Philip's Point of View

The Seven Habits of Highly Effective Home sellers

2012-01-13T15:36:00.000-08:00

I wish I could write great blog posts all the time. Occasionally I come across some really great ones I wish I wrote. Sadly I did not write this but really enjoyed reading it. It's from the Jay Thompson the Phoenix Real Estate guy and is entitled "The Seven Habits of Highly Effective Home Sellers"
Here are the bullet points.

Be Realistic
Be Open to Suggestions
Be Available
Be Smart
Remember to Balance Emotion with Logic
Be Reasonable
Don't be Afraid to Ask Questions

You can read the entire article here. Thanks Jay!

Top 5 tax breaks for homeowners

2012-01-12T09:32:00.000-08:00

Tara-Nichole Nelson has some great articles.
This one is on top 5 tax breaks for homeowners.
Read full Article here

Wow 12 Million $ mansion leveled.

2012-01-10T12:41:00.000-08:00

Tiger Woods ex wife leveled a 12 Million dollar mansion... Crazy!
Turns out it didn't meet hurricane standards and had termites.
That must have been a lot of termites.

Alameda Open Homes Dec 10th & 11th

2011-12-09T13:35:00.000-08:00

3275 Thompson Ave. 4/2 $799,000 Sunday 2-4

511 Tideway $1,190,000 Sunday 2-4

339 Broadway #109 $238,000 Sunday 2-4

2025 Otis Drive #C $259,500 Sunday 2-4

1825 Shore Line Dr. #114 $333,000 Sunday 1-4

1730 Tregloan Court $349,000 Sunday 2-4

3044 Alta Vista $379,000 Sunday 2-4

3218 Fiji Lane $399,000 Sunday 2:30-4:30

836 Taylor Ave. $447,000 Sunday 2-4:30

1274 Silva Lane $499,000 Sunday 2-4

1916 Otis Drive $525,000 Sunday 2-4

18 Cotella Court $580,000 Sunday 2-4

1129 Clarke Lane $583,000 Sunday 2-4

3127 Bayo Vista Ave. $644,000 Sunday 2-4

180 Sea Bridge $649,000 Sunday 2-4

2426 Roosevelt Drive $738,000 Sunday 2-4

418 Bryant Ave. $779,000 Sat. & Sun. 2-4

1441 Grand St. $819,000 Saturday 1-3

1021 Fair Oaks Ave: $895,000 Sat. & Sun. 2-4

13 Bordwell Ct. $548,000 Sunday 2-4

Information taken from several sources, not guaranteed.

November Sales in Alameda

2011-12-05T16:14:00.001-08:00

44 Properties sold in Alameda during the month of November.
5 were foreclosures 7 were short sales. This is an interesting statistic because our current market of 88 homes pending shows 30 are short sales and 13 REO or foreclosures.
This is typical because short sales take a long time to close.
It is also common that they never close and end up in foreclosure.

Open homes Dec 3-4

2011-12-02T14:05:00.001-08:00

Below is a list of homes open for the weekend of Dec 3rd & 4th.
If you are interested in a home that is not listed send me an email
or give me a call we can schedule a viewing.

3275 Thompson St. 4/2 $799 Sunday 2-4pm
1708 Second St. $149,000 Sunday 2-4
339 Broadway #109 $238,000 Sunday 2-4
1916 Otis Drive 3/2 $525,000 Sunday 2-4
2025 Otis Drive #C $259,500 Sunday 2-4
1810 Central Ave. #1808 $320,000 Saturday 2-4
3218 Fiji Ln. $399,000 Sunday 2-4
3154 Fir Ave. $425,000 Sunday 2-4
836 Taylor Ave. $447,000 Sunday 2-4
29 Invincible Ct. $495,000 Sunday 2-5
1274 Silva Ln. $499,000 Sunday 2-4
1916 Otis Dr. $525,000 Sunday 2-4
1810 Calhoun St. $549,700 Sunday 2-4
131 Inverness Way $629,000 Sunday 1-3
3127 Bayo Vista $644,000 Sunday 2-4
3505 McSherry $725,000 Sunday 2-4
1035 San Antonio Ave. $739,000 Sunday 2-4
418 Bryant Ave. $779,000 Sat & Sun 2-4
141 Cumberland Way $819,000 Sunday 1-3
1441 Grand St. $819,000 Sunday 2-4
1021 Fair Oaks Ave:2 Units $895,000 Sat & Sun 2-4
1223 St. Charles St. $929,000 Sunday 2-4

Information taken from several sources and is not guaranteed.

