As 2019 comes to an end, we have had an amazing year in the real estate market. The question being asked at the end of the year is always: “Where is the real estate market headed?”
My November column has always been about the election and the ballot measures as they relate to real estate. But, if you have looked at your voter pamphlet, you will notice that this year it is actually a manageable size, unlike the “telephone books” we have received in the last few years!
In an attempt to battle the rising rent and the housing crisis, the California legislature passed AB-1482 in September which will put a rent cap on properties statewide and make it harder to evict a tenant after 12 months of occupancy.
Do you feel that each year goes by faster and faster as you get older? I sure do. Just like that, summer is over, schools are back in session and we are into the fall season!
I have been asked this questions several times this past month: “Should I put more towards my monthly payment to pay off my mortgage earlier?” That is a great question and the answer depends on your personal financial picture.
I examined the single-family home markets in the Richmond and Sunset districts because these two markets generally track very closely together and compared them against the data in San Francisco as a whole.
A new ordinance that passed at the SF Board of Supervisors is becoming law on June 2. It will affect all sales of buildings of three units and up. The legislation is known as the Community Opportunity to Purchase Act, or COPA for short.
As housing prices soared with the current real estate cycle, the housing crisis has gotten worse and though many solutions have been proposed, the push for more Accessory Dwelling Units (ADUs) have gained some traction recently.
With the median priced single-family home selling for about $1.6 million in San Francisco, this is a serious investment and requires that you prepare carefully and consider your choices before you make the jump into home ownership.
We see cycles occurring in all of life. Some cycles are long and others are short. Cycles also tend to repeat themselves.
… if you are contemplating buying real estate, be careful of overpaying. If you are planning on selling, keep in mind that there is short supply and you should get a good price.
The market remained steady throughout the year with mortgage interest rates rising from the 4 to 5 percent range by the end of the year. Even though this is still low by historic standards, it is the highest it has been the last seven years and it has impacted the market.
When my November Voter Pamphlet arrived in the mail I marveled at how thin it was this time around. There are only five ballot measures for San Francisco voters to decide and 11 for the state.
As I talk to people and clients every day in San Francisco, I have discovered one of the reasons why the home inventory is so low – it is because property owners do not feel like they can move. If they were to buy something else, their mortgage payments and property taxes would go up, depending on what they buy.
“Now that people are back from their vacations and the weather is getting better, homeowners will be putting their properties on the market. With buyers circling, we should be seeing a strong fall market.”