THE BUZZ
The market is still positive. The National Association of Realtors projects home sales to increase 10-11% for all of 2013, totaling about 5.1 million sales. The last three month average for pending sales is higher than any time since 2006.
That said, for the second consecutive month, home sales are down. This is due to higher mortgage interest rates that are giving pause to consumers, according to Lawrence Yun, NAR Chief Economist.
Yun points out that there is an uneven pattern around the country. "The higher mortgage rates and rising home prices are impacting monthly contract activity in the high-cost regions of the West and Northeast. More homes need to be built in the West to relieve price pressure or the region could face pronounced affordability problems."
The good news is that as the market slows and we head into fall and winter, buyers may not have to compete with multiple offers. If buying is your next move, let's keep our eyes on properties coming onto the market.
Q: Is home “flipping” back?
A: Home flipping is buying a house or property with the sole intent to sell it for a profit. Sounds interesting? In a down market, the risks were high. But now people are back in the game.
Real estate investors netted on average nearly $20,000 on single-family home flips in the first half of 2013. According to Realty Trac, home flips are up 19% from a year ago, and 74% from the first half of 2011. Florida ranked as the #1 area for flippers.
Considering managing a house flip yourself? There are many things to consider before jumping in:
- If you purchase a house in an up-and-coming neighborhood, you're banking on the neighborhood increasing in value.
- If you decide to buy in a new development, you'll want to attract higher-end homebuyers who want the luxury features and space offered in the suburbs.
- If you buy a fixer, it could be a money pit or could be a big win.
- How much time and money do you have to invest in this property?
Sound interesting? Let’s talk. I’ll run the numbers and help you find the best opportunities. If all goes well, you could make a nice profit.
Quick List of Homes Recently Sold on the Peninsula:
| Homes Sold Late August/September 2013 | |||||
| Hillsborough | Price | Beds | Baths (F|P) | SqFt | Lot Size |
| 1045 BRIDLE WAY | $2,350,000 | 3 | 2|1 | 2,700 | 22,100 Sqft |
| 347 DARRELL ROAD | $2,170,000 | 4 | 3|0 | 2,520 | 21,750 Sqft |
| Burlingame | Price | Beds | Baths (F|P) | SqFt | Lot Size |
| 1265 DRAKE AVENUE | $1,731,000 | 3 | 2|0 | 1,830 | 6,950 Sqft |
| 1428 VANCOUVER AVENUE | $1,350,000 | 2 | 1|0 | 1,430 | 6,000 Sqft |
| San Carlos | Price | Beds | Baths (F|P) | SqFt | Lot Size |
| 248 CLUB DRIVE | $1,525,000 | 4 | 3|0 | 2,450 | 5,950 Sqft |
| 3363 MELENDY DRIVE | $1,650,000 | 4 | 3|1 | 3,400 | 7,480 Sqft |
| 2809 NORBURT LANE | $1,430,000 | 4 | 3|0 | 2,120 | 8,880 Sqft |
| 1549 CHESTNUT STREET | $1,370,000 | 3 | 2|0 | 1,540 | 5,650 Sqft |
| 1671 BELMONT AVENUE | $1,200,000 | 3 | 1|1 | 1,500 | 4,600 Sqft |
| 294 DEVONSHIRE BOULEVARD | $1,630,000 | 2 | 1|1 | 1,190 | 16,320 Sqft |
| 333 HILL WAY | $800,000 | 3 | 2|0 | 1,020 | 5,014 Sqft |
| 339 CEDAR STREET | $825,000 | 2 | 1|0 | 870 | 5,400 Sqft |
| San Mateo | Price | Beds | Baths (F|P) | SqFt | Lot Size |
| 1418 CEDARWOOD DRIVE | $1,325,000 | 4 | 3|1 | 2,760 | 10,950 Sqft |
| 616 36TH AVENUE | $1,200,000 | 3 | 2|0 | 1,910 | 6,560 Sqft |
| 712 30TH AVENUE | $912,000 | 3 | 2|0 | 1,660 | 5,400 Sqft |
| 516 WEST HILLSDALE BOULEVARD | $1,050,000 | 3 | 2|0 | 1,410 | 7,800 Sqft |
| 1747 IVY STREET | $852,000 | 2 | 2|0 | 1,050 | 5,000 Sqft |
| 3517 CASANOVA DRIVE | $801,000 | 3 | 2|1 | 1,740 | 5,000 Sqft |
| 2305 CLIPPER STREET | $805,000 | 3 | 1|1 | 1,600 | 6,000 Sqft |
| 1115 SOUTH CLAREMONT |
$816,000 | 3 | 1|0 | 1,260 | 4,250 Sqft |
| 1415 MONTE DIABLO AVENUE | $710,000 | 3 | 2|0 | 1,220 | 5,148 Sqft |
| Belmont | Price | Beds | Baths (F|P) | SqFt | Lot Size |
| 1804 BAYVIEW AVENUE | $1,300,000 | 4 | 3|0 | 2,870 | 6,800 Sqft |
If you fly frequently, you’ve undoubtedly experienced crowded airports and endless security lines. Like many others, you may have wondered if there were any alternatives.
In California, air travel has a new option: Surf Air. Surf Air currently flies 16 flights per day between Burbank, San Carlos, and Santa Barbara. Flights will be added to Lake Tahoe, Sonoma, Sacramento, Monterey, San Diego, Los Angeles, Palm Springs, and Las Vegas. Surf Air members pay a monthly fee as well as a $500 initiation fee. Members enjoy unlimited flights and may hold up to four one-way reservations at a time.
Members and guests are pre-screened and need to check in within 15 minutes of departure. If this fits your needs, this is a game changer. For more information, go to www.surfair.com.
We are seeing a rise in mobility nationwide. According to the Census Bureau, nearly 5.1 million people moved to a new state last year. That is up 17% within the past three years and is the highest level since 2006.
Because approximately 850,000 homes exited negative equity in the first quarter of 2013, many homeowners no longer under water are now willing and able to pick up stakes and move.
If you know someone who is contemplating a move, let me help. I have a network of leading realtors and also a cadre of moving services. Here are some online tools to help.
- NeighborhoodScout.com generates a list of areas in your destination that match you, based on 273 factors.
- Google Maps offers Pegman in the Street View screen. Drag the yellow Pegman to an address and then click on white arrows to walk the neighborhood.
- Visit SigAlert.com for real time commuting information for major cities. Click on maps that show congested routes, along with live feeds from traffic cams.
If you or a friend needs more tips for a smooth move, please give me a call.