A friend of mine from Kiwanis Club of Los Gatos sent a worthy personal safety tip to all of us in the group and I wanted to share it with you:
Put your keys beside your bed when you go to sleep at night.
This allows you to use the panic button on your key fob to activate your car's security system which will sound the alarm and scare off any potential intruders, or alert neighbors that you are in need of help if something should happen to you inside your home.
It is also a good idea to have your keys out in your hand as you are approaching your car in a parking lot, so that you can trigger the alarm if it becomes necessary.
In addition, an elderly person could signal that something is wrong by carrying car keys around in their pocket during the daytime at home and then using the car alarm as a beacon for help if there were some kind of accident or injury.
The car alarm signal can in most cases be triggered by pushing the button from a fairly sizeable distance from your vehicle, including while inside your home with the car parked in the driveway, garage or curbside. It is worth testing this out with your own home and cars, and then rest easier knowing that you have a new makeshift alarm system at work for you.
Saturday, June 27, 2009
Sunday, June 21, 2009
6.21.09 Financial Overhaul Plan
Obama has unveiled his thoughts on how to overhaul the financial industry. Creating a new agency to protect consumers, simplifying the home loan process as well as making a traditional 30 year fixed rate mortgage loan the default option for homebuyers are some of the ideas coming to light in the last week. Read more here on the ways in which the goverment could try to take control of the housing/mortgage industry in order to alleviate the problems caused by the housing bust.
Thursday, June 11, 2009
6.11.09 Rising Mortgage Rates Slow Refinancing
An article today in the San Jose Mercury News highlighted the effects of the mortgage rate increases over the last three weeks. Many individuals who were in the process of trying to refinance their homes but did not have low interest rates locked in have had to put on hold their refinancing plans now that the rates have gone higher. The average rate for a 30-year, fixed-rate loan of less than $730,000 was 5.59% this week, up from only 4.82% three weeks ago.
The rate hikes are also affecting buyers, who now no longer have as much buying power.
The article also highlights what I have already observed with my own listings in the last two weeks (see 6.7.09 post)-- homes on the lower end, under $500,000, are selling extremely well and receiving multiple offers in many cases. The midrange, under $800,000, is also moving quite well.
The rate hikes are also affecting buyers, who now no longer have as much buying power.
The article also highlights what I have already observed with my own listings in the last two weeks (see 6.7.09 post)-- homes on the lower end, under $500,000, are selling extremely well and receiving multiple offers in many cases. The midrange, under $800,000, is also moving quite well.
Monday, June 8, 2009
6.8.09 Santa Clara County Market Trends
Today is the first time in Santa Clara County since July 2005 that there are more homes with a 'sale pending' status than an 'active' ("for sale") status. That is just under 4 years since the last time this occurred. View the graph here.
The good news evident from the data in this graph is that more and more homes are making it to 'pending' status, which means that the lending side of these transactions has finally started to proceed more smoothly again.
We are entering the busy Summer months for residential real estate activity. With fewer homes on the market, there may be quite a lot of competition among buyers for the most desirable properties for sale. It will be crucial to have homes priced to sell, which will create opportunities for a multiple offer situation. I am highly experienced in negotiating this type of situation involving multiple counter-offers to get my clients the best dollar value for their home. Contact me to find out what your home is worth in today's market.
The good news evident from the data in this graph is that more and more homes are making it to 'pending' status, which means that the lending side of these transactions has finally started to proceed more smoothly again.
We are entering the busy Summer months for residential real estate activity. With fewer homes on the market, there may be quite a lot of competition among buyers for the most desirable properties for sale. It will be crucial to have homes priced to sell, which will create opportunities for a multiple offer situation. I am highly experienced in negotiating this type of situation involving multiple counter-offers to get my clients the best dollar value for their home. Contact me to find out what your home is worth in today's market.
Sunday, June 7, 2009
6.7.09 Multiple Offers on Listing
The latest property I listed, 488 W. Hacienda in Campbell, was held open for two weekends and generated an amazing amount of buyer interest. We received 9 offers on the property and it is now under contract after 9 days on the market! Contact me to find out how I can effectively market your property in today's market to help you achieve this kind of interest in your home.
Saturday, June 6, 2009
6.6.09 Fluctuating Interest Rates
Conforming and FHA rates hit their highest marks of 2009 at the end of this week. The range of rates had been mostly between 4.75% to 5.25% for a 30 year fixed conforming loan thusfar in 2009, but has now inched higher to between around 5.25% and 5.625%. Historically, these rates are still good, but there is a bit of volatility right now in the market, which those trying to get a loan should be aware of. Mortgage bonds dropped to their lowest levels of 2009 on Friday, and mortgage rates move in the opposite direction as mortgage bonds, thus causing the increase in rates. Feel free to contact me for current interest rate information. I work with several excellent lenders.
