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Tuesday,March 09,2010 |
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Real estate is not only local, it's also global. To understand the future, let's start by looking at trends in other parts of our nation and world. Certainly we are in a time of flux and economic challenges. Yet owning property continues to prove to be a wise investment.
The news that interest rates will remain low from U.S. Federal Reserve Chairman, Ben Bernanke, has had a positive impact. The Wall Street Journal recently reported that "access to liquidity for property developers and the fact that the U.S. is keeping interest rates low are helping to improve sentiment." There has been a positive, subtle shift in the global markets. Major Asian real estate groups are showing gains of 2.7 to 5.5%.
In the United States, existing home sales, including single-family, townhomes, condos and co-ops, were at 5.05 million units in January. This represents a rise of 11.5% above the 4.53 million–unit level in January 2009. The total available inventory for housing nationwide fell to a 7.8-month supply, down 9.6% from last year.
On a local level, activity is picking up. With the stimulus of the tax credits and lower available inventory, values are beginning to settle. In some cases, we are even seeing multiple offers for well-priced listings. Today's affordable housing prices are tempting to buyers looking for a wise investment.
OUR TOWN
Green building is here to stay. But if you're looking to buy green, beware - there are a lot of conflicting claims and options out there. That's one of the reasons why the Leadership in Energy and Environmental Design (LEED) is emerging as the “recognized standard for measuring building sustainability,” according to the Natural Resources Defense Council. A LEED certification recognizes that a construction project or building uses environmentally friendly building practices. You can find out more by visiting www.nrdc.org.
FYI
New laws are being enacted regarding lead paint. Beginning April 22, the Environmental Protection Agency will require contractors working on homes built before 1979 to be certified in preventing lead contamination. This newest effort could end up costing the consumer money and the contractor time. The certification itself costs money and so will the materials needed to prevent spreading lead throughout the home.
According to one federal health official, a large percentage of US homes could be affected. Yet health officials say that, especially in homes with children, it’s well worth the investment.
To find out more, check out one of these websites:
www.builderonline.com
www.housingzone.com
If you are looking for an experienced real estate agent in San Francisco Bay area, please make sure to contact Faye at 650.400.9818.
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Tuesday,February 23,2010 |
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Resort living at its BEST!!
•2 bedrooms & 2 bathrooms, including one master suite
• Sumptuous remodeled kitchen with new cabinets, granite countertop and stainless steel appliances
• Remodeled master bathroom with granite countertop and double-sink vanity
• Built-in work station in master bedroom
• Brand new plush carpet & new paint throughout
• Ethernet CAT 5 and TV coaxial cables in all rooms
• Built-in closet organizers in bedrooms
• 2 deeded parking spaces
• Secure building with intercom
• Extra storage & private balcony
• Multiple pools, tennis courts, spa, gym, club house and more
Call Faye today at 650.400.9818 for more property details. If you are looking for an experienced realtor to work with in the county of San Mateo, contact Faye!
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Friday,February 19,2010 |
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This sun-drenched top floor San Mateo home features sophisticated and classy remodel throughout. From its sumptuous gourmet kitchen to charming living room to cozy bedroom to remodeled bathroom, this home offers you comfort, love and a tranquil place for relaxation.
Are you looking to buy or sell homes in San Mate County and looking for an experienced real estate agent to work with? Call Faye today at 650.400.9818 for a free market analysis or market update.
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Tuesday,February 16,2010 |
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Top floor unit with NO common walls! If you are looking for a bright and cheerful home in San Mateo, this is it for you!
Shine and privacy are the best descriptions for this home. Remodeled 2-bedroom and 1-bathroom home features brand new kitchen with elegant countertop and cabinets, marble fireplace, new bathroom and new paint and carpet throughout.
Close to San Mateo downtown, top rated schools, parks and freeways, this home is ready for your occupancy! Please call Faye today at 650.400.9818 if you would like to have a private showing.
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Friday,February 12,2010 |
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In order to better understand the real estate trends for our local area, I regularly consult regional statistics published monthly by experts in our field.
Let’s look first at the number of homes for sale per month versus those sold. To review 2009, the lowest months of closings were January and February. The highest number of closings occurred in October. Last March, there were more homes for sale than during any other month of 2009. By December, the number of available homes dropped to the lowest number of the year. Here is a chart of San Mateo County activity.
