Press Releases

On Saturday, January 10th at the Hyatt Regency in Burlingame, the San Mateo County Association of REALTORS(R) held its annual Installation and Awards event. The event, attended by 200 real estate professionals, served to install the incoming Association President, Olivia Edwards, McGuire Real Estate and the 2009 SAMCAR Board of Directors. The evening also included recognition of outstanding SAMCAR members who have dedicated themselves to the success of organized real estate and to the community...

San Bruno-Getting into the holiday giving spirit, members of the San Mateo Association of REALTORS® held their 2nd annual coat drive and live auction to benefit the “Coats For Kids” program. The REALTORS® and affiliates, who were gathered for their weekly tour meeting, raised $3080 in thirty minutes at their live auction. They also donated 50 coats and jackets for children of all ages

The San Mateo Association of REALTORS® Foundation offered to match whatever the real estate professionals were able to raise up to $2500, effectively raising $5,580 to help ensure a warm winter for children in our community.

“Our REALTORS and affiliates were extremely generous with their donations and the amount of coats they donated. In fact, we raised more money this year, than we did last year at our Inaugural “Coats for Kids” holiday event,” stated Jennifer Tasto, SAMCAR 2009 President-Elect and co-organizer of the auction.

Now in its 12th year, the “Coats for Kids” program is coordinated by San Bruno Garbage Company and the City of San Bruno.

San Mateo, CA - Bay Area real estate practitioners, service providers, other experts in the real estate industry, including government officials, will once again gather for the second annual Bay Area Multicultural Real Estate Summit this fall.

This year’s summit will be held Friday, September 26th, 9 a.m. to 6 p.m. at the Crowne Plaza Hotel in Union City. In keeping with its theme, “Empowering the Real Estate Professional” this year’s summit will feature education classes, a luncheon and keynote speakers, Jeff Davi, Commissioner California Department of Real Estate and Rebecca Gallardo, National Chairman, National Association of Hispanic Real Estate Professionals. A networking reception will be held at the conclusion of the day’s events.

This year’s summit includes 17 organizing associations - the Asian Real Estate Association of East Bay, Chinese American Real Estate Association, Chinese Real Estate Association of America, Filipino American Real Estate Professionals Association, National Association of Hispanic Real Estate Professionals of Alameda County, San Francisco and Silicon Valley, South Asian Real Estate Association of America, eight REALTOR® associations - Bay East Association of REALTORS®, Berkeley Association of REALTORS®, California Association of REALTORS®, Contra Costa Association of REALTORS®, San Francisco Association of REALTORS®, San Mateo County Association of REALTORS®, Santa Clara County Association of REALTORS®, Silicon Valley Association of REALTORS®, and Fidelity National Financial.

The summit is supported by the National Association of REALTORS® with a Diversity Grant and has the following sponsors: Platinum: Wells Fargo Home Mortgage; Gold: Bank of America and Property ID; Silver: First Reliance Escrow; Corporate: Key Point Credit Union and Bank of the West; Business: Oakland Association of REALTORS® and Bankers Exchange Services.

The San Mateo County Association of REALTORS® (SAMCAR) indicates that sales of existing homes are showing signs improvement. In recent quarters there has been a drop in the median home price. In the first quarter, the median price was $900,000; in the second quarter, it was $872,500. However, SAMCAR strongly believes that by all indicators, the drop in market prices will soon end, triggering a rise in demand, with supply remaining stable.

In previous years, real estate agents faced record low transaction volume. The San Mateo County market saw a low of 152 closed single-family home transactions in January of 2008. Since then, closed transaction volume has increased each month, with 212 in February; 274 in March; 346 in April; 356 in May; and 375 in June, 2008.

For more statistical information regarding sales homes throughout San Mateo County, please visit SAMCAR’s web site at: http://www.samcar.org/index.cfm/sales_statistics.htm.

Despite the onslaught of stories in the news, of foreclosures on the rise and the lack of subprime loan products, research shows that now is a very good time to make an investment in your future and buy a home. This is particularly true for the real estate market in San Mateo County.

Conditions are ideal for buyers. Prices have moderated, interest rates are approaching 40-year lows, and the number of homes for sale is greater than it has been in 15 years. However, current market conditions will not last long. According to the National Association of REALTORS®, prices are beginning to stabilize and price declines are over. A modest increase in property values is expected in 2009. Simply put, prices in most markets won’t go any lower and inventory, specifically here in San Mateo County, is abundant.

The market is strong in 2008, and getting stronger . . . .

2007 will be the fifth best year on record, despite public apprehension about the real estate market. In fact, 2007 was very similar to the home sales and price gains experienced in 2002, when consumers were very confident about the market. More than seven million new and existing homes will be sold in the United States for the fourth consecutive year.

Economic research indicates that home prices will start to increase in the second half of 2008. FHA market share is expected to triple over the next three years, from an estimated four percent in 2007 to 12 percent in 2009. A modest recovery for existing home sales is expected in 2008. Pent-up demand, coupled with an abundance of safer mortgage products, will lead to near-term market improvements.

Mortgage rates are ideal for buying.

Mortgage rates are approaching 40-year lows. Rates remain nearly 1.5 percent lower than they were in 2000. Contrary to perceptions, conventional mortgages are widely available at favorable interest rates for the bulk of homebuyers. Low interest rates, coupled with recent corrections, give people looking to upgrade a unique opportunity to take advantage of market conditions.

Homeownership has been – and continues to be – one of the best financial investments.

Americans on average still believe buying a home is a good investment. Nine out of 10 consumers consider home ownership to be a sound financial decision. Given the leverage in purchasing a home, the average return on a five percent down payment over 10 years is usually three to five times greater than stock market returns. Just think – if you bought a house five years ago, it would be worth 49 percent more today!

Real estate has delivered the most consistent, positive return over any investment over the last 40 years. With current market conditions, favorable loan products – especially from FHA, Fannie Mae and Freddie Mac – and an abundance of inventory, now is the time to invest in your future and buy a home in San Mateo County.