Gay Realty Network

Real Estate News With a Gay Slant

It’s Now Cheaper to Buy a Castle Than a San Francisco Condo

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Castle - Via Moulin

Hey, did you know housing cost in San Francisco is really high? Of course you did — you live here.

But, did you know that the mortgage is so damn high that it is possible to find a castle in Europe that is less expensive than some condos in San Francisco? Did you know that someone found FIVE castles that are cheaper than flats in the city?

And these castles aren’t exactly fixer-uppers either — these are liveable, go-ahead-and-fill-the-moat, literally-fit-for-a-king residences that you can actually move into.

So, if you’re thinking (and capable) of throwing down a few mil on a new house in the city, think about buying this sweet 45-bedroom castle in the Belgian Ardennes instead. You can actually do that.

At Gay Realty Watch, we look for news to share with you about the gay real estate market – both lgbt real estate news and news specific to gay and lesbian real estate meccas.

Authored By Alyssa Pereira – See the Full Story at CBS Local

Click here for gay realtors, mortgage lenders, and other real estate professionals in San Francisco.

If you have a gay real estate story that you’d like to share with us, contact us at info@gayrealtynetwork.com

The Difference an Hour Makes

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unnamed

Prices Up, Sales Down in San Francisco

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San FranciscoLast month, the number of Bay Area home sales slowed to a crawl and hit its lowest level since the recession in 2008, according to the latest report from DataQuick. A slowdown is normal for January, but even compared with January 2014, sales are down, dropping 5.5 percent to a seven-year low of 4,439 houses and condos for the whole Bay Area. Meanwhile, the median price paid is still climbing; it rose 9 percent year over year to reach $572,000, compared with $525,000 last January. In fact, last month was our 34th month straight of a year-over-year price gains. Small consolation: Price growth has slowed since January 2014, when median prices had increased a whopping 26.5 percent over January 2013. At least we’ve dropped to single-digit price hikes! Woohoo.

In San Francisco proper, at least, this January’s prices are pretty flat compared with last year’s. The median sale price is up just $1,000 from January 2014, standing at $885,500. Sonoma, Napa, and Marin saw the highest year-over-year price increases, of 11 percent, 9.5 percent, and 9 percent, respectively.

Absentee buyers (mostly investors) accounted for 21 percent of Bay Area homes in January, down from 24.5 percent in January 2014.

At Gay Realty Watch, we look for news to share with you about the gay real estate market – both lgbt real estate news and news specific to gay and lesbian real estate meccas.

Authored By Lamar Anderson – See the Full Story at Curbed

Click here for gay realtors, mortgage lenders, and other real estate professionals in San Francisco.

If you have a gay real estate story that you’d like to share with us, contact us at info@gayrealtynetwork.com

Where Are Mortgage Rates Headed?

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The interest rate you pay on your home mortgage has a direct impact on your monthly payment. The higher the rate the greater the payment will be. That is why it is important to look at where rates are headed when deciding to buy now or wait until next year. Below is a chart created using Freddie Mac’s February 2015 U.S. Economic & Housing Marketing Outlook. As you can see interest rates are projected to increase steadily over the course of 2015.

How Will This Impact Your Mortgage Payment?

Depending on the amount of the loan that you secure, a half of a percent (.5%) increase in interest rate can increase your monthly mortgage payment significantly. Research released by Zillow touched on this point:

“As rates rise, new home buyers will confront higher financing costs and monthly mortgage payments. For many, this will mean tightening their budgets and sacrificing some luxuries they may take for granted today.”

The experts predict that home prices will appreciate by 4.4% over the course of 2015. If both predictions become reality, families would wind up paying considerably more for their home.

Bottom Line

Even a small increase in interest rate can impact your family’s wealth. Meet with a local real estate professional to evaluate your ability to purchase your dream home.

Featured Gay Real Estate Agent: Eric Greene, Long Beach, California

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Eric Greene - Long BeachPeriodically we’ll feature one of our real estate professionals here to let our readers know about some great Realtors, Mortgage Brokers, and Other Real Estate Professionals.

Gay Long Beach Real Estate Agent – Experienced Long Beach/Orange County Realtor providing outstanding service and area knowledge

See Eric’s Expanded Listing on Gay Realty Network Here

Gay Friendly Realtors and Real Estate Professionals in the Greater Los Angeles Area

As California Home Sales Fall, Prices Go Up

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San Francisco HomeCalifornia home sales were down last month, plunging to the lowest level seen in January in seven years in the San Francisco Bay area, a research firm said Wednesday. But prices are still up over the same period last year.

An estimated 25,325 new and resale houses and condos sold in California – marking a 30.6 percent decline from the number sold the previous month and a 2 percent drop from January 2014 sales, according to data released by Irvine-based CoreLogic DataQuick.

The median price paid for a home in California of $376,000 was 6.5 percent above what it was a year ago but slightly less than it was in December.

