What is the market like in the San Bruno Area?
There is not one particular market within San Bruno. There are several difference neighborhoods that each have their own unique feel and different market conditions. Depending on if you’re looking to buy for your own use, investment, or fix and flip– there’s a neighborhood in San Bruno that will have what you’re looking for.
There are many thriving “move-up” neighborhoods that have a very nice micro-climate and attract many buyers. These listings tend to experiencing multiple offers, and a lot of interest. Acting fast in these neighborhoods is essential if you’re competing for a home and having your paperwork, including loan pre-approval in place will help you look even more attractive to the sellers.
Then, as there is everywhere nowadays, there are the neighborhoods that are saturated with short sales and foreclosures. These neighborhoods have a lot of charm and are excellent opportunities for investors and first time buyers. If you’re looking for a great deal in a great area, these are the neighborhoods to check out.
For more information contact me at stephan@stephanmarshall.com or 650.455.1528. I’m a San Bruno native and can give you the information you need about the area and show you around.
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What Should I Expect from My Lender and My Real Estate Agent’s Relationship?
The relationship between your lender and agent is extremely important when purchasing a home. The new market environment has many more regulations, hoops and sharp turns and everything relating to your home purchase should be correct and accurate up front.
The lender doesn’t want any surprises, like a seller credit the day before the lender is supposed to draw loan documentation, since surprises can cause delays which can prevent meeting important deadlines. Not meeting these deadlines can have consequences for the buyer, from losing your deposit to not being able to purchase the home at all!
Having an agent and a lender who fully understand the process and have your best interest in mind when securing financing and finding a home makes the entire transaction run more smoothly and puts you in the best position possible.
Many details of your purchase are ones your lender and agent work together on to be sure the home you’re buying is in good shape. Insurance, inspections, appraisals and understanding your financial goals and future plans are just a few things that allow your agent and lender to be sure that you are buying the right home, at the right price, and that you’ll be in the best place to move forward with one of the biggest investments of your life.
Communication is the most important thing all around so that there are no surprises!
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As The Supply Of New Homes Grows, So Does The Opportunity For A “Good Deal”
The housing recovery showed particular weakness in the New Homes Sales category last month — good news for homebuyers around the country.
A “new home” is a home for which there’s no previous owner.
New Home Sales fell 11 percent from the month prior and posted the fewest units sold in a month since 1963 — the year the government first started tracking New Home Sales data.
Right now, there are roughly 234,000 new homes for sale nationwide and, at the current sales pace, it would take 9.1 months to sell them all. This is nearly 2 months longer than at October 2009′s pace.
The reasons for the spike in supply are varied:
- The original home buyer tax credit expired in November
- Weather conditions were awful in most of the country in January
- Weak employment and consumer confidence continue to hinder big ticket sales
Now, these might be less-than-optimal developments for the economy as a whole, but for buyers of new homes, it’s a welcome turn of events. Home prices are based on supply and demand, after all.
As a result, this season’s home buyers may be treated to “free” upgrades from home builders, plus seller concessions and lower sales prices overall.
It’s all a matter of timing, of course. New Home Sales reports on a 1-month lag so it’s not necessarily reflective of the current, post-Super Bowl home buying season. And from market to market, sales activity varies.
That said, mortgage rates remain low, home prices are steady, and the federal tax credit gives two more months to go under contract. It’s a favorable time to buy a new home.
