Happy holidays

Whatever holiday you celebrate at this time of year, there's something quintessentially festive about 10 nicely dressed men singing in harmony.

Thrilling? You decide

Thrillist is a new lifestyle/food/shopping website with editions for several cities, including San Francsico.

A golden age for first-time home buyers?

"Five or 10 years from now, when the financial crisis has ended and housing prices are up smartly once more, we will look in the rearview mirror and realize that we missed a golden age for first-time home buyers."

So begins a recent article in the New York Times. Read it here.

The Treasury Department's next move

According to the Washington Post, the U.S. Treasury Department is strongly considering a plan to intervene directly in the mortgage industry to dramatically force down rates.

Read the entire article here.

Fannie Mae to temporarily halt foreclosure sales and evictions

Breaking news!

The following is reprinted from a Fannie Mae email announcement.
Please note the Lender Letter is a link to a PDF.

Fannie Mae has issued Lender Letter 04-08 announcing that we are halting all foreclosure sales on occupied single-family properties that are scheduled to occur from November 26, 2008 through January 9, 2009. This temporary halt also applies to eviction lockouts of occupied single-family properties.

These actions allow affected borrowers to retain their homes while we work with our regulator and conservator, the Federal Housing Finance Agency, to implement the previously announced streamlined loan modification program by December 15, 2008.

To facilitate borrower communications, servicers must instruct foreclosure attorneys to send letters to borrowers whose foreclosure sales are halted urging them to contact their servicer, so that together, the servicer and borrower can continue working to resolve the delinquency.

For complete details, including other servicing and reporting requirements, please see Fannie Mae Lender Letter 04-08 (PDF) on our 2008 Lender Announcements and Letters page on eFannieMae.com and the news release on fanniemae.com.

Fewer s'mores, but better air quality

This winter, San Francisco will issue Spare the Air Alerts whenever fine particulate matter creates poor air quality.

Under a new regulation, it is illegal to burn wood, firelogs, or pellets in your fireplace, woodstove, or outdoor firepit on days when the Bay Area Air Quality Management District issues a Spare the Air Alert.

So, you may have to forego that romantic fire and/or s'mores binge for the greater good.

The 2008-09 Winter Spare the Air season runs through February 28. Check alert status online.

Conforming loan amount to increase

Susan Weber Pomilia shared some good news.

Conforming loan amounts for San Francisco and Marin Counties will be increased from the current $417,000 to $625,500 as of the first of the year. This translates to a purchase price of $781,875 with a 20% down payment. Much more realistic for our part of the real estate world.

Rates have also improved over the past two weeks. Right now conforming loans ($417K ) are at 5 7/8% with 1 point, while Jumbos (729K and above) are at 6 1/4% with one point. Remember, the Jumbo conforming category is being phased out, and will be gone by January 1, 2009.

Required reading

Here's a headline that'll make your blood run cold:
Home prices down in 90% of Bay Area ZIP codes

The SF Gate article that follows that headline is required reading for anyone looking to sell or buy in San Francisco.

Want to cut to the chase? Enter your ZIP code here, and check median prices, price changes, and the foreclosure rate in your area.

Eating in your neighborhood...and beyond

Whether you're a recent transplant to the Bay Area, or have been living (and dining out) here for decades, finding new restaurants can be a challenge.

Heck, remembering the name of that place you dined at last month can be tough.

The Chowhound website has a handy bulletin board devoted to all things culinary in the greater San Francisco area. You can monitor the "best Italian" debate, get early reviews of new restaurants, and even post your own questions and comments.

The search function lets you find pho near the financial district or truffles near Twin Peaks. Yum!

The Bank of Sealy Posturepedic? Not so fast…

The markets are in an apparent free fall, the economy is in turmoil, and everyone keeps asking variations on: "Should I stash my cash under my mattress…or go bargain hunting?"

Clearly, everyone has different tolerance for risk, but here's the advice I'm giving my clients right now.

On the sell side: If you don't have a major life event forcing you to sell right this instant, do everything you can to hold tight.

If you must move, consider renting out your current home and then renting in your new community. This buys you some time while the markets stabilize.

On the buy side: You can find deals, especially if you have cash. It's anyone's guess where we are in the downturn cycle, but if you can buy and hold for at least five years, now's a good time to start looking.

In the Central Valley, we're seeing single family homes that are cash flow positive for the first time first time in a generation.

Here in San Francisco, home prices have dropped an estimated 5% to 15% from their peak, depending on who's crunching the numbers. Whether they'll fall further, and by how much, is the multi-million dollar question.

My clients are getting their financing ducks in a row now, and looking at plenty of properties so they'll be ready to jump when we find the perfect place at the perfect price.

Zen by the Beach

I wish I were the listing agent on this wonderful property. I held an open house here last Sunday as a favor to a buddy of mine , and I just didn't want to leave.

This outer, outer Sunset home at 1330 47th Avenue is just two blocks from the beach and two blocks from Golden Gate Park. This neighborhood is not for everyone, but if you dig the outer Avenues, you need to take a serious look at this Asian-inspired home.

The main house (1,506 sq. ft.) has three bedrooms, two-and-a-quarter baths, and great features like a fireplace, office nooks, skylights and roomy closets. Built in 1938, it was remodeled by a local architect and artist.

