Escrow Out Loud: San Francisco Real Estate

Matt recently returned from the California Association of Realtors 3rd (and final) Business Meeting of 2018 where he learned all about the changes in real estate terminology that will be encoded in the legislation. So, armed with this new information, today on Escrow Out Loud, our San Francisco Real Estate podcast, we are playing our ever popular game, Question That Answer![02:43] We start off with a minor caveat and launch into the new AB 1289 terminology which comes into effect on January 1, 2019.[03:29] Questions we cover: The person buying the property? The person selling the property? Goodbye to the transferee and the transferor! Information that relates to the client representation?[05:12] Quick tangent: An example of a change to the dual agency part of what is considered confidential information that happens when this law is updated.Among other things, with these changes coming into effect, we can no longer disclose the seller’s motivation for selling, which is one of the commonly asked questions and n

Today, on Escrow Out Loud, our San Francisco Real Estate podcast, we look back on the last year in real estate as we celebrate our one year anniversary as Jackson Fuller Real Estate brokerage.[00:21] It has been a year since Jackson Fuller Real Estate became an independent brokerage. In that time there have been a lot of shifts (Compass is making a significant impact!) in the San Francisco brokerage community, but we can honestly say that we have had a phenomenal year![04:47] Most people appreciate that real estate is a business very focused on relationships; or if it isn’t, it should be. Trust and connections with clients are more important than the name of the company on the business card.[05:59] What do we wish we knew before we first started? We spent a good amount of time thinking and planning before we started the Jackson Fuller brokerage and even though loyalty made the change bitter sweet, it was the logical next step.[08:47] Real estate agents are paranoid optimists; agents always have concerns about

A nurse. A lawyer. A teacher. An electrician. In this episode of Escrow Out Loud, our San Francisco Real Estate podcast we talk about what kind of people we've worked with over the years to buy a home in San Francisco.[00:21] San Francisco is an expensive city, it’s true. Even if you make a great salary, that doesn't guarantee you'll be able to buy a home. San Francisco isn't also just a town for the extremely wealthy. We have worked with people from all walks of life who figured out a way to get in to the San Francisco real estate market. From creative types such as writers and surf board makers, to medical professionals and lawyers, to tech people and entrepreneurs as well as teachers, accountants, electricians and a variety of other professions.[06:15] Previous generations would often buy a house they would live in for the rest of their life. Today, in San Francisco especially, people buy a house that they can afford to live in and that suits their needs today. If they are able to afford more that they can

Welcome to another episode of Escrow Out Loud, our San Francisco Real Estate podcast. This week we focus in on one deceptively tricky real estate statistic: How many homes are for sale, at any given time, in San Francisco?[00:58] Now, you may ask yourself (like we did): “What could be difficult about figuring this out?” and - as we said - we thought that this sounds like a fairly straightforward number to determine. However, depending on which source you use, the number varies from about 950 properties at the very low end, to 1981 properties at the other end of the scale, with a lot of different numbers in between.[04:02] Why are we seeing such a large variation in the number of homes for sale that are being reported? There are a number of factors that appear to be skewing the results we are seeing. What are the things to consider when looking at stats about how many homes are currently on the market? There are at least six different factors that account for the huge variation in results: 1. Sources; 2. Off-l

Welcome to another episode of Escrow Out Loud, our San Francisco Real Estate podcast. Join us again this week for the second half of our discussion about title insurance when buying a home in San Francisco. We introduce title and escrow insurance in episode 53, Question That Answer.[00:21] Picking up where we left off in Episode 53 with items that are found on a title report, Britton begins with another example of a defect in title insurance: a mechanic's lien. Britton introduces the idea of a mechanic's lien and gives a theoretical example of how this might come about. A preliminary title report is designed and supposed to show everything that is recorded in the legal public record against the property. Things that may be recorded in the public record are items like a mechanic's lien, existing owner's tax bill and/or mortgages, unpaid utility bills for utilities like garbage or water, CC&Rs for a condo, to give a few examples. These things are typically called exceptions - think of them like pre-existing

