I’m in the process of helping some my clients purchase a home in Millbrae, and we’re coming across an appraisal situation that has delayed what has otherwise been a very smooth transaction. Basically, the appraisal came back pretty much at value, but unfortunately, was flagged for a “health and safety” issue as the water heater and furnace are in a section of the garage that is lower than ground level (has a bit of a step down) and doesn’t have a railing for the area. (BTW, this is NOT an FHA loan.) Granted, if I were buying the home, I would personally want to address this issue and install some barrier to prevent any accidents, and my clients were thinking to do so after they purchase the home. On the other hand, the area is not in a thoroughfare but in one corner of the garage that one would not pass by unless intentionally. In addition, there were two home inspections done on the house, and neither of the inspectors mentioned this in their reports.
Because of the appraiser’s note, there has been a delay of several days, especially as we first needed to figure out exactly what needed to be done (which was not specified in the report), who could do it, when it had to be done (before close of escrow?), then arrange for the work and THEN arrange for the appraiser to come back out to certify the work has been done “correctly”, which is a question in itself, considering that the appraiser is not a building contractor. Read more
Buyer’s Market? You bet it is. I will be speaking about the low end of each market area. On the Peninsula and San Francisco we talk about Single Family homes priced under $700,000. In the East Bay it is below $400,000. Buyer’s Market yes but not in the traditional way. Today’s buyer cannot expect to purchase a home for 20% off the list price, but they can expect to purchase a home 30-60% off of 2004 prices. Today’s buyer cannot expect the seller to take care of all necessary repairs, but the buyer can expect to receive an $8000 Federal Tax Credit and an extra $10,000 State Tax Credit if they are purchasing a brand new home. Today’s first time buyer cannot expect to be the only offer, but they can expect to receive the lowest interest rates in 40 years. I think it is just in a different way.
The Real Estate Market in San Bruno, South San Francisco, Daly City, San Mateo is hot just like the weather. Prices are based on supply and demand. Demand is strong as all smart people want to take advantage of the buyers market. By the way the $8000 Federal Tax Credit terminates Nov. 30 of this year. Read more
The short answer is BOTH! What’s the difference and how can the market be both? A buyer’s market refers to a market where the conditions are more favorable toward the buyer. In real terms, the buyer has an upper hand in negotiations due to conditions. But what do I mean when I’m referring to a “buyers market”?
I’m referring to the incredible number of buyers we are now seeing in our local market signaling what may be the end of the the real estate free fall, at least in parts of the bay area. Just this morning, in my office’s weekly meeting, we discussed open house traffic over the weekend. Read more
Since I have lived in Millbrae, my Saturday ritual consisted of a walk downtown to the farmers market, a trip to Starbucks and end up at Mervyn’s. When it was announced that Mervyn’s was closing, my initial response was “how sad” then my second thought was how long the building was going to remain empty. Read more