Danielle Lazier

Archive for the 'Home Selling' Category

Seller Closing Costs: How to Calculate San Francisco Real Estate Sale Transfer Tax

If you are selling a home in San Francisco, you’ll encounter 2 major closing costs: sales commission and transfer tax. Transfer tax is the tax a City and County charges for the sale or transfer of real estate. Although technically negotiable, most often, as the Seller, you’ll pay this closing cost through the close of escrow. (One exception is the first sales of new construction when the Buyer typically pays the transfer tax.)

The amount of transfer tax varies by City and County. For example, in San Francisco, the transfer tax is as follows:

• For homes priced $250,000 to $1,000,000, the tax is $6.80/$1000 (of sales price).
• For homes worth $1-5 million, the tax is $7.50/$1000 (of sales price).
• For homes worth $5 million or more, it is $15/$1000 (of sales price).

As you can see, this is a hefty hunk of change and a major source of revenue for the City of San Francisco. One would think that given the current financial crisis, the Board of Supervisors would do all they can to encourage real estate sales rather than their current agenda of the opposite! But that, my friends, is another story.

For more info, click here for a chart of how to calculate Real Estate Transfer Tax by California City and County.

Tags: closing costs, seller closing costs, transfer tax

New Listing: 414 Lawton St @ 10th Ave Inner Sunset Duplex – Location, Space, & Options!

Here is our newest featured property: 414 Lawton St. @ 10th Ave.  in the Inner Sunset in San Francisco.

• Unit A – Lower – $544,500
• Unit B – Upper – $554,500

Showing Schedule:

• Open House – Sundays from 2-4pm
• Broker’s Tour (all welcome) Tuesday March 16th 1-2:30pm
• Broker’s Tour (all welcome) Tuesday March 23rd 1:30-3pm

Want to buy a home in Inner Sunset? Email us to get started.

Thinking of selling your home and want a Realtor with skill and experience but without the “typical agent” drama and ego? Oh, c’mon. We know you do.

Find out what your Inner Sunset home is worth in today’s market or email us for some help.

How’s the market doing? Recent Inner Sunset Real Estate Market Data here.

Tags: 414 Lawton St., Inner Sunset Duplex, Inner Sunset TIC

Update – Bernal Heights Real Estate In Demand (under certain conditions)

Bernal Heights Real Estate is back in demand – not that it ever really wasn’t. Okay, the reality of today’s market (and the market of years to come?) is “survival of the fittest”. (Happy Birthday, Darwin!)

Not all homes for sale in Bernal Heights (or most SF neighborhoods) will sell. In my world, we think about it this way. Are you “Just Listed” or actually selling your home?

Funny but not really. There is a lot of time, money, and emotional energy involved in properly preparing and marketing a home for sale. This is time, money and energy for the Realtor but also for the home seller. If you’re not serious about selling, don’t put yourself through the heartache.

But if you are serious about selling your home in Bernal Heights, I’ve got some good news for you. Our last listing, 3686 Folsom Street – an attractive Mid-Century Single Family Home – received 2 strong offers within the first 2 weeks on market. About 67 serious home buyers attended the first open house in January. (The market is even better now.) We helped our clients properly prepare their home for sale and provided an affordable, reliable fix-up crew. Hiring the right agent can make all of the difference. *

Fun Facts on the Bernal Heights Real Estate Market:

• 69 Bernal Heights single family homes sold during the past 6 months
  • On average, it took just under 2 months to sell a home and the final sales price was 100.44% of the original list price. (Price it right from the start.)
  • The median sales price was $770,000.
  • The highest sales price in Bernal Heights was $1,295,000 for a 3 bedroom, 3 bath home on Moultrie Street.
  • The lowest sales price was $150,000 for a 4 bedroom, 2 bath home on Rutledge Street. WHAT? Yes, this was an anomaly and not a usual type of home. London Bridge is falling down.
• 14 homes did not sell within the past 3 months (expired or withdrawn)

Local home values Bernal Heights Free Report.

* Tip: Instead of interviewing 5-10 agents (which can take a lot of time), why not meet with 1 or 2 reputable Bernal Heights agents and then talk to their past clients? It’s a much more accurate and efficient way to find out if what we promise is truly what we deliver…

Tags: Bernal Heights Real Estate

The Economist says the worst of America’s real estate downturn is over and you’ve been thinking of selling your San Francisco home, what to do now?

January 2nd’s The Economist notes,

“House prices are still far above their fair value in many countries – though no longer in America.”

