Is history repeating itself?
In recent months the entry level Real Estate market has shifted and become for some people, a competitive sport. If priced correctly homes aren’t lasting past the first week’s open house as buyers are frantically racing to submit offers. Supply is low and demand is high and we all know with that combination multiple offers arise. What’s good for the goose isn’t necassarily good for the gander.. is history repeating itself? Is what is occuring now exactly what we saw a few years ago when home prices soared and multiple offers were just expected? There are many factors that come into play, some may argue this market is nothing like the one we saw a few years ago. We can say for sure banks have tightened up their guidelines to put it gently. Unless you can prove you qualify, you don’t get approved. Interest rates are lower and home prices have dropped so buyers in today’s market essentially have more buying power. Appraisals have been tightened and often times more then one is necessary to get approved by the lender. With that said, is it really all that different? Are consumers so eager to purchase a home for fear they will “miss the boat” that they are over extending themselves to make it happen. Hopefully with the tightened lender guidelines, history won’t repeat itself. What are your thoughts as I would love to hear them…
Nicole Machado www.mve2day.com
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
The “Runaway Buyer”…
Just a quick post on a funny note… I have encountered a “runaway” buyer at two of my open houses in South San Francisco, two months apart from each other in two different neighborhoods. The first time I met her; she was so nice and friendly and seemed genuinely interested in the home. She said she liked it so much she wanted her husband to see it (he was waiting in the car). I didn’t think anything of it at the time, but once she went out to the car the husband slammed on the accelerator and took off down the street. I thought it was strange, but in this business nothing fazes me. It was about two months later Read more
What lays behind the front door?
Have you ever wondered how people live? I have always been fascinated by the interior of homes, what lies inside and how people live. Perhaps its my education and background in interior design/art history or maybe curiosity.
Well, boy was I taken aback and surprised to see what I found in this one particular home in Daly City. It was new on the market, a short sale so I previewed it for my clients prior to showing it on Sunday. The listing agent did forewarn me that the home was in shambles. And Yes it was a mess, however I did not make it down to the garage/basement that day because it was dark and the electricity was shut off and boy was I in for a big surprise. Read more
There is no “I” in Real Estate Team!
You’ve decided to buy or sell a house so you gather all the players you’re going to need around you. You have your lender, your Realtor ®, escrow officers and any inspectors needed. You’ve gathered them around with the intention of meeting your goal of buying or selling that home. You’re all on the same page so how hard will it be to get along. That depends. Read more
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
Benefits of staging!
After writing my blog on “What is staging?” I am following up with the benefits of staging and the return in dollars to the seller. After some thought, I called a friend, Yvette Thoma, who was a San Bruno Prudential Realtor and who has gone on to successfully open “Let’s Stage it” a local staging company.
She was kind to provide me with some real numbers and facts. Per Yvette Thoma “Out of the last 25 homes staged in 2008, “Let’s Stage it” clients in San Francisco recieved 3% above average market asking price and in some cases 8% above asking. The homes also sold in half the time.” Per Yvette “the cost of staging is much less than your first price reduction!” Lastly “Staging is not a expense it is an investment and is tax deductible.” Read more
Mixing Business with Pleasure… does it actually mix?
Have you ever felt obligated to use a family member when it came to a business deal? While most of us have, has it ever left you wondering if that was the best decision? In some cases, it is an ideal circumstance. While in others it may be an uncomfortable situation that you were strong armed into. Read more
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