At the back of the property, there's an unwarranted artist's studio (approx. 700 sq. ft.). Between the two structures is a gorgeous garden. Oh, and two car, side-by-side parking in a spacious garage!

It really is "Zen by the Beach." For more details and photos, see the listing site.

Arkitektura In-Situ sale starts Nov. 8

If you've ever coveted the über-gorgeous goods at the Arkitektura In-Situ showroom, grab a pen and your calendar.

Their annual sale runs November 8 and 9 from 10 a.m. to 6 p.m. Check their site for the address and map, if you don't already have their location programmed into your GPS and/or DNA.

The buzz I've been hearing is 20 to 70% off—plus an extra 5% for the first 200 customers each day. Nearly everything in their showroom costs the earth, but it's the most beautiful modern furniture in the city.

Y'know, I almost purchased a pair of incredible bar stools there once, but I decided to buy a car instead.

What's the big deal about Jumbos?

Right now, rates on conforming loans (up to $417,000, or 80% of a $521,000 property) can be had at roughly 6% for a 30-year fixed rate, with one point to the lender at closing. However, in San Francisco that's not going to get you more than a smallish condo or a TIC (tenants in common) property.

If you're looking for a single-family home, you need to know about conforming Jumbo and Jumbo loans So, what's the diff?

The conforming Jumbo is for loan amounts between $418,000 and $729,000 (or an 80% loan on a 912K purchase price). However, the limits on conforming Jumbos are being lowered to $625,000 at the end of 2008. Presently, conforming Jumbos will run you 6.25% for a 30-year fixed rate with one point to the lender at close of escrow.

The Jumbo includes loans over $729,000. They’re currently available for loans of up to $1.1 million at around 6.75% for 10 years fixed, going to variable for years 11 through 30. The standards on these loans are even more stringent than those of lower value loans, and they also require at least a point at close of escrow.

While the financing arena is certainly tougher than its been for years, it is still possible to finance a home. (Do I need to mention that I'm just the person who can help you jump through lenders' hoops?)

Only the loan-ly...

The U.S. economy is in massive turmoil, stocks look like they’re in free fall, and most of my friends are putting their money under their mattresses. The news says the credit markets are frozen.

There can’t be any way to get a home loan now, right?

Well, not exactly. While lending standards have gotten tougher (long overdue, in my opinion), there are lenders out there making loans.

Earlier this week I asked Susan Weber Pomelia of Residential Pacific Mortgage for her take on the lending market. Here's the skinny:

1. Make sure you pre-qualify before you fall in love with a house.
Lenders are much more stringent about down payments, verifying income, and credit scores. While a very few lenders are willing to make 90% loans, most are requiring at least 20% cash down.

2. Be prepared to provide two years of tax returns, W-2’s and other financial documentation.
Lenders want to see a ratio of no more than 45% of income going to total debt (including credit cards, car loans, etc.). The days of stated income/no documentation loans are over.

3. Manage your credit carefully to keep your credit scores high.
This is a good idea any time.

If you have specific questions about financing or buying a home in the San Francisco Bay Area, please email me at Vision Real Estate.

Welcome to my neighborhood(s)...

According to Wikipedia, San Francisco residents have 100+ distinct neighborhoods or developments to call home. How many can you name?

Alamo Square
Anza Vista
Ashbury Heights
Balboa Park
Balboa Terrace
Bayview
Bernal Heights
Buena Vista
Castro
Cathedral Hill
Cayuga Terrace
China Basin
Chinatown
Civic Center
Clarendon Heights
Cole Valley
Corona Heights
Cow Hollow
Crocker-Amazon
Diamond Heights
Dogpatch
Dolores Heights
Duboce Triangle
Embarcadero
Eureka Valley
Excelsior
Fillmore
Financial District
Fisherman's Wharf
Forest Hill
Forest Knolls
French Quarter (Belden Place)
Glen Park
Golden Gate Heights
Haight-Ashbury
Hayes Valley
Hunters Point
India Basin
Ingleside
Ingleside Terraces
Inner Sunset
Islais Creek
Jackson Square
Japantown
Jordan Park
Laguna Honda
Lake
Lakeside
Laurel Heights
Little Hollywood
Little Russia
Little Saigon
Lone Mountain
Lower Haight
Lower Pacific Heights
Lower Nob Hill
Marina District
Merced Heights
Merced Manor
Midtown Terrace
Miraloma Park
Mission Bay
Mission District
Mission Dolores
Mission Terrace
Mount Davidson
Nob Hill
Noe Valley
North Beach
NoPA (North of the Panhandle)
Oceanview
Outer Mission
Pacific Heights
Park Merced
Parkside
Polk Gulch
Portola
Portola Place
Potrero Hill
Presidio
Presidio Heights
Richmond District
Rincon Hill
Russian Hill
Safeway Heights
Saint Francis Wood
Sea Cliff
Sherwood Forest
Silver Terrace
South Beach
South of Market
South Park
Sunnyside
Sunnydale
Sunset District
Telegraph Hill
Tenderloin
Treasure Island
Twin Peaks
Union Square
University Mound
Upper Market
Visitacion Valley
Vista del Mar
West Portal
Western Addition
Westwood Highlands
Westwood Park

San Francisco's incredible diversity is just one reason I'm a real estate agent. For my full story, visit my website.