PruCalVoices

I Earned that Deal…BUT!
December 7, 2009 · · 3 Comments

Deal photoAnother Realtor(r) walked away with a check. Please understand this rant is not directed at clients who’s transactions do not work out despite the best intentions. There are times when as a Realtor you spend a great deal of energy and effort and then, for a variety of reasons, it just doesn’t happen. No, readers, this is the story of being the Starter Realtor. 

My tale started when I began working with clients who had a very set idea about what they were looking for.  They were pre-approved         Read more

Kathy Wall

Brisbane’s Festival of the Stars!
December 5, 2009 · · 2 Comments
Courtesy of Lee Panza

Photo courtesy of Lee Panza

On Sunday, December 6th @ 5:30 p.m. there will be a wonderful event happening in the adorable little town of Brisbane, CA.   It is called “Festival of the Stars”,  and is called that because Brisbane is famous for the lit up stars that most citizens have on their homes.    Although many people start lighting them at the very beginning of December, this evening is the official night when everyone turns them on.   It is quite a sight and can be seen all the way from Highway 101.   The stars, both  large and small, are provided free to anyone who lives in town…all they need to do is add the lights. Read more

Kathy Wall

To Send or Not to Send?
November 30, 2009 · · 10 Comments

I did a floor shift in the afternoon on the Wednesday before  Thanksgiving.    At some point during the shift I received a call from a woman who was very anxious to see a condo in South San Francisco.   I told her “no problem!” I’ll meet you at 3:30.     I still had a lot to do to get ready for the 14 guests coming to my house the next day, but sales are critical now, so I changed all of my plans and met her and her family at the condo.  

This particular condo wasn’t going to work for them, so I told them that I would send them information on other nicer complexes that I thought they might like.   On Friday, I did just that.   In response, I received the following email:

Dear Kathy,

Thank you for showing us the Mission Road place on Wednesday.   I need to let you know that since we spoke, I spoke with my Mother in law who is a realtor, and she is going to represent my parents.  

I really appreciate the time you took on our behalf and I apologize for any inconvenience we may have caused you.

Peace and Grace to you.

Sincerely,

(I’ll leave her name out)

Needless to say,  I’m really irritated.  I am contemplating sending her the following letter and want my reader’s opinions as to whether it is a waste of time.      Read more

Dean Rizzi

Still the Time to Borrow and Buy
November 20, 2009 · · 1 Comment

For the past four months, we have been forwarding the argument that housing prices have stabilized. Wells Fargo has provided another arrow for our quiver. To avoid defaults and foreclosures, the banking giant is offering homeowners with Alt-A ARMs the option to offset monthly payment increases with interest-only loans to defer amortization for six to 10 years.

It sounds like a risky move. After all, interest-only loans were a contributing factor to the housing meltdown. But many of those loans were originated in a much riskier era – near a market top. That is certainly not the case today, which is why Wells Fargo is betting that home prices have stabilized and that the economy will improve. We think it is a smart move.

We also think it is a smart move to refinance or buy today. Rates are very, very good (but they will not be forever, for sundry reasons we have previously stated). What’s more, the purse strings aren’t nearly as tight as borrowers might think. According to the Federal Reserve, the rate of banks that reported tightening lending standards for prime residential real estate loans was 25% in October, which is well off the peak of 75% reported in July 2008.

In other words, 30-year fixed-rate mortgages are readily available at 5% (which for borrowers in the 28% federal income tax bracket works out to 3.6% after tax). Meanwhile, the 5/1 hybrid ARM presents an intriguing option for borrowers planning to move within the next few years. A 3.75% 5/1 works out to a mere 2.7% after tax for someone in the 28% tax bracket. Yes, rates could go lower, but not much lower.

www.deanrizzi.com

Lee Ginsburg

My Thoughts for Real Estate in 2009 in San Francisco and the Peninsula
November 16, 2009 · · 3 Comments

The year began with home prices free falling and no end was in sight.  In April we, in the business began seeing the light at the end of the tunnel. Homes in the starting price points began selling and inventory started to stabilize. Banks were pricing their homes on the low range and were receiving multiple offers.  I consider single family homes under $700,000 to be the starting price point on the peninsula. Homes over a million dollars were having trouble due to the higher interest rates for loans of that size and the lack of lenders willing to loan. Loans under $729,750 were backed by the government and hovered around all time lows all year. Loans were broken up into different categories. Rates for loans under $417,000 were below 5%; rates for loans between $417,000 and $729,750 were slightly higher. Above that they took a jump. Finally we are now seeing the rates for the larger loans fall into line. Today rates are below 4% fixed for five years for loans under $417,000. That could be the right loan for many people.      Read more

Adam Chinn

5 Advantages for Move-Up Buyers In This Market
November 13, 2009 · · 3 Comments

moving upFive reasons current home owners should consider upgrading to a new home.

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

Kathy Wall

The First Time Home Buyer Tax Credit is Extended!
November 11, 2009 · · 2 Comments

The $8,000 first time home buyer tax credit that was scheduled to be canceled as of November 30th has been extended, which is absolutely wonderful news for all of those potential home buyers who weren’t able to find their new homes before the deadline.   The new credit will be in effect until April 30, 2010.    Please note that home buyers will need to be in contract by that date, but will have up until July 1, 2010 to close the escrow (that’s when you actually own the home).    And, the new credit is even better than the previous one for the following reasons:

…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.          Read more

Shokoofeh Nowbakht

To Mod or Not to Mod?
November 10, 2009 · · 5 Comments

To ModI just found out that a friend of mine tried to modify her loan early this year. She contacted a law firm in Southern California, paid few thousand dollars and nothing has happened yet. She was told to stop making mortgage payments on her first and second loans. after 10 months in default, she has received a NOD or Notice of Default. She is now scared and worried that she’ll loose her house. She is now very confused and doesn’t know if she should continue with the loan modification process. She is also thinking about borrowing some money from family and paying all her unpaid mortgages, late fees as well as her property tax so that she can reinstate her loans and save her house.

Read more