Real Estate Statistics for September 2021 San Francisco Peninsula

November 2, 2021 Loan Originator

San Francisco Real Estate Statistics For September 2021

Markets typically move in cycles characterized by pervasive economic optimism, uncertainty, or pessimism. Today, optimism is the prevailing motivation especially behind the real estate market. We have only to examine the results of September’s sales data recorded for the cities on the San Francisco Peninsula to see that exemplified.

Menlo Park

Days On Market: 23
Average Sales Price: $3,539,340
Average Sales Price was 6% above asking

Foster City

Days On Market: 9
Average Sales Price: $2,2253,961
Average Sales Price was 12% above asking

Belmont

Days On Market: 12
Average Sales Price: $2,267,777
Average Sales Price was 11% above asking

San Carlos

Days On Market: 12
Average Sales Price: $2,488,548
Average Sales Price was 6% above asking

San Mateo

Days On Market: 17
Average Sales Price: $1,921,305
Average Sales Price was 7% above asking

Burlingame

Days On Market: 13
Average Sales Price: $2,991,900
Average Sales Price was 11% above asking

If you are considering a purchase or refinance, whether it is for an owner-occupied or an investment property, give Sun Pacific Mortgage a call at 707-523-2099 to discuss a privately financed mortgage. Armed with a pre-approval letter, will be a huge asset when presenting your offer to a Seller in today’s economy. We are known for our fast closings friendly, informative service throughout the buying process.

Why Buy A Home Now?

October 19, 2021 Broker

Why Buy A Home Now 1

The financial benefits of buying a home will always be debatable, but one element is non-refutable—the ability to build wealth.

These past couple of years have only confirmed this belief with appreciation recorded at unheard of rates. The National Association of Realtors reported that the average gain for single-family homeowners over the last five years was $139,134 and over the past 10 years was $218,505. In California you could easily double or triple those figures since our real estate market has had such unprecedented appreciation recently. Especially considering the hot real estate markets of the Peninsula counties of San Francisco, San Mateo and Santa Clara – these can be great investments for larger returns.

Homeownership builds household wealth, which also enables households to move to the home of their dreams more easily. To quote Mark Fleming, Chief Economist at First America:

“As homeowners gain equity in their homes, they are more likely to consider using that equity to purchase a larger or more attractive home—the wealth effect of rising equity.”

In a recent survey which estimated the cumulative home appreciation over the next five years, market strategists have determined that a residential purchaser today will earn a 31.8% increase in their household wealth.

If you have been denied a loan from your bank or other lending institution, consider a privately funded loan from the investors at Sun Pacific Mortgage. Call us today at 707-523-2099 or visit https://www.sunpacificmortgage.com/ for more information.

Real Estate Report on North Bay Counties for August

September 28, 2021 Broker

So Many Mortgage Myths

Once again, the lack of inventory has been the biggest factor in the shaping of the real estate market for last month. Too many Buyers, not enough Sellers. Here are the single-family residences results for Sonoma, Marin, and Napa counties:

Sonoma County:

Into contract: 537
New listings: 451 (115% less than 8/2020)
Closed: 585
Open listings on 9/1: 698

Marin County:

Into contract: 192 (20% less than 8/2020)
New listings: 139 (53% less than 8/2020)
Closed: 223
Open listings on 9/1: 211

Napa County:

Into contract: 126
New listings: 111 (14% less than 8/2020)
Closed: 125
Open listings on 9/1: 235

If you are hoping to snag your own new home in the North Bay or anywhere else in California, consider a privately funded loan from Sun Pacific Mortgage. With our specialty mortgages, you are armed with the “fast close” weapon, a real bonus in this present market. We offer refinances, Bridge loans, and purchase loans that can be closed often in a week. Call us at 707-523-2099 to find out what we can do for you.

Thinking Of Moving Now That You Can Work From Home?

September 21, 2021 Broker

Thinking Of Moving Now That You Can Work From Home 1

Before the pandemic, only 21% of individuals worked from home, but as you have probably discovered, remote work has become the new normal. Studies have reported that over the next 5 years, 37.5% of workers will be working remotely in some capacity.

This change in work requirements means that you can be more flexible in where you live. If you are one of the nearly 23% fortunate employees who will remain 100% remote, you will be examining your new working place more critically. More space for your home office will be number one on your “wish list”. Add to the list moving to an area you always considered a “vacation spot”. Now is the time you can ditch the cord that attached you to the office and live in a more remote location with better weather or community amenities.

Rural and suburban areas have become the locales of choice for many urbanites since the exodus began last year. The pandemic caused a movement away from urban cores. Those with higher incomes could afford to move to larger homes with more space and lower-income individuals sought lower cost-of-living areas.

Larger California cities, such as San Francisco, Los Angeles, and San Diego have seen a significant increase in suburban real estate sales. Experts see this phenomenon most likely persisting for the rest of the year at least.

