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Home Prices in the San Francisco Have Begun to Rise Again

Shutterstock 1401527726.0 Jpg Housing And Financial Markets Have Always Run In Cycles, Both Economic And Psychological, But Ever Since The Days Of The Gold Rush The Bay Area Has Always Rebounded.Housing and financial markets have always run in cycles, both economic and psychological, but ever since the days of the Gold Rush the Bay Area has always rebounded.

Patrick Carlisle, chief market analyst at real estate firm Compass, stated that the Bay Area has seen four major booms over the last four decades each marked by a period of “irrational exuberance”, or skyrocketing prices with seemingly no end in sight, and then followed by a market correction.

April, May, and June are typically the busy season for real estate.  True to form, agents and economists have seen a slight uptick in the past couple of months as we recover from the slump over the last year that followed the huge boom in home prices during the pandemic.

There has been a definite uptick in buyer activity, open houses and offers. Savvy buyers are looking to lock in a lower price point for their home now since they can always refinance their mortgage rates later, a smart strategy of experienced buyers.

Some Bay Area counties are rebounding faster than others. Solano, Marin, Sonoma, and Napa counties each saw an increase in home values over the last month, while Santa Clara, San Francisco, San Mateo, Alameda, and Contra Costa saw a slight decline.

San Francisco has seen a larger decline than the surrounding counties due to the work-from-home trend of the pandemic. Downtown San Francico is the weakest market within the city, but it provides an opportunity to those who believe that it will ultimately rebound.

So, real estate remains a smart investment for homeowners and investors alike.  If you are looking to refinance or purchase and need faster financing or cannot qualify for a conventional loan, give Sun Pacific Mortgage a call at 707-523-2099, or reach out via our website.

S.F. Peninsula Real Estate Report for May 2023

San Francisco Peninsula Housing Market

The housing market continues to surprise even the most knowledgeable experts. What was supposed to be a collapse of the market has turned out to be a thriving one, at least on the San Francisco Peninsula.

Looking at the data from last month, the sales price continues to outpace the list price and the average days a property stays on the market is unbelievably low.  Here’s a look at the average sales price and the average days the property stayed on the market:

Menlo Park: $3,598,962 3% above list 12 DOM

San Carlos: $2,463,000 5% above list 12 DOM

Foster City: $2,408,637 5% above list 11 DOM

San Mateo: $2,172,245 7% above list 10 DOM

Belmont: $2,299,655 3% above list 19 DOM

Burlingame: $2,994,550 1% above list 12 DOM

It appears that the housing market is still doing well in these cities by the bay!

If you are considering buying or refinancing your property on the Peninsula or anywhere else in California or Hawaii, give Sun Pacific Mortgage a call at 707-523-2099. We have been offering fast, private loans for 35+ years and have many happy clients and investors – and we’d be happy to help you too!

Has It Really Been Over 3 Decades?

Bridge Private Money Program 1 Copy Trusted Lender For 35 YearsTrusted Lender For 35 years

Is your mortgage loan being turned down by other Lenders? Or just in need of a fast, short term home loan?

This is where we can help you or someone you know, with our fast, flexible alternative finance programs – also known as Private Money – just like we did below:

Recently Funded

Program: Primary Residence Refinance
Loan Size: 990k
Location: Contra Costa County
Why Came To Us: Borrower had poor credit and wanted to consolidate debt on high rate credit cards.

Program: Investment Property Refinance
Loan Size: 705k
Location:  Monterey County
Why Came To Us: Property condition poor and wanted the cash out to do a major rehab on this investment property.

Program: Owner-Occupied Bridge Purchase
Loan Size: 686k
Location: Sonoma County
Why Came To Us: Wanted to buy a new home prior to selling current house and debt to income ratios were inhibiting conventional lenders from helping.

Being in business for 35 years has allowed us to pretty much see it all! Call us at 707-523-2099 or visit our website at www.sunpacificmortgage.com with any questions or scenarios and we’ll get back to you quickly with what we can do to help.

Alternative Financing Options for: Business Purpose & Consumer Purpose Real Estate Loans

Alternative Financing Options For: Business Purpose &Amp; Consumer Purpose Real Estate Loans

Let’s say your credit history is less than stellar, or your score is low. Or maybe you want to purchase a home in poor condition and flip it. Or let’s say that you need to close escrow in a week. Whatever the reason, you are having a tough time getting a traditional loan to buy a house. In these instances, you might consider a private mortgage from Sun Pacific Mortgage, a family-owned and operated business that has provided beneficial Private Money loans to thousands in California since 1988.

