Shokoofeh Nowbakht

REOs, Short Sales, or Regular Sales?

February 22, 2010 · Shokoofeh Nowbakht · 1 Comment

foreclosedI met a lady today at the Tanforan Mall. She says, “My husband wants to buy a house but only if it’s REO.” I asked why, she says because he believes he gets a great deal and that he can also bargain and offer less if it’s foreclosed. He believes that short sales and regular sales are not good real estate investments. She said that her husband doesn’t want to look at anything but foreclosed properties.
Is this how the public thinks? But, how about short sales? And what about those regular sales? As one of my colleagues says, “Regular sales, are really the short sales these days!” Isn’t that the fact? What, in your opinion, is a regular sale in today’s real estate market?

Shokoofeh Nowbakht
www.shokoo.com

Annie Chang

What Does Zillow Tell You About Your Home?

January 27, 2010 · Annie Chang · 2 Comments

Ever since the launch of its website in 2006, Zillowhas increasingly gained its popularity as a convenient tool to look up home values.  When I work with prospective buyers or sellers to explain the market value of their homes, I often hear the famous line “but Zillow says…!” followed by “so how accurate is the Zestimate?”

Thanks to Zillow for providing a detailed video of “A Guide to the Zestimate” to explain how the home values are generated. I hope you will find this video helpful!

Posted by Annie W. Chang | www.TalkofRealEstate.com

Dean Rizzi

The Farther They Fall, The Higher They Could Rise

January 26, 2010 · Dean Rizzi · 2 Comments

Richard Carson and Samuel Dastrup, two university professors, recently published an interesting academic paper (a synopsis is posted at Econbrowser.com). Carson and Dastrup examined how the magnitude of housing-price declines correlated with various factors, such as overbuilding, extent of sub-prime lending, and median income. Not surprisingly, these factors were related to price declines. However, the most important factor was the magnitude of the previous price run-up, which accounted for more than half of the observed variance in the size of the price decline. Read more

Shokoofeh Nowbakht

Short Sale, A Great Option!

January 23, 2010 · Shokoofeh Nowbakht · 3 Comments

short saleI have talked to many home owners who are late on their mortgage payments, who are struggling to pay even their everyday expenses. Some have not paid their mortgage in over 6 months. Unfortunately, this is happening more often these days. My advice is, of course, try to modify your loan and save your home. Homeowners have to qualify for the modified loan plan. What if they can’t? What if they can’t even make the mortgage payments on the new lower interest rate? So, why not try to short sale the house? Lenders are becoming more understanding of the short sale situations. They are easier to deal with and get an approval on a short sale. Homeowners will have less effect on their credit score if they do a short sale rather than go through bankruptcy or foreclosure.  A realtor will be able to assist  homeowners with the short sale process.
Good Luck!

Shokoofeh Nowbakht, Realtor
Prudential California Realty
www.shokoo.com

Nicole Machado

San Mateo County Real Estate Wrap up 2009

January 20, 2010 · Nicole Machado · 2 Comments

Below is a chart that compares the San Mateo County Real Estate Market in 2009 to the San Mateo County Real Estate Market in 2008. As you will see the results are comofrting and shed some positive light on what is to come in 2010. Although interest rates are scheduled to rise as early as this Spring and foreclosures loom in the back ground,  as long as inventory stays slow and steady the market should remain on a positive steady but upward incline.  Now is a great time to take advantage of the low interest rates and tax credits that are currently provided. Please click on the thumbnail below for a full picture.

CMM_Report_MedianSoldPrice_chart

 

  

 

 

 

 

 

 

Nicole Machado- Prudential California Real Estate

Karin Cunningham

San Bruno Real Estate “Shake Up” 2010!

January 15, 2010 · Karin Cunningham · 3 Comments

 

112 Georgia Ave. San Bruno, Ca. $419,000

So far, in 2010, San Bruno real estate inventory is low making it a great new environment for homeowners who have been thinking of selling! Currently there are only 30 homes for sale ranging from $299,000 for a small one bedroom home to $1,000,000 brand spanking new homes in a new developement! Md range is about $550,000-$600,000.

With interest rates still teetering between 5 and 6%, home buyers are out in full force looking for good deals before the rates hike up!

What we are seeing is pretty quick sales of homes in the lower and mid ranges while the high end homes are taking awhile. They are selling though! It took quite a few months but the new homes in the Skycrest Develoment next to Lunardi’s have all sold! One most recently at $918,000! Read more

Dean Rizzi

A Look at the Past and a Look at the Future

December 30, 2009 · Dean Rizzi · 1 Comment

This time last year we predicted that 2009 would end a lot better than it began. We were right, though it wasn’t a great accomplishment to be right considering how low the housing market, stock market, and overall economy had sunk during the latter half of 2008. As we’ve stated repeatedly over the past year, a low base and a dour outlook provide an excellent buying opportunity, so we weren’t surprised when buyers stepped forward to exploit the opportunities.

Looking ahead to 2010, we see continued improvement in home sales and home prices. In fact, we wouldn’t be surprised if the market turns to a sellers’ market from a buyers’ market by year’s end. We are almost certain that will be the case if we see a two to three percentage point drop in the unemployment rate. Low mortgage rates and income tax credits are contributing factors in stabilizing the market, to be sure, but no factor is more important than employment in not only maintaining stability but stimulating activity.     Read more

Jean Joh

Happy New Year?

December 28, 2009 · Jean Joh · 1 Comment

new year 2010As we approach the end of 2009, things seem to be looking more promising in terms of the real estate industry.  The California Association of Realtors just released a report with the following “Quick Facts”:

* Existing, single-family home sales increased 4.7 percent in November to a seasonally adjusted rate of 536,720 units on an annualized basis.
* The statewide median price of an existing single-family home increased 2.4 percent in November to $304,520 compared with October 2009.
* C.A.R.’s Unsold Inventory Index fell to 4.5 months in November, compared with 7.1 months in November 2008.

According to the C.A.R.’s President Steve Goddard: “First-time buyers continued to drive the market in November, as many opened escrow to take advantage of the federal tax credit prior to its original Nov. 30 expiration.  The extension and expansion of the tax credit until April 30, 2010, along with low interest rates, should continue to positively impact the market in coming months.       Read more

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