Winter colors

This time or year the Ginko trees in my neighborhood turn a beautiful deep yellow.  They also drop these same brightly colored leaves all over the street.  This is a little bit annoying because I sweep up alot during this period, but hey it's mother nature and I appreciate the color when it is so grey out.


Local historian Eric Kos and Dennis Evanovsky will be presenting a series of talks on local Alameda history at our main Library.

Home sales still happen after thanksgiving.

Home sales still happen! Those who were searching over the summer and didn't find something are still out looking.  The latest listing from Bayside at 1445 Fourth St. has had great interest from buyers.  This is just a good example of the right combination of factors.  Great home, great presentation and priced right.  These are the homes that have been receiving multiple offers and selling quickly, even this time of year.  I feel very fortunate to have gotten several first time homebuyer into homes that were all competitive situations this year.  If you are in the market for a home and see something you really like, it's probably no surprise that someone else does as well.  Knowing how to structure a strong offer is not luck.  I work very hard to find out as much information as possible to give my buyers the advantages to have well received offer.  Interested in purchasing a home in Alameda... lets talk.

Supply and demand

As we near the end of the selling season here in Alameda it would normally be a time of slowing down.  However we went through most of the season with a low inventory of homes on the market.  Many desirable homes had multiple offers.  There are those that are still languishing on the market.  The only remedy for these are price reductions.  Anything will sell at the right price.  There are certainly those who feel their property should be valued differently than how the market values it.  The fact of the matter is those homes that have not sold have not established a value yet.  Our market does not have a large percentage of short sales or foreclosures right now.  Currently out of 92 acitve homes on the market 17 are possible short sales and 7 are foreclosures.  That calculates to 17% of the homes are possible short sales and  8% are foreclosures.  Most people understand what a foreclosure is.  A short sale is where the homeowner is trying to get the lender to accept a sale for less than what is owed.  Currently we still have homes coming on the market and on my most recent brokers tour I would have to say 3 very desirable ones.  We will find out soon enough how desirable.

Foreclosures in Philadelphia not the same old story

I read an article in the New York times that gave me a little bit of hope for what is one of the more troubling aspects of the foreclosure process.  As someone who is in the business of placing people in homes, it has been a sad last few years watching the foreclosure crisis push people out.  Regardless of who was more at fault many homeowners are suffering through very tough times trying desperately to remain in their homes.  Philadelphia has adopted a model that forces the homeowner and an agent for the lender to meet face to face for a mediation or the court system will not allow the Sherriff to evict the homeowner.  As one lawyer says in the article “It’s arbitrary and unpredictable,” he said, “but it’s better than what anybody else is doing.”  While this system is not perfect at least they are trying to do something different.

Read full NY Times article. CLICK HERE

Foreclosures are more profitable than loan modification.

This was kind of a sad story to read but unfortunately I had read something like this before and had a feeling this might be the case.  Apparently because of the way our laws are written and the way loan servicing works foreclosing on a property becomes more profitable than actually modifying the loan.
Short sales and foreclosures are all around us.  In Alameda the combination of Short Sales and Foreclosures make up about 18% of the total market.  For those who were looking to do a loan modification before they ever got to a short sale it may appear the odds are stacked against them.
Reading this made me mad, I am not sure exactly what to do about it but it doesn't really help the market to have so many short sales and foreclosures.  Unfortunately if those people who would like to stay in their homes can't modify their loans the only other option is to try and do a short sale or let it go to foreclosure.  Sad but true.
Read the original article here.

Federal Tax credit for first time homebuyers extended

Some good news for both buyers and sellers. Congress has passed to extend the first time home buyer tax credit until April 30 2010.  What is good for buyers is good for sellers.  I personally had many buyers this year who were very keen to take advantage of this tax credit.  Although they were not going to buy a home based on the tax credit they were certainly more motivated to make it happen before the deadline expired Dec 1st.  There is also a provision to extend a $6,500 tax credit to those who are purchasing a move up home.  Many in the industry felt this was helping the housing market.  With the economy and housing market going through major changes this past year it was in their best interest to keep people motivated to buy a home.  Want more information contact me.

Read more information CLICK HERE

Do you know your walkscore?

What could be greener than walking.  An interesting new neighborhood and home value has been gaining popularity recently.  It's called a walk score.  Several real estate websites have begun to put this value next to home listings.  I was told about this by some buyers I have been representing, they always knew the walkscore of the homes they viewed.  This is not a new measurement of a neighborhoods value however I believe it is becoming more important because people would rather be close to shopping, dining and entertainment they can walk to.  Or ride a bike.  It gives them options other than always having to drive their car.  I think people always thought about this but it was one of the intangibles that was considered during a home purchase.  People want to be close but not too close to these services.  A great example is that I walked to the Peet's coffee shop from my home in the east end to write this blog.  It's interesting that tools have now become available to put some numerical value to walkability.  Exactly how does this score translate into dollars is an interesting calculation. Another website that is currently only functioning in Philadelphia says that each additional point on a walk score according to them is worth between $700 and $3,000 dollars.  Curious what your walk score is? go to walkscore.com and plug in your address.

Extension of 8k tax credit for veterans

An extension of the $8,000 first time homebuyer tax credit for veterans that served overseas looks like it will go through.  This credit is currently set to expire on Nov 30 2009.
Watch an interesting video on this and other issues. CLICK HERE FOR VIDEO

Home prices gain for 3rd straight month

CNNMoney. com reported that home prices gained for the 3rd straight month.  While this was a national figure it shows signs that our housing market is stabilizing and gaining a little. Read full article here.

As I always like to emphasize housing markets are really comprised of micro markets. Within Alameda you will find markets within markets. Even more so in Cities like Oakland that cover such a large area.
Single family detached homes have shown different levels of activity compared to Condos or Townhomes.

My recent experience with representing buyers is that the hottest segment of the market in terms of sales and multiple offers is the price points between 450k and 600k.  These are the first time home buyers who are now able to enter the market.  Interest rates are still low and they have been able to take advantage of the first time home buyer tax credit.  Unfortunately inventory in Alameda has been low this summer so that might explain why many people are chasing the most desirable homes.

August Sales Data

48 Homes closed escrow in Alameda during the month of August.

Article in SFGATE.com Fed slows home loan program so rates stay low. 

CLICK HERE TO SEE AUGUST ALAMEDA HOME SALES DATA

Another great home for some first time homebuyers

One of the very best parts of my job are placing first time homebuyers in a great home.  This West end bungalow had 3 bedrooms and huge attic space that made for great storage. The lot was so big you could have a decent size yard and a separate garden.  This home at 425 Haight had multiple offers. My buyers were thrilled to be walking distance to Paden School and get a great home in great neighborhood.

July Sales Data

July Sales data for Alameda
CLICK HERE TO VIEW DATA

Summer sales and data

East end bungalows in particular are desirable properties.  This home at 2908 Madison had multiple offers. My buyers are thrilled to be able to walk to their Otis school just down the street.



Do you love data? June sales data for Alameda. I have changed how I am displaying sales data by using google docs. To get back to my blog just click the back button.
ALAMEDA JUNE SALES DATA CLICK HERE.

Spring buyers are bidding

Spring seemed to be bringing buyers out.  Interest rates are still low and the 8k first time home buyer tax credit helps. This at 807 Santa Clara home had 6 offers.  With some skill and planning my buyers and I had the accepted offer.  Some very nice people got a cool bungalow with great yard.

Spring remodel

992 Post St. Completely remodeled home in the east end.
Sold with multiple offers in 12 days for $546,000

Christmas Craftsman

Beautiful classic craftsman sold with multiple offers for $650,000