10 Reasons To Buy Bay Area Real Estate in 2011
With the worst behind us, the real estate industry is already picking up steam in 2011. Bay Area real estate inventory is already growing, prices are lower, and the interest rates couldn’t be better!
1. People who want to sell, including banks, wait until after the holidays to go to market. We are seeing inventory grow everyday in the Bay Area so far since January 1st.
2. If you want to live in a particular city or neighborhood, there is probably something there waiting for you! Go to www.KarinCunningham.com to search for a home anywhere in the Bay Area!
3. Foreclosures are available in most mid to lower price ranges. When purchased, the monthly mortgage could easily be equal or less than what you pay in rent. Estimate: $400,000 home price with $14,000 down=$2,000 monthly payment (not including tax and insurance).
4. A lot of people need tax write-offs. There are a lot of write-offs when you own a home such as interest and improvements. Owning a home can actually save you money!
5. Prop 60 and 90 allows homeowners to sell their homes and transfer their original property taxes to the next home that they buy as long as it’s an equal or lower value. San Mateo and Santa Clara both participate in this. Check out this link for more counties and detailed information http://www.wwlaw.com/prop60.htm
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“HOW IS THE MARKET” AND THE YEAR THAT PAST
“HOW IS THE MARKET” AND THE YEAR THAT PAST
This past year, the most common question I was asked was, “How is the market?”
It was a year that I will never forget. At Prudential California Realty, San Bruno, we have over 100 agents. Some with many years of experience and some new to the business, this was our environment last year:
-We had the lowest drop in interest rates, yet it was difficult to obtain a loan.
-Buyers who chose to participate in a short sale waited months for the banks to approve the sale; meanwhile the banks delay in response created a larger debt.
-We had “short sale negotiators” with astronomical fees, so our agents learned to become “short sale negotiators” and they did not charge their clients.
- In some cases, homeowners stop paying their home mortgages so the bank would consider them as a “short sale” candidate. Read more
The Silent Killer….
Amongst many new laws being enacted in 2011, is one that will require carbon monoxide detectors in every single home in California by July 1, 2011. Newly constructed homes are required to have them effective January 1, 2011. Although many new laws are often silly, this one seems super important, since so many people die each year due to carbon monoxide posioning.
For those unfamiliar with carbon monoxide poisoning, it is known as the silent killer. It is a colorless, odorless gas that is nearly impossible to detect without a CO detector and seeps out through gas heaters and appliances, as well as through engines left running in garages off homes.
It can cause nausea, headaches, dizziness, chest pain and vomiting and is really hard to diagnose because the symptoms are so similar to other illnesses that occur during the winter months. It can and does kill. Just one example are the 5 teenagers in Florida that died in December. According to Wikipedia, on average 170 people die every year due to this killer. Read more
I Do San Francisco As Well!
I LOVE SAN FRANCISCO. Don’t get me wrong. I grew up in the peninsula in Daly City and South San Francisco and will always love and consider it home. But I LOVE “The City”. I guess you can say I’m a city-kind-of-guy who loves urban environment and living. I managed to find a home (complete with “Man Cave”) in SF for this lovely family just recently as a matter of fact. So that process was definitely a fun one for me since I drive to the city several times a week anyway.
I also love working with first-time home buyers! I enjoy guiding them, making the purchasing process as stress-free as can be. A lot of the time, their targeted type of home may be a condo. This article from my friend, Jay Sondhi (my office’s in-house lending team, Guarantee Mortgage) is only fitting to present. It’s an informative read and is beneficial for first-time condo buyers who are considering city life!
“I’m shocked to hear that there is still this notion out there that “condos are dead” as far as FHA financing goes. This is far far far from the truth. The rules regarding condo approvals for FHA insurance have changed, but they are far from impossible. Many of the new changes have actually had a positive impact on our local market. Read more
Holiday Shopping for a Home? The next 10 days are Black Fridays In Real Estate!
Are you serious about buying a home? Do you want to take advantage of record low interest rates and the lowest home prices in 5 years? If you answered YES to either question: Then do it now!!!
Why do I say that you might ask? You have much less competition. The people not so serious are fighting the crowds in the malls, (I hope at my son’s store Designers Center at “The Shops at Tanforan”) not at open houses. Sellers that have their homes on the market now are serious (desperate). Who wants people coming through their home during the holidays? Banks are even more motivated to get rid of these homes before the end of the year. The sooner they get them off their books the better. Now that the foreclosure moratorium is basically over they will have plenty more to sell. They want to get rid of these now. Make an offer. They will listen. They might even gift wrap it for you at no extra charge. Read more
Warren’s Right
So what is it that Warren Buffett is right about? “It’s never paid to bet against America . We come through things, but it’s not always a smooth ride.”
To be sure, it hasn’t been a smooth ride for those of us who earn our living from the housing and mortgage markets. But we believe that better days lie ahead and that the bumpiest days are behind us. In fact, we are enthusiastically encouraged about the future of both markets, and for what we think are good reasons: home prices and mortgage rates are at multi-year (and in some instances, multi-decade) lows, the economy is growing, employment is improving, and overall sentiment remains sufficiently dour to suggest any impending bubbles reside far in our future. Read more
It’s That Time of Year Again!!!
It’s almost here… the best time of year! Christmas is right around the corner and seems to sneak up every year. Be prepared this season, block out a time this week/end to write a list, check it (at least twice) as you accomplish all of those holiday tasks we love doing so much. To help keep you in the mood visit the attached holiday site to see the homes lit with the most cheer; www.lightsofthevalley.com! Pick the County and City of your interest and enjoy!
I encourage you to check out my holiday contest this year! All it takes is the best holiday picture you have… family, friends, kids/babies, loved ones, pets! There will be a winner for each of the following categories: Cutest picture (the kind that makes you go awwwwhhhhhhh…..); funniest picture (the kind that makes you laugh from your belly); and the last category would be for the most interesting picture (the kind that makes you wonder…) The winners will be posted on my website [www.BarForU.com] ALL of the contestants will be put in a holiday virtual album on my website for everyone to enjoy Good Luck! (submit your pictures by email, text, mail, or in person)
For those who need a little help in the gift giving area I have attached a list of 25 gift basket ideas to give this holiday to ensure you pick the right gift for the right person. Good Luck and may your holiday be filled to the top with Love and Cheer! Read more
Is There a Prudential Real Estate Office at the Shops at Tanforan, San Bruno?
At the Shops at Tanforan, San Bruno, Ca., our Prudential California Realty, San Bruno office has a kiosk where 1,00′s of people pass by each day. We display a lot of our residential listings for sale in cities from San Francisco to San Jose, even some in the East Bay! We provide information on qualifying for a loan, current interest rates and payment scenarios to people interested in purchasing a home. We can also show local homeowners the current market value of their homes or rental property!
The success at our kiosk also works as a great real estate market activity indicator. In the recent months, our agents have made contact with more inquisitive home buyers than in the months before. As a market indicator, it would seem that more people are out there buying. Our sales are steady and the flow of people through the mall is constant!
With the holidays here, the Shops at Tanforan have been doing a lot of promoting for their stores with the Shops at Tanforan Facebook page, newspaper ads, the My School’s Cool receipt program, Santa photos, cultural dance performances and radio shows!
No wonder our Prudential San Bruno kiosk does so well! Next time you are at the mall, stop by and see us! We’re happy to be your friends in real estate! You can also visit us at our Prudential San Bruno Facebook page!
Karin Cunningham
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