Rich SF residents get a shock: Someone bought their street

This article peaked our interest since the Caton Team is working with auction buyers.  Fascinating the properties that come through the auction block – but this one – OMG! Take a read from the SF Chronicle!  

Rich SF residents get a shock: Someone bought their street

Thanks to a little-noticed auction sale, a South Bay couple are the proud owners of one of the most exclusive streets in San Francisco — and they’re looking for ways to make their purchase pay.

Tina Lam and Michael Cheng snatched up Presidio Terrace — the block-long, private oval street lined by 35 megamillion-dollar mansions — for $90,000 and change in a city-run auction stemming from an unpaid tax bill. They outlasted several other bidders.

Now they’re looking to cash in — maybe by charging the residents of those mansions to park on their own private street.

 

Those residents value their privacy — and their exclusivity. Past homeowners have included Sen. Dianne Feinstein and her financier husband, Richard Blum; House Democratic leader Nancy Pelosi; and the late Mayor Joseph Alioto. A guard is stationed round the clock at the stone-gate entrance to the street to keep the curious away.

So imagine the residents’ surprise when San Jose residents Cheng and Lam wound up with the street, its sidewalks and every other bit of “common ground” in the private development that has been managed by the homeowners since at least 1905. That includes a string of well-coiffed garden islands, palm trees and other greenery that enhance the gated and guarded community at the end of Washington Street, just off Arguello Boulevard and down the hill from the Presidio.

“We just got lucky,”said Cheng, a real estate investor.

The homeowners, however, are crying foul and want the Board of Supervisors to negate the sale.

The couple’s purchase appears to be the culmination of a comedy of errors involving a $14-a-year property tax bill that the homeowners association failed to pay for three decades. It’s something that the owners of all 181 private streets in San Francisco are obliged to do.

In a letter to the city last month, Scott Emblidge, the attorney for the Presidio Homeowners Association, said the group had failed to pay up because its tax bill was being mailed to the Kearny Street address used by an accountant who hadn’t worked for the homeowners since the 1980s.

Two years ago, the city’s tax office put the property up for sale in an online auction, seeking to recover $994 in unpaid back taxes, penalties and interest. Cheng and Lam, trawling for real estate opportunities in the city, pounced on the offer — snatching up the parcel with a $90,100 bid, sight unseen.

Since the purchase in April 2015, the couple have been quietly sitting on the property, talking to a number of land-use attorneys to explore their options.

“We were looking to get title insurance so it could be marketable,” Cheng said.

He and his wife see plenty of financial opportunity — especially from the 120 parking spaces on the street that they now control.

“We could charge a reasonable rent on it,” Cheng said.

And if the Presidio Terrace residents aren’t interested in paying for parking privileges, perhaps some of their neighbors outside the gates — in a city where parking is at a premium — would be.

Unsurprisingly, the residents were more than a little upset when they belatedly found out what had happened.

They didn’t learn that their street and sidewalks had been sold until they were contacted May 30 by a title search company working on behalf of Cheng and Lam, said Emblidge. The title search outfit wanted to know if the residents had any interest in buying back the property from the couple, the lawyer said.

“I was shocked to learn this could happen, and am deeply troubled that anyone would choose to take advantage of the situation and buy our street and sidewalks,” said one homeowner, who asked not to be named because of pending litigation.

Last month, the homeowners petitioned the Board of Supervisors for a hearing to rescind the tax sale. The board has scheduled a hearing for October.

In addition, the homeowners association has sued the couple and the city, seeking to block Cheng and Lam from selling the street to anyone while the city appeal is pending — a move residents fear could complicate their efforts to reclaim the land.

The residents say the city had an obligation to post a notice in Presidio Terrace notifying neighbors of the pending auction back in 2015 — something that “would have been simple and inexpensive for the city to accomplish.”

Treasurer-Tax Collector Jose Cisneros’ office says the city did what the law requires.

“Ninety-nine percent of property owners in San Francisco know what they need to do, and they pay their taxes on time — and they keep their mailing address up to date,” said spokeswoman Amanda Fried.

“There is nothing that our office can do” about the sale now, she added.

Fried said that as far as she knows, the Board of Supervisors “has never done a hearing of rescission” — and that because it’s been more than two years since Cheng and Lam bought the property, it could be tough to overturn the sale now.

