Every week, Zephyr Real Estate puts out a handy list of our newest listings.

Remember, I help people buy listings whether they are Zephyr listings or not. 

And don’t forget, you can know everything that’s on the San Francisco market in real time.  Just like a REALTOR, you’ll get access to ALL of the listings in the MLS. 

Unlike other Real Estate search sites, Zephyr MLS Direct gives you the most complete, accurate and up-to-date listing information available, which lets you find properties as soon as they hit the market. 

It also lets you save your searches and new listings that match your criteria emailed to you as soon as they hit the market!  And you can save your favorite properties, watch them go into escrow, and if they’re in your “favorites” folder, you can even see the price they sold for (which we all know is super secret data.)  You also get notified of any changes that occur to the property listings that match your criteria AND Friday Open House reports.  Cool or what?

You’ll have to give up some personal info, and “agree” to work with me as your REALTOR (it’s a technicality that the MLS requires), but I NEVER EVER EVER hold you to it.  To really build a client/agent relationship, we have to meet in person to decide if we’re a good fit to help you achieve your real estate goals.  And you’ll have to CONTACT ME to make it happen.  WHY?  Because I’m just not into stalking and I’m easy to find. 

Want your own MLS access?  You can SIGN UP HERE.

And in the meantime, check out the latest Zephyr listings here.  You can call me at 415–307–1392 or email me if you have any questions.

Welcome back to the weekly report that tells your what’s sold on the market in the last 30 days! 

It’s a rolling average of the last 30 days of sold listings. 

We’ll also be bringing you the last 30 days of new listings in a different blog post. 

Check back next week to see the sold properties stack up. 

Sold Listings 04/07/09 – 05/07/09

Welcome back to the weekly report that tells your what’s new on the market in the last 30 days! 

It’s a rolling average of the last 30 days of new listings. 

We’ll also be bringing you the last 30 days of sold listings in a different blog post. 

Check back next week to see the listings stack up. 

New Listings 04/07/09 – 05/07/09

Wet Dogs, originally uploaded on by LubaSF  

It’s Photo Friday again here on Luba’s San Francisco Real Estate Blog! 

The week has been crazy because it seems that the San Francisco real estate market is picking up steam!  But somewhere between writing offers and preparing listings for the market, I managed to stop by the beach and catch a glimpse of the Doggie Diner heads.  Unfortunately, they were there as part of the memorial service for the artist Tom Kennedy that recently drowned at Ocean Beach.  He was extremely talented and I know he’ll be missed. 

Don’t forget to check back next week for another glimpse of San Francisco as seen through the eyes of Flickr’s photogs.

And if you’d like to throw your photos into the pool of candidates for my SF Photo Friday collection, tag your SF Photos from Flickr with LubaSF.

Happy Friday!

…and I try to answer.

Once in a while, a reader writes in with a question I don’t know the answer to.  And when that happens, I turn to my resources for help. 

A SF blog reader wrote in and asked:

I know you’re not a mortgage broker, but was wondering if you’re familiar with the situation now for refinancing. I bought a condo last year when I could still put 10% down. I have two interest-only loans (5/1 ARM and HELOC), and would like to refinance the first to a 30-year fixed, if possible. Is this impossible to do since I only have 10% equity in my condo?

Well, she’s right.  I’m not a mortgage broker.  So I asked my favorite mortgage broker if he had an answer to this conundrum.  As usual, he came through:

Provided you can obtain a new refinance appraisal with the current market value showing you still have a minimum of 10% equity in your condo you will be able to refinance your 1st mortgage from the LTV/CLTV perspective.  Good credit, typically a DTI under 50%, and 2-6 months of liquid reserves (lender specific) are the additional guidelines needing to be met in order to approve the new 1st mortgage loan file.< ?xml:namespace prefix ="" o ns ="" "urn:schemas-microsoft-com:office:office" />

 

Current lender guidelines for a new Conforming 1st mortgage (max loan amount of $417k) read 80% LTV and 95% CLTV.  If you’re attempting to refinance a 1st mortgage into a High Balance loan (over $417k) then the Fannie and Freddie guidelines for which all lenders are underwriting against these days read 80% LTV and 90% CLTV.  The only exceptions to these guidelines would land with the current portfolio lenders.

