Is it a Good Time to Buy a House in San Mateo County? Part 1
I recently posted a blog called “Is it a Good Time to Buy a House in San Francisco?”. Today,I would like to expand my suggestion to a different type and style of home altogether…a home in San Mateo County!
San Mateo County is made up of 20 cities that have their own individual characteristics AND real estate prices. The first place that people search when they are priced out of San Francsico but want to feel like they are living in “the City” is Daly City. Daly City is the very next town south of San Francisco. In many parts of Daly City you actually have awesome views Read more
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
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
“Sorry, I Don’t Do Short Sales…”
Recently, one of my newer clients asked me, “Do you work with short sales?” Her reason for asking was that one of the other agents she interviewed told her that he did not work with short sales. I was somewhat surprised that there are still agents out there who will not work with a short sale.
Of course, if you asked me a couple years ago before “short sale” became a common household word, I would have said that I’d stay away from them if I could help it. But as an agent, I have a responsibility to my clients to work in their best interests. Read more
Is the Tax Credit Working?
I recently came across an article by the (CBIA) California Building Industry Association entitled, “New-Home Sales Still Historically Slow in February”. The title does suggest that this is indeed another sub-par month for the real estate business as well as our economy but as I read on I did find some very positive news that will hopefully bring us closer to the bright future. Positive news such as, us finally seeing the bottom of the housing declines.
I am current working with some clients who are interested in purchasing their first home in a New-Home Community. They would be Eligible for both the $10,000 New-Home Tax Credit as well as the $8,000 First Time Homebuyers Tax Credit. This of course would make a huge difference for them financially, who wouldn’t want an extra $18,000 in credit when purchasing a home?
If you would like to view the article please visit California Building Industry Association.
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