2010 Remodeling Cost as Compared to Resale Value

February 15, 2011 · Lee Ginsburg · 2 Comments

Remodeling Magazine annually researches the cost of remodeling with the help of Home Tech Information Systems. They also research the value remodeling adds with the help of the National Association of Realtors. They put this information together by regions. For a complete report please go to http://www.remodeling.hw.net/2010/costvsvalue/national.aspx

Below are the results for the San Francisco region.
A small difference in the size or scope of a project, or in the quality of finishes and accessories you choose, can dramatically affect the cost.

The “value” of a project at resale is always subject to forces that are difficult to predict. Changing how a space is used may meet the immediate needs of the current homeowner, but may be at odds with what prospective buyers are looking for. How the value of a remodeling project is perceived also depends on a variety of factors that traditionally affect home values, including the condition of the rest of the house, the value of similar homes nearby, and the rate at which property values in the surrounding area are fluctuating. Comparable values are particularly difficult to judge in the current economic climate, in which the effect on the value of surrounding homes of foreclosed properties and short sales are part of the equation. The mere presence of a large number of unsold homes, whether new or existing, well-maintained or distressed, can have a constricting effect on surrounding home values. 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

Market Trends

October 2, 2009 · Adam Chinn · 4 Comments

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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

It’s Getting Better All the Time

May 18, 2009 · Dean Rizzi · 7 Comments

It’s Getting Better All the Time

Federal Reserve Chairman Ben Bernanke has forecast an end to the US recession, which he believes will be kaput before 2010. Bernanke also told the Congressional Joint Economic Committee that the collapse in the housing market, which began three years ago, may have bottomed out, something we’ve been saying for the past month. Read more

SSF Real Estate becoming a competitive sport…

March 8, 2009 · Nicole Machado · 8 Comments

Get on your boxing gloves and jump in the ring, but don’t wait for the bell to ring or you’ll be knocked out of the competition. In the past few weeks homes in SSF have been flying off the market. I have been working with first time home buyers for about a month now that desperately want to purchase a home in SSF. They are solid buyers that have excellent credit and a good down payment, however they keep getting beat out on properties by all cash offers. The two most recent homes they bid on had a tremendous amount of activity. One had 18 offers and the other had multiple offers within a few Read more

Have We Hit the Bottom

January 24, 2009 · Nicole Machado · 5 Comments

I was reading the January/February 2009 edition of the California Association of Realtors Magazine and came across this article I thought I would share. The article has good facts with a positive economic forecast for 2009 and the graph is a great visual representation of the history of the market.

To read the full article click on the thumbnail image of the article below, then click once more on the article to make the content larger.

Halloween Foreclosed House

November 13, 2008 · Shokoofeh Nowbakht · 2 Comments

I know Halloween is over, but I just remembered to share the photo of an interesting and very creative costume with you. As you know our San Bruno Prudential participated in giving candies out to children at Serramonte and Tanforan Malls as before on Halloween. It was a lot of fun. I saw the “Foreclosed House For Sale” walking and just had to ask him for a picture. The turbulence in housing market has affected many aspects of our lives, including our holidays. I wonder what kind of real estate Christmas ornaments we will see this year.