At Gay Realty Watch, we look for news to share with you about the gay real estate market – both lgbt real estate news and news specific to gay and lesbian real estate meccas.

See the Full Story at KCRA

Click here for gay realtors, mortgage lenders, and other real estate professionals in California.

If you have a gay real estate story that you’d like to share with us, contact us at info@gayrealtynetwork.com

Leather Themed Parklet Planned in San Francisco

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San Francisco Leather ParkletThe city of San Francisco is in early talks about the creation of a small park located near the site of city’s old Eagle Tavern that would be inspired by and dedicated to the queer leather community. “Eagle Plaza,” as its being called now, would be located in the heart of the city’s South of Market neighborhood, repurposing sections of Harrison and Bernice streets.

More green space the park, Eagle Plaza would become an official LGBT cultural heritage landmark and feature gathering public gathering spaces, a jungle gym, and an area for food trucks.

“There is a lack of public space like this in this area. It is very much needed,” neighborhood bar owner Alex Montiel explained to the Bay Area Reporter. “Something like this is very much needed for anybody who lives around here. There are no parks nearby.”

At Gay Realty Watch, we look for news to share with you about the gay real estate market – both lgbt real estate news and news specific to gay and lesbian real estate meccas.

Authored By Charles Pulliam-Moore – See the Full Story at Towleroad

Click here for gay realtors, mortgage lenders, and other real estate professionals in San Francisco.

If you have a gay real estate story that you’d like to share with us, contact us at info@gayrealtynetwork.com

Which City is Better for Gay Men – San Francisco or New York?

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New YorkWhich rival city is really better for gay men? San Francisco or New York?
This is an age-old question that we’ve laid out the answer for below. Both cities are fabulous meccas of glitter and rainbows, but it ultimately comes down which aspects of a city carry the most weight for you. Find out which city would be best based on which category is most near and dear.

Nightlife: New York

San FranciscoWhile San Francisco may be able to brag about its diverse LGBT scene, it’s scene is less raucous and dominated by small, intimate bars. If you’re looking for a party, New York it is! With a slew of fabulous clubs like G Lounge and Atlas Social Club, plus endless events, it’s the undisputed gay party capital of the world.

So who comes out on top? With 6 of the two categories (and 2 ties), New York reigns supreme as the most fabulous city for gay men! So break out those dancing shoes and go party!

At Gay Realty Watch, we look for news to share with you about the gay real estate market – both lgbt real estate news and news specific to gay and lesbian real estate meccas.

See the Full Story at Queerty

Click here for gay realtors, mortgage lenders, and other real estate professionals.

If you have a gay real estate story that you’d like to share with us, contact us at info@gayrealtynetwork.com

Where Are Americans Moving?

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Moving-America

Why Have Interest Rates Dropped?

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The headlines agree mortgage interest rates have dropped substantially below initial projections. Many who are considering purchasing a home, or moving up to their dream home, might think that they should wait to buy, because rates may continue to fall.

A recent article on the Economists’ Outlook blog by the National Association of REALTORS® (NAR) provides insight into one major factor in the decline in interest rates, the crude oil price.

“As of January 5, 2015, the U.S. Energy Information Administration (EIA) reported that the price of regular gasoline was $2.20/gallon, the lowest since gas prices peaked to about $ 4/gallon in May 2011.”

You may have noticed that filling your gas tank has become substantially less expensive in recent months. A welcome change from the close to $5 a gallon that many Americans were paying this time last year. The average US household is projected to save around $550 in 2015.

So what does that have to do with Interest Rates?

NAR explains the correlation like this:

“Lower oil prices mean lower inflation rate, which pushes down mortgage rates.”

Based on Freddie Mac’s weekly mortgage survey as of January 22, 2015, the 30-year fixed rate averaged 3.63% and the 15-year fixed rate averaged 2.93%.

“The decline in oil prices is generally positive to households by way of the gas savings and lower mortgage payments. That savings will boost consumer spending in other areas. But there may be some layoffs in oil-producing states.”

How long will rates stay low?

No one really knows how long oil prices will continue to support low mortgage rates. In a New York Times article, the author points to the fact that “adding hundreds of billions of dollars to consumer spending” could start to have a “counter effect” on rates as the economy continues to strengthen.

“If firms start hiring again, and wages increase — that’s when the level of all interest rates in the U.S. would increase.” 

Don’t wait too long

The low interest rates we are currently experiencing are not going to stay around forever. The current projections from Freddie Mac, Fannie Mae, NAR and the Mortgage Bankers Association all agree that interest rates will increase to between 4.3-5.4% by the end of 2015.

BOTTOM LINE

NAR reports: “At the median home price of $205,300, a 0.75 percentage point drop in mortgage rates will yield savings of about $1,000 annually.”

If you are in a position to buy a home make sure that you meet with a local real estate professional with their finger on the pulse of what’s going on in the market. Don’t let a delay in purchasing impact your family’s financial future.

courtesy of: keepingcurrentmatters.com