To Rebate or Not to Rebate? That is the question…
Over the last month, I have had 3 different situations with buyers where they have said they will only use me if I give them a ”rebate” at the end of the transaction. Most common, has been the request to credit them a percentage of my commission.
I realize that a lot of this is happening because so many of our clients (even the very loyal ones,) are spending a great deal of time on the websites of our cut rate competitors, but I need to find a solution.
I try to counter their requests with the very valid logic that you get what you pay for in this world, and that my many years of experience, negotiating skills and industry knowledge are well worth paying full price, but this is less and less successful. Nor, do they care that I need to share my commission with the company. Read more
Bay Area Prices up 20%????
The headline reads Prices Up 20%.
What do these numbers mean? I am sorry to tell you, your home did not increase 20%. Buyers don’t get scared off and sellers don’t put your home on the market for 20% more than you paid last year.
These numbers are totally misleading. Prices are increasing in some areas and in some price points but not by 20%. Possibly 3-5%.
You can make numbers do whatever you want. First you need to know if the numbers are for Single Family homes or Condominiums or both. Then are they comparing it to the same month in a previous year or just the previous month. Are they talking about median price or average price. The Median price is the price that is in the middle; there are an equal number of transactions above and below. These numbers are very general. It is interesting and might give a slight indication as to the market in the country, in your state, in your city but Real Estate is very localized down to the neighborhood in the city. If you want to know the value of your home call your Real Estate consultant. Read more
“I Have My Newborn in a Drawer!” And Other Tips On Balancing a Real Estate Career with Motherhood.
I write this post to encourage those, who would like to have a successful career in real estate AND have a family, to give it a try. It can definately be done!
December 20, 1999 was the day my first child was born! I lived in a studio condo that my husband and I had recently bought in San Bruno. He worked in a hotel as a waiter and worked most evenings and weekends! I was a new real estate agent with just one year in the business. I wondered how I was going to pull off a successful career with a newborn!
I made a pit stop at my office in San Bruno on the way home from the hospital to pick up a cradle for the new baby boy. He was a month early so I hadn’t even made a nest! Luckily, I had a friend who brought me her hand me down cradle for him to sleep in. I looked pretty funny walking in my office to pick it up in a hospital gown and bracelet still on my wrist! That was the day that I realized that I was going to make it in this business, baby or no baby! I could take the ridicule of looking funny and winging it when time didn’t allow preparation as long as I kept moving forward. Read more
Good News! Good Bay Area Real Estate News!!!
A lot of positive bills, thoughts and activities have been happening on the Bay Area Real Estate Front. I have been trying to write this for a while. Each time I sit down to write there is more I have to add to it. That is a good problem. So exciting! Enjoy the Good News.
Home Buyer’s Delight
You can still get the federal Home Buyer Credit of $8000 for the first time buyer or $6500 for the move up buyer. You must be in contract by the end of April and close by the end of June.
For additional information: http://www.irs.gov/newsroom/article/0,,id=204671,00.html
Because California Home Buyers are special Governor Schwarzenegger signed into law a State credit for home buyers. I personally think this program is great. It helps many people purchase their first home and it puts people to work. A Win-Win!!!
Under the provisions, the bill: Read more
“Sorry, I Don’t Do Short Sales…”
Recently, one of my newer clients asked me, “Do you work with short sales?” Her reason for asking was that one of the other agents she interviewed told her that he did not work with short sales. I was somewhat surprised that there are still agents out there who will not work with a short sale.
Of course, if you asked me a couple years ago before “short sale” became a common household word, I would have said that I’d stay away from them if I could help it. But as an agent, I have a responsibility to my clients to work in their best interests. Read more
Another Tax Credit for First Time Buyers in California?
Yes, the Federal Home Buyer Tax Credit will end on April 30, 2010, but there may be some good news on the horizon for first time buyers in California. Bill AB-183 has been passed by both houses of the California legislature by near unanimous votes, and is expected to be signed by Governor Schwarzenegger very soon. This allows for up to $10,000 in tax credits for first time buyers, and the big difference between this and the previous California tax credit is that you can actually use it for the purchase of an existing home (not only for new homes). According to this bill, $100 million will be set aside for sales of existing homes, while another $100 million will be for sales of new homes. It will take effect from May 1st to the end of this year, but as there is a limited amount of funds, it probably wouldn’t be good to wait until November or December. More details will be forthcoming once the bill is signed and confirmed, but I thought it couldn’t hurt to help those who are stressing out over buying a home before the April 30th deadline. Unfortunately, this is only for first-time buyers, so those who are thinking to “move up” (sell their existing home and purchase a bigger and better one) still need to get moving (no pun intended).
Here’s the link to one article about Bill AB-183: http://www.sacbee.com/2010/03/24/2629239/schwarzenegger-expected-to-sign.html
Jean Joh: Visit my website at www.jeanjoh.com or follow me on twitter as jeanjoh.
Mondays… We all Love Them
Mondays…we all love them. For us Realtors, it is the day after holding an Open House. For myself, Mondays are the day my lockbox key is to be updated. On this particular Monday, I was in Berkeley showing single family homes to my client. I’m usually consistent in making sure my key is updated every Monday morning before doing anything else. That afternoon was the rare exception. As soon as I parked my car to walk over to the clients in front of the property, it dawned that we were not immediately going to be able to enter the home. I sincerely explained to them what happened and managed to make another appointment to meet with them in another hour and half. Driving back to the San Bruno office and then back to Berkeley was not exactly an appealing idea.
Quickly, I thought there must be another way where I could at least stay in Berkeley to update my key and prevent wasting precious gas. Several Prudential California Realty office locations came up on my Blackberry. After a few calls, I finally spoke to a helpful sounding agent who invited me to stop by and use their key updating station at her office. Although it was located on the other side of where I was in Berkeley, I certainly didn’t mind driving there considering how much time and money I was saving. Read more
Over 55? California Property Tax Relief
By Marc Weissmann
Since its passage, Proposition 13 prohibits property tax increases until property ownership is changed.
If either spouse is over age 55 (when the old home is sold), PROP 60 allows replacement of a primary residence with a new home of equal or lesser value (but see below) within the same county and transfer of the Prop 13 assessed valuation from the old home to the new property. This is allowed once in your lifetime, and a spouse who has done it before ‘taints’ both spouses. Read more
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