Pending home sales jump in October

2011-12-01T12:27:00.001-08:00

Getting a little bit of good news regarding the real estate market is always a positive sign.

This report is a on the national scene and shows some improvement in our housing market.

Although in the west we had a decline of .3% we still had an increase from last year.

Good news for home buyers FHA Loan limits restored

2011-11-18T15:06:00.000-08:00

Lawmakers have voted to restore loan limits for the Federal Housing Administration to pre-Oct. 1 levels, but the reprieve won't apply to Fannie Mae and Fannie Mac.
House and Senate leaders signed off Monday on a conference report for a "minibus" appropriations bill that included language restoring FHA's ability to insure loans of up to $729,750 in high cost markets through 2013.

Alameda Open Homes Nov 19th & 20th

2011-11-18T13:03:00.001-08:00

November 19-20

3275 Thompson St. $799,000 Sunday 2-4:30
1810 Central Ave. #1808 $320,000 Sunday 2-4
1825 Shoreline Dr. #114 $333,000 Sunday 1-4
1810 Central Ave. #302 349,000 Sunday 2-4
1045 Melrose Ave. $392,000 Sunday 2-4
3434 Camanoe Lane $397,000 Saturday 2-4
3218 Fiji Ln. $399,000 Sunday 2-4
29 Invincible Ct. $495,000 Sunday 2-4
1274 Silva Ln. $519,000 Sunday 2-4
2718 Washington St. $530,000 Sunday 2-4
18 Cotella Ct. $580,000 Sunday 2-4
3127 Bayo Vista $675,000 Sunday 2-4
2426 Roosevelt Dr. $738,000 Sunday 2-4
1035 San Antonio Ave. $739,000 Sat & Sun 2-4
418 Bryant Ave. $779,000 Sat & Sun 2-4
1441 Grand St. $819,000 Sunday 3-5
1021 Fair Oaks Ave:2 Units $895,000 Sunday 2-4
1223 St. Charles St. $929,000 Sunday 2-4

All Together Now this thursday

2011-11-09T13:20:00.000-08:00

All Together Now is an evening of music, dancing, food and wine celebrating the importance of arts education. The evening is headlined by popular Beatles tribute band, The Sun Kings, who will be joined by Alameda student musicians playing "Sgt. Pepper's Lonely Hearts Club Band" in its entirety. This FABulous party begins at 6:30 pm, Thursday November 10th, at the beautiful historic Alameda Theatre, 2317 Central Avenue. Purchase tickets here

Alameda Open homes Nov 5th & 6th

2011-11-04T15:05:00.000-07:00

2025 Otis Drive C $259,500 Sunday 2-4

2101 Shoreline Dr. #472 $289,000 Sunday 2-4
1825 Shoreline Dr. #114 $333,000 Friday 5-8
1825 Shoreline Dr. #114 $333,000 Sunday 1-4
1810 Central Ave. #302 $349,000 Sunday 2-4
3044 Alta Vista $379,000 Sunday 2-4
1045 Melrose Ave. $392,000 Sunday 2-4
301 Broadway #305 $394,500 Sunday 2-4
3218 Fiji Ln. $399,000 Sunday 2-4
1189 Ninth St. $470,000 Sunday 2:30-4:30
31 Shepardson Ln. $509,000 Sunday 2-4
1274 Silva Ln. $535,000 Sunday 2-4
18 Cotella Ct. $580,000 Sunday 2-4
2718 Washington St. $588,000 Sat & Sun 2-4
144 Justin Circle $649,000 Sunday 2-4
3127 Bayo Vista $675,000 Sunday 2-4
1542 Verdi St. $725,000 Sunday 2-4
2426 Roosevelt Dr. $738,000 Sunday 2-4
418 Bryant Ave. $779,000 Sat & Sun 2-4
1441 Grand St. $819,000 Saturday 2-4
1441 Grand St. $819,000 Sunday 1-3
141 Cumberland Way $819,000 Sunday 2-4
1320 East Shore Drive $870,000 Sunday 2-4
1021 Fair Oaks Ave:2 Units $895,000 Sat & Sun 2-4
Information deemed reliable but not guaranteed.

