Friday, February 15, 2013

Pacific Union Grows!--Vacancy Rates Tight!

Well, the latest is in two subject areas this week. First, as you, our valued clients bring us your wants and needs, both for personal residence and for either investment or vacation properties, we have continued to grow! Originally just a Bay Area firm, we now have a pair of offices in the Lake Tahoe area to help all of you in acquiring a great vacation home at or near the lake. Just think: skiing some of the best trails in the world in the winter or playing tennis, hiking or fishing some equally great locations in the summer. It's all at Tahoe and we can help you get there! This links in with our ongoing position as the top real estate firm in the Bay Area, including a half dozen right here in Marin.

As for vacancy rates, this is a very important factor in driving prices. If you are thinking of purchasing an investment property, or expanding your real estate portfolio, this is an excellent time to do so. Not only can it help you with tax savings, it can also help push your personal worth upward. One of thew things doing this is the tightness in available properties for rent.

The Bay Area has one of the nation’s tightest housing markets, with vacancy rates of just 1.1 percent for single-family homes and 3.5 percent for rental units — offering a strong impetus for homebuilders to step up construction in the area and give a further boost to the local economy.
A recent report from the U.S. Census Bureau showed vacancy rates in the San Francisco-Oakland-Fremont metropolitan area far below the national averages of 1.9 percent for single-family homes and 8.7 percent for rental housing in the fourth quarter of 2012. Among rental housing, the vacancy rate was down from 6.1 percent in the fourth quarter of 2011.  This all bodes well for investors in rental property. Have questions? Give us a call. We'd be happy to answer them! Peter: (415) 279-6466; Jane: (415) 531-4091.

Monday, February 11, 2013

Jobs--They DO Affect the Housing Market!: One thing that is always in play regarding availability and, more importantly, the costs of homes is the relevant local job market. It isn't surprising that this is the case. If people aren't working, they're not likely to be considering the purchase of a home--first home, move-up or anything else. No income, no buy--very simple and logical. So, when the local job market improves, that means more folks are probably going to be out there looking to 
purchase a home
. This, in turn, will likely drive prices up, relative to the market. Recent statistics show that San Francisco is now the third best job market in the country, right behind Austin, Texas and Washington, DC. Such a good rating only bodes well for sellers. Given the continued relatively low interest rates, it can also 
 buyers if sellers start to jump on the bandwagon too. The site, NerdWallet noted that San Francisco’s high median household income (No. 2 at $72,947) offsets the city’s high cost of living. “With Silicon Valley nearby, San Francisco has become a tech hub in recent years, and its population growth indicates the city is home to many transplants,” NerdWallet said. “Tech and tourism dominate the job market in San Francisco, and tech giants such as Facebook, Google, Twitter, Yelp, and Dropbox are located in or just outside the city.” The job-seeker rankings were based on income, cost of living, the 
 rate, and population growth. NerdWallet also recently ranked San Francisco the 10th best city for recent 
  , citing its “walkable layout and great social scene,” and the fourth most expensive city. The site produced the rankings with its new City Life Tool, available online, which provides extensive demographic profiles of 26 of the nation’s largest cities based on data from the U.S. Census Bureau, the Council for Community and Economic Research, and other sources. Although NerdWallet is talking about the San Francisco job market, with Marin being one of the leading up-scale housing areas serving the City, means that this SF job market directly affects the Marin housing market. If you've been uncertain about your own situation up to now, perhaps these stats will cause you to rethink things. Questions? Call us: Peter: (415) 279-6466; Jane: (415) 531-4091.