about the tax credit please visit http://www.federalhousingtaxcredit.com/

This Real Estate Blog is by Adam Chinn

The Vote is In – The House is Listed

October 24, 2009 · Lee Ginsburg · 2 Comments

Wow! What great thoughts on my last blog http://www.pruvoices.com/2009/10/the-shoe-is-on-the-other-foot-now/. The voting overwhelmingly said hire the fist agent team I interviewed. That is whom I chose and am very happy. They have been very easy to work with and are very professional. Know anyone whom wants to buy. A 2 Bedroom 2 Bath single family home in a real nice adult community for less than a studio here in the San Bruno or South San Francisco. The bus stops in front of the complex and it is just an hour bus ride to midtown Manhattan. My wife asked me “are you sure you want to sell it?” Here is a link to the “Visual Tour” http://www.visualtour.com/applets/flashviewer2/viewer.asp?t=2029575&sk=30.

Some of the great feedback I received was: speak with the HOA president, speak with the management of the team that was not that experienced, interview CRS members in the area, and Google the agents. Read more

Personal Property Exchanges

October 19, 2009 · Ron Ricard - Investment Property Exchange Services, Inc · 2 Comments

Personal Property Exchanges – The Other Side of Section 1031

Many Taxpayers are familiar with §1031 exchanges of real estate. What many people do not know is that section 1031 applies equally to the exchange of personal property. Taxpayers that sell personal property used in a trade or business or held for investment may miss a valuable opportunity to defer the tax gain on the sale if they do not consider like kind exchange treatment for their transaction. Read more