 

Additionally, your current 2nd mortgage lender will need to approve subordinating their existing 2nd mortgage behind the new 1st mortgage.  Most 2nd mortgage lenders including HELOC lenders today are approving subordination requests provided you’re refinancing into a new loan program with P&I monthly payments.  Showing ability to make the new P&I monthly payment must also be established with the 2nd mortgage lender which plays into DTI ratio’s and DTI guidelines.  Although many 1st mortgage lenders may allow up to a 50% DTI to approve the new 1st mortgage some 2nd mortgage lenders are requiring the DTI to be at or below 45% to approve the subordination request.  Getting the subordination request approved will be one of the key factors in completing your refinance.

 

Feel free to call me if you have further questions.

 

Thanks,

Marc Geshekter

Senior Consultant

RPM Mortgage, Inc.

415.722.3196

So – do YOU have questions about San Francisco real estate, financing, taxes, rentals, or anything else?  Give me a call at 415–307–1392 or email me.  I’m always happy to help! 

Are you looking to buy a house in San Francisco?  Or maybe you’re pondering selling that little SF condominium or TIC? 

Whether buying a house, condo or TIC, investment property,etc. or looking to sell any of the above in the City, you want TOOLS!

I’m not talking hammers, table saws and drills – I’m talking about tools that provide you with HONEST and UNBIASED information about the San Francisco Real Estate Market!

So – you want to know what kind of tools you can get your hands on?

The City Update(TM) – San Francisco’s Friendliest Real Estate Newsletter

The City Update(TM) is a little SF real estate newsletter delivered straight to your inbox (almost) every Friday.  It has ALL sorts of awesome features including:

• San Francisco Market Reports from the Altos Research folks
• All of the NEW San Francisco real estate listings from the last 30 days
• All of the SOLD San Francisco real estate listings from the last 30 days
• Links to SF Open Houses, SF Foreclosure Listings, and more
• Commentary about the SF Real Estate market from yours truly
• SF Property “Pocket Listings” that I hear about (properties that AREN’T available to the general public!)

You can SIGN UP HERE or you can check out the site (just keep in mind that frankly, the site sucks – but I created it myself and since my HTML skills are LACKING, I’m just happy I got THAT far with it!)

SF Real Estate Market Updates

If you just can’t get enough San Francsco real estate market updates between this blog and The City Update(TM), you now have one more option when it comes to getting the latest deets on what the market is doing. 

Again, brought to you by the Altos Research folks, you can narrow down your reports by zip code or property type AND you can sign up for as few or as many zip codes as you like (you just have to reenter your info for each new zip code/property type). 

Go ahead, get your SF real estate data fix on!  You can SIGN UP HERE.

100% Complete Access to the San Francisco MLS

Know everything that’s on the San Francisco market in real time.  Just like a REALTOR, you’ll get access to ALL of the listings in the MLS. 

Unlike other Real Estate search sites, Zephyr MLS Direct gives you the most complete, accurate and up-to-date listing information available, which lets you find properties as soon as they hit the market. 

It also lets you save your searches and new listings that match your criteria emailed to you as soon as they hit the market!  And you can save your favorite properties, watch them go into escrow, and if they’re in your “favorites” folder, you can even see the price they sold for (which we all know is super secret data.)  You also get notified of any changes that occur to the property listings that match your criteria AND Friday Open House reports.  Cool or what?

You’ll have to give up some personal info, and “agree” to work with me as your REALTOR (it’s a technicality that the MLS requires), but I NEVER EVER EVER hold you to it.  To really build a client/agent relationship, we have to meet in person to decide if we’re a good fit to help you achieve your real estate goals.  And you’ll have to CONTACT ME to make it happen.  WHY?  Because I’m just not into stalking and I’m easy to find. 

