Buyers… Buyers… Buyers, Here’s a little food for thought for you…
Working on a day to day basis with buyers can be rewarding most times; however, at times working with buyers can be tedious, tiring, relentless, and at times down right exhausting! Does this mean I’m doing my job? Yes, but it also means buyers need to change with the times. There’s been a drastic change within the real estate world just in the last few years. Competition in the market continues. Now buyers should be jumping out of their seats with overwhelming joy that our INTEREST RATES and PRICES are the bomb right now! WHY are you waiting? I couldn’t even tell you how many times I have encountered buyers who THINK they are ready to buy until they actually get out there and look. Then it’s like most of the buyers out there turn into kids in a candy shop whose parents told them they are limited to just one, only worse, they not only can’t choose but they turn the candy over to look at the calories and fat content on the nutrition information only with houses. Could you imagine what that’s like for your agent?
Now that I have your attention, humor me just for one minute, Read more
Miss The Federal Housing Tax Credit? Here Is Your Chance!
Many people missed the federal housing tax credit that ended a few months ago at the end of April this year. I personally met a good amount of potential buyers that were interested in purchasing a home and according to them they were motivated by the possibility of receiving the federal housing tax credit. It seems that now that the tax credit is no longer being offered many of those people are no longer interesting in purchasing home or at least would like to wait a little bit longer. Why I ask?
During the time that the tax credit was offered, Jan 1st 2009 to may 1st 2010 the interest rates did fluctuate. From my research I found the interest rates were at a high of about 5.75% and a low of about 4.75%. During this period I’m not sure how many of the people who purchased homes were waiting for the rates to go down or if they were mainly focused on closing before the tax credit deadline, My guess is the latter. Read more
It’s not what they offer, it’s what you walk away with that counts!
When it comes to buying or selling a property, the conventional wisdom is that it’s all about the offer price and that certainly is a big part of the picture. However, a seller really needs to think about what they will walk away with, or rather, what they will NET; after all selling expenses are paid out. As a seller you have to make decisions that in the long run may end up costing you money. Read more
Tenant Occupied Properties
For whatever reason, over the course of almost 16 years in real estate, I have very seldom sold homes that were occupied by tenants. Right now, I am involved with 3 properties that are occupied by tenants. Wow! Is it ever tough.
These transactions are so complicated with items that you would never think of. In the last couple of weeks I have dealt with:
1) Having the key to a tenant’s unit get stuck in the lock. The tenant was out and I have no phone number for him. I couldn’t reach the property management company and I, certainly, couldn’t leave this man’s home with the door unlocked. Fortunately, one of the people I had been showing the home to stayed with me, had a tool kit and, literally, took the lock out and solved the problem. Read more
Missed Opportunity ?
Recently, it seems that all the buyers have come out of the wood work….
We have been inundated with large groups at our open houses and receiving large amount of “sign calls” and inquires on our websites…
But the one thing that has not changed is fear…Depending on where the property is and the price range that it is in, there is a different strategy on how to make an offer. I think the public understands that the interest rates are great, and inventory has lessened, and buyers are hearing about multiple offers; but there is something that is preventing them to make a move. My advise: Work with your agent…let them help you understand… ask a lot of questions.
Just this week, I have encountered buyers who I met a few weeks ago, they saw this home in their price range, and have their financing in order, but they needed time to “think about it”. When they came back to reconsider the home, it was gone (in escrow with multiple offers). Had they written a couple of weeks ago it could have been theirs.
Don’t lose your opportunity. There are several ways to protect yourself from competition and allow you to participate in obtaining home with your price and terms.
Loan Program for Teachers in California
Calling all Teachers… Incase you didn’t know, CalSTRS is the California State Teachers Retirement Program that provides retirement related benefits to teachers in public schools and community colleges in California. Back in 1984 CalSTRS developed a home loan program which was designed for an additional option for home financing for it members and retirees. Giving its members and retirees additional mortgage loan options at competitive rates. This is a great option for you first time home buyers as it only requires a 3% down payment. You can compare this program with an FHA loan as it requires a 3.5% down payment. A big thank you to Dean Rizzi of Guarantee Mortgage for sharing this program with us. Click on the flyer for additional info and qualifications (Once you have clicked on the picture click once again to see a clear copy or to print out the flyer)
January home sales in the west are WAY up!
I just caught this article off of Google AP. I’m passing it along because it gives more detailed picture of the January sales report. NAR reports existing home sales where down to their lowest levels in six years. However, if you look at the western region, they are up 32.1 percent from a year ago. Although prices are down, sales jumped 57% in the bay area!! Buyers are clearly taking advantage of the high inventory. What a great time for young families to get into that first home!
http://www.google.com/hostednews/ap/article/ALeqM5h78GtI74ZouhZ1bCfF7cOWPQWKzwD96IS94O1
What is TDS?
“What is TDS?” my client asked. It is a 3 page Transfer Disclosure Statement which the seller is required by law to fill out. The main purpose is for the sellers to disclose to the buyers anything they know about the condition of the house. 
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