The Shoe is on the Other Foot Now
I am responsible for selling my mother’s home. Great I got an easy listing. Well not that quick. She lives in New Jersey. And they do things differently than we here in northern California and I am not licensed in New Jersey. They use lawyers instead of Escrow and Title companies. I pondered how a deal is ever going to close with two lawyers involved. The people I spoke with assured me they do. It seems radon gas is an issue in this part of New Jersey and the seller is responsible for mediating it. My mother lived in an adult community where Open Houses and For Sale signs are not permitted. No wonder as I drove the community I did not see any other homes for sale. I thought there was no inventory and I would receive multiple offers just like here in the San Bruno and South San Francisco. After doing additional research I come to find they have a year’s worth of inventory in the area adult communities. Read more
Up, Down, or Sideways?
We are speaking of mortgage rates, which continue to move down. Bankrate’s latest survey had them averaging their lowest levels in over four months last week, with the 30-year fixed-rate mortgage averaging 5.25% and the 15-year fixed-rate mortgage averaging 4.64%. Given the recent qualms over unemployment, rates would seem likely to move down further.
And they could, but they could also move up. Last week, Dallas Federal Reserve President Richard Fisher said that the winding down of the Fed’s stimulative monetary policies needed to start as soon as the economy shows signs of sustained improvement. “When it comes time to tighten monetary policy, my colleagues and I will move with an alacrity that, if needed, will be equal in speed and intensity to that with which we pursued monetary accommodation,” Fisher said in a speech to the Texas Christian University Business Network of Dallas. Read more
San Bruno Coats For Kids 2009!
“Coats for Kids” in San Bruno is a wonderful community tradition coordinated by San Bruno Garbage and The City of San Bruno every year as the weather starts to get chilly!
You can help someone stay warm this winter by simply donating a clean, gently used coat at one of many drop-off locations in San Bruno!
Click here to see which drop-off location is nearest you!
I love helping at this event every year. It’s a great fun way to get to know the neighbors and give back a little to the community.
The coat giveaway day is Thursday, November 19th 4:00-7:00 pm at the Fireman’s Hall/ San Bruno Chamber of Commerce, 618 San Mateo Ave., San Bruno, Ca. All are welcome. Limit one coat per person. Children must be present to receive coat.
Bank or Mortgage Broker? Who to Use?
Where is the best place to get your home loan….a bank or a mortgage broker? Over the course of my many years in real estate, I have waffled back and forth over this question. Many times my decision on whom to refer would be based on the credit of my buyers. If they were self employed, had a small down payment or not-so-good credit, I would usually suggest that they talk to a mortgage broker. If they had excellent credit scores and a good down payment, I would usually suggest that they might be better off going directly to one of the major banks.
Now, after an incredibly negative experience with one of the largest banks operating here in California, I am leaning much more towards referring all clients to mortgage brokers, because I know that they will do the job and, most importantly, will actually care about my clients. Read more
Market Trends
I have done research and compared the market last year in September 2008 to this year in September 2009. These numbers are for single family homes. Here are some of the results:
Daly City:
Inventory down 49%
Properties under contract up 12%
Months supply of inventory down 79%
South San Francisco:
Inventory down 60%
Properties under contract up 90%
Months supply of inventory down 88%
San Bruno:
Inventory down 60%
Properties under contract up 9%
Months supply of inventory down 66%
Millbrae:
Inventory down 34%
Properties under contract up 67%
Months supply of inventory down 69%
In all four cities the inventory is down while properties in contract are up. Meaning supply is low and demand is high. Competition for homes in these cities is high, but it is still a great time to buy. This also means that home owners considering selling their home may want to contact a Realtor to see what their home is worth and think about weather it makes sense for them to sell or move at this time. The market has definitely changed for the better and this is a great sign for things to come not only for the housing market, but for our economy as a whole.
This Real Estate Blog is by Adam Chinn
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.
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