Great article to share from SFGate. 150th anniversary of first Market St. rail line cnolte@sfchronicle.com (Carl Nolte, Chronicle Staff Writer) The Fourth of July is famous for other reasons, but today also is the 150th anniversary of the first run of the first street railway on the Pacific Coast – a two-car steam train that [...]
(more...)Not quite. On Tuesday, The House of Representatives voted to extend the tax credit for three more months for those who had a contract in place prior to April 30th, 2010. The extension is to allow them enough time to close on their purchases in order to receive the $8,000 federal income tax credit. According [...]
(more...)You won’t believe the sweetheart deal that the Indymac boys were given by the FDIC.
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In 2009, its 5th year in business, Paragon…
December 2009 Newsletter: Real Estate in San Francisco
It has been an interesting year in real estate, and it continues to be a very interesting time for home buyers and sellers in San Francisco. Below are a number of charts which review the city’s market from a variety of angles.
The data below is from sources deemed reliable but may contain errors or omissions, and is not warranted. Sales not reported to MLS (such as many new-development condo sales) are not reflected in these statistics.
Sales Price to Original List Price Percentage
This chart shows the average percentage of original asking price achieved upon sale when acting as listing agent. It is a truism that if the property is priced, prepared and marketed well, and the purchase contract is negotiated effectively, it will sell quickly at its highest possible price. When even a half percentage point in sales price equals thousands of dollars, Paragon agents average 5.6% above the city’s average sales-price-to-original-list-price percentage. On a $500,000 home, 5.6% equals $28,000; on a million dollar home, it equals $56,000. In this analysis, the home sales assessed are capped at $3,000,000, because at the higher end, most sales prices are confidential, which distorts the statistics.
*click on the images to view at larger size. (more…)
Senator Chris Dodd, D-CT, has been negotiating for several weeks with Senator Johnny Isakson, R-GA., to craft an extended tax credit for homebuyers that would pass the Senate. Last Wednesday, they announced agreement on a bill that would extend the tax credit for first-time homebuyers and offer a reduced credit of $6,500 to repeat buyers who have owned their current homes for at least five years.
The tax credit provides up to $8,000 to first-time homebuyers but is set to expire at the end of November. (more…)
Don’t worry! This is easy to read.
NAR Homebuyer Tax Credit Chart: published by the National Association of Realtors, this is a great synopsis of the latest version of the Homebuyer Tax Credit that has been approved by the government.
There is now a provision for a “homebuyer,” not just “first-time homebuyers.” As with anything, there are restrictions and limitations. Take a peek and call me with any questions.
President Obama has signed a resolution passed last Thursday by Congress extending the current limits for Fannie Mae, Freddie Mac, and Federal Housing Administration (FHA) loans through 2010.
The conforming loan limits determine the maximum size of a mortgage that Government Sponsored Enterprises (GSEs) Fannie Mae and Freddie Mac can buy or guarantee. Non-conforming or jumbo loans typically carry a higher mortgage interest rate than a conforming loan, increasing the monthly payment and negatively impacting affordability.
The Wall Street Journal, October 22, 2009:
Despite some tentative signs of recovery, the U.S. housing market remains vulnerable to further price drops—especially in areas where large numbers of mortgages are headed toward foreclosure over the next few years.
The Wall Street Journal’s quarterly survey of housing-market data in 28 major metro areas shows sharp drops in the number of homes listed for sale across the country. But the potential supply of homes is far larger because banks are likely to acquire significant numbers of foreclosed homes in some areas, notably Las Vegas, Atlanta, Detroit, Phoenix, Miami and other parts of Florida, and Sacramento, Calif., over the next few years.
Sales of those homes may depress prices further. By contrast, metro areas with relatively low foreclosure and mortgage-delinquency rates include Boston, Denver, Minneapolis, San Francisco, Seattle, Raleigh, N.C., and Portland, Ore., making them less vulnerable.