FICO scores and what they mean to your interest rate

2011-11-01T14:16:00.000-07:00

Read a great article on Trulia about how your FICO score affects your interest rate.

CLICK HERE TO READ ARTICLE

October sales for Alameda

2011-10-31T15:29:00.000-07:00

19 homes closed escrow in Alameda during the month of October.

Wow 30 year mortgage below 4%

2011-10-12T10:08:00.000-07:00

The average rate on a 30-year fixed mortgage has fallen below 4 percent for the first time in history.
On Thursday, Freddie Mac said the rate on the 30-year fixed mortgage fell to 3.94 percent from 4.01 percent last week, the previous low. The average rate on a 15-year fixed loan, a popular refinancing option, dipped to 3.26 percent, also a record.

1235 Hawthorne St. Gold Coast Lagoon Home

2011-10-11T13:57:00.000-07:00

Click here to see virtual tour

1235 Hawthorne St. is a stunning example of Mid Century Modern design located overlooking the lagoon in Alameda’s Gold Coast neighborhood. Every aspect of this home has been upgraded and remodeled with meticulous attention to detail. From the stainless steel gates to the inset glass blocks in the walls surrounding the artful design of the pavers. Large and small palms complete the landscaping giving a lush feel to the exterior. When you enter the home you are greeted with a decorative marble floor design that leads into the superb kitchen featuring a “Wolf” Range and granite counters. Large open living spaces on the main floor offer panoramic views of the lagoon through the dual paned “Pella” windows. Elegant custom made Birds-eye maple cabinets and wood trim are located throughout the home. Radiant heat underneath all of the marble and travertine floors will keep you warm no matter what the weather is outside. Step out onto the glass enclosed gazebo for entertaining or relaxing with just a few short steps to your own private dock. The master bedroom also features magnificent views of the lagoon and its own fireplace. The master bath is complete with steam room shower and large Jaccuzi tub. All the plumbing and electrical have been upgraded to modern standards. This home represents a unique and uncommon treasure located in one of Alameda’s best neighborhoods.

The New Normal - What does it mean

2011-09-10T13:13:00.000-07:00

The new normal in the economy unfortunately means a lot more pain to come according to "Housing Wire"

Read the full article here.

7 Reasons why now is the time to buy a home.

2011-06-20T16:31:00.000-07:00

After months and years of bruising news about the housing market I recently read this article in CBS moneywatch about how now is a good time to buy a home. Prices, interest rates and the ratio of renting vs. buying is favoring the buyer. For those who say that prices still have further to drop, the counterpoint to would be interest rates. As the economy improves interest rates will eventually go up and raise the total cost of the home. These days even I will take even a little good news.

Read the full article here.

Julies Coffee and Tea on Park St. My new favorite hang out spot!

2011-06-14T13:38:00.000-07:00

One of my favorite Alameda events. Concerts at the Cove

2011-06-13T14:58:00.000-07:00

171 Purcell Dr. PENDING

2011-06-13T13:40:00.000-07:00

My listing at 171 Purcell Dr. is now pending.
Very nice "Brittany Landing The Harbor" Duet

Alameda home sales for May

2011-06-06T15:46:00.000-07:00

39 Homes sold in Alameda during the month of May.
3 were short sales and 6 were foreclosures.
To see this chart larger double click on it.

813 Haight Ave. PENDING after 11 days with 7 offers

2011-06-06T13:26:00.000-07:00

My listing at 813 Haight Ave. is now Pending and about to close.
This Bungalow needed some TLC to bring it back.
However after only 11 days it was pending with 7 offers.

New Listing! 813 Haight Ave.

