First-Time Buyers Score Nearly 1 Million Homes in 2018

• New buyers purchased 985,000 homes in the first six months of 2018, the highest such activity since 2005.
• First-time homebuyers accounted for 2.1 million home sales in 2017, higher than the historical annual average of 1.8 million.
• Given rising mortgage rates, first-time buyers who entered the market in June 2018 paid 67 percent more for a home than they would have five-and-a-half years ago.

Though first-time homebuyers face multiple challenges in today’s housing market — including rising interest rates, strong appreciation, and critically low inventory levels — that group was busier than it has been in 13 years in the first half of this year.


First-time homebuyer activity is now slightly above its historical average of 35 percent but quite a bit shy of the 46 percent peak recorded in the mid-1990s. In 2017, new buyers scooped up 2.1 million homes, breaking out of the cyclical depression to move above the historical annual average of 1.8 million. That buyer pool is getting a boost from the nation’s thriving economy.


A shortage of homes for sale — particularly those priced at the lower end of the market between $150,000 and $300,000 — continues to prevent more first-time buyers from getting in the game. The nation’s inventory crunch helped push up home prices by 6.5 percent in the second quarter on an annual basis, putting a dent in affordability for potential new buyers. Read more on the @bethanywpatten

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Most Homebuyers Want an All-Digital Mortgage Process

• A poll of recent homebuyers found that excessive paperwork is the biggest pain point in applying for and closing on a loan.
• Sixty-six percent of homebuyers would prefer a mortgage process that was conducted entirely online.
• Homebuyers still need human contact throughout the mortgage process, with 65 percent saying that they want a person to explain options and terms.

Most people shopping for a home loan would prefer to avoid mountains of paperwork, and Fannie Mae has plans to bring the mortgage-application process into the digital age.


In a survey of 3,000 recent homebuyers, the company found that most borrowers want to speed up the process of obtaining a mortgage to one month. Currently, Fannie Mae says that it takes a median of 35 days to close on a home loan.


When asked what could make the mortgage process easier, 27 percent of homebuyers said that reducing paperwork would be the top priority. Twenty percent of those polled would prefer a better way to shop and compare products from different lenders, while 16 percent want less exchanges with a lender before closing on a mortgage. Read more on the @bethanywpatten

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Defining Our Future: Pacific Union Joins Compass

Pacific Union is pleased to share the news that our firm has joined Compass, a real estate technology company that operates in more than 30 regions throughout the U.S.


REAL Trends currently ranks Pacific Union as the No. 5 residential real estate brokerage in America and the No. 1 independent brokerage in California based on 2017 sales volume of $14.1 billion. With the addition of Pacific Union, Compass’ national team will grow to over 6,400 real estate professionals representing $28 billion in sales volume in 2017.


Pacific Union was founded in 1975 and acquired by CEO Mark A. McLaughlin in 2009. The San Francisco-based brokerage has more than 50 offices and nearly 1,700 real estate professionals throughout California. Pacific Union’s deep commitment to professionalism and client service make it an ideal strategic and cultural fit for Compass. Read more on the @bethanywpatten

#compasseverywhere #blogging #realestate #realestateagent #PacUnion #PacificUnion #bethanywpatten #loveyourhome

All New Buildings Pledge Net-Zero Carbon by 2030

Under the C40 pledge, all new buildings will be powered by renewable sources like solar or wind by 2030. Manuela Durson / Shutterstock.com

19 mayors pledge to make all new buildings net-zero by 2030


The places we live and work are some of the greatest contributors to climate change. Buildings generate over half of the total greenhouse gas emissions for most cities, and in some cities, like London and Paris, it’s closer to 70 percent. A new mayoral coalition made up of 19 cities worldwide would require all new buildings to produce as much energy as they consume.


