What is new with Bernal Heights Real Estate?  How does it compare to last week?

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For any history buff, architectural whiz, in support of a local charity or for a pleasant afternoon stroll….as posted on SFGate.com.

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Taking me up on my offer to publish pertinent and helpful info of interest to my readers, i.e. San Francisco home buyers and sellers, Frank Sandoval, mortgage broker extraordinaire of Pacific Bay Financial  has sent over his take on the mortgage news and how it affects us here in the City by the Bay.

Frank says,

“Mortgages are in the news again, but this time, the news is good! Especially for people looking to buy or refinance a home, as interest rates have dropped to the lowest levels seen since April.

You’ve probably heard that Fannie Mae and Freddie Mac were taken over or “bailed out” by the Federal Government over the weekend. The announcement came as the government felt that both of these institutions were potentially unable to meet their obligations.

These agencies must pay off maturing Bonds every month, and they do so by selling new Bonds. But during the last twelve months, investor appetite to purchase new mortgage-backed security Bonds has deteriorated.

As such, it has become more difficult for Fannie and Freddie to replenish capital to fund more loans. If both Fannie and Freddie became insolvent, the housing market as well as the mortgage market would come under further pressure.

With the Treasury stepping in to provide a “backstop” for the mortgage giants, investors now have confidence to purchase Mortgage Bonds. And the greater interest has helped lower interest rates today.”

Frank Sandoval is an excellent mortgage broker. My clients have happily worked with him many times over the years. For more info, visit his website.

We’re all a twitter over here in the San Francisco real estate world due to the ongoing credit mess.

Last weekend, the government (finally?) stepped in and took over Fannie Mae and Freddie Mac. As there are hundreds of articles, blogs, and opinion columns on this and sure to be more, I want to share some information that I feel well-described what the bailout means to you, me and other folks interested in local SF real estate.

How does this affect you if you are a San Francisco first time buyer? What about if you are already a homeowner who is looking to refinance or move up to a bigger or nicer home?

Here’s what one of our local mortgage experts has to say about the situation and how it’ll affect us, at least in the short term. No one knows the long-term effects. Not yet.

Based on what’s happening, what would I recommend? If you’re on the fence about buying, stop worrying about timing the market and get yourself a good value on a home, loft, condo or TIC and take advantage of the interest rate drop!

If you don’t have a lender, call C.J. or ask me for more referrals. As my livelihood depends on working with solid San Francisco mortgage brokers, I certainly can recommend some great ones.

Here’s what local mortgage broker, CJ Kerls of Guarantee Mortgage has to say on the PROS & CONS of the government bailout…*

“On Sunday morning the US government took over the ailing mortgage giants Fannie and Freddie.  Below are what I believe to be the Pros and Cons to this historic event.

Pros:

1. Interest rates immediately took a positive outlook to the news.  The benefit to consumers is clear.   Cheaper money makes homes more affordable and refinancing into a 30 year fixed a better option for those who qualify.  Rates are down to 5.625% - 6.0% depending on points or no points for a 30 year fixed!
2. The move will strengthen the US housing market.
3. Line of Credit – the two firms will have an unspecified line of credit… essentially, they’ll be able to operate without the looming threat of running out of money and collapsing! In an effort to provide even more liquidly for the credit strained market, the fed will be purchasing mortgage-backed securities issued from the two firms later this month.

Cons:

1. This won’t make it any easier for a borrower who can’t qualify for a loan now.
2. We could see guidelines get a little tougher… especially regarding limited documentation and low down payment loans.
3. If you owned common stock of either of the two firms… you just lost big.
4. No silver bullet – the credit crisis isn’t over because of the move.

Sincerely, CJ Kerls: Managing Partner, Guarantee Mortgage Corporation, 415.586.6003, cj (at) kerls.com “

SIDE BAR PLEASE:

Who are these characters Freddie Mac and Fannie Mae? According to Wikipedia, that all-knowing source…

The Federal Home Loan Mortgage Corporation (FHLMC) (NYSE: FRE), commonly known as Freddie Mac, is a privately-owned and run government sponsored enterprise (GSE) of the United States federal government. It is a stockholder-owned corporation, authorized to make loans and loan guarantees.

The FHLMC was created in 1970 to expand the secondary market for mortgages in the US. Along with other GSEs, Freddie Mac buys mortgages on the secondary market, pools them, and sells them as mortgage-backed securities to investors on the open market. This secondary mortgage market increases the supply of money available for mortgages lending and increases the money available for new home purchases. The name “Freddie Mac” is a creative acronym of the company’s full name that has been adopted officially for ease of identification (see “GSEs” below for other examples). More HERE.

