San Mateo’s Housing Trends
The most obvious trend to continue through November and December is the lack of inventory in what are considered first-time home buyer areas such as Colma, Daly City, East Palo Alto, San Bruno and South San Francisco.
Redwood City has such varied neighborhoods you can’t describe it as just one housing style or price point. But the inventory has gone down significantly over the year; without more research I can’t say for sure but I wonder if that drop is partly related to the first-time buyers and investors out there competing for those short sales.
San Mateo’s First-Time Home Buyers
Now that the first-time home buyer credit has been extended the likelihood of that trend continuing is high.
Will Mortgage Rates Rise in 2010?
I’ve read several reports. Seems that once again opinions are like ears. Some say they’ll stay the same; some say they’ll rise.
You’re Not Buying A House – You’re Buying A Loan
Let’s play with interest rates. If you’re getting a loan of $600,000 at 5% you’ll be paying about $3200 in monthly payments.
$600,00 at 5.5% is $3400 a month.
|East Palo Alto||1.3||1.6||1.4||2.4||1||1||1||1||1||*||*||*|
|Half Moon Bay||7.6||11||7.5||16||6||7.9||5.5||3.6||3.8||3||3||3|
|So San Francisco||2.5||1.7||1.4||1||1||1||1||1||1||*||*||*|
Real Estate Absorption Rates
The absorption rate is a quick way to see if the number of homes for sale in San Mateo County is going up or down. It’s just one of the statistics used to evaluate pricing.
What you’re looking at is how many months’ inventory there is on the market. The assumption is that it will take X number of months for all of the houses currently on the market to sell. More inventory = longer to sell.
You can also see if the area is a buyer or a sellers’ market. The National Association of Realtors defines a balanced market as one is which there is 6 months of inventory. More than 6 months, it’s a buyers’ market; less is a sellers’ market.
Thanks for reading the San Mateo Real Estate Blog.
I love questions and comments. So please leave one!
Vicki Moore, Realtor
Alain Pinel Realtors, specializing in San Mateo, CA Real Estate.
Need real estate help?
Contact me at 650.888.9268 or Vicki[@]CallVicki.com.