Weekly Update: Feb 9, 2014
In the Know with Kevin Ho, 2014, No. 6
A Soggy Weekend
Despite the Sea Hawks win last weekend, housing inventory remains light — too light.
Even though there were more than 300 open houses scheduled for this weekend, inventory remains surprisingly low. We can hope that it was because of this weekend’s forecast, but if not then the trend of declining sales volume may become more pronounced as we move forward into 2014. Take a read below for this week’s open house picks by yours truly, a bevy of real estate news about rent spikes in SF and whether the city can legislate the merger of 2 units into one among other reveals from the commercial and development sector. Also, be sure to check out the latest news on mortgage rates and, of course, the stories of the week along with Kevin’s Open House Picks of the Week.
It Won’t Cost You As Much to Buy
Mortgage rates have fallen in the past two weeks ever so slightly — perhaps it’s because of the stock market slide but either way, average rates are hovering 4.125% for an average 30-year fixed conventional loan with jumbo rates (loans more than $625,000) clocking at an average 4.25%.
Here are current purchase preferred rates with Citibank available through our Partnership with Citi.
These rates are for purchase transactions of primary residences. It and assumes a credit score of 740 or higher and a 20% down payment. ARM loans may require $1M post-close assets reserve.
The Picks of the Litter
There are 328 Open Houses scheduled for this soggy weekend, but only about 70 new listings came on the market this first post-Super Bowl weekend. I’ve pulled 89 opens that are worth a visit. Among the ones I like the big modern stunners on Hoffman, 27th Street, 22nd Street and Cole look nice. There are a handful of new listings in the Sunset area that look charming as does one on Joost in the Sunnyside/Glen Park area.
From the Condo/TIC offerings, the ones on Ames, Dolores, Duboce and the one from Vanguard at 24th Street at Folsom are all unique and a worth a look. See the list here.
Before and After….
Consider that Ellsworth Sold in 2013 for $705,000 as a 2 bed, 1 bath home and is now a 3 bed 2 bath home…
228 Ellsworth St., the cute renovated single-family home in Bernal Heights listed at $1,295,000 got 5 offers and is in contract well above the list price. A trend for the rest of the area: there were 4 other houses in the areathat took offers on the same day as 228 with one getting 13 offers. And, of note, Ellsworth will close at an average of $1140/sqft!