2011-05-25T13:17:00.000-07:00

This Central Alameda Bungalow has hardwood floors throughout the home. With a large living room the split level floor plan offer an open and inviting space. The kitchen has room to move around and looks out over the backyard. The upstairs bedrooms allow for plenty of privacy while the third bedroom feels like a hideaway. Downstairs there is a laundry room with a long garage perfect for shop space, additional storage or other possibilities. The large deep backyard has room for gardens or transform it with your own creative landscaping. This home needs some TLC to bring it back to its full potential. Come take a look at what you could do here.
See the virtual tour click here.

Common complaints regarding short sales and foreclosures.

2011-05-25T11:53:00.000-07:00

Roughly forty percent of the homes for sale on today's market are short sales and foreclosures! Distressed properties are well known for their value (a reputation which is sometimes accurate, and sometimes not), but they also have a reputation for causing buyers to become distressed, too!

Transactional snafus, last-minute surprises and long, drawn-out escrows that never close seem to be par for the course.

Instead of avoiding these properties altogether, get educated about the most common dramas that go down in these deals, and how you can avoid falling victim.

This article was excerpted from Trulia. READ THE WHOLE ARTICLE. CLICK HERE

SOLD wonderful 2 bedroom 2 bathroom Central Alameda

2011-05-24T09:56:00.000-07:00

This wonderful 2 bedroom 2 bathroom home had been in the family for a long time.
It was lovingly cared for and in great condition. The owners lived out of the area and had it as a rental for many years. They moved back to put some work into it and put it on the market.
It now has new owners to love and care for it.
Sold for $500,000

Below is a very nice note they sent me.

A whole lot of praise and thanks goes to our Realtor, Phillip Kaake for selling our house at 1801 Central, Alameda. He was always courteous and so very helpful to us. He gave us very good advice on ideas to improve our house to make it more marketable. He pointed out improvements that would help sell the house. He gave us names of good craftsmen that would do the work needed. We were thrilled with the man that refinished the hardwood floors. The floors looked as if they were brand new at our 74 year home, thanks to Philip's suggestion. When we called Philip and left a message, he always responded back quickly. When we had questions he answered them or found answers for those he wasn't sure about. We always could count on him being there for us. We were not always in Alameda as our primary home is in Arizona and we reside in Colorado six months out of the year (we are snow birds). With many phone calls,emails and by faxing back and forth, we got the process taken care of. Philip made an outstanding video of our house and yard so people were able to check the house out on the Internet. Also he had a beautiful picture of the house on the front page of the local paper, as well as a very nice write up that brought many people to the Open House. He was very professional in the whole experience in selling our house.

Many THANKS to Phillip Kaake for a job well done.

Most Sincerely,

Jerry and JoAnn Ballou

Alameda Home Sales for April

2011-05-03T16:47:00.000-07:00

Alameda home sales Mar 7 to April 5

2011-04-05T17:52:00.000-07:00

What makes up your credit score?

2011-03-08T07:49:00.000-08:00

If you are in the market to buy a home one ver important component of your interest rate is your FICO score.

How are FICO scores determined.

Answer:

The formula itself is complicated and the FICO company (Fair Isaac Corp) keeps it secret. But here are the basic components:

A. 35% Past Delinquencies
Your payment history
B. 30% Debt Ratio
Your revolving account balances divided by their limits, as a percentage
C. 15% Average Age of File
Length of your account history
D. 10% Mix of Credit
Mix of account types on your report
E. 10% Inquiries
# times you applied for credit in the last 12 months

Alameda home sales Feb 7 to Mar 6 2011

2011-03-07T15:06:00.000-08:00

The latest word on interest rates

2011-02-19T15:32:00.000-08:00

Interest rates went above 5% recently.
Read more in this article from the Mercury News.

Hitting bottom

2011-02-19T14:33:00.000-08:00

When are we going to hit bottom.

Home prices to hit bottom this year, report says

Here is what the SFgate has to say.