Among our many alternative mortgage programs available are:

  • Owner-occupied refinances/cash-out for a business purpose, whether to pay off business debts or to expand your business.
  • Non-owner-occupied refinances/cash out for a business purpose, whether to pay off business debts or get needed capital for business expansion.
  • Non-owner-occupied loan for consumer purposes, such as consolidating personal debts or high-interest credit cards, making needed home improvements, sending a kid to college, etc.
  • Owner-occupied loan for consumer purpose. This loan is an interest only loan for 15 years with the first 3 years interest only – at a fixed rate – and the remaining 12 years fully amortized and again, at a fixed rate. (Property taxes and insurance are mandated by law to be impounded on this type of loan.)

If any of these home loans are what you need to improve your credit score, get business capital or expand your investment portfolio, give us a call at 707-523-2099 or find us at www.sunpacmortgage.com.

Bay Area Peninsula Real Estate Market Report – 2nd Quarter 2023

What Happened With San Francisco And The Peninsula Real EstateBay Area Peninsula Real Estate Market –

2nd Quarter 2023

Once again, the real estate market on the Peninsula saw ups and downs. The good news (or bad news depending on your perspective) is that this month saw more ups than downs for the average sales price paid by home buyers versus the asking price.

Menlo Park:

$3,537,875
Down 1% from asking 25 days on the market

San Carlos:

$2,341,714
Up 4% from asking 17 days on the market

Foster City:

$2,347,500
Up 4% from asking 36 days on the market

San Mateo:

$2,019,863
Up 1% from asking 36 days on the market

Belmont:

$2,395,000
Up 2% from asking 24 days on the market

Burlingame:

$3,450,820
Up 1% from asking 32 days on the market

If you are looking to buy a house in California and would like to create a stronger purchase offer – to beat out multiple offers – consider the fast Private Money options.   These can offer 10 day closes or less!  And Private Money, also known as Hard Money or Alternative financing, is more forgiving on its qualifications so any possible issues with property condition won’t be an issue with this type of financing.  Could be that step up you’ve been looking for to buy in this market! Visit our website at www.sunpacificmortgage.com or call today (707) 523-2099.

San Francisco Real Estate Market – Start of 2nd Quarter 2023

San Francisco Real Estate

The real estate market in San Francisco saw a slight downward motion at the beginning of Q2 of 2023, for single-family residences. However, the condo market saw a slight uptick.

 

Average Sales for Single Family Residences:
April: $2,148,830
March: $2,295,548
Down: $146,718
Average Days on the Market was 30 days.

 

Average Sales for Condos:
April: $1,378,035
March: $1,244,057
Up: $133,978
Average Days on the Market was 54 days.

 

If you are looking for a profitable niche for your retirement, look no further than investing in California real estate. You don’t need to be a landlord to get in on this valuable asset, you can invest in Deeds of Trusts, for higher returns.  Sun Pacific Mortgage & Real Estate is one such company, licensed Brokerage since 1988, that offers regularly available Deeds of Trusts throughout California and Hawaii.  Call 707-523-2099 or check out the investor webpage for further information and a contact form: https://www.sunpacificmortgage.com/invest-in-trust-deeds/

2023 California Housing Market Continues to Stabilize

Model House On A Financial Graph

Most housing analysts expected 2023 to be a rough year for the U.S. housing market. In fact, among the 29 major housing forecast models, 24 forecasted a national home price decline for 2023.

But, so far, that hasn’t proven to be true.

Through the first few months of 2023, the U.S. housing market continues to show signs of stabilization. Existing and new home sales have inched up a bit this year, and homebuilder confidence has improved. Firms like Zillow, CoreLogic, and Black Knight have all reported positive month-over-month home price increases this Spring.

What’s going on? For starters, a lack of homes for sale, coupled with the market entering its busier Spring period, has, at least for now, pushed the national housing market back into equilibrium.

Don’t misread the above statement and think that the housing market is normal just yet. Some housing markets are booming right now, while others, like San Jose, are still passing through a home price correction.  Even within a particular market, it can vary considerably.

According to Zillow, among the 1,563 California ZIP codes tracked, 6.7% saw home price increases between December 2022 and March 2023. The other 93.3% of California ZIP codes saw a home price decrease, if only slightly.

CoreLogic, a real estate research firm, expects U.S. home prices to rise 3% between January 2023 to January 2024. If CoreLogic is correct, then U.S. home prices would end 2023 back at price levels achieved at the height of the boom in June.

It is good to remember that the appreciation in California home values during the past 2 years was about 15%, so these slight declines should not deter buyers from jumping into the real estate market.