Of course, the article does warn that “a further downward leg is possible since past housing busts have pushed priced below their fair value…” but those of us in the San Francisco real estate market have seen time and again that SF is the last to go down and the first to go up (or, at least, amongst the last and first.)

So what if you own a home in, say, Bernal Heights or Mission Dolores and you’ve been thinking of selling your home for a little while now?

You’ve been waiting for some signs of market stabilization but are growing anxious because you really could use some more space. Or, perhaps, you want to move out of San Francisco to new pastures. Well, most agree that the worst is probably over  yet no one I’ve heard of expects home prices to appreciate anytime soon. If you’re waiting for your value to go back to where it was in 2005, you may be waiting a long time.

The truth is that no one rings a bell when the downturn is over. We must look for subtle clues and take a leap of faith. Complex real estate markets like ours today offer superb opportunities for those wanting to sell their current home and buy another one. It’s “against the herd” thinking but it’s tried and true.

For example, say home prices are down 20% off the peak in Bernal Heights or another SF neighborhood.

If you’re home was worth $900,000 at the peak of the market, it’s now worth $720,000. This is a loss of $180,000 BUT the home you want to buy in Noe Valley was worth $1,400,000 at the peak. This same house is now worth $1,120,000 which is a decline of $280,000.

Essentially, if you sell your home and upgrade in a down market, you’ll SAVE money. In this example, it is $100,000 in savings. Plus, you’ll be leveraging yourself into a nicer home that has more potential to appreciate in the future. Add in today’s interest rates and the improved quality of life you’ll have for your family and this starts to look pretty good, right? (It goes without saying that this scenario will not work for everyone. You’ll need to have stable employment and equity to qualify for the home purchase.)

If you want to move out of San Francisco, you’ll probably be in even better shape. The San Francisco market has declined much less than most of the country. Last year, I helped clients sell their Bernal Heights listing and relocate to Merced where the market has declined much more than here in the Bay Area. When you look at both sides of the transaction, they did very well.

Alright, enough already. I do want to sell my San Francisco house in Bernal Heights or Mission Dolores or maybe even Inner Sunset this year and buy a new one in another neighborhood. If I want to sell a home and buy another one, what should I do now to prepare?

Glad you asked! You should read this post about the time line of buying and selling a home.

I want to sell my current San Francisco home and buy another one either here in SF or in another area. How does this work? Is there a way to time it so I am not “in-between” homes? How do I know how much I can afford in my next home?

Question: I want to sell my current San Francisco home and buy another one either here in SF or in another area. How does this work? What is a good time line for buying and selling? Is there a way to time it so I am not “in-between” homes? How do I know how much I can afford in my next home?

Answer: Whether you want to sell your home right away or just sometime in the next year, there are some simple things which, when done ahead of time, will increase your chances of getting the highest return on your investment.

Here are the 5 main steps involved in selling a home and buying a new one.

Read the rest of this entry »

Tags: buy and sell a home, time line of buying and selling

New Listing! Bernal Heights Mid-Century Single Family Home For Sale

Coming soon! Bernal Heights Home For Sale. Asking $785,000.

Bernal Heights, San Francisco is a fabulously friendly, diverse, family-friendly, dog-friendly, open-minded neighborhood. As a local Realtor, I know the area is not only an enjoyable place to live, but also a stable real estate investment. Bernal Hill, Cortland Avenue, Moki’s Sushi, Sandbox Bakery, Holly Park, fitBernalfit, Piqueo’s, Bernal Yoga, Good Life Grocery, Wild Side West, Stray Bar, Vino Rosso Wine Bar, Vega Ristorante, family-friendly, dog-friendly, progressive and modern too…

Coming soon in January, we’re pleased to announce a brand-new listing for sale, 3686 Folsom Street. This Mid-Century single family home is located North of Cortland Avenue and walking distance to Cortland Avenue and the Hill.

Here’s a sneak preview of 3686 Folsom Street, Bernal Heights Listing.

• Single Family Home
• Convenient, Desirable Location North of Cortland Avenue
• 2 Bedrooms, 1 Bath
• Eat-in Kitchen, Combo Dining/Living Room with Fireplace
• Extra room and 1/2 bath off garage
• Hardwood Floors
• Spacious Garage
• Mature Garden in Rear
• Mid-Century Glamour. Mr. Draper would be pleased. *

Want to buy a home in Bernal Heights? Email us to get started.

Thinking of selling your home and want a Realtor with skill and experience but without the “typical agent” drama and ego? Oh, c’mon. We know you do. Find out what your Bernal Heights home is worth in today’s market or email us for some help.