As for the threat to charge them for parking, the residents suspect it’s part of a pressure campaign by the couple to force the homeowners association to shell out big bucks to buy back the street.

The couple, however, say they’re in no hurry to sell.

“I’m a first-generation immigrant, and the first time I came to San Francisco I fell in love with the city,” said Lam, an engineer in Silicon Valley who was born in Hong Kong and came to the U.S. for college.

“I really just wanted to own something in San Francisco because of my affinity for the city,” Lam said.

There’s a bit of irony in the couple’s purchase. Until a 1948 U.S. Supreme Court ruling banning the enforcement of racial covenants, homes in Presidio Terrace could be purchased only by whites.

“The more we dug into this,” said the Taiwan-born Cheng, “the more interesting it got.”

San Francisco Chronicle columnists Phillip Matier and Andrew Ross appear Sundays, Mondays and Wednesdays. Matier can be seen on the KPIX-TV morning and evening news. He can also be heard on KCBS radio Monday through Friday at 7:50 a.m. and 5:50 p.m. Got a tip? Call (415) 777-8815, or email matierandross@sfchronicle.com. Twitter: @matierandross

The Caton Team is comprised of Susan and Sabrina Caton – a mother/daughter in law team.  We are full time, local Realtors with over 25 years of combined Real Estate experience.  How can The Caton Team help you?

I read this article at: http://www.sfchronicle.com/bayarea/matier-ross/article/Rich-SF-residents-get-a-shock-Someone-bought-11738236.php?cmpid=email-premium

Remember to follow our Blog for the local real estate beat, a pulse on the San Francisco Peninsula at: https://therealestatebeat.wordpress.com

Got Questions? – The Caton Team is here to help.  

Email Sabrina & Susan at:  Info@TheCatonTeam.com

Call us at: 650-568-5522  Office: 650-365-9200

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Thanks for reading – Sabrina

The Caton Team – Susan & Sabrina – A Family of Realtors

Effective. Efficient. Responsive.  What Can The Caton Team Do For You?

Berkshire Hathaway HomeServices – Drysdale Properties

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3 Ways to Make Counteroffers Easier

People often think of Real Estate negotiations as having a strong arm.  Not true.  In fact, The Caton Team knows – Real Estate Sales is a meeting of the minds.  It should leave both parties happy and feeling as if they sold at the right price and bought at the right price.  Sometimes we’ll encounter people with a difference of opinion – so I thought I would share this article from realtor.com and Daily Real Estate News to share some insight on how to properly negotiate.  

3 Ways to Make Counteroffers Easier

No matter if your client is buying or selling, counteroffers can pose sticky negotiations from both sides. Here are three tips for successfully responding to counteroffers from Desare Kohn-Laski, broker-owner of Skye Louis Realty in Coconut Creek, Fla.

1. Ask for something in return.

Sellers and buyers alike should remember that counteroffers are made because the other party outlines something very specific they want in the transaction, Kohn-Laski says. For example, if your buyers find that appliances are specifically not included in the seller’s counteroffer, then your buyers might want to offer more money to include the appliances in their second offer.

2. Offer incentives.

If you are on the seller side, your client could offer to pay the buyer’s homeowners association fees for a specific period. “Capitalize on the primary truth that most buyers will need extra cash after the big purchase,” Kohn-Laski says. Incentive ideas for buyers include interior repainting or a year of free lawn services. For sellers, covering moving costs or repair costs from an issue found during inspection could also be useful incentives.

3. Know when to split the difference.

Meeting the other side halfway is usually a winning solution; it’s an art that leads to closing deals, Kohn-Laski says. When a few thousand or few hundred dollars appear to be the hurdle, you can counter by offering to split the difference. For instance, if the list price is $435,000 and your buyer wants it for $430,000, split the $5,000 difference to achieve $432,500.

The Caton Team prides ourselves with fair and honest dealings.  We know how to represent a seller to protect their best interests while managing the sale of their home.  We also know how to write the best offer for a buyer, in order to get their needs met and an agreeable contract for the seller.  In this competitive market – price isn’t always everything – curious why?  Call or email us – we’d be happy to share our ideas.  

