After Christmas Sale, – Bay Area Homes up to 60% off
That is a big statement. Macy’s, Target, Wal-Mart and all most other stores put their products on “After Christmas Sales”. Home Sellers in San Bruno, South San Francisco, and all over the San Francisco Bay Area have put their products on the “After Christmas Sale”
I have randomly selected two recently sold homes to use as an example.
3691 Exeter Dr., a 3BR/2Ba. San Bruno home just sold on Jan 18, 2012 for $452,000 it also sold on May 9 2003 for $600,000. That results into a 36% savings in monthly payments. Look at the numbers.
3875 Carter Drive, #106 a 2Br/2Ba. Condo in South San Francisco sold on Jan 4, 2012 doe $277,000 and in April 25, 2006 it sold for $550,000. A 59% savings. Look at the numbers.
As you look at the numbers please note the lower down payment required, and the lower property tax. Both due to the lower home price. You save all around. Numbers are deemed reliable but not guaranteed.
| 3691 | Exeter Dr. | San Bruno | 3875, #106 | Carter Dr | SSF | |
| 2012 | 2003 | Difference | 2012 | 2006 | Difference | |
| Purchase Price | $452,000 | 600,000 | 25% | 277,000 | 550,000 | 50% |
| Down Payment | 90,400 | 120,000 | 55,400 | 110,000 | ||
| Loan | 361,600 | 480,000 | 221,600 | 440,000 | ||
| Interest Rate | 4.25 | 5.75 | 4.25 | 6.5 | ||
| Principal and Int. | 1726. | 2801 | 1090 | 2781 | ||
| Property Tax @1.1% | 415 | 550 | 254 | 504 | ||
| Monthly Payment | 2140 | 3351 | 1344 | 3285 | 59% |
I selected these properties randomly. You might find savings greater or lesser. I want to point out to you by using real numbers the “Perfect Storm” has arrived; Low interest rates and low home prices. In the past if rates went down prices would go. This is an opportunity of a lifetime. If the I Pad was on sale like homes are on sale you would be on line at 4AM. For all of the potential buyers waiting for the right time, this is your wake up call. The time is right. Ken Rosen of the Fisher Center at UC Berkeley says “This is the best time to buy a home in 30 years”
Considering buying or want to learn more call your favorite Realtor or come to my Free Home Buying Seminar. Click here for more info and registration.
“It is Better To Own Real Estate and Wait, Than Wait To Own Real Estate”
www.LeeSellsMore.com
San Bruno Eye Sore is about to Go
The Treetops apartments on Skyline and Sharp Park broke ground for renovation. (It’s about time)
I thought you would be interested.
7 years after being closed down, renovation will begin and is scheduled to be completed by summer of 2013.
for more information Click Here
http://www.mercurynews.com/san-mateo-county-times/ci_19731829
The San Bruno Ave. Caltrain Grade Separation Project is moving along. Can’t wait for completion.
Completion is scheduled for the end of this year. We’ll see.
for more information Click Here
http://sanbruno.ca.gov/pw_proj_current.html#streets
I will be hosting a Home Buying Seminar. If you are in thinking about buying I think you will find it quite helpful.
for more information Click Here
http://leesellsmore.com/RealtorWebPage?custompage_id=1567686030
Lee Ginsburg
Prudential California Real Estate
www.LeeSellsMore.com
Do I Need An Agent?
I was at a recent home buying workshop and someone asked if she needs an agent.
In the Bay Area the buyer does not pay for the agent to help them find a home, help them negotiate; walk them through the process, etc. The buyer also does not pay the agent for helping them digest the comparable properties, or get inside information concerning the home or the comparables, educate them on the neighborhood, and more. The buyer never pays the agent anything. The seller’s agent pays the buyer’s agent for assisting them in selling the home, but the agent has a fiduciary duty and obligation to their client, the buyer.
So why wouldn’t you want someone to do all the dirty work, to bounce ideas off of, and to pick their brains with no cost to you.
Every transaction is different. The buyer’s agent does all of the above and more depending on each individual situation.
The most important task the buyer’s agent performs but hardly mentioned, is helping the buyer maintain their emotions. I have seen buyer’s get so excited about a home that they would pay anything for it. Well maybe not anything but more than necessary. A good agent will protect the buyer by making them see reality. On the other hand they might be offended by the seller’s response and might react by cancelling the transaction or respond negatively and blow the deal. An agent is the buffer.