As you can see, sales increased towards the end of 2009 and available inventory started to decrease, both good signs. Usually the height of the market is in late spring, but, as this chart shows, the trend stayed constant with a bit of a surge towards the end of the year. This likely reflects the desire of many buyers to take advantage of lower prices.
This second chart shows months of inventory. This means that at any given month, without any new listings coming on the market, it would take xxx number of months to sell all current inventory giving that month's level of sales. The traditionally held notion is that if there is over 6 months of inventory, it is a “buyers” market. Conversely, if there is less than 3 months of inventory, it is a "seller’s" market. As you can see, months of inventory was dropping in the second half of 2009. It is very typical to see January numbers jump as we start a new year.
Data trends change each year. But these trends provide insight into what we might expect for the upcoming year. The potential conclusion of the new home-buyers tax incentive in April may change the peaks and valleys of this graph, and you can be sure that I will be following these trends closely and keeping you in the loop with monthly, regionally relevant statistics.
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Friday,January 22,2010 |
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A new law was made permanent the requirement of a 60-day notice to tenants to terminate if they are on a month-to-month tenancy and have been a tenant for more than one year.
However, the new law didn't change the existing exception that allows for a 30-day notice to terminate a tenant if the tenant has been in the property more than one year, is month-to-month, and if all of the following criteria are met:
1. the dwelling is a separately alienable unit (ie condo, single family residence, townhouse; but not a duplex, triplex or other multi-unit property),
2. the owner is in contract to sell the unit to a bona fide purchaser for value,
3. escrow has been established with a licensed escrow agent or licensed real estate broker,
4. the buyer is a natural person (or persons),
5. notice is given within 120 days after escrow is opened,
6. notice was not previously given to the tenant, and
7. the buyer intends to live in the property for at least one full year.
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Wednesday,January 20,2010 |
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My web site was hacked early January 2010. The hackers not only brought the site down temporarily, they also completely deleted all the blog posts from Aug 2007 to Jan 2010. As a matter of fact, they have been slowly eating away the database, so all is lost.
This is painful, but it is simply time to move on, and I will start writing again. Please come back often, and if there're any questions I can answer for you regarding your real estate needs, please do not hesitate to call me at 650.400.9818 or send me an email at faye@fayeweng.com.
I look forward to hearing from you.
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FEATURED PROPERTIES |
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| City |
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S. San Francisco |
| Bed/Bath |
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4/2.5 |
| Sq ft |
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2410 |
| Asking Price |
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$895,000 |
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| City |
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San Mate |
| Bed/Bath |
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1/1 |
| Sq ft |
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692 |
| Asking Price |
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$395,000 |
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| Contact Faye |
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| City |
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San Mate |
| Bed/Bath |
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2/1 |
| Sq ft |
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918 |
| Asking Price |
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$435,000 |
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| City |
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Foster City |
| Bed/Bath |
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3/2 |
| Sq ft |
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1,540 |
| Asking Price |
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$798,000 |
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| Virtual Tour |
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| City |
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San Mateo |
| Bed/Bath |
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2/2 |
| Sq ft |
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N/A |
| Asking Price |
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$529,000 |
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| Virtual Tour |
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| City |
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San Mateo |
| Bed/Bath |
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2/2 |
| Sq ft |
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1213 |
| Asking Price |
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$535,000 |
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Virtual Tour |
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Contact Faye |
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| City |
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San Mateo |
| Bed/Bath |
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3/2.5 |
| Sq ft |
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1312 |
| Asking Price |
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$775,000 |
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Virtual Tour |
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Contact Faye |
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| City |
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Redwood City |
| Bed/Bath |
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5/3 |
| Sq ft |
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N/A |
| Asking Price |
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$1,399,950 |
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Virtual Tour |
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Contact Faye |
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| City |
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San Mateo |
| Bed/Bath |
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2/2.5 |
| Sq ft |
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1,254 |
| Asking Price |
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$750,000 |
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Virtual Tour |
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| City |
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San Mateo |
| Bed/Bath |
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2/1 |
| Sq ft |
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1,130 |
| Asking Price |
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$935,000 |
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Virtual Tour |
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Contact Faye |
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| City |
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Redwood City |
| Bed/Bath |
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4/3.5 |
| Sq ft |
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2,951 |
| Asking Price |
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$1,626,000 |
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Virtual Tour |
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