Today, 19 mayors from the C40 group signed a pledge to make all new buildings net-zero carbon by 2030. The mayors—including those of U.S. cities Los Angeles, New York City, Portland, San Francisco, San Jose, Santa Monica, and Washington D.C.—also pledge that by 2050, all buildings, old or new, will be net-zero as well. Read more on the @bethanywpatten

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#climatechange #netzerocarbon #newbuildings #blogging #realestate #realestateagent #PacUnion #PacificUnion #bethanywpatten #loveyourhome

More Than Six in 10 Millennials Lack a Prime Homebuying Credit Score

• Sixty-one percent of millennials without mortgages have credit scores lower than 661.
• Millennials with mortgages have average credit scores of 716.
• While one survey puts the number of millennials who think homeownership is a good investment at more than 80 percent, another poll says that less than half of that generation express the same sentiment.

Besides student debt, rising home prices, and higher mortgage rates, most millennials also face the challenge of improving their credit scores to enter the housing market.


An Experian study found that just 39 percent of millennials without a mortgage have what is considered a prime credit score of 661 or higher. Millennials under age 28 and younger have average credit scores of 652, while millennials age 29 and older are in the prime range, at 665. Read more on the @bethanywpatten

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#CreditScore #Millennials #Investment #Homebuying #homeownership #blogging #realestate #realestateagent #PacUnion #PacificUnion #bethanywpatten #loveyourhome

Lists of Paperworks You Need for Applying a Mortgage

Get your paperwork ready before applying for a mortgage


When you begin looking for a house, you should also begin looking for all the paperwork you'll need before applying for a mortgage.


If you apply in person at a bank or mortgage company, plan on taking all of these documents with you. The lender will make copies.


If you arrange your mortgage over the internet, the lender will provide you with a list of documents to fax, email or mail in. If you mail them, send copies, not the originals. Include every page of any bank or brokerage statements, even if there is nothing important there.


Some lenders can be obsessive. If they absolutely insist on seeing originals, you can get photocopies notarized as true copies, but it will cost you a few dollars.


Here's what you'll need before applying for a mortgage: Read more on the @bethanywpatten





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U.S. Home Prices Again Reach New Peak in the Second Quarter

• The median sales price for a U.S. single-family home was $269,000 in the second quarter, an all-time high.
• The San Jose metropolitan area was America’s fastest-appreciating housing market, with the $1.41 million median sales price up by 18.7 percent from the second quarter of 2017.
• Though millennials should be helping to drive sales activity, less than half of them believe that homeownership is a good investment.

The Bay Area’s two largest cities were among America’s fastest-appreciating housing markets in the second quarter, with prices in San Jose up by 18.7 percent, the most in the nation. Home prices in San Francisco rose by 12.6 percent from the second quarter of 2017.


San Jose and San Francisco remain America’s most expensive housing markets, with respective median sales prices of $1.41 million and $1.07 million. Three other California metro areas rank among the country’s 10 priciest places to buy a home: Anaheim ($830,000), San Diego ($645,000), and Los Angeles ($557,200). Read more on the @bethanywpatten





#housing #blogging #economy #realestate #realestateagent #PacUnion #PacificUnion #bethanywpatten #selling #loveyourhome #sanfrancisco #sanjose #bayarea

Mortgage Rate Hike Hits 98 Percent

Mortgage Rates Slip, Probability of a Rate Hike Hits 98 Percent


The average rate for a benchmark 30-year mortgage slipped 7 basis points over the past two weeks to 4.53 percent but remains 64 basis points above its mark at the same time last year and within 13 basis points of the seven-year high (4.66 percent) which it hit in May, according to Freddie Mac’s latest Mortgage Market Survey data.

The average rate for a 15-year fixed mortgage slipped 7 basis points as well to 4.01 percent but remains 85 basis points higher on a year-over-year basis. And the average rate for a 5-year adjustable has slipped 6 basis points over the past two weeks to 3.93 percent but remains 71 basis points above its mark at the same time last year.

At the same time, the probability of the Fed instituting a rate hike in September has ticked up to 98 percent, according to an analysis of the futures market. Read more on the @bethanywpatten blog.