Alameda sales Jan 7 to Feb 4 2011

2011-02-04T14:24:00.000-08:00

1801 Central Ave. New Listing?

2011-02-04T13:57:00.001-08:00

Immaculately maintained home in Central Alameda. 2 Bedroom 2 Bathroom 1524 Sq. Ft. $549,000

Find out more CLICK HERE

Curb your closing costs

2011-02-04T13:51:00.000-08:00

If you are home buyer this article has some tips on how to curb your closing costs.
I like help people understand the process as much as possible.
One of the best ways to utilize the information in this article is to negotiate upfront
and not wait until you are pressed for time and making an offer on a home.
If you have questions about anything in this article give me a call. 510-847-2638
To read the full article CLICK HERE

Forecasting the future of the housing market

2011-01-14T13:16:00.000-08:00

Copyright © 2010 by the first tuesday Journal Online - firsttuesdayjournal.com;
P.O. Box 20069, Riverside, CA 92516

Readers are encouraged to reproduce and/or distribute this article.
Another prediction that California metro area price peaks won’t return until 2025
By Kelli Galippo • Oct 4th, 2010 • Category: real estate newsflash

Home prices in most of California won’t return to the peak levels seen in 2006 until 2025 or later, according to a study by Fiserv. The data reflects an unprecedented real estate market cycle period of over 15 years.

Fiserv made more specific predictions for certain major cities. They posit the return of peak prices won’t occur until:

* 2022 in Santa Ana;
* 2024 in Oakland;
* 2024 in San Diego;
* 2026 in Los Angeles;
* 2028 in Fresno;
* 2032 in Riverside; and
* 2039 or later in Sacramento.

Predictions were calculated using the Case-Shiller Home Price Index (owned by Fiserv), which collects data on single family homes with at least two arms-length sales. Sales pairs for each home are compared, and any price change contributes to establish an equilibrium price trend.

In order to accurately measure changes in the value of a residential real estate market rather than changes in the value of an individual home, each sales pair is assigned a weight based on the price change and the home’s location.

Other factors considered in the data analysis include price anomalies, turnover frequency, time interval between sales and initial home value. Price peak recovery predictions were created using historical trend data and supplemented with data from the Federal Housing Finance Agency (FHFA).

Editor’s note — All of these predictions were compiled in March 2010 before the new homebuyer tax credits temporarily boosted home sales by pre-selling homes to otherwise future buyers.
READ THE REST OF THE ARTICLE CLCIK HERE

1 Plover Ct 3 bed 2 bath home on west end $519,000

2011-01-13T13:30:00.000-08:00

January sales the first week of the new year

2011-01-13T13:27:00.000-08:00

Recycle your electronics

2011-01-05T08:46:00.000-08:00

On Sunday 1/9 between 10am and 4pm the Alameda High School Ski Club will have an electronics recycling day. Start the New Year off by getting rid of you old electronic stuff.

DECEMBER SALES

2011-01-03T14:50:00.000-08:00

Alameda sales week of November 27 thru Dec 2

2010-12-09T12:52:00.000-08:00

Legend BT=Building type BR=Bedroom count Bth=Bathroom count

DOM=Days on market LP=List Price SP=Sold Price

New Listing 1 Cornelius SQ. in Bayport

2010-12-06T11:59:00.000-08:00

Alameda sales week of November 22 thru 26

2010-11-30T13:48:00.000-08:00

Legend BT=Building type BR=Bedroom count Bth=Bathroom count
DOM=Days on market LP=List Price SP=Sold Price

Have you ever heard of FICO 8

2010-11-22T12:55:00.000-08:00

The Fair Isaac company has come up with a new credit scoring model. This comes as we have seen a record rise in defaults on mortgages by people with good credit. Not only are borrowers who previously were rated outstanding credit risks far more likely to default today, but many homeowners are defying long-standing credit industry assumptions by going delinquent on their first mortgage payments while continuing to pay their credit card balances and second mortgages on time. Strategic defaults, or walkaways, by high-score borrowers also have been an unexpected development. This new model changes how they evaluate consumers' risks of default. Whats interesting about his for those who are looking for a home is how the credit scoring model changes depending on what type of credit you are applying for. A mortgage credit score is different than a credit card credit score.
Read more. CLICK HERE

Alameda Sales for week of November 15th thru 19th

2010-11-19T13:51:00.000-08:00

Legend BT=Building type BR=Bedroom count Bth=Bathroom count

DOM=Days on market LP=List Price SP=Sold Price

The 5 myths of Foreclosures

2010-11-16T10:53:00.000-08:00

Read a great article on foreclosure myths at Trulia.com

The following is an excerpt from the first paragraph of the article.