This week our San Francisco Real Estate podcast turns to the rearview mirror for a September 2018 market update.[00:45] There's been chatter in the San Francisco property market about properties not receiving offers and price reductions returning to the marketplace. Does this mean that there is a market shift looming? Are these stories and anecdotes, or leading indicators of a looming market shift? We try and take some real estate market statistics from the San Francisco multiple listing service (MLS) to see if they might shed some light on the situation; is there really a market shift, or is all still noise?[03:51] Real Estate valuation can be elusively complicated even though it seems simple. It can often include both the hard analysis of statistics as well as the more subjective personal factors that matter when people buy homes. Sample size is also an essential factor, and SF is a (relatively) small market. Most of the statistics that are reported in the media cover the entire bay area (7 or 9 county regi

Our San Francisco Real Estate podcast turns to title insurance and escrow this week, and to try and make a relatively dry topic a bit more interesting, we decide to do what we do every day for our clients - question that answer! But first, Matt looks in the mirror after a bad podcast performance and a quick review of our stats reveals how very popular game shows are.[00:54] With the Jargon Jeopardy episode being one of our most popular episodes, and us not wanting to get a letter from anyone's attorney for using a trademarked term, Matt was inspired to come up with a new name for our most popular game show that's a lot like that one with Alex. Question That Answer seemed like a great description because, as we chat about, it is how we help our clients.[02:35] We also believe it is not only important to get answers, it is also important to understand them. This is where Britton's experience as a high-school teacher (or is it her past life as a private investigator?) comes very useful![04:07] Introducing our ne

Our San Francisco Real Estate podcast, Escrow Out Loud, is at a major milestone: with 52 episodes we now have enough podcasts about San Francisco real estate for you to listen to one every week for an entire year!Verbal offers, llama trainers, no paperwork...today we talk about an American reality TV show called House Hunters. American reality TV is pretty realistic in terms of portraying real-world experiences, right? We discuss...[01:20] The premise of House Hunters US (there is also House Hunters International) is that there is a couple (or sometimes just a single) who are looking for a new place to live. Interestingly though, but not overly surprising given this is a realty show, the couple almost never want the same thing.[03:15] The budgets on the show vary and a lot of the times the city they are in remains a mystery to the viewer. The budget is also typically presented as a source of contention between the couple. In our experience this does not happen very often. More often than not couples tend to a

This week on our San Francisco real estate podcast Escrow Out Loud, we decide to play a game (since we recorded this edition on a holiday weekend).[00:29] Britton is really, really good at Scrabble, but that is not what we are playing today. Today we are playing Jargon Jeopardy![02:31] “What is Jargon Jeopardy?”, you may ask. Well, follow along as we play and explain commonly used real estate acronyms.A few highlights:SFAR/MSI/PMI/CCR/HOA (Angry Dogs in Elevators and Overweight Chihuahuas)/CID/PUD/HO6/CRS/GRI/CFC/RRR/LOI/LTV/BMR...Phew! We have a lot of jargon in real estate. And this was just a small sample![12:45] Finally, Matt and Britton debate the true meaning of LOL.Thank you for joining us for this week’s episode. We hope you enjoyed tuning in and join us again next week! See acast.com/privacy for privacy and opt-out information.

After catching up on the market situation last week, we got to thinking about real estate statistics and how Realtors use and mis-use them. This week on Escrow Out Loud, our San Francisco Real Estate podcast, we were inspired to chat about one of the most popular real estate statistics in San Francisco: price per square foot.[00:21] Price per square foot (PPSF or $/SF) is a useful metric for pricing consideration and analysis. But where does the number come from? In San Francisco, MLS listings often contain a square footage measurement that allows us to calculate price per square foot. However, MLS sources for square footage come from a variety of sources, and there are no "square footage police" who verify, regulate, or monitor the reporting of square footage.Finally, we talk about some property types where price per square foot may be a more useful or accurate measurement than in other areas. In a nutshell, price per square foot is most useful where there is homogenous housing.[05:38] Another challenge in m

