"The worst housing slump since the Great Depression may be drawing to a close as first-time buyers rush to take advantage of tax credits before a November deadline."
So says reporter Bob Willis on Bloomberg.com. Buyers who want that $8,000 tax credit are seeing reduced prices on new houses because builders must compete with a glut of foreclosures. The median price of a new house fell 9.5%. Sales of new homes in August hit a one-year high.
Read the whole story at Bloomberg.com.
Showing posts with label Market conditions. Show all posts
Showing posts with label Market conditions. Show all posts
9/28/09
8/20/09
An expert weighs in
Wharton real estate professor Peter D. Linneman shared his thoughts about the real estate market in an August 19, 2009 edition of Knowledge@Wharton.
4/10/09
Bay Area leads the U.S. in dropping rents
According to this story in the San Francisco Examiner, the nation's biggest drops in residential rent have occurred in the Bay Area. Locally, rents have dropped most in the Marina, Russian Hill and Telegraph Hill neighborhoods.
3/31/09
On your mark, get ready...wait
Residential builders are gearing up for new projects in the Dogpatch, Rincon Hills and South of Market.
The few projects mentioned in this San Francisco Business Times article would create more than 600 units, but no one's breaking out the hammers and nails just yet. The number of active residential listings in San Francisco is 24% higher than a year ago.
Still, developers getting their ducks in a row is not a bad sign.
The few projects mentioned in this San Francisco Business Times article would create more than 600 units, but no one's breaking out the hammers and nails just yet. The number of active residential listings in San Francisco is 24% higher than a year ago.
Still, developers getting their ducks in a row is not a bad sign.
12/8/08
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.
So begins a recent article in the New York Times. Read it here.
11/10/08
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.
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.
11/1/08
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.
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.
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