I read this article at: http://realtormag.realtor.org/daily-news/2017/07/11/3-ways-make-counteroffers-easier?tp=i-H43-Bb-KE-Da9A-1p-EHi7-1c-DZER-2A0rzW&om_rid=3237216%20&Om_ntype=RMOdaily&om_mid=1254

Remember to follow our Blog for the local real estate beat, a pulse on the San Francisco Peninsula at: https://therealestatebeat.wordpress.com

Got Questions? – The Caton Team is here to help.  

Email Sabrina & Susan at:  Info@TheCatonTeam.com

Call us at: 650-568-5522  Office: 650-365-9200

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Please enjoy my personal journey through homeownership at:

http://ajourneythroughhomeownership.wordpress.com

Thanks for reading – Sabrina

The Caton Team – Susan & Sabrina – A Family of Realtors

Effective. Efficient. Responsive.  What Can The Caton Team Do For You?

Berkshire Hathaway HomeServices – Drysdale Properties

Sabrina BRE# 01413526 / Susan BRE #01238225 / Team BRE# 70000218/ Office BRE #01499008

What Caused Real House Prices to Decline for the First Time in 8 months?

When I received this article from First American – I had to share – interesting!

What Caused Real House Prices to Decline for the First Time in 8 months?

Written by: Mark Fleming, First American Chief Economist

First American’s proprietary Real House Price Index (RHPI) looks at April 2017 data and includes analysis from First American Chief Economist Mark Fleming on the impact of wages and lower interest rates on real house prices.

“Despite the monetary tightening policies of the Federal Reserve, a dip in the average rate for a 30-year, fixed-rate mortgage and wage gains increased consumer house-buying power sufficiently to offset the gain in unadjusted house prices. The decline in real, purchasing-power adjusted house prices between March and April was the largest month-over-month decline since July 2016,” said Mark Fleming, chief economist at First American.

For Mark’s full analysis on affordability, the top five states and markets with the greatest and smallest increases in real house prices, and more, please visit the Real House Price Index.

“The decline in real, purchasing-power adjusted house prices between March and April was the largest month-over-month decline since July 2016 and a respite from the 8-month-long trend of increasing real house prices.”

The RHPI offers an alternative view of the change over time of house prices at the national, state and metropolitan area level. The traditional perspective on house prices is fixated on the actual prices and the changes in those prices, which overlooks what really matters to potential buyers – their purchasing power, or how much they can afford to buy. The RHPI adjusts prices for purchasing power by considering how income levels and interest rates influence the amount one can borrow.

The RHPI is updated monthly with new data. Look for the next edition of the RHPI the week of July 24, 2017.

 

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I read this article at: https://firstexchange.com/June2017HousingUpdate

Remember to follow our Blog for the local real estate beat, a pulse on the San Francisco Peninsula at: https://therealestatebeat.wordpress.com

Got Questions? – The Caton Team is here to help.  

Email Sabrina & Susan at:  Info@TheCatonTeam.com

Call us at: 650-568-5522  Office: 650-365-9200

Want Real Estate Info on the Go?  Download our FREE Real Estate App:  http://thecatonteam.com/mobileapp

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Please enjoy my personal journey through homeownership at:

http://ajourneythroughhomeownership.wordpress.com

Thanks for reading – Sabrina

The Caton Team – Susan & Sabrina – A Family of Realtors

Effective. Efficient. Responsive.  What Can The Caton Team Do For You?

Berkshire Hathaway HomeServices – Drysdale Properties

Sabrina BRE# 01413526 / Susan BRE #01238225 / Team BRE# 70000218/ Office BRE #01499008

San Mateo County Farmers Markets, Events & Things to Do!

San Mateo County Farmers Markets, Events & Things to Do!

FARMERS MARKETS

Belmont
Year-round: Sun 10:00am-2:00pm
El Camino Real and O’Neill Ave

Brisbane
Year-round: Thur 2:30-6:30pm
11 Old County Road

Daly City
Year-round: Thur & Sat 9:00am-1:00pm
Serramonte Shopping Center 

Foster City
Year-Round: Sat. 9:00am-1:00pm
Sun. 2:30pm-6:30pm
791 Beach Park Blvd. 

Menlo Park
Year-round: Sun. 9:00am-1:00pm
1050 Chestnut St. 