This week on Escrow Out Loud, our San Francisco Real Estate podcast, we chat about what has been happening in San Francisco real estate during the month of July.[00:21] We start by talking about the typical summer dip in real estate inventory for San Francisco as sellers wait out the summer fog and buyers seek warmer weather and cooler markets. Real Estate blogs typically share bleak outlooks, and is that what is really going on out there and what has been our personal experience during this time?[04:34] What do the market stats for July mean then? Trend or blip? While the San Francisco real estate market can turn on a dime, it doesn’t feel like that is what’s happening. Interest rates have not gone up enough to drive off buyers, so the slow down really seems like our typical summer slowdown. Also, meet the woo woo.[05:38] What does appear unchanged in SF is that property prices are as unaffordable as ever. The median price for a single-family house in SF is approaching 1.7 million; there are still condos and

This week on Escrow Out Loud, our San Francisco Real Estate podcast, we wrap-up our conversation with David Milne, from Arch Home Inspection. If you missed the beginning of our interview, check out our previous two episodes![00:21] Buyers will commonly do their homework before the home inspection. This allows them to come prepared with questions. A home inspection however, will offer a different perspective and guidance, so buyers don’t have to worry about missing important details.[01:24] We talk water! The most worrisome issues are usually somehow water related. David explains that we have to address water issues such as with dealing with rain, considering drainage and subterranean water.[05:03] Each inspector has their own particular style. David explains how he tries to put things in perspective and get everyone engaged. How does he ensure that he is being fair to all parties involved while being realistic about the condition of the property?[09:13] Building contractors look at materials differently to mo

This week on Escrow Out Loud, our San Francisco Real Estate podcast, we continue our conversation with David Milne, from Arch Home Inspection. If you missed part one of our interview, check out our previous episode #46.[00:21] A common buyer question is: Should I do an inspection on brand new construction or on the re-sale of a new construction home? What often stands out on this type of property is things go wrong during a remodel. We also talk about what a tank inspection is, other changes that have occurred over the decades, and various other inspections he's often asked about.[04:50] What are some unusual things one can came across as a building inspector?[06:01] David likes for people to understand what to expect in terms of the local environment and how that affects building construction. While old construction often had the same construction standards across the country, for new construction this can vary. Amazing fact: Before about 1900 it was not uncommon for homes to be originally built without a fo

After a brief hiatus we're back with a brand new episode.For most buyers, without previous experience in construction, knowing what to look out for when buying a property can be quite daunting. This week on Escrow Out Loud, our San Francisco Real Estate podcast, we talk to David Milne from Arch Home Inspections about the importance of home inspection.[01:32] Why is it important for everyone to have a home inspection when buying a property? What it really comes down to is gathering information on the condition of the property, so that you can make the best decision going in. David explains there are normally two reports; one is a termite/pest inspection and the other is a contractor report which David would provide. A typical contractor's home inspection report includes everything from the foundations, exterior covering, roof condition, drainage conditions, water, the three utilities, water heater and heat system as well as looking for any alarm bells inside the building. Because a home inspection isn't really

This week on Escrow Out Loud, our San Francisco Real Estate podcast, we are in one of San Francisco’s newest buildings, Stage 1075 which features 90 units. We talk to Eddy Skees about these affordable new homes and their thriving Market Street location.[02:51] Featuring smaller units at lower, more attainable prices, the Stage building was designed with younger, first-time home buyers in mind. It is located in an area of San Francisco called the mid-market which is changing rapidly. The five-star Proper Hotel, and its rooftop bar, Charmaine, happens to be right across the street from the Stage building, and then there is the development of the Yotel Hotel, a number of new apartment buildings, and the new Wholefoods store which are just some examples of the revitalisation currently happening in the neighbourhood.[07:58] We know that, with increasing gentrification, people on the margins of society get pushed out. The good news is that the city has recognized this problem and has been working with various non-g

