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
Back to top
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