GB and Associates
  • Home
  • Services
    • Buying a Home
    • Listing With Us
    • To List Your Home with Us
  • Markets
    • SFR Market Report
    • Condo Market Report
  • Properties
  • Resources
    • Financing
    • Useful Websites
    • Vendors
  • Contact Us
  • Referrals
  • Greg's Profile
  • Blog

Condo Prices Falling

4/18/2011

0 Comments

 
Condo prices have been falling throughout the Bay Area.  It is true that things are neighborhood specific in San Francisco, but this chart below is from the April 10th, 2011 Chronicle with fractions rounded and source being DataQuick Information Services. It definitely shows that as of the end of last year across the Bay Area prices are down 42.9% overall since their 2007 Peak.  Note San Francisco has had the least drop but is still 14.5% lower than our 2007 peak.

County                    2006            2007            2008          2009         2010           Peak            2010 v. Peak
Alameda                $462.5K      $460K         $320K        $250K       $248.3K    $462.5K      -46.3%
Contra Costa        $420K         $429K         $280K        $185K       $180K        $429K         -58.0%
Marin                      $548.8K      $570K         $402K        $317.5K    $350K        $570K        -38.6%
Napa                      $462K         $440K         $400K        $242K        $236.5K    $462K         -48.8%
Santa Clara          $499K         $520K          $417.5K    $300K        $328.8K    $520K         -36.8%
San Francisco     $715K         $760K          $749K        $640K        $650K       $760K         -14.5%
San Mateo            $535K         $550K          $450K        $393K        $375K       $550K         -31.8%
Solano                  $300K         $294K          $125K        $75K           $78K         $300K         -74.0%
Sonoma               $380K         $359.5K       $220K        $174.5K     $175K       $380K         -53.9%

BAY AREA            $490K        $508K            $375K       $275K        $290K        $508K         -42.9%

0 Comments

FHA Assumability

4/16/2011

2 Comments

 
When deciding between getting an FHA approved loan or a conventional loan there are many factors that go into this decision.  The primary ones in the past have been
  • Down payment.  The FHA loans only require 3.5% down vs conventional loans which typically require between 10% to 20% down depending on rate.  Also FHA allows for down payment gifted from a family member, a governmental agency, or a nonprofit organization.
  • Mortgage Insurance Premium.  FHA loans require a mortgage insurance and thus FHA borrowers are required to pay a mortgage insurance premium.  Many conventional loans do not require a mortgage insurance premium if a large enough down payment is made.
  • Credit Qualification Criteria.  It is easier to qualify for a FHA loan than a conventional loan.
  • Total Loan Amount Limits.  The loan limits for a FHA loan are typically less than those of a conventional loan.
One of the other advantages that has often been overlooked is that FHA loans are assumable and conventional loans are not.  In the future this is going to have a significant impact on property owners.  Everyone is expecting interest rates at some point to start increasing within the next year or so.  When this happens, owners who have FHA loans will have an advantage in selling their homes v. conventional loan holders as conventional loans typically are not assumable.  The new buyers from an FHA loan seller will be able to assume the loan at the lower interest rate reducing their payments.  This will greatly expand the buyer pool for sellers with FHA loans as more buyers will be able to afford their monthly payments.
2 Comments

School Information

4/9/2011

0 Comments

 
A new website SFO RELO has recently come on line.  They provide some excellent information about San Francisco schools.  Their site provides School Accountability Report Cards (SARC) on various elementary, middle and high schools.  These cards provide important information such as the enrollment size of classes, demographics, facility conditions, expenditures per student, support staff, and standardized test performances.

So if you have children and are researching schools I would definitely check out the website www.SFORELO.com
0 Comments

FHA Costs Going Up: There is a .25% increase in Mortgage Insurance Premium

4/2/2011

1 Comment

 
The FHA is increasing the amounts required for Mortgage Insurance Premium from .9% to 1.15% as of April 18th on 15 yr and 30yr loans.  So if you want to purchase a home and not pay the additional increased costs you will want to have your purchase agreement ratified by April 18th 2011. 
1 Comment
    Picture

    Author

    Greg Bryan is a realtor and an attorney in San Francisco

    SF Property Values

    For Blog information on unique properties and values click here on SF Values and Property Highlights.

    Archives

    December 2016
    January 2014
    December 2013
    April 2013
    March 2013
    February 2013
    January 2013
    December 2012
    November 2012
    October 2012
    October 2011
    September 2011
    August 2011
    July 2011
    June 2011
    May 2011
    April 2011
    March 2011
    February 2011
    January 2011

    Categories

    All
    Alameda
    America's Cup
    Appraisals
    Assumability
    Bay Area
    Buy
    By-Laws
    Case-Shiller
    CC&Rs
    Community Property
    Condo
    Condo Plan
    Condos
    Construction
    Contra Costa
    Conventional
    East Bay
    Estate Planning
    Fannie Mae
    Fed
    FHA
    Foreclosures
    Freddie Mac
    HOAs
    Home Warranty Insurance
    Insurance
    Inventory
    Investing
    Joint Tenancy
    Living Trust
    Loan
    Loans
    Los Angeles
    Marin
    Markets
    Market Street
    Moody
    Mortgages
    Napa
    NAR
    Neighborhoods
    Operating Rules
    PMI Insurance
    Prices
    Pricing
    Probate
    Property Taxes
    Refinancing
    Relocations
    Rent
    Rentals
    Rents
    Reserves
    Roofing
    San Diego
    San Francisco
    San Mateo
    Santa Clara
    Schools
    Sell
    SFO Relo
    Short Sale
    Silicon Valley
    Solano
    Sole Ownership
    SOMA
    Sonoma
    Standard And Poors
    Tenants In Common
    Title
    Tract Map

    RSS Feed