Should I rent or buy???
Many people have always asked, “Should I rent or should I buy?”. My answer, it depends… Each person has their own situation and their own plans for their future. I have always wanted to own my own home and have therefore belived it is better to buy then to rent. Have I rented before, of course I have. Some people may not plan on staying in the same area or not know if they will or not.
With the recent market activity in the area I service, the rental market has slowly continued to raise and become more expensive while the value of homes have come down over the past years and have made buying more affordable. The interest rates combined with the lowering of home values provide an even stronger argument for home ownership.
Under what circumstances would it be better to own? Under what circumstances would it be better to rent? Lets look at some of the reasons for each case. Read more
What is a Mortgage?
A mortgage is often refered to as the amount paid for real property monthly. It is a loan that is secured by real property through the huse of a mortgage note. Most commonly a loan is gotten through a bank, either directly or indirectly through intermediaries. Features of mortgage loans such as the size of the loan, maturity of the loan, interest rate, method of paying off the loan, and other characteristics can vary considerably.
There are many types of mortgages used worldwide, but several factors broadly define the characteristics of the mortgage. All of these may be subject to local regulation and legal requirements.
Interest: interest may be fixed for the life of the loan or variable, and change at certain pre-defined periods; the interest rate can also, of course, be higher or lower.
Term: mortgage loans generally have a maximum term, that is, the number of years after which an amortizing loan will be repaid. Some mortgage loans may have no amortization, or require full repayment of any remaining balance at a certain date, or even negative amortization. Read more
Daly City Turns 100 Years Old!
The city of Daly City will be celebrating its 100 year anniversary on Tuesday March 22nd at City Hall, 333 90th Sreet. Daly City was born out of a small town known as Vista Grande 100 years ago. A color guard from the Daly City Police Department will make its debut, posting the flags of the United States, California, and Daly City to launch the celebration. Complimentary birthday cake will be served to honor Daly City on its milestone anniversary.
Click here for more information
Blog was provided to you by: Adam Chinn
Prudential California Realty your Home for Sale leader!
Miss The Federal Housing Tax Credit? Here Is Your Chance!
Many people missed the federal housing tax credit that ended a few months ago at the end of April this year. I personally met a good amount of potential buyers that were interested in purchasing a home and according to them they were motivated by the possibility of receiving the federal housing tax credit. It seems that now that the tax credit is no longer being offered many of those people are no longer interesting in purchasing home or at least would like to wait a little bit longer. Why I ask?
During the time that the tax credit was offered, Jan 1st 2009 to may 1st 2010 the interest rates did fluctuate. From my research I found the interest rates were at a high of about 5.75% and a low of about 4.75%. During this period I’m not sure how many of the people who purchased homes were waiting for the rates to go down or if they were mainly focused on closing before the tax credit deadline, My guess is the latter. Read more
13th Annual Business To Consumer Showcase September 11, 2010
Daly City will be having their 13th annual Business To Consumer showcase on September 11, 2010. It will be held at the Serramonte Shopping Center from 10am-4pm
For more information about this event, please visit this link www.serramontecenter.com.www.dalycity-colmachamber.org.WWW.Adamchinn.com
For other planned events check out,
Adam Chinn
A Quick Snap Shot Of Daly City
I took a quick look at some of the Real Estate Trends in Daly City and found the statistics to be quite encouraging. These statistics are comparing April of 2010 to April of 2009.
Median Price Of Properties Sold: +6%
Properties Under Contract: +69%
Properties For Sale: -16%
Average Days On Market: -7%
Average Monthly Supply Of Inventory: -63%
The numbers are very encouraging, it appears, while prices are slightly up, so is interest in them. Inventory has decreased and so has the amount of time properties are staying on the market. Simple supply and demand, demand is up while supply is down, means the prices properties are selling for have risen.
It is still a great time to buy or sell in the current market, much of it depends on your own personal needs.
Adam Chinn: Visit my website at http://adamchinn.com
5 Advantages for Move-Up Buyers In This Market
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
Market Trends
I have done research and compared the market last year in September 2008 to this year in September 2009. These numbers are for single family homes. Here are some of the results:
Daly City:
Inventory down 49%
Properties under contract up 12%
Months supply of inventory down 79%
South San Francisco:
Inventory down 60%
Properties under contract up 90%
Months supply of inventory down 88%
San Bruno:
Inventory down 60%
Properties under contract up 9%
Months supply of inventory down 66%
Millbrae:
Inventory down 34%
Properties under contract up 67%
Months supply of inventory down 69%
In all four cities the inventory is down while properties in contract are up. Meaning supply is low and demand is high. Competition for homes in these cities is high, but it is still a great time to buy. This also means that home owners considering selling their home may want to contact a Realtor to see what their home is worth and think about weather it makes sense for them to sell or move at this time. The market has definitely changed for the better and this is a great sign for things to come not only for the housing market, but for our economy as a whole.
This Real Estate Blog is by Adam Chinn
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