Millbrae
Year-round: Sat. 8:00am-1:00pm
200 Broadway, Millbrae

Redwood City
Multiple Venues and Times – see link

San Mateo
Year-round: Sat. 9:00am-1:00pm
College of San Mateo

San Carlos
Year-round: Sun. 10:00am-2:00pm
700 Block Laurel Street

Events

Community Day in the Park
June 4, 2017
12:00pm-5:00pm
San Bruno City Park

Summer Foodfest
June 24, 2017
12:00pm
Facebook Headquarters

Biggest Little Airshow
June 3, 2017
10:00am
Hiller Aviation Museum
San Carlos

cityFEST
June 2-4, 2017
5:00pm
Leo Ryan Park
Foster City

Summer Concert Series – Beatles Tribute
June 14, 2017
6:30pm-8:00pm
Fremont Park
Menlo Park

Free First Fridays
June 2, 2017
10:00am-4:00pm
San Mateo County History Museum
Redwood City

Movies on the Square – Hidden Figures
June 1, 2017
8:45pm-11:00pm
Courthouse Square
Redwood City

St. Pius Festival
June 3-4, 2017
1:00pm-10:00pm
St. Pius Church
Redwood City

First Fridays
June 2, 2017
10:16am
Barracuda Japanese Restaurant
Burlingame

San Mateo County Fair
June 10-18, 2017
10:00am
San Mateo County Event Center

 

THINGS TO DO

Planet Granite Belmont
Crystal Springs Regional Trail 
San Bruno Mountain State Park
Half Moon Bay Brewing Company
Peninsula Museum of Art 
Hiller Aviation Museum 
San Mateo County History Museum
Filoli
Bay Area Ski Bus
Devil’s Canyon Brewing Company
Bel Mateo Bowl 
Half Moon Bay State Beach 
Poplar Creek Golf Course
Half Moon Bay Golf Links
CuriOdyssey
S
anchez Adobe
M
emorial Park  
Club Fox
U
nleashed Art Gallery 
Museum of PEZ Memorabilia
GoKart Racer

 

MOVIES COMING SOON

Friday, June 2, 2017
Wonder Woman
Captain Underpants
Churchill

Friday, June 9, 2017
The Mummy
The Hero

Friday, June 16, 2017
Cars 3
Rough Night
Resident Evil: Vendetta

Friday, June 23, 2017
Transformers: The Last Knight
The Beguiled

Friday, June 30, 2017
Despicable Me 3
The House

 

Courtesy of Chicago Title Company
17 Father’s Day Activities: Source.

Remember to follow our Blog for the local real estate beat, a pulse on the San Francisco Peninsula at: https://therealestatebeat.wordpress.com

Got Questions? – The Caton Team is here to help.  

Email Sabrina & Susan at:  Info@TheCatonTeam.com

Call us at: 650-568-5522  Office: 650-365-9200

Want Real Estate Info on the Go?  Download our FREE Real Estate App:  http://thecatonteam.com/mobileapp

HomeSnaphttp://www.homesnap.com/Sabrina-Caton

Visit our Website at:   http://thecatonteam.com/

Visit our INSTAGRAM page:  http://instagram.com/thecatonteam

PINTREST: https://www.pinterest.com/thecatonteam/

Visit us on FACEBOOK:   http://www.facebook.com/pages/Sabrina-Susan-The-Caton-Team-Realtors/294970377834

YELP us at: http://www.yelp.com/biz/the-caton-team-realtors-sabrina-caton-and-susan-caton-redwood-city

Or YELP me:  http://www.yelp.com/user_details_thanx?userid=gpbsls-_RLpPiE9bv3Zygw

Twitterhttps://twitter.com/TheCatonTeam

Connect with us professionally at LinkedInhttps://www.linkedin.com/in/sabrinawendtcaton

https://www.linkedin.com/in/susancatonrealtor

Please enjoy my personal journey through homeownership at:

http://ajourneythroughhomeownership.wordpress.com

Thanks for reading – Sabrina

The Caton Team – Susan & Sabrina – A Family of Realtors

Effective. Efficient. Responsive.  What Can The Caton Team Do For You?