Want your own MLS access?  You can SIGN UP HERE.

So, go ahead, get your SF real estate information fix on!  Sign up for one, two or all three of the San Francisco real estate tools above! 

And if you think you’d like me to represent you in the sale or purchase of a property, call me at 415–307–1392 or shoot me an email.  I’m happy to schedule a free consultation with you to see if we’d work well together.

Oh, and as a reminder, should you sign up for any of the tools above, as always, your info will not be sold, rented, shared, abused, danced on, or in any other way misused. Just thought you’d like to know.

Could it really be true?  The bill to provide the jumbo conforming loans (also known as “agency high”) gave us the promise of a loan limit of $729,500 for high cost areas like San Francisco.  But even though it was promised to us in February, we weren’t seeing lenders providing the loans promised to consumers!

But, the rumor is, IT’S HERE!!!

From the California Association of Realtors:

Rates on bigger mortgages finally should come down Fannie Mae and Freddie Mac recently issued loan underwriting criteria and will start buying loans of up to $729,750 from lenders on May 4, which some industry analysts believe will result in lower rates.

This week, Wells Fargo started offering conforming loans of up to $729,750, and Bank of America will begin offering them by mid-May Historically, rates on loans higher than $417,000 – often referred to as jumbo conforming loans — are onefourth to one-third of a percentage point higher than rates on $417,000 or lower loans.

By Fannie Mae and Freddie Mac agreeing to guarantee loans of up to $729,750, rates on jumbo conforming loans likely will be comparable to the rates offered on loans of $417,000 and lower.

To read the full story, please click here.

So I’ve just started work on my backyard.  As of last week, it was just a sandpit full of weeds.  As of today, it’s got a few bamboo plants sitting in pots amidst the sandpit full of weeds.  But, I have plans!  I have BIG plans!  I have plans for a little pond, a pretty bench and some pretty decking.  And to make it all sparkle, some pretty solar lights as well!  Because if you can only see the backyard during the day, then, well, it’s only half as useful as it can be!

Now, I’m sprucing my backyard up because I want to finally be able to enjoy it.

But what about if you’re thinking of selling?

As the old saying goes, “first impressions are everything,” and when it comes to San Francisco real estate, never was a truer statement made. For home owners looking to sell in today’s market; it pays to spend a little money on the right improvements. Appliances need to be working, scratched floors need to be refinished, walls need to be

An attractive exterior is just as important, if not more important than your interior space. Buyers like to imagine that the place they will end up buying will let them create the perfect and completely stress-free life.  Let’s say you were looking at two houses; one with an overgrown front yard and chipped paint; the other with a beautifully landscaped front yard and pristine paint job – which are you more likely to consider?   Which one gives you the impression that your life will be stress and maintenance free?

When it comes to making outdoor improvements to your home, you’re going to have to do more than just trim your lawn and add a fresh coat of paint. Nightscaping is a great way to add value to your home all the while, beautifying your outdoor space. Essentially, nightscaping uses lighting to accentuate the best features of your home’s exterior and surrounding property.

Installing outdoor lights is easier than you might think, but with so many options, it pays to do some research first. You don’t want to spend too much on this project, you likely have more pressing home improvement projects that need your attention. While keeping costs low is certainly key, it also pays to choose a nice selection of energy efficient eco-friendly lights.

So you purchased a home in SF at the peak of the market.  You paid top dollar, and now, you’re watching your neighbor’s properties sell for less than you paid just 2–3 years ago.  And then, to add insult to injury, you get your TAX BILL!

Well, if your property value has indeed fallen from the day that you purchased, you are getting taxed on the purchase price of your property, rather than on market value. 

That means that you may be paying more in property taxes than you need to!

But what can you do???

