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

1. Interest rates are at historic lows: Lower interest rates means you can now buy more home then you could have a year or two ago.

2. Prices have come down: Even if your current home may be worth less than the last peak in the market, the next home you are looking for will probably be as well.  The percentage decrease will actually help you get more house when buying up to a larger home.

3. There are still a good amount of homes on the market right now, both new construction and existing, giving you lots of choices and negotiating power.

4. You can move in to your new home faster, as many builders either have completed homes in inventory or they can start working right away due to the production slowdown.

5. You may have outgrown your home, but its probably someone else’s ideal starter home. With the $8,000 tax credit just recently being extended and the new $6,500 tax credit for move up buyers, now is the time to market your home to first-time home buyers.

For more information about the tax credit please visit http://www.federalhousingtaxcredit.com/

This Real Estate Blog is by Adam Chinn

…The income limits have been raised so that now more people will qualify for the credit.   Previously, if you were a single person, you could only earn up to $75,000 and, as a married couple you could only earn $150,000.    Now, single people will still qualify if they make up to $125,000 and married couples will be able to receive it if they make up to $225,000.     And, those earning over these amounts may still qualify a credit, but for a lesser amount.         

…Previously, the credit was only available to first time home buyers, which is anyone who hasn’t purchased or owned a home in California for the last 3 years.    Now, move up buyers can qualify for a credit, too!    If you are selling and/or have sold your home and have used it as your principal residence for 5 of the last 8 years, you will be able to purchase your  new home and qualify for a $6,500 tax credit.   It’s not quite as good as the first time buyer’s $8,000, but it will still be a big help.

I believe this is great news for everyone…Home sellers will have a better chance of getting their  homes sold and home buyers will get a little extra help to make the home more affordable.   This credit, plus the incredibly low interest rates, should really give the economy a further spurt of growth.  

Kathy Wall   (415) 608-4168

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:    

Clutter – keep clutter off counter tops, toss away old newspapers and magazines, and remove excess furniture. Buyers emphasize on spatial perception a room gives.

Closet – Clean out your closet and store away unnecessary items. Keep only the clothes you need and hang them properly. Of most buyers’ requirements, closet space is high on their list.  

Cover – before each showing, close all toilet and garbage can covers. Open containers are unsightly as well as giving off odors. All trash and garbage should be removed from the home and garage. Comfortableness – create a comfortable and welcoming ambiance is very important. Keep your home at a comfortable temperature. Keep air smelling fresh; air freshener, candles or fresh flowers may help, but be careful not to over-do it. Have sufficient lighting. If showing is during daytime, have draperies drawn open; if it is in the evening, turn on all the lights prior to showing. Light makes rooms look larger and more appealing.

Curb Appeal – “a picture tells a thousand words.” This is exactly how most buyers feel when they search for homes on the Internet. The façade of the house is usually the cover picture and the first thing buyers use to decide if they want to actually view the inside. So keep the sidewalks cleared, trim your bushes, and make sure visitors can clearly read your house number.

And the rest?  Turn your house over to the agents for showings. Trust your listing agent’s professional abilities to market your property.

See more tips at http://www.TalkofRealEstate.com by Annie Chang.

Radon is an odorless gas that you can’t smell and/or taste.   And, unfortunately, it is the second leading cause of of lung cancer.   According to the Environmental Protection Agency (EPA), if you smoke and your home has high radon levels, your risk of lung cancer is especially high.

Basically, radon is a radioactive gas.   It is caused by the natural decay of uranium that is found in nearly all soil.  It moves into your home through cracks and other holes in the foundation.   It can, also, enter your home through well water.   

In some cases, certainly not all, granite counter tops are known to contain dangerous levels of radon.    There is no need to panic if you have granite counters, but it is a good idea to test their radon levels.  

It is very easy to test for radon.   There are several short term tests that can be purchased at your local hardware store.  They are easy to use and can let you know if you have a problem within a very short period of time.   The EPA recommends that everyone test for radon, whether they are in an old or new home.   

If you take the short term test and your result is 4 pCi/L or higher, you should take a follow up test just to be sure.   And, if it comes back high a second time, then you should contact the EPA and do the long term test.  

If you are doing renovation of your home, such as converting an unfinished basement to living space, it is especially important to test the radon levels since major renovations can change the radon levels of any home.

