Market Report: San Mateo CA 12.04.09

Last week San Mateo had 157 single family houses for sale and we are seeing a real market recovery here.  It’s still a Buyer’s Market but it’s no where near what we were seeing months ago.  The lowest priced property was $339,000 and the highest $2,295,000.  Listings are staying on the market about 62 days or 2 months, which is a normal, I repeat, normal market.  The number of listings has dropped, but this is likely seasonal.  Being the largest city in our area, the prices vary widely and neighborhoods are distinct and in some cases quite beautiful.

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It’s taking longer to sell right now.  The reason is often because fewer are seeking to look during the holidays.  What we know for sure is you can get a loan to buy, if you qualify.  This is much better than it has been so if you want to buy in the high end of San Mateo’s market, you have a good chance of getting a loan today.  Not so earlier this year.  Thank you TARP.  If you are one of the many who wants to use an FHA loan, be aware that there are major changes coming next week.  Your FICO score mus be 620 or greater beginning December 12.   There is discussion of FHA requiring more than the current 3 1/2% down in the near future and moving it up to 5%.  If you are cash strapped but qualify for an FHA loan don’t wait too long or you may be locked out of the program.

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The market in San Mateo clearly bottomed out at the beginning of 2009 and has moved up since.  There is a nice recovery now and if you own a home in San Mateo and want to apply to have your property taxes lowered, you still have some data available to show your case, but don’t wait too long because prices have almost recovered to 2006 levels, which was just prior to the “crash”.   If you want more details than this, pop us an email and we’ll be happy to send you a full report.

Check Out Some Homes Currently For Sale in This Area

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