Berkshire Hathaway HomeServices – Drysdale Properties

Sabrina BRE# 01413526 / Susan BRE #01238225 / Team BRE# 70000218/ Office BRE #01499008

The best month and day to put a home on the market – well my birthday of course!

The best month and day to put a home on the market, according to Zillow

A study points to a Saturday in May as a seller’s peak opportunity

Key Takeaways

Homes listed between May 1 through 15 tend to sell nine days faster and sell 1 percent above the asking price, a new Zillow study says.

You may want to hide during the ides of March, but the ides of May are the perfect time to put a home on the market, says a new study by Zillow.

In 20 of the 25 metro areas studied, homes listed anywhere between May 1 and May 15 sold nine days faster and for up to 1 percent more than the asking price.

“With 3 percent fewer homes on the market than last year, 2017 is shaping up to be another competitive buying season,” said Zillow Chief Economist Dr. Svenja Gudell in a statement.

“Many [homebuyers] who started looking for homes in the early spring will still be searching for their dream home months later. By May, some buyers may be anxious to get settled into a new home — and will be more willing to pay a premium to close the deal.”

Mark your calendar for a Saturday in May

Moreover, Zillow’s research revealed the best day to place a home on the market is Saturday — listings that appear on Zillow’s site on this day garner 20 percent more views than early-in-the-week listings.

The second best day to list is Friday, when properties receive 14 percent more views.

Lastly, Gudell says sellers have to be cognizant of other factors, such as weather.

Sellers in Texas, California and Florida have more leeway in when to list their home due to warmer weather patterns. Also, sellers who live in areas without distinct seasonal weather tend to have little variation in sales price based on the month.

Are you thinking of selling?  Call the Caton Team – it is what we do best!  We’re available for a free consultation.  

I read this article at: http://www.inman.com/2017/03/02/the-best-month-and-day-to-put-a-home-on-the-market-according-to-zillow/?utm_source=weeklyheadlines&utm_medium=email&utm_campaign=sundaysend&utm_content=20170310_readmore

Remember to follow our Blog for the local real estate beat, a pulse on the San Francisco Peninsula at: https://therealestatebeat.wordpress.com

Got Questions? – The Caton Team is here to help.  

Email Sabrina & Susan at: Info@TheCatonTeam.com

Call us at: 650-568-5522 Office: 650-365-9200

Want Real Estate Info on the Go? Download our FREE Real Estate App:  http://thecatonteam.com/mobileapp

HomeSnaphttp://www.homesnap.com/Sabrina-Caton

Visit our Website at:   http://thecatonteam.com/

Visit our INSTAGRAM page: http://instagram.com/thecatonteam

PINTREST: https://www.pinterest.com/thecatonteam/

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Or YELP me: http://www.yelp.com/user_details_thanx?userid=gpbsls-_RLpPiE9bv3Zygw

Twitterhttps://twitter.com/TheCatonTeam

Connect with us professionally at LinkedIn: https://www.linkedin.com/in/sabrinawendtcaton

https://www.linkedin.com/in/susancatonrealtor

Please enjoy my personal journey through homeownership at:

http://ajourneythroughhomeownership.wordpress.com

Thanks for reading – Sabrina

The Caton Team – Susan & Sabrina – A Family of Realtors

Effective. Efficient. Responsive.  What Can The Caton Team Do For You?

 

Berkshire Hathaway HomeServices – Drysdale Properties

Sabrina BRE# 01413526 / Susan BRE #01238225 / Team BRE# 70000218/ Office BRE #01499008

 

Help Clients Avoid House-Hunting Drama

Help Clients Avoid House-Hunting Drama

The Caton Team’s two cents is added in italics.

“Moving is one of the most stressful situations that a person can go through,” says Frank Schofield, an associate broker with Summit REALTORS® in Northern Virginia. “It’s one of the most rewarding, but also one of the most stressful.”

To make the house-hunt a little less stressful, real estate pros offer the following tips:

  1. Determine what you want upfront, and stick to that criteria.

What are your non-negotiables? What location do you desire? What educational opportunities are important? What do you want your daily commute to be? And what price are you willing to pay? “The first step to avoid house hunting drama is to really sit back and think about what is most important to you,” advises Jason Mitchell, founder and president of Jason Mitchell Real Estate. “This will narrow down your scope so you are not looking at hundreds of homes, just the ones that fit in your criteria. … Looking in an area that’s not going to provide the home type that you want is going to cause frustration.”