If you are looking for a private real estate loan, and can’t qualify for a conventional loan, look no further than Sun Pacific Mortgage. We have been lending to California real estate investors for over 35 years. Give us a call at 707-523-2099 or find us at www.sunpacmortgage.com.

 

Retreat of the California Seller’s Market

Buyer'S Market

Real estate agents throughout the California regions are reporting a rapid shift in the market. Six months ago in quarter 2 2022, 95% of agents who were surveyed characterized their market as a seller’s market. In Q3, that number had declined to 51%, and in Q4 it fell to just 30% of agents.

Home Buyers in this wonderful state of California, are beginning to see more favorable conditions when it comes to pricing and competition for homes as the market continues to rebalance. This is in sharp contrast to the hot real estate and lending markets that we witnessed from 2020 to mid-2022, when agents consistently reported a buyer’s market at a rate of only 1%-2%.

An example of this market shift can be found in a study where 64% of agents say that most homes in their market are not getting multiple offers. This is reminiscent of the trend that began in Q3 2022.

Nearly 95% of all agents surveyed reported that the average days on the market for listings in their area is increasing. But because housing is retaining much of the staggering equity gains of the past couple of years, and the increasing interest rates affecting affordability, the situation isn’t a buyer’s paradise yet.

If you are planning to purchase or refinance your home but can’t qualify for a conventional loan, consider a private mortgage from Sun Pacific Mortgage (707-523-2099 – www.sunpacificmortgage.com). We have helped thousands of buyers just like you for the past 35 years with our family-owned company.

A Look at Northern California Real Estate in April

Genmid.ndp2302742 1 2 Jpg If We Look Specifically At The Sonoma County Real Estate Market From Late 2022 Through Mid-April 2023, We Can See That Buyer Demand Seems To Have Rebounded From The Historic Mid-Winter Doldrums. The Signs That Things Are Looking Up Include The Percentage Of Listings Going Into Contract, Overbidding Picking Up, And The Days On The Market Decreasing.

If we look specifically at the Sonoma County Real Estate market from late 2022 through mid-April 2023, we can see that buyer demand seems to have rebounded from the historic mid-winter doldrums. The signs that things are looking up include the percentage of listings going into contract, overbidding picking up, and the days on the market decreasing.

The median home price in the 10 Northern California counties during the past 4 months through mid-March 2023 are indicative of a robust real estate market:

  • San Mateo County: $1,550,000
  • San Francisco County: $1,400,000
  • Santa Clara County: $1,393,000
  • Marin County: $1,248,500
  • Santa Cruz County: $1,150,000
  • Alameda County: $968,000
  • Sonoma County: $750,000
  • Monterey County: $702,500
  • Contra Costa County: $670,000
  • Solano County: $538,000

We have entered the seasonal period where inventory begins to pick up and some counties are even seeing selling prices exceeding asking prices.

If you need help with a mortgage loan because you need a fast closing or your credit is not up to par, give Sun Pacific Mortgage a call to see if you qualify for a private mortgage from us. You can reach us at 707-523—2099 or find us at www.sunpacmortgage.com.

Investing in Deeds of Trust Versus Banks

Invest Regulators Seem To Have Helped Avoid A Global Financial Contagion After Recent Bank Crises In The U.s. And Switzerland, But Investors Remain Unconvinced That The Global Economy Is Sound.

Regulators seem to have helped avoid a global financial contagion after recent bank crises in the U.S. and Switzerland, but investors remain unconvinced that the global economy is sound.

With all the unrest in banks and the general economy, investors are once again turning to real estate as a safe haven for their money.  Real estate investments have polled consistently as the safest investment for those intent on growing and preserving their wealth.

A popular investment strategy among many investors has been the private money lending sector, or trust deed investing. With this type of financing, the investor lends a mortgage to an individual allowing he/she to purchase or refinance property.

Among the advantages of trust deed investing, is the passive nature of this investment. The lender becomes the recipient of monthly interest and/or principal payments without the hassle of rental problems.

If the borrowers are thoroughly vetted, as they are with Sun Pacific Mortgage, the negatives are few. And if the investor opts for a servicing company to handle the collection of funds monthly and any legal issues that might arise, the investor can sit back and enjoy the financial benefits of a high interest loan without the problems associated with other real estate investments.

Our investors are the backbone of our business. The appreciation felt is mutual. While we continue to supply them with profitable opportunities to place their finances in safe real estate investments, they continue to grow their wealth and diversify their portfolios.

If you are interested in becoming an Investor through our family owned & operated company of more than 35 years, call us at 707-523-2099 or reach out through our website at www.SunPacificMortgage.com

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