#blogging #economy #realestate #PacUnion #bethanywpatten #Mortgage #rate #average #probability

California’s Job Market Picks Up Speed in July

With the latest increase, California has added more than 332,000 jobs over the last 12 months, which is about 10,000 more than created during the previous 12-month period. The state’s unemployment rate remained at 4.2 percent. The number of unemployed Californians totaled 807,000 in July, down by 104,000 on an annual basis. Read more on the @bethanywpatten blog





#jobs #selmahepp #video #blog #economy #realestate #PacUnion #bethanywpatten #California #market

These are the Bay Area's Best School Districts

Mapped: These are the Bay Area's best school districts


Looking to buy a house near some of the region's best schools?


Ratings and review company Niche has come out with its annual school rankings, which include the San Francisco Bay Area's top school districts — with metrics delving into everything from average SAT scores to graduation rates. Read more on the @bethanywpatten blog.




#blogging #economy #realestate #PacUnion #bethanywpatten #best school #districts #BayArea #niche #review #ratings

Bay Area Home Sales Activity in July

Finally, More Bay Area Housing Inventory Arrives After 16 Months of Declines. Read more on the @bethanywpatten blog.



Executive Summary:

• The Bay Area’s decline in home sales (including single-family and condominiums) improved in July, with only 3 percent less activity year over year after a 13 percent decline in June.
• Sales of homes priced above $1 million — and especially those above $3 million — continued to fare better than they did last year.
• Inventory finally improved, up by 2 percent, after 16 consecutive months of year-over-year declines.
• Most Bay Area counties saw inventory improve in July.
• Overall Bay Area absorption rates for homes priced more than $3 million increased by 11 percent points, from 34 percent last July to 45 percent this July.
• The Bay Area’s median home price rose by 12 percent from July 2017.

#pacificunion #selmahepp #video #blog #economy #realestate #PacUnion #bethanywpatten #home #sales #BayArea

The Ultimate Online Real Estate Marketplace

Introducing Private View. The Ultimate Online Real Estate Marketplace







Pacific Union International has created a unique alternative to traditional home selling strategies.
Our exclusive Private View™ program brings together home buyers and sellers before the properties are widely marketed to the public. Our Private View™ listings are seen only on our website. View it here @bethanywpatten


You gain several advantages by marketing your home in this confidential way

1. You can test a price on the market.
2. You gain the utmost privacy in marketing your home.
3. Your buyers might consider a premium price.

As a Private View™ client, you have full control of this approach. You have the option of immediately and seamlessly going live on the MLS at any time.


CALL 415-235-9077 or EMAIL me anytime for more info.



#economy #realestate #PacUnion #bethanywpatten #strategies #home #selling #PrivateView #buyers #sellers

Pacific Union’s July 2018 Real Estate Update

San Francisco single-family homes posted the largest annual price gain in the Bay Area in July, up by 19.6 percent year over year to $1,675,000. Sellers received 111.1 percent of original price, mostly in line with premiums recorded over the previous 12 months.

Condominium prices in San Francisco trended in the opposite direction of single-family homes, declining to $1,158,333 in July, an annual decrease of 3.2 percent. Units sold in an average of 30 days, one week faster than at the same time last year. Read the full article @bethanywpatten

#blog #economy #realestate #PacUnion #bethanywpatten #sanfrancisco #singlefamilyhome #condominium

Inside San Francisco Newsletter August 10-12

It's Weekend! This is the best time to relax & enjoy! Check-out our Newsletter on what's happening August 10-12. You will see a lists of fun, family-friendly events for a weekend getaway that you will surely enjoy with your love ones. View the newsletter @bethanywpatten

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#mailchimp #enjoy #relax #getaway #newsletters #weekend #realestate #PacUnion #bethanywpatten #sanfrancisco

Private Dreams and Public Ideals in San Francisco

What a family’s story says about a city of romantic delusions and hazardous fortunes.