Being focused is most important. It is also easier said than done, especially if this is your first purchase. The Caton Team suggests you start with a broad scope when you first start off. We like to cover as many options for the start and work our way down quickly to a manageable list.

  1. Get preapproved for a mortgage.

Avoid delays once you do find a home by getting your loan preapproved. “If there is any issue, it is identified early on in the process and not the moment that you’re trying to submit a contract on the property,” says Schofield. Also, you’ll know your numbers and how much to expect on a monthly payment to make sure you’re house-shopping within your price range.

THIS IS THE MOST IMPORTANT STEP. So important – The Caton Team suggests you get pre-approved even before we meet. Knowing how much mortgage you qualify for, knowing any defects on the credit report before the hunt even starts ensures a smooth experience. And it helps us bring into focus what is most important, where that is and what it looks like in a home. 

  1. Communicate.

Share with your real estate agent the biggest stressors and fears you have in the home-buying process. “The more open the client is with the agent, the less drama is going to present itself in the transaction,” says Schofield. “You have to trust your agent and relate to them as a confidant, as an ally.”

We couldn’t agree more. Being comfortable with your Realtors takes some of the stress off the situation. It helps us too! If we feel we have open communication and trust – truly we (The Caton Team and you) can move mountains.

  1. Don’t linger too long.

“Believe me, procrastination causes drama,” Schofield says. For home buyers on a deadline, Schofield recommends beginning four to six months ahead of time to start learning more about the market. Plus, with mortgage rates forecasted to move higher this year, buyers who wait too long may find what they can afford lessen. “Have the right expectations, or else you’re setting yourself up for frustration,” Schofield says.

I always tell my clients – we are shopping now – with today’s rates, prices and market AND IT WILL CHANGE. Therefore together we plan accordingly.

 The Caton Team knows how much patience and work it takes for our clients to buy a home. We are happy to sit down, answer you questions and prepare a plan to turn your dreams into reality. How can The Caton Team help you?

I read this article at: http://realtormag.realtor.org/daily-news/2017/01/03/help-clients-avoid-house-hunting-drama?om_rid=AACmlZ&om_mid=_BYa-g2B9W3LGkZ&om_ntype=RMODaily

Remember to follow our Blog for the local real estate beat, a pulse on the San Francisco Peninsula at: https://therealestatebeat.wordpress.com

Got Questions? – The Caton Team is here to help.  

Email Sabrina & Susan at: Info@TheCatonTeam.com

Call us at: 650-568-5522 Office: 650-365-9200

Want Real Estate Info on the Go? Download our FREE Real Estate App:  http://thecatonteam.com/mobileapp

HomeSnaphttp://www.homesnap.com/Sabrina-Caton

Visit our Website at:   http://thecatonteam.com/

Visit our INSTAGRAM page: http://instagram.com/thecatonteam

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Will 2017 be a buyer’s market or a seller’s market?

Can you tell I have one thing on my mind this January?  Where is this real estate marketing going?  Enjoy this article from Inman News.

Will 2017 be a buyer’s market or a seller’s market?

Four economists weigh in on what the next year has in store for each group

Key Takeaways

  • Next year will likely remain a seller’s market in most markets, but buyers might have their day in 2018 or 2019.
  • Future buyers will be “less white and a little younger.”

In some years and some markets, the answer is obvious — in 2016, Denver was a seller’s market, and San Francisco’s been one for quite a stretch.

But sometimes, it’s not so clear, and with mortgage rates on the up-and-up and robust plans for the economy ahead, all the plans for 2017 seem to be out the window.

Here’s what four economists had to say about whether 2017 is leaning toward buyers or sellers.

The consensus is?

Most economists we talked to said that overall, they thought 2017 was going to continue to be a strong market for sellers — for now.

“While I expect inventory levels to rise in 2017, it will likely remain a seller’s market,” said Matthew Gardner, chief economist at Windermere. “New construction will pick up steam in 2017, but not to levels that will provide sufficient support to a stretched housing market. Sellers will likely find that it will take a little longer to sell, but demand will still outstrip supply on the back of a job market that continues to tighten.”