If you are considering moving to a different home, but have been unable to obtain a conventional mortgage, give Sun Pacific Mortgage a call at 707-523-2099. Our purchase loans offer fast private financing to get you a strong all-cash offer to get you into your dream home.

Real Estate Statistics for July 2021 – San Francisco Peninsula Areas

August 24, 2021 Broker

Real Estate Market Results For San Francisco Peninsula Areas

Reports for last month show that the Peninsula is still a hot commodity. Homes are flying off the shelf with selling prices well above the asking price. Buyers can still expect to engage in bidding wars knowing that unless they get creative with their offer, they will probably lose out. All you need to do is examine the activity from July to see that real estate remains an extraordinarily strong seller’s market.

Menlo Park:

D.O.M.: 6
Ave. Selling Price: $2,563,025 ($175,125 ABOVE 6/21)
16% ABOVE asking price

Foster City:

D,O.M.: 8
Ave. Selling Price: $2,322,710 ($39,710 BELOW 6/21)
16% ABOVE asking price

Belmont:

D.O.M.: 9
Ave. Selling Price: $2,290,884 ($114,368 BELOW 6/21)
17% ABOVE asking price

San Carlos:

D.O.M.: 11
Ave. Selling Price: $2.659,670 ($120,812 ABOVE 6/21)
12% ABOVE asking price

San Mateo:

D.O.M.: 13
Ave. Selling Price: $2,368,985 ($358,062 ABOVE 6/21)
14% ABOVE asking price

Burlingame:

D.O.M.: 11
Ave. Selling Price: $3,101,173($8,738 ABOVE 6/21)
5% ABOVE asking price

In this market speed is everything! On the Peninsula in July, the average days on the market ranged from 6 days to 13 days. That doesn’t give a Buyer any time to dilly-dally.

If you want to be competitive in today’s real estate arena, getting pre-approved for a mortgage is essential. Beyond that step, consider a fast private money real estate loan from Sun Pacific Mortgage. We are known for our speed in closing deals in a week or less.

Give us a call at 707-523-2099 to get a bridge loan or a temporary purchase loan that you can refinance later when speed is of no consequence.

July Real Estate Market Statistics for Sonoma, Marin, and Napa Counties

August 17, 2021 Broker

July Real Estate Market Statistics For Sonoma Marin And Napa Counties

It is no surprise that single family homes continued to be snatched up as quickly as they hit the market in July. The data shows that available housing has continued to shrink even as the demand has escalated. Here are the results for July 2020:

Sonoma County

Houses that went into escrow: 622
Closed escrow: 563
New listings: 431 (25% fewer than July 2020)
Available August 1: 675 (12% fewer than July 2020)

Marin County

Houses into escrow: 231 (29% fewer than July 2020)
Closed escrow: 241
New listings: 169 (39% fewer than July 2020)
Available August 1: 209
Median price: $1,800,000

Napa County

Houses that went into escrow: 128
Closed escrow: 115
New listings: 101 (60% fewer than July 2020)
Available August 1: 245
Median price: $925,000

If you are looking for a fast close on your property purchase, consider a temporary mortgage through Sun Pacific Mortgage. We offer private lending opportunities that can be completed in a week, if needed! Give us a call at 707-523-2099 to see what we can do to help you during these frenetic paced real estate transactions.

Four Key Trends in Today’s Real Estate Market

August 10, 2021 Broker

Four Key Trends In Todays Real Estate Market

As we move into the second half of the year, one thing is clear: the current California real estate market is a “one off”. Both buyers and sellers are affected by the mix of conditions we are experiencing today. Here’s a look at four key components that are shaping this unique market:

A Shortage of Homes for Sale: Even though parts of the country may be experiencing small gains in the number of homes available for sale, inventory remains a challenge, especially here in California.
Buyer Competition and Bidding Wars: Buyers are having to go above and beyond to make sure their offer stands out from the crowd by offering over the asking price, all cash, or waiving some contingencies. The average number of offers for the average home for sale was 5 in May.
Home Price Appreciation: According to CoreLogic, national home prices rose 15.4% year-over-year in May, making it the highest gain since November 2005.
A Rise in Home Values and Equity: As reported in CoreLogic, homeowners with mortgages (62% of all properties) have seen their equity increase by 19.6% year-over-year and have used this leverage to move into their dream homes or accomplish other life goals.

Bottom line? Whether you are looking to buy your new home in Monterey County or move from busier urban life of San Francisco to Sebastopol, downsize your Santa Cruz home as your kids finally moved out – there’s no time like the present to buy or sell!

We have helped thousands of borrowers in our 33+ years in business. If you or any of your clients fall short of qualifying for a conventional loan or just want fast real estate financing, then Sun Pacific Mortgage can help with our private money lending. Give us a call at 707-523-2099 or check out our website at www.Sunpacmortgage.com to discover what we can do to make your next move easier and possible.