Romantic ideas of life, unlike pragmatic ones, concern the bridging of distance to find your tribe, your place, your private order. During San Francisco’s postwar years, romanticism of this kind flourished as the city turned into a crucial testing ground for a new sort of urban mixing. People like my grandparents, freed from the old hierarchies, joined a growing crowd of Bay Area residents trying to build a more open society. Rules changed. Social structures recombined. A new local culture was formed out of the shards of small, personal dreams.


San Francisco had grown largely through the presence of the drygoods Jews whose shadows my grandfather fled. Public space was meant to come from private riches. Stern Grove: woods bought up by Sigmund Stern’s widow, and donated. (The Sterns intermarried with the Hellers, but chose better in their commercial partnerships, and went into business with a drygoods Jew named Levi Strauss.) The nearby zoo: a thirty-acre plot built up by Herbert Fleishhacker, a great-great-uncle, apparently because he had a thing for elephants. Each contribution in this era bought a stake in the imagination of what San Francisco ought to be. The local gentry stepping in to modernize the city. Lucky people no longer require columnists to burnish their progress; they have Instagram. Possibly they own it. Read more on the @bethanywpatten blog.






#blog #economy #realestate #PacUnion #bethanywpatten #dreams #ideals #sanfrancisco #romantic

Silicon Valley’s Housing Inventory Surged in July

• Inventory grew by 44 percent in the San Jose metropolitan area year over year in July, the largest gain in the country.
• Supply rose by 10 percent in San Francisco on an annual basis while dipping by 1 percent in Los Angeles.
• San Jose and San Francisco remain the nation’s most expensive housing markets, with respective June median list prices of $1,205,000 and $940,000.

Family looking at house for sale - Pacific UnionExpensive housing markets across the U.S. — including those in California — posted much-needed supply gains in July, though prices are showing no signs of cooling.



San Francisco posted a more modest year-over-year inventory increase of 10 percent. San Francisco is both the nation’s second most expensive and fast-paced housing market, with a median sales price of $940,000 and homes leaving the market in 29 days. Read more on the @bethanywpatten





#economy #realestate #housing #inventory #July #SiliconValley #sanfrancisco #PacUnion #bethanywpatten

Californians Carry Among the Nation’s Least Student Debt

Californians doing well when it comes to managing student debt.


Although student debt is widely considered one of the biggest hurdles preventing more first-time buyers from entering the housing market, Californians are making out quite well when compared with residents of other states. Read more on the @bethanywpatten blog

#economy #PacUnion #bethanywpatten #student #debt #California

When a House Is So Much More

Why do some people get so emotional about real estate? Read full article here @bethanywpatten

#buying #realestate #home #house #homesellers #PacUnion #bethanywpatten #listings #emotional

Should You List Your Home Off-Market? A FAQ

Any tips for listing my home off-market?
As we mentioned, shopping a home privately can be beneficial even if you aren’t a local celeb. In a hot market, it may even drum up some good offers. But if privacy isn’t your main concern, it’s wise to stick to a predetermined timeline. Your best bet is to list privately for two or three weeks, and then, if it hasn’t sold, list publicly.


I’m in the market to buy a house. How do I find out about off-market home listings?
A well-connected agent can help. Go for a neighborhood expert wherever you’re buying—they’ll be plugged into what’s being shopped around off-market. There are also a growing number of websites that can give you a preview of what’s to come, like Pacific Union International’s new Private View site. Read more on the @bethanywpatten blog.



24% of properties are SOLD Off-Market, to learn more: EMAIL or CALL me TODAY!

#offmarket #realestate #homebuyers #homesellers #PacUnion #bethanywpatten #house #listings

The Bay Area’s 10 Fastest-Appreciating Housing Markets

What are the Bay Area’s 10 fastest-appreciating housing markets in the 2nd quarter of 2018? Read more on the @bethanywpatten blog:



(Photo: iStock/MasterLu)

#bayarea #housing #market #2ndQuarter #PacUnion #bethanywpatten #blog