There are ways to lower the radon levels of your home.   One such method is to use a vent pipe system and a fan.   These pull the radon from beneath the house and vents it to the outside.   It is called a soil suction radon reduction system.    Before beginning any repairs, it is wise to consult the state radon office for advice and recommendations.  

Home sellers would be well advised to check out their radon levels before putting the house on the market, since more and more buyers are asking about it.    In addition, every person who purchases new construction should definitely check their radon level prior to occupying the home.

For more details on the information contained in this article, please check out the EPA’s website at:  www.epa.gov/radon/.

Kathy Wall

(415) 608-4168

www.michaelandkathy.com

SSF Home Price Right and received multiple offers

Buyers are out there. Homes in San Bruno and South San Francisco priced right are having 75-100 potential buyers view their home during the Sunday Open Houses. Homes not priced right get less than half that. I personally know of eight homes in San Bruno and South San Francisco that went on the market with the Price It Right Philosophy and within the first week received multiple offers and sold at above the Listed Price. Not by much but they sold while others not priced right are still on the market. Sellers must understand that for every week their home does not sell it is costing them .25% or more.

www.leesellsmore.com

There are several small parks, but Sunnyside is widely known for this particular park called the Sunnyside Conservatory. It was originally built as some one’s private conservatory. The Sunnyside Conservatory is located on Monterey Blvd. between Congo & Baden. The Conservatory is presently undergoing a (3.5 million) complete renovation and this is precisely why I wanted to share  where Sunnyside is located. It is slated to reopen in October of this year. The structure will also be renovated, but will maintain its original design. When it reopens it will be available for private parties and events for a fee thru San Francisco Park & Recreation. The San Francisco Arts Commission were involved in selecting several artist to create  site specific interactive art pieces. The Conservatory has several beautiful palms included is a rare Chilean Palm that is part of its attraction. Lastly,  I invite you all to the reopening of the Sunnyside Conservatory in October of 2009.

Social Networking and The New Real Estate Sphere of Influence

 Actually, we’re not just talking about “social networks,” but business networking as well. The Internet has made dramatic changes in the way the world shops, locates information, and in how they communicate with each other. Of course, e-mail is the elephant in the room. But, as we become ever more mobile and in a hurry, networking will become a many-faceted activity.

 So, what do we mean by online or social networking? It’s all about sending messages to one another in real time, and getting back responses quickly. But, it’s also about introductions. We introduce our contacts to others, and they can introduce us to their network. It becomes an ever-growing circle, encompassing more people who in some way keep up with what we are doing or saying.

 A large part of these networking services is information retrieval as well. It isn’t just searching on Google, but also searching within a network for answers to questions, and sharing those answers with our circle of contacts. And, it seems that new services just keep popping up.

 The big names are:

 Twitter.com - This text and email communication tool has grown tremendously since it began. Leaving “tweets” as they are called, is placing short bits of information out via cell phone text message, RSS feeds or even voice to text conversion. It is used a lot to keep people who “follow” you posted as to where you are and what you’re doing.

MySpace.com - More for the younger set, but infiltrating older age groups as well, this is a social networking site for exchanging information, sharing music and just about anything else two people would like to share online.

Facebook.com – Facebook is a lot like MySpace, only for an older age group. It is also used to communicate over distance, send messages, and share information with a social network.

LinkedIn.com - This is a business and professional network of the first order. It is set up with a resume profile, connections to others in your field, business or company, finding employment and making deals. With more than 10 million users, it is a great place for a business person to network.

 There are some specific etiquette concerns when using these network resources. They may be free in most cases, but you shouldn’t abuse them. A recent example that was publicized was a home buyer who asked a question on Facebook. They received dozens of “USE ME!” e-mails and contacts from real estate agents. They were not amused. These weren’t productive answers to their question, but just hurled requests for attention, much like throwing a handful of business cards into a group of people.

 Your goal in working within these network sites is much the same as it is in personal networking at the Rotary Club. Be friendly and around. When a real estate related question is asked, be there with a courteous and informative answer. Just keep doing it, and you’ll build relationships over time that will bring you business. And, when consumers on these sites start to recommend you to their online connections, you’ve dramatically expanded your sphere of influence without shaking a hand or attending a meeting.