To Renovate or Not to Renovate Before You Sell

June 22, 2021 Broker

To Renovate Or Not To Renovate Before You Sell

When deciding to sell here in California, some homeowners feel they need to get their houses ready to make it more appealing to Home Buyers. Before deciding on this choice, here’s a few things to keep in mind:

There is a shortage of homes right now. In a “normal” market there would be a 6-month supply of homes available for sale. Presently, there is only a 1.9-month supply. As a result, competition is stiff and Sellers are receiving multiple offers. Many Buyers are more willing to take on home improvements themselves to get the home they’re after. In this market, it may be wise to let future Homeowners remodel the bathroom or the kitchen to make design decisions that are best for their specific taste and lifestyle.

Focus on getting a good return on your investment. Make sure that any bigger project you are planning to tackle will give you the return on your investment you are seeking, and that those projects are worth the cost. Consulting a real estate professional before you renovate is a good idea especially in this busy real estate market. You may find that putting you house up for sale as-is, will still sell quickly and result in a good return.

All over the country, but especially in California, we are in a strong seller’s market. So many of the popular California counties, including Sonoma, Marin, Monterey, Santa Clara, San Mateo and even Southern CA counties, are seeing more and more homes slowing coming onto the market – and selling fast!

So, maybe the best course of action is not a reasonable renovation project but instead putting it on the market for the many Home Buyers waiting to buy! But, if you do need fast funding to get a renovation job done quickly in order to cash in on this market, give Sun Pacific Mortgage a call at 707-523-2099. We are a private mortgage funding company who can often get your funding done in as little as a week.

Listing Prices Have Become a New Starting Point

June 15, 2021 Broker

Listing Prices Have Become A New Starting Point

Gone are the days, at least for the immediate present, when the listing price was the point where the buyer started from and worked downward in the negotiating process. Today, in the Peninsula and Northern Bay Areas, with the record-low supply of homes for sale coupled with very strong buyer demand, the list price is the beginning of a bidding war on many homes.

According to the Home Buyers and Sellers Generational Trends report just released by the National Association of Realtors, 45% of buyers paid full price or more.

With this market you just can’t shop for a home with the old-school mentality of refusing to pay full price or more for a house. When navigating the housing markets in areas of San Francisco, San Mateo, Contra Costa and the others, think of the list price as the minimum the seller will accept in many cases. The list price has become the floor of the negotiation, not the ceiling. Know that if you really love a home in the Bay Area, be prepared to offer above asking, while still staying within your budget. That’s a tall order in today’s real estate market!

As in all tricky financial situations, consult a professional and listen to their advice. And, if you are looking to make a stronger offer with shorter closing time or virtually all-cash offer, consider Private Money loans for your mortgage! Call Sun Pacific Mortgage at 707-523-2099 to discuss your situation and get experienced advice and support from a reputable family-owned and operated lending company, not just for Solano, Santa Clara and other Northern CA areas but for all California real estate.

North Bay Real Estate Trends for February 2021

April 6, 2021 Owner

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Looking at all the homes and condos for sale in the northern California counties of Lake, Marin, Mendocino, Napa, Solano, and Sonoma Counties at the end of February, there were just 1,431 on the market. This is the lowest inventory amount since 2005 and 2% below that of January. This region generally enjoys a Spring revival in both listings and sales, but only time will tell.

Let’s take a look at the real estate trends in Sonoma County as of the end of February:

Inventory: 534 (+30% YTY; +2% MTM)
Ratio of homes sold over original price: 45%
New sales: 488 (+38% YTY; +8% MTM)
Supply of inventory: 1.1
Time it takes to sell: 39 (Coastal) – 106 (Oakmont)
Average days on market: 60
Median price: $621,000 (+10% YTY)
Average price: $906,046 (+13% YTY)
Total sales volume: +29% YTY
Sales price to list price: 100% (+5% YTY

It is quite plain to see that Sonoma County real estate has flourished since the beginning of the year with no indication that it will flounder in the near future.

So, if you are thinking of selling your property and are concerned that you might need funding for your new home before it becomes available from the sale of your present home, call Sun Pacific Mortgage at 707-523-2099 to discuss the possibility of a bridge loan.

Or, if you want to get a step up on that house purchase offer, how about trying out a Private Money loan to submit a 10-day close and virtually all-cash offer?! This type of offer just might beat out the other multiple offers and make you the winning Buyer!

Here at Sun Pacific Mortgage, we have been offering these private money loans to many borrowers because we can often obtain their needed funds within a week. We are fast. We are family owned & operated. We have been in business over 3 decades now.

We look forward to helping you or someone you know get a private home loan with our home loan programs.

Call us or email us through our website!

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