Thursday, June 4, 2009
6.4.09 Good News/Bad News
There is good news for the housing market in California. (http://online.wsj.com/article/SB124353047811163187.html) Many indicators are showing that things are looking better, especially in the Bay Area. Highlights from the above Wall Street Journal article include:
· Sales of existing, single-family homes increased 49.2 percent in April in California compared with the same period a year ago, according to the CALIFORNIA ASSOCIATION OF REALTORS®’ (C.A.R.) April sales and price report.
· As the level of unsold inventory declines, the state’s median price will likely stabilize. Inventory levels for homes in the under $500,000 segment shrank to nearly three months in April, compared with almost 10 months a year ago, while unsold inventory in the more than $1 million segment rose to approximately 17 months, compared with roughly 10 months in April 2008.
· The median price of an existing, single-family detached home in California during April 2009 was $256,700, an increase of 1.4 percent compared with the prior month, but a 36.5 percent decrease from the revised $404,470 median of a year ago.
· Favorable home prices in many parts of the state have led to an increase in affordability for first-time buyers. In the first quarter of 2009, affordability rose to 69 percent, enabling many to take advantage of first-time buyer programs and near record-low interest rates. (Courtesy of Market Matters/California Association of Realtors)
The bad news is that interest rates have jumped in the last week, which will affect buyers, sellers and those trying to refinance. Buyers will encounter higher mortgage payments, which will scare some out of the market, thus hurting sellers' chances of receiving their asking price. Those trying to refinance and stuck in the paperwork process may be stuck with higher rates now because the lower rates of last week could not be locked in. (http://online.wsj.com/article/SB124381108186970343.html)
On a positive note, while the interest rates have started creeping back up, they are still historically at a very good level.
· Sales of existing, single-family homes increased 49.2 percent in April in California compared with the same period a year ago, according to the CALIFORNIA ASSOCIATION OF REALTORS®’ (C.A.R.) April sales and price report.
· As the level of unsold inventory declines, the state’s median price will likely stabilize. Inventory levels for homes in the under $500,000 segment shrank to nearly three months in April, compared with almost 10 months a year ago, while unsold inventory in the more than $1 million segment rose to approximately 17 months, compared with roughly 10 months in April 2008.
· The median price of an existing, single-family detached home in California during April 2009 was $256,700, an increase of 1.4 percent compared with the prior month, but a 36.5 percent decrease from the revised $404,470 median of a year ago.
· Favorable home prices in many parts of the state have led to an increase in affordability for first-time buyers. In the first quarter of 2009, affordability rose to 69 percent, enabling many to take advantage of first-time buyer programs and near record-low interest rates. (Courtesy of Market Matters/California Association of Realtors)
The bad news is that interest rates have jumped in the last week, which will affect buyers, sellers and those trying to refinance. Buyers will encounter higher mortgage payments, which will scare some out of the market, thus hurting sellers' chances of receiving their asking price. Those trying to refinance and stuck in the paperwork process may be stuck with higher rates now because the lower rates of last week could not be locked in. (http://online.wsj.com/article/SB124381108186970343.html)
On a positive note, while the interest rates have started creeping back up, they are still historically at a very good level.
Wednesday, June 3, 2009
6.3.09 The Market is Heating Up
The Pending Home Sales Index, created by the National Association of Realtors, has shown a nationwide increase for the month of April. The Index is based on signed real estate contracts that have not yet closed for existing single-family homes and condos. (http://www.realtor.org/rmodaily.nsf/pages/News2009060201)
The $8,000 first-time buyer federal tax credit is also helping heat up the market. In order to take advantage of the credit, a transaction must be completed by November 30, 2009. The Summer months should see a great deal of activity as buyers are looking to take advantage of this tax benefit.
The Department of Housing & Urban Development (HUD) has also just announced that qualifying buyers can use the tax credit for closing costs on FHA loans, to buy down the interest rate or make a larger down payment.
The $8,000 first-time buyer federal tax credit is also helping heat up the market. In order to take advantage of the credit, a transaction must be completed by November 30, 2009. The Summer months should see a great deal of activity as buyers are looking to take advantage of this tax benefit.
The Department of Housing & Urban Development (HUD) has also just announced that qualifying buyers can use the tax credit for closing costs on FHA loans, to buy down the interest rate or make a larger down payment.
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