This week on Escrow Out Loud, our San Francisco Real Estate podcast, we have a very special guest star! Leslie Appleton-Young, Senior Vice President and Chief Economist at the California Association of Realtors (CAR), joins us from her home base in Los Angeles to share some of the wisdom she's known for as well as her great insights into the California real estate market.[00:21] CAR is a state-wide trade organization for organized real estate with more than 195,000 members and Leslie’s role involves directing the activities of the Association's Member Information Team. Her impressive list of responsibilities also includes overseeing analysis of the housing market and brokerage industry trends, close involvement in the Association’s strategic planning as well as leading the Woman Up Initiative.[01:42] What is the job of Chief Economist? Economics is only part of what her job entails. Monitoring trends and looking at data on median house prices and sales activity is another part. On the CAR website there are da

This week on Escrow Out Loud, our San Francisco Real Estate podcast, we pick up where we left of last week for part 3 of our 3-part interview with Kevin and Pete, (catch up on part two at https://jacksonfuller.com/2018/05/12/42-planning-malarky-pete-and-kevin-part-2/).[00:50] How long did the whole process take from the start to getting the site permit? The permitting process itself took two and a half years, which was quite a bit longer than expected. There was an unanticipated issue with variance. Because the house is sitting far back on the property they had to go through the variance process in addition to the regular permitting process.[04:54] In the competitive San Francisco house market part of buying a property involves doing, what Pete calls, a sort of a courtship dance. Good relationships can help with a positive outcome, but still, at the end of the day it’s the numbers that do most of the talking.[06:43] From a seller’s perspective staging of homes creates an impact and shows the property in

This week on Escrow Out Loud, our San Francisco Real Estate podcast, we pick up where we left off last week for part 2 of our 3-part interview with Kevin and Pete. To catch up on part one check out our previous episode Avocado-Green Appliances and Faux Brick.[00:21] As we mentioned last week, house hunting with Kevin and Pete is an enlightening experience, as each of them assesses a property from their own unique angle; Pete is an electrical engineer and focuses on wiring while Kevin has design background and focuses on the space and flow of the property, envisioning the redesign potential. Even the slightest tweaks to the layout can have a huge impact on the overall feel and function of the property. What are some examples of strange layouts we have seen?[02:36] The planning process for a renovation project can be long and convoluted. The planning, zoning and building permit applications are supposed to be determined in a fair and objective process for everyone involved – in theory. In practice, what ha

This week on Escrow Out Loud, our San Francisco Real Estate podcast, we interview our dear friends, long time clients and accomplished individuals in their own right, Kevin (from Sawyers Design) and Pete.[00:53] The very first purchase we worked on together with Kevin and Pete was many years ago, back in 2003. Kevin is an interior designer and has a great eye for looking at homes from a design perspective. What does he look for in a home? And what does having "good bones" mean in terms of houses?[03:41] Upon first seeing their potential home Kevin was flooded with ideas of what he would love to do with it. Of course, these ideas evolve and grow when you live in a space. The first step was to remodel the kitchen and the bathroom.[05:10] While Kevin is looking at homes with his designer eye, what is Pete doing?[7:14] Kevin and Pete lived through both a condo conversion as well as an interior remodel. But the remodel was a somewhat more traumatic experience. One of the things they have learned is to ask a l

When a wealthy Nigerian man emails us asking for a million dollar loan, we can safely assume we are being scammed. But not all scams are as easy to spot. This week on Escrow Out Loud, our San Francisco Real Estate podcast, we talk about online scams and fraud.[02:02] Bank robbing is risky and often not very lucrative, cybercrime on the other hand can not only be performed remotely but it typically also has a much larger payoff. With the huge figures attached to San Francisco real estate deals and money being wired from buyers to title companies to sellers, is it any wonder it has become an area of interest for sophisticated online scammers. Their goal is often to hack into the email accounts involved in the transaction. That’s a problem. Why? Because we can’t always tell if our e-mail (or anyone else's who’s involved) has been hacked![04:34] One way they can then get a hold of our money is by sending fake wiring instructions. Title companies, banks and other companies attacked have beefed up their securi