How’s the market doing? Recent Bernal Heights Real Estate Market Data here.

* Learn more about Bernal Heights architecture.

Tags: 3686 Folsom St, bernal heights, Folsom

San Francisco Real Estate Market Is More Resilient. Here’s Why. And SF Market Update.

At the beginning of each new client consultation, I ask the prospective San Francisco home buyer or seller what they believe is going on in the local real estate market, whether they are thinking of a Bernal Heights single family home or a Mission Dolores condominium.

Over the past 6 months, I have noticed a real shift in mentality. This is far from scientific research and more anecdotal, but it does seem like the public mood has improved. More buyers tell me that they feel we have already seen the bottom and that prices in San Francisco are starting to head back up, if only slowly. Read the rest of this entry »

Tags: 2009 market analysis, rosen consulting group, sf market analysis, sfar

HVCC Current Appraisal Rules: The Law of Unintended Consequences for SF Home Sales

The Law of Unintended Consequence: When an action leads to results that were unanticipated or unintended; can be positive or negative

The current home appraisal rules (HVAC) have had a myriad of unintended consequences. The intent of the guidelines was laudable: to help make the home valuation process more objective. The idea being that shady appraisers, Realtors, mortgage brokers, buyers and sellers helped create the over-inflated housing mess. I have a couple of issues with this approach. 1. We’re not all shady. 2. As with many bureaucratic pursuits, the intended goals are “lost in translation” as the rules fail to take into account how things actually work in local markets & in practice.

The unintended consequence of the new appraisal rules has been kind of the opposite of what the rules were trying to avoid. Instead of plumping up home prices, they are pushing them down. Read the rest of this entry »

Tags: appraisal, hvcc, pricing your home

Holiday Real Estate Slowdown Less Likely This Season

Wondering if you should sell your home this winter? Considering taking the plunge into home ownership? Not sure if you should wait for the Spring?

Typically, the winter & holiday season is a slower time for real estate. Of course, this depends on your local housing market and frankly, in large part, due to weather. Our local San Francisco real estate market (and temperate climate) isn’t usually as affected as, say, the Minnesota market but you’ll still see some seasonal drop-off.

Will this year be different?

As the Wall St. Journal reports, some experts argue that this year may be different because of the extended Home Buyer Tax Credit.

The credit caps your qualifying purchase to $800,000 or less so not all of San Francisco housing will be affected. Of course, for many home buyers, the current low interest rates are a major draw at any price point. We don’t know when they’ll go up but we do know that it is inevitable.

“House hunting usually slows down this time of year, as people put their searches on hold during the holidays.

This winter could be different, however, thanks to the extension — and expansion — of the first-time home-buyer tax credit.

“We’re going to see far more interest in the fourth quarter than we generally do because of the tax credit,” says Heather Fernandez, vice president of Trulia.com, a real-estate search engine. Traffic surged on the site on Nov. 5, the day Congress approved the credit extension, she says…”

“Interest rates are low right now, but will likely rise next year, Ms. Warren says. Higher rates will affect your monthly mortgage payments, thus the affordability of the house you are buying.

“It’s pretty universally accepted that rates will be higher next year,” she says. “What is unknown is how fast and by how much.”

Average rates on 30-year fixed-rate mortgages have been hovering around 5%. But when the Federal Reserve stops buying large amounts of mortgage-backed securities next year, interest rates could rise, Ms. Warren points out. The Fed plans to end its purchase program in March.”

Personally, I always recommend on this SF real estate blog that you make your real estate decisions based on your own life and not what the so-called experts say.

If it makes sense for you to buy a home now, go for it. Take advantage of the relatively lower home prices, the low interest rates, and maybe even the tax credit.

The same goes for those of you considering selling your home. If it makes sense in the overall picture of your life, what are you waiting for? It may be a long time before prices are back at the steroid-enhanced levels of 2005/2006.

Tags: holiday slowdown, home buyer tax credit, winter slowdown

Want to sell your Mission Dolores Condo but afraid of limited financing options for the potential buyers?

Fyi, the post I just wrote on newly expanding FHA home loan options for San Francisco condominium purchase also affects those of you considering listing your condo. Have you been wanting to sell your Mission Dolores Condo (or Noe Valley, or Hayes Valley, or Bernal Heights, or wherever) but been afraid of the limited financing options for potential buyers? Get ready to smile. Read the rest of this entry »

Tags: condo listings in SF, FHA home loans, low down payment, Mission Dolores condo, Noe Valley condo, SF condos