Bay Area Real Estate Sales

June 2005 BayAreaRealEstateSales Newsletter

Bay Area Real Estate Sales.com Newsletter

June 2005

IN THIS ISSUE:

Marin & San Francisco Home Sales Statistics

Eight Tips for Protecting Yourself When You Buy a House

Homebuyers Pick Amenities Over Space

Existing-Home Sales Rise to Record in April

Interest-Only Loans Not Good Choice for All

Fast Facts

Marin & San Francisco Home Sales Statistics**

There continues to be a strong sellers market for homes priced under $1,500,000. If you are looking to buy a home in any of the communities with greater than 40-50% of the homes in contract, be prepared for multiple offers. If you are thinking of selling your home, now is the time, as we are still experiencing a lack of inventory. For example, 80% of all the homes

for sale in Larkspur and 65% of the homes in Corte Madera are currently in contract!

Marin Home Sales Statistics - by city as of 5/25/05
City	Total	Active	Number in Contract***	Percent in Contract*
Marin County
Belvedere	22	20	2	9%
Corte Madera	26	9	17	65%
Fairfax	17	10	7	41%
Greenbrae	13	7	6	46%
Kentfield	34	22	12	35%
Larkspur	20	4	16	80%
Mill Valley	121	61	60	49%
Novato	204	86	118	57%
Ross	22	16	6	27%
San Anselmo	56	25	31	55%
San Rafael	191	92	99	52%
Sausalito	60	42	18	30%
Tiburon	81	57	24	30%
Others	73	52	21	29%
Total Marin 5/25/05	940	503	437	46%
Total Marin 4/10/05	738	370	368	50%
Total Marin 3/3/05	659	331	328	50%
Total Marin 2/1/05	460	265	195	42%
Total Marin 1/10/05	458	246	212	46%
Total Marin 12/6/04	756	367	389	51%
Total Marin 11/4/04	927	489	438	47%
Total Marin 10/5/04	968	564	404	42%

Marin Home Sales Statistics - by price range as of 5/25/05
Price	Total	Active	Number in Contract***	Percent in Contract*
$100,000-$499,999	68	21	47	69%
$500,000-$749,999	160	60	100	63%
$750,000-$999,999	205	86	119	58%
$1,000,000-$1,499,999	187	96	91	49%
$1,500,000-$1,999,999	115	73	42	37%
$2,000,000-$,2499,999	55	44	11	20%
$2,500,000-$2,999,999	42	31	11	26%
$3,000,000-$3,999,999	47	38	9	19%
Over $4,000,000	61	54	7	11%
Total Marin 5/25/05	940	503	437	46%
Total Marin 4/10/05	770	390	380	49%
Total Marin 3/03/05	659	331	328	50%
Total Marin 2/01/05	498	293	205	41%
Total Marin 1/10/05	458	246	212	46%
Total Marin 12/4/04	756	367	389	51%
Total Marin 11/4/04	927	489	438	47%
Total Marin 10/5/04	968	564	404	42%

San Francisco Home Sales Statistics - by price range as of 5/25/05
Price	Total	Active	Number in Contract***	Percent in Contract*
$100,000-$499,000	209	79	130	62%
$500,000-$749,000	673	262	411	61%
$750,000-$999,000	378	164	214	57%
$1,000,000-$1,499,000	165	85	80	48%
$1,500,000-$1,999,000	64	32	32	50%
$2,000,000-$2,499,000	26	17	9	35%
$2,500,000-$2,999,000	13	5	8	61%
$3,000,000-$3,999,000	17	13	4	24%
Over $4,000,000	31	21	10	32%
Total SF 5/25/05	1,576	678	898	57%
Total SF 4/20/05	1,403	625	778	55%
Total SF 1/10/05	1,323	523	800	60%
Total SF 2/16/05	1,113	501	612	55%
Total SF 1/10/05	984	360	624	63%
Total SF 12/4/04	1,402	556	846	60%
Total SF 11/4/04	1,530	746	924	60%

*Key:

0% - 10% of Homes in Escrow: Extreme Buyer's Market 36% - 45% of Homes in Escrow: Seller's market

11% - 20% of Homes in Escrow: Strong Buyer's Market 46% - 55% of Homes in Escrow: Strong Seller's market

21% - 30% of Homes in Escrow: Buyer's Market 56% - 100% of Homes in Escrow: Extreme Seller's market

31% - 35% of Homes in Escrow: Balanced Market

**Charts represent information gathered from BAREIS and SFMLS at a specific point in time.

***Includes all: Sale Pending & Contingent properties

Eight Tips for Protecting Yourself When You Buy a House

By Liz McCarthy

If you're getting ready to buy a house during what is typically the busiest buying and selling time of the year, then offers may be flying, loans may seem confusing, and everything may be moving way too fast. That's why it's important to do everything you can to protect yourself throughout the entire home-buying process.

Low mortgage interest rates and a strong underlying demand for housing are continuing to drive home prices higher.

And the NAR says that many states that saw sales decline actually had a shortage of homes for sale - and the biggest price increases.

Too many buyers, not enough sellers is making this an exceptional sellers' market ... Bidding wars are still the norm especially in the first-time buyers market of single-family homes.

What this means if you're buying during the frenzied spring and summer months is that you'll need to do everything you can to protect yourself as you make offers, obtain your loan, buy insurance, and strike up contracts.

Freddie Mac offers a number of tips:

· Get pre-approved for a loan. With competition fierce, you'll want to be ready to make an offer. With a pre-approved loan, you'll have more clout as the seller considers your offer.

· Make sure it's in writing. Don't settle for verbal agreements. If the seller says he'll replace the carpet or leave his washer and dryer, get it in writing.

· Get a good-faith estimate. Your mortgage lender is required to provide you with a good-faith estimate of closing costs within three days of receiving your application. They need to provide it in writing. If you don't have to pay loan application fees, you may want to compare lenders and compare closing costs.

· Don't settle for the first lender you come across. Contact at least three lenders and compare rates.

· Lock-in your rate. One of the most stressful parts of the loan process is watching rates inch up and down each day and trying to figure out when to lock in your rate. Once you do lock in, be sure to get a written statement that outlines your interest rate and length of the lock.

· Get a home inspection