Svenja Gudell, chief economist at Zillow, opined that “2017 is probably going to skew more toward the seller’s market — most markets will skew more toward seller’s markets, and even in the Midwest there are probably more seller’s markets than buyer’s markets compared to their own history.”

Geography does play a role, however, said Jonathan Smoke, chief economist at realtor.com.

“Ultimately, I do think it depends on where you are in the country — and not even at a market level,” Smoke said. “We’re seeing some clear patterns emerge within markets — one might be slowing down and cooling off where another part is really heating up. Real estate is so local that I would argue that a neighborhood view is really where you can see the differences and disparities and changes that are occurring around the country.”

Smoke noted that first-time buyers have been most successful in the Midwest this year, whereas markets in the West have seen the most significant price appreciation, making it difficult for first-time buyers to find success.

“We tend to have markets that are either above average in price expectation or sales expectation, and there aren’t many markets that have above-average expectations in both — supply constraint is driving the price movement in the strongest price markets, seller’s markets, but the buyer’s markets where buyers are getting a really affordable home, as a result, those markets are seeing a greater growth in sales,” Smoke explained.

“Either one is good for real estate,” he concluded.

Will we see a shift?

Gudell said that Zillow had just asked a panel of experts — more than 100 economists — “what they thought was going to happen to the tradeoff between buyers versus sellers.”

She said that among the economists surveyed, the most popular belief was that in 2018 or 2019, the bulk of markets will begin to shift from seller’s markets to buyer’s markets.

“In some markets, it’ll start to turn already in 2017, where demand isn’t quite so high and you get a little more inventory in and you have buyers better able to negotiate,” Gudell added.

What does the future buyer look like?

Mark Fleming, chief economist at First American, said that, “assuming an environment with modestly and predictably rising mortgage rates, it becomes a first-time homebuyer purchase-oriented marketplace.

“The question as a real estate agent is, how do you find and market to that first-time homebuyer?” asked Fleming. “Because that first-time homebuyer is going to be a young, technologically savvy millennial — and even more importantly, ethnically diverse. The demand for first-time housing is going to come from a different kind of individual than we’ve traditionally seen: Young, diverse, technologically savvy and much more likely to be college-educated.”

“The homeownership rate will grow, and they’ll be less white and a little younger,” said Gudell.

“Unfortunately, I think all of us will be spending more time in the car as more people have to look for more housing outside the city center as homes become much more expensive in the urban area,” she added. “During the recovery, it’s really picked up and the urban centers have appreciated much faster than the outerlying areas.”

“The potential is there for the market to have the most first-time buyers — certainly on an absolute volume basis, but also on a shared transactions perspective,” said Smoke.

“For the industry, this is the biggest shift we need to be able to contend with because it likely means elongated length of time that people are spending in that journey, especially the first-time buyer, but it potentially also means higher cancellation rates and lower conversion rates. You’re going to have more challenges with people contending with needing to qualify for and buy a home in the environment we’re in now than in the environment we were in the last two years.

“Highly qualified pent-up demand has been driving the market — now, it’s more organic activity at a time when interest rates are on the move-up,” he added. “The potential is there for an even bigger year than we’re forecasting, but it comes with challenges and that’s why we’re expecting only moderate growth instead of huge growth.”

“The thing about housing is that everybody needs it and you can’t outsource it,” said Fleming.

 

I read this article at: http://www.inman.com/2016/12/13/will-2017-be-a-buyers-market-or-a-sellers-market/?utm_source=weeklyheadlines&utm_medium=email&utm_campaign=sundaysend&utm_content=20161216_readmore

Remember to follow our Blog for the local real estate beat, a pulse on the San Francisco Peninsula at: https://therealestatebeat.wordpress.com

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Please enjoy my personal journey through homeownership at:

http://ajourneythroughhomeownership.wordpress.com

Thanks for reading – Sabrina

The Caton Team – Susan & Sabrina – A Family of Realtors

Effective. Efficient. Responsive.  What Can The Caton Team Do For You?

 

Berkshire Hathaway HomeServices – Drysdale Properties

Sabrina BRE# 01413526 / Susan BRE #01238225 / Team BRE# 70000218/ Office BRE #01499008