The Federal National Mortgage Association (FNMA) (NYSE: FNM), commonly known as Fannie Mae, is a publicly owned government sponsored enterprise (GSE) of the United States currently run by the Federal Housing Finance Agency (FHFA). It is a stockholder-owned corporation authorized to make loans and loan guarantees.

The name “Fannie Mae” is a creative pronunciation of the company’s acronym, FNMA, that has been adopted officially for ease of identification. It is more than an informal nickname; FNMA now refers to itself by this name. The acronym “Fannie Mae” is a borrowing from the well-known candy company, Fannie May Confections but with the spelling altered from “May” to “Mae,” so as not to confound the two, in writing. More HERE.

* Have more information you’d like to share on how the current economic news affects us here in the crazy world of San Francisco real estate? Let us know. We do not easily promote other businesses but if you have good ideas and a good track record, we want to share your insights with our readers. The idea is to educate, inform and help our clients and readers. So, with that in mind, send over whatcha got!

How is the Inner Sunset real estate market doing?  What is the average list price / sale price?

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How’s the San Francisco single family home market doing in this economy, you ask? Well, it’s a mixed bag. Overall, our market is holding up VERY well. Kiss your sidewalks, folks.

There is some price depreciation in areas but it’s minimal as compared to the greater Bay Area, California and certainly nationwide.

August 08 v August 07 shows an overall median single family home price decrease of 7.4%. Of course, 2007 was already past the peak so prices may be down more than that from the top of the market.

However, keep in mind that these numbers can be VERY skewed. Some districts have so little inventory that one big or small sale throws off the numbers completely.

For example, there was only 1 sale in all of District 8 in August of 2007 and only 3 in August of ‘08!

If you want to know specific sales prices in your neighborhood, send me an email and I’ll get that info to you asap. No obligation, of course.

Click here for a larger version of the chart.

I am sure to blog more about this topic. First off, don’t panic.

The good news is that right now, interest rates are down! Other than that, we are just sorting out what this will mean long-term. I don’t know and frankly, neither do you!

There is a lot of gossip going around the water coolers right now. I urge you to make the best decisions for yourselves based on accurate data and information.

And by accurate, I do not mean what you hear mumbled over the cube.

In San Francisco, at least, many people are successfully buying and selling real estate.

Think about the long-term and put yourself where you want to be. Be careful. Be smart. Don’t max out. But think long-term. 5 years from now, where do you want to be? What do you think property in San Francisco will be worth in 5 years? 10 years? And so on.

And now, back by popular demand….drum roll, please. Another exciting video from the California Association of Realtors. Yes, folks, you ask and I deliver.

But seriously, it is interesting and informative. Turn off the pundits and hear what the experts in the trenches have to say.

Check out the video here.

Join me this Saturday at a great event.  To help raise money for MS research enjoy the afternoon sun, a cool drink, and goodie doggie bags with your best four legged friend.

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These days, it is pretty easy to find out what homes are for sale right now. Go to Realtor.com, Trulia, or a Realtor’s MLS search on their website.

Figuring out what your home is worth in today’s market is trickier. Yes, you can punch in your address to sites like Zillow but for the most part, they depend on tax records. In San Francisco, it can take a year or even longer for the tax record to be updated. This is hardly reliable data.

We’re going to publish a weekly report of Inner Sunset Homes so you can have a sense of market value whether you are a home buyer or seller.

What is for sale, what is in escrow and what has sold recently will be listed. It will give you a good idea, but I don’t have to tell you that home values vary A LOT in the Sunset and in San Francisco. Occupancy, condition, the block, and so much more going into a home’s current market value.

A local Realtor who works day-in and day-out in the business of selling real estate is really the best person to help you assess a home’s value. This is true if you are looking to buy or sell. However, these numbers are a great place to start!

Click here for this week’s report and check back often. Better still, get the RSS or email feed to your right.

TTYL.

(If you want to know the value of your home, ask us for the free report.)

Want to know how the Bernal Heights Real Estate Market is doing? Are homes selling quickly, slowly or not at all? Are homes selling for over the asking price, under the asking price or at the asking price?

What’s the deal?

Where you are a San Francisco home buyer considering the area or a Bernal Heights home owner considering a move, you probably want to know how the market is doing, right?

It’s easy to find out what is currently for sale. Just head to Realtor.com, Trulia, or the MLS search engine on most Realtors’ websites.

Yet, a home’s value is based more on what has recently sold, rather than what is currently on the market. Sold information is much harder to get. Well, I should say ACCURATE home sale information is hard to get.

The values on sites like Zillow is not often that precise or accurate. In San Francisco, it can take up to a year or more to have the tax records updated!

We’ll publish weekly real estate data for Bernal Heights so you can see the unadulterated reality of the market.

Click here now  and check back often. Better yet, get the RSS or email feed to your right.

Side note: If you want to find out specifically what your Bernal Heights home is worth, ask for a free report.