An agent will help the buyer see through the seller’s messy home to see the bones and layout of the home. An agent will keep the buyer focused on the purpose of buying a home, facing reality and prevent them from getting sidetracked. I remember helping a newly married couple with a baby purchase their first home. They liked the well decorated home in a not so good area. They were not familiar with the area. They were prepared to write an offer and I did not want to discourage their enthusiasm. I suggested on the way home we drive by again. We did and they calmed their emotions and changed their thoughts on their own. Read more
What is closing or escrow and what is involved in opening escrow?
Closing is when all the funds are disbursed to the seller, lender, other lien holders, taxes etc. and the property transfer from seller to buyer is recorded in the County’s Recorder’s office. This is legally when the buyer becomes the property owner. This is generally the time when the buyer receives the keys to their new home. Many people get the closing and signing confused. “Signing” is only signing the loan documents and that generally occurs several days prior to closing.
Escrow is the period between both parties signing the purchase contract and closing. Opening Escrow is a simple process. It occurs when the buyer’s good faith deposit is placed in the hands of a neutral third party. In Northern Californian we do this with a Title and Escrow Company. The Escrow Company holds the deposit in a bonded account until both the buyer and seller have fulfilled their obligations under the purchase contract. The escrow company is a neutral third party and will not release the funds either to the buyer if the contract is cancelled or to the seller if the contract is fulfilled unless both parties have signed instructions stating so. Basically Escrow begins with the deposit check being given to the escrow company and ends at closing.
Escrow should not get confused with an escrow account. An escrow account is an impound account or reserve account generally for property tax and home owners insurance. It is requested by lenders based on the type loan the buyer is getting.
It is Better To Own Real Estate and Wait Than to Wait to Own Real Estate
Lee Ginsburg
www.leesellsmore.com
To Fumigate or Not to Fumigate…
Within the past few months, I had two separate situations where we’ve gotten vastly differing estimates from a termite inspection. For one home, we actually ended up getting three reports – one reported beetles with an estimate of over $10,000 to fix all Section 1 items including a recommendation to fumigate, another reported termites with estimate of $5000 with local treatment only, and the third didn’t even mention beetles or termites but had an estimate of almost $6000 for dryrot repairs. In the second situation, termites were noted with a recommendation for fumigation with an estimate of almost $8000, while the second recommended local treatment, which would cost a fifth of the cost. What to do?
Since I’m a real estate agent and not a licensed contractor or certified inspector, I don’t have the qualifications to determine which report my clients should believe. Added to that, it’s interesting to note that general home inspectors aren’t allowed to give bids on the work that needs to be done (due to possible conflict of interest), termite inspectors are not subject to the same restriction and almost always include bids in their reports. So, is there a slight possibility of some conflict of interest? Read more
5 Tips To Improve Your Odds in a Multiple Offer Situation
“Multiple offers? I thought we were in a Buyer’s Market?” Well, it certainly IS a great time to buy in that we are seeing interest rates that are still at historical lows coupled with housing prices that are more affordable. But on the other hand, here in the San Francisco & Peninsula area, we are seeing an increasing number of multiple offer situations. For example, on the last home my clients submitted an offer for, there were 26 (yes TWENTY-SIX!) offers, all of which were put in within the home’s first two weeks on the market! Whatever the reasons for this, it’s become clear that if a home is well priced or below market value, there’s a good possibility that prospective home buyers will find themselves in a multiple offer situation. Here are five tips to help make your offer stronger:
Good News or Bad News?
The other day, I was manning our Prudential kiosk at the Tanforan mall, and a gentleman came up to me and asked how the real estate market is doing. I enthusiastically told him that our office has become quite busy lately and that we’re seeing a lot of activity, especially among first-time home buyers. His response surprised me.
He looked somewhat downcast and said, “Oh, that’s not good…” When I probed a little further, I found that his main reasoning was that he was Read more
Has The Market Already Changed? I Think So!
I have been working with some clients for the past few weeks. They have been pre-approved for a loan and we have been looking at many homes in hopes of finding them what they are looking for. We find a nice house in Pacifica, they write an offer that is over the listed price. I heard back from the listing agent today, informing me that there have been 20+ offers some of them coming in at about $100,000 over the listed price. Read more
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Recent Posts
- Top 5 Reasons to Buy a House in the Bay Area in 2012
- After Christmas Sale, – Bay Area Homes up to 60% off
- San Bruno Eye Sore is about to Go
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