Some People Would Sell Their Grandmother!
Either that, or try and sell something to them. This was the first thought that went through my head when a fellow agent handed me a flier an elderly friend received with an offer to sell them a copy of the deed of trust on their home. As with most things…one should always read the small print and if it seems too good to be true, it probably is.
In all fairness, this particular notification did print in very large letters that the program was not endorsed by the government. In addition, they went so far as to say that one doesn’t actually need what it is they are selling, a copy of your deed, to prove home ownership. While their “fine print” was actually legible and clear, many offers don’t always come with such warning. Read more
Simple Tricks to Show Your Home Like a Champ!
First impression counts! The most saleable properties are those that show pride of ownership. That’s why most of the new developments display model homes and home-sellers hire professional stagers to “dress up” their home for prospective buyers. This may come with a price as staging may cost anywhere from $1,000- $3,000 depending on the size of the home and the elaborateness of the project. However, the reward is bigger! Sellers “have received 2-8% above market asking price and listings have sold in half the time of a non-staged home” according to Let’s Stage It (www.letsstageit.com).
On the other hand, if you still live in the property and/or you don’t want to pay the money to give your home a complete make-over, start with these simple “5C’s” tricks: Read more
Buyer (Still) Beware
We warn once again that it will not be a buyer’s market into perpetuity, though others have a different opinion. Some forecasters – Goldman Sachs being the most prominent – project the Federal Reserve will hold the fed funds rate low for “many years” in order to help U.S. consumers and companies pull out of their funk. If that were the case, then it would appear that mortgages rates ranging between 4.5% and 5.5% could be the norm deep into 2011.
Meanwhile, Reuters reports that homebuyers are still negotiating good discounts based on data released in July’s Zillow Real Estate Market Report. Zillow notes that buyers paid 3.3%, or nearly $7,039, less than the last listing price on homes for sale during July. What’s more, 22.8% of all homes listed for sale on Zillow during August were listed for a median 96 days, up from 91 in July.
It sounds like the trend will remain the buyer’s friend through 2011 – until you dig a little deeper. Zillow also noted that the 3.3% discount is down from June’s 3.5% discount and substantially down from January’s 4.6% discount. It is also worth noting, yet again, that the usual hard-hit burgs in Nevada , Florida and California skew the data.
“Even if prices stabilize and rise, we can still finance at cheaper rates,” so the counter argument goes. Yes, that is the case today, but we think Goldman and others are underestimating how quickly an economy can turn and how quickly inflation can conflate. It is a buyers’ market today, so buyers should take advantage of it today. As for tomorrow? We are much less sure.
Is a Condo the Right Choice?
I recently showed a condominium in Redwood Shores to a young couple that was considering single family homes under $490,000. They grew up in a middle-upper class neighborhood and wanted to own in the same type. Most homes under $490,000 in San Bruno, San Mateo, Redwood City, South San Francisco were run down and needed some work. My clients made several offers on short sales and were overbid on at least 5 REO offers. I was concerned with the necessary work since they did not have much money in reserve. I did not want them to start something and not be able to finish it like many of the homes we were looking at.
They were not looking forward to doing yard work so I convinced them to look at condominiums. They were hesitant because of HOA fees but I explained the costs of ownership over a period of time were basically the same as of single family homes or.
http://www.pruvoices.com/2008/10/hoa-dues-junk-fees-or-good-budgeting/
Free Movies In The Park! 2009
FREE MOVIES IN THE PARK!
Join us for the second annual Movies in the Park series, every Friday in September at 7:30 pm in San Bruno Park.
September 4: Raiders of the Lost Ark
September 11: Mamma Mia
September 18: Harry Potter and the Sorcerer’s Stone
September 25: The Music Man
Movies begin at sunset. Snacks and drinks will be available for purchase. For more information call 650.616.7017. Bring the whole family!
Slow & Steady wins the race!
What do you do when you have close personal friends who are in the market to buy, but can’t hire you as their agent out of obligation to a family member? I recently had a situation occur where my friends decided it was time to jump off the rental train and become home owners. I thought it was a great idea and a wonderful way to secure their financial future. The wife would call me and ask me questions and of course I would answer any and all that came my way. I even set them up with a loan agent to get them pre-approved and started sending them automated email alerts for new active properties. Read more
Turn that movie in on time!
When working with Buyers I always get asked about how they can boost their credit scores especially when trying to qualify to purchase their first time home. My 13 years experience in the finance industry spanning from retail banking, credit, to mortgage brokering has taught me to not to take your credit history for granted. A lot of folks don’t understand that something miniscule as not paying your movie rental collection can come back to truly haunt you on your credit report; and thus prevent you from buying a home sooner than later.
For instance, just recently I had a new buyer pre-approved for a loan, and we discovered that he actually can not start looking for a home until early next Summer. He had to correct a major derogatory item on his credit report beforehand. I told him to please not feel defeated! Read more
How HIGH do I go?
I was talking to a colleague today. She said she had a disappointing day yesterday. I asked her what had happened. She explained that her client made an offer on a property. Of course there were multiple offers and their offer was already, what my friend believes, over the market value. The seller which is a bank, or perhaps the listing agent counters the top 2 offers for their highest and best offer. My friend doesn’t want her client to buy this property for more than what it’s worth. But, on the other hand she doesn’t want her client to loose another house to multiple offers, either. She said that she would feel guilty no matter what the outcome. “I know the house will not appraise,” she said. My advice was that she explains everything to her clients and let them make a decision.
It seems like the inventory is low and some listing agents take advantage of the situation and list the properties below market value. This becomes very difficult for the buyers. How high should they offer? How can a regular buyer who is using a conventional loan compete with an investor who is buying properties all cash and waiving all inspections and financing contingencies? Read more
-
Our RSS Feed
PruCalVoices RSS Feed
Get Email Updates
-
Join us on Facebook
-
Join us on Twitter
-
Recent Posts
- California Prop 90 Update!
- Brisbane – Missing the Boat…
- Now is the time to pay up to trade up
- 12 Hidden Costs of Homeownership
- San Bruno Music in the Park 2010
- To Some Low Interest Rates are Better than the iphone 4
- Loan Modifications – They Can Be Done! Lots of Patience Required!
- Funny Real Estate Jargon
-
Categories
-
Archives
