SF Sellers take Homes Off the Market in Anticipation of IPO

• Home sales activity continued with annual declines posting a 10 percent year-over-year (YOY) decline in the first quarter.
• Sales priced over $2 million have slowed notably compared to 2018, down 25 percent YOY in Q1, but still above 2017 levels.
• However, after a short period of improved inventories, sellers in San Francisco took homes off the market in recent months waiting for IPO buyers – bringing inventories below last year’s levels in all price ranges.
• Bay Area housing markets have all the characteristics of a potentially robust home-buying season — more inventories, lower mortgage interest rates than last spring, motivated buyers and sellers, and possibly more IPOs in the pipeline.

Table 2 summarizes March’s year-over-year change in inventories across all Bay Area communities. Fortunately for Bay Area home buyers, inventory options have generally improved compared to last year. In addition, inventory of homes priced below $1 million has improved, driven by jumps in Alameda and Santa Clara. Read the full article @bethanywpatten

Compass March Job Report

Jobs Report suggests continued strength in employment, alleviating fears of looming recession.


Today’s much anticipated national employment report from the U.S. Bureau of Labor Statistics provided further evidence of continued solid economic growth. There were 196,000 jobs added in March, after a wild swing between January’s 312,000 additions and February’s 33,000 additions. The three-month average is now 180,000 in the first quarter, which was above economists’ expectations and still robust considering the low unemployment rate of 3.8 percent. The unemployment rate remained unchanged in March.


Read the full article @bethanywpatten




#jobsreport #employment #job #realestate #compass #compasseverywhere #bethanywpatten

30-YEAR Mortgages see Biggest One-Week Drop in a Decade

According to the FHLMC (Freddie Mac), the average 30-year mortgage interest rate dropped to 4.06%, the biggest 1-week decline in 10 years, and down from 4.94% in November 2018. That rates are approaching 4% is an amazing turnaround from expectations a few months ago.

Two out of three people say now is a good time to buy a home according to a survey by the National Association of Realtors conducted during the first quarter of 2019.

Read the full article @bethanywpatten




#FHLMC #mortgage #interestrate #realestate #compass #compasseverywhere #bethanywpatten

How Much Income Does it Take to Buy a Home in SF?

What does it take to buy a home in San Francisco these days? For starters, a lot of optimism. But you’ll also need a hefty annual income; New York-based finance site Smart Asset suggests at least $172,000 per year if potential homeowners want to stay out of debt.


Read the full article @bethanywpatten




#homebuyer #income #SanFrancisco #compass #compasseverywhere #bethanywpatten