Well, you can start by contacting the San Francisco Office of the Assessor-Recorder.  (You can also call them at 415–554–8059.)

Once you get the the Tax Assessor’s website, you’ll see a link to Apply for Informal Review of Assessed Value for 2009 – 2010 Tax Year.

There, you’ll find both the Online Informal Review Application as well as Frequent Asked Questions (FAQs).

In addition to filing the Informal Review Application you can also File an Assessment Appeal. 

There’s even a handy video titled Your Assessment Appeal!  The video covers a variety of topics including:

• Introduction
• Decline in Market Value
• Base Year Value
• Reassessment After Calamity
• Escape Assessment and Roll Changes
• Filling Out the Application
• Preparing for Your Hearing
• Your Hearing
• Credits

Watch “Your Assessment Appeal” video 

The process to get your tax bill reassessed is actually quite simple. 

You’ll find that the process isn’t difficult, and while you may be getting offers in the mail from companies that are ready and willing to help you through this process, they’re already ready and willing to charge you a hefty fee to do something that you can easily do yourself!

The one thing you DO need to get is three recent comparable sales from the period from January 1, 2009 through March 31^st 20009. 

This is where I come in!   

You want to get the comparable sales data from a reputable REALTOR, not from a service like Zillow that isn’t able to give you an accurate assessment. 

If you need help getting comps for your reassessment (as long as it’s in San Francisco), shoot me an email or call me at 415–307–1392.  I’m happy to provide you with the info you need to get your SF property taxes lowered. 

As I do every month, I ran the latest San Francisco real estate sales figures from the month of April for you.  And with the variety of weirdnesses that we’ve seen in the market, it’s nice to look at some cold hard facts.  So here it is, raw and unfiltered data, just how you like it.

Good news folks.  The SF real estate market seems to be holding steady.  As of last month, sales volume was up. In fact, SF home sales volume has been steadily rising every month since January.   Yes, some of this is seasonal, but prime selling season hasn’t started yet, so to me, this looks like buyers have more confidence in the market and are getting out there and, well, buying.  Am I calling the bottom of the San Francisco real estate market?  Not quite yet, but ALMOST! I feel it is CLOSE! (For all I know, it HAS already hit bottom.) 

What makes me think so positively? Well, in addition to sales volume creeping upwards, even median prices for everything except TIC’s ticked upwards!!!  (And with such great rates on “regular” property, buying a Tenancy in Common only makes sense for the right person with the right property and the right real estate goals.)  Anyhow – pulling these numbers put me in such a good mood that if I knew how to dance a jig, I would.  But I can’t, so I’m off to dance a polka!  And while I’m dancing you can go get to reading.  

Here’s this month’s summary of home sales pulled directly from the MLS. Remember, these are all closed sales and not pending sales.

Check back monthly to get the latest facts and figures – and if you have any questions about these statistics, or the market in general, feel free to give me a holler! I’m always happy to talk “real estate!”

Here’s a quick snapshot of the market from April 1, 2009 through April 30, 2009:

Single Family Homes

• 127 Homes Sold
• Median Sale Price was $715,000
• Minimum Sale Price was $234,000
• Maximum Sale Price was $7,750,000
• Median Selling Price was 97% of asking price
• Median Days on Market was 46
• Median Selling Price for homes that sold within 30 days was 101.5% of asking price

Condominiums, Lofts & Co-ops

• 97 Homes Sold
• Median Sale Price was $680,000
• Minimum Sale Price was $256,000
• Maximum Sale Price was $5,500,000
• Median Selling Price was 97% of asking price
• Median Days on Market was 59
• Median Selling Price for homes that sold within 30 days was 99% of asking price

TIC’s

• 25 Homes Sold
• Median Sale Price was $489,000
• Minimum Sale Price was $250,000
• Maximum Sale Price was $1,175,000
• Median Selling Price was 98% of asking price
• Median Days on Market was 56
• Median Selling Price for homes that sold within 30 days was 102% of asking price