Geoffrey Disch, Author at Green Escrow Services, Inc

2021: An early forecast

October 29, 2020 By Geoffrey Disch Leave a Comment

Yes, there are still two months left in 2020 but real estate professionals are already looking ahead to 2021. After a steep decline in March and April, Bay Area real estate has rebounded with median home prices as high as they’ve ever been.

Analysts expect the trend to continue into early 2021. Currently, the inventory of available properties is at 1.9 months which definitely indicates a seller’s market. This could prices up even more.

While prices remain high – and are projected to climb even higher – historically low mortgage rates are a major inducement for buyers.

Luxury home sales soaring

October 26, 2020 By Geoffrey Disch Leave a Comment

Everything is topsy-turvy in this craziest of years – home sales typically slow in quarter three after a more robust spring; the reverse is true this year. Moreover, the median price continues to rise, due to two factors: low inventory which is driving up prices, and a dramatic increase in the sales of luxury homes.

Quarter three saw the median square footage of home sold in the East Bay rise to over 2,700 square feet. As expected, the median sales price increased to over $1,300,000!

Inventory remains low as new listings remain low, driving up the prices even higher but the demand for larger – and more expensive – home remains strong.

Bay Area homes are moving … fast

October 22, 2020 By Geoffrey Disch Leave a Comment

While the September median price for an existing single-family home in the Bay Area ($1,060,000) dropped slightly (0.7 percent) from August’s all-time high, it is still up a whopping 20.5 percent from September 2019, according to a recent report by the California Association of Realtors.

However, the big news is that the average time it took a house to sell was 11 days in September, down from 24 the year before.

Demand remains strong des[ite low inventory, driven in part by the pandemic and the uncertainty of the months to come. Sales remain strong in the Bay Area – up 34.2 percent year-over-year.

Tips for working from home

October 19, 2020 By Geoffrey Disch Leave a Comment

The pandemic has many from working from home and it’s likely to stay that way for awhile – or permanently for some. If your home is now also your office, the San Francisco Chronicle asked Bay Area designers for their tips on maximizing that home office.

Keep the area well-lit: Overhead lighting and a good task light are a must. If natural sunlight is pouring through the window, make sure you have a good shade to cut down the glare on your monitor when needed.
Make your home office an office: By now you should be past the laptop on the kitchen table stage. Make your office your space: put in a comfortable chair and art on the walls. Make it a space you want to work in.
Keep the clutter to a minimum: Just because your boss is looking over your shoulder, keep your workspace neat and tidy; you’ll find you’re much more productive.

2021 Forecast: Sales & prices to rise

October 15, 2020 By Geoffrey Disch Leave a Comment

The California Association of Realtors is forecasting that 2021 will see an increase in sales of single family homes by 3.3 percent and a rise in price of 1.3 percent for a median California house to $648,800.

Economic uncertainty and a continuing shortage of available homes for sale will keep these increases modest, according to CAR.

It’s also predicted that mortgage rates will remain historically low, which will encourage motivated buyers to purchase.

Buying sight unseen

October 12, 2020 By Geoffrey Disch Leave a Comment

Buying real estate sight unseen, while nothing new, has long been province of foreign buyers are investors. Recently , a survey found that 45 percent of homebuyers in the last year had made an offer without seeing the property first. If you’re considering going this route, here are a few points to consider:

Work with a quality agent familiar with the area
Get a floorplan to get a complete look at all the dimensions
Use technology such as 3D home tours to get an accurate look at the house
Have your agent conduct a tour using Facetime so you can ask questions
Get an appraisal and a home inspection

Going up: Bay Area home prices continue to rise

October 8, 2020 By Geoffrey Disch Leave a Comment

With all the economic uncertainty, the one area that continues to thrive is Bay Area real estate. According to the latest report from DQNews data, the median sale price for an existing single-family home in the Bay Area is $975,000, marking a 16 percent increase from 2019.

Once again, these numbers are driven by the limited number of properties for sale and the relatively large number of high-end homes for sale.

Nationally, prices increased by close to 14 percent and are nearing their peak. But not the Bay Area, where prices are projected to continue to rise by as much as 7.8 percent.

Bay Area rents continue to fall

October 5, 2020 By Geoffrey Disch Leave a Comment

As more employees are working remotely and access to the amenities of city living – restaurants, bars, nightclubs, concerts, museums, etc. – remains restricted, rents are dropping throughout the Bay Area. In fact, 4 of the top US cities with declining rents are in the Bay Area: San Francisco (17.8%), San Jose (9.5%), Oakland (7.9%), and Fremont (6.3%).

Many apartment complexes are offering “move-in discounts.

Of course, rents in the Bay Area remain high compared with the rest of the country: the median price in San Francisco is $2,590, in San Jose $2,170, and in Oakland $2090.

A new shortage: household appliances

October 1, 2020 By Geoffrey Disch Leave a Comment

Houses may be moving faster than ever but new home buyers are facing a different shortage: household appliances. According to a report in NPR, refrigerators, dishwashers, washers and dryers are all in short supply due to the pandemic.

Many appliance dealers saw a huge run on their wares in March and haven’t caught up yet. The situation is made words as many factories scaled back production in an effort to protect workers.

All the while, demand is continuing to increase as people are spending more time at home and want to upgrade their old appliances. Couple with the housing market recovery and the need for household appliances has never been greater.

Many homeowners not asking for forbearance

September 28, 2020 By Geoffrey Disch Leave a Comment

According to a report by the Wall Street Journal, over a million homeowners who are at least 30 days past due on their mortgage payments have not entered into a mortgage forbearance program or asked their lender for assistance.

It’s estimated that approximately 680,000 of these homeowners have federally guaranteed mortgages form Fannie Mae or Freddie Mac which means they are eligible to enter into a forbearance program what would put their monthly payments on hold for a year without any penalties.

Analysts agree that many homeowners have not entered into a forbearance due primarily to confusion as to whether they’re qualified while up to 70 percent fear they will be required to repay the balance in one lump-sum at the end of the forbearance period.