"Four years into the housing crisis, myths about foreclosure still litter the minds of even the smartest of real estate consumers. When it comes to matters as high stakes as your home, confusion can cost you thousands - or even your home. Whether you’re a buyer looking at foreclosures, a homeowner struggling to keep your home or a seller concerned making sure your home can compete with the foreclosed homes on your block, these foreclosure myths are prime for the busting, with no further ado."

Author: Tara-Nichole Nelson

READ MORE CLICK HERE

Update on Foreclosures in Alameda

2010-11-15T15:30:00.000-08:00

Foreclosures have been in the news a lot lately. Maybe you heard about the robo signings.
They can still be a good deal if you know what to look for and have some energy and cash for fixing up.

We currently have 14 foreclosures in Alameda 3 condos 2 Townhomes and 9 single Family homes.

This one at 2110 Encinal recently came back on the market. It is a huge house with some great details inside and a nice little garden in the back. It is definitely a fixer but has great potential.

Want to find out more visit my real estate website from the link on the right hand side of this blog.

Repair or credit?

2010-10-27T14:38:00.000-07:00

"My wife and are planning to buy a home. We know to hire a home inspector to find any major defects in the home. If such defects are found, do you suggest asking for the item to be fixed or for a dollar credit?"

I usually recommend to all my clients, be they buying or selling, to do a credit.

It's cleaner and simpler. There's no delay waiting for the repair to be completed. And no room for disagreement about whether the repair was done right. Believe me, I've had that happen.

Two caveats:

1. Be sure the estimate is realistic and from someone who will perform the work for you.

2. Because lenders won't allow credits for repairs, the credit must be for "closing costs." So be sure you have sufficient closing costs AND that you don't exceed the maximum credit your lender will allow.

See my video on credits.

Tips for Buyers. Credits.

2010-10-20T13:38:00.000-07:00

Halloween display that caught my eye.

2010-10-18T12:17:00.000-07:00

Saw this Halloween display on Santa Clara Ave. as I was driving to the office.
I love how people go all out for there decorations. I will post more photos that catch my eye.
For those who are looking to get competitive check out the Halloween Haunt your house contest.
http://www.alamedahauntyourhouse.com/

Wonderful couple has a new house.

2010-09-20T15:13:00.000-07:00

Recently closed this listing for my clients Zack & Connie who are first time homebuyers.
Lovely 2 bedroom 2 bathroom home in the Laurel District of Oakland.
Completely remodeled home with a beautiful kitchen, hardwood floors.
I know they are thrilled and wish them the best.

Travel & Leisure rate Alameda cool place to visit

2010-09-15T13:36:00.001-07:00

Travel & Leisure magazine rate Alameda cool suburb to visit. Not crazy about the suburb part, I like to think of it as small town. I have friends in Ashland and near New Hope also on the list.
But check it out CLICK HERE

Are the lowest rates behind us.

2010-09-10T08:38:00.000-07:00

An article from Mortgage News Daily. Filled with lots of mortgage speak but the message is the same. Mortgage rates may be heading up.

Mortgage rates didn't have a chance today.

Borrowing costs started moving higher early in the session and never looked back.

As the day progressed, agency MBS prices fell further and lenders were forced to reprice for the worse.

Par 30-year fixed 4.25% quotes are still on the board, but closing costs are at least 15bps higher (+0.15% of loan amount).

That's really a best case scenario though. If you're a passenger on the float boat, your closing costs probably increased by about 0.25% today. 4.375% is almost the new par.

But 4.25% is definitely still do-able for very well-qualified borrowers (no loan level price adjustments). Now 4.125%, that might be tough. That quote is costing perfect borrowers about 2pts.

The culprit of this event? Well. We can't factor out a religious holiday: Rosh Hashanah. Many decision makers were out of office today, if not to celebrate their faith, at least to look after their kids who were enjoying a day off (public schools).

Combine that with an already apathetic investing bias plus a poor turnout at a Treasury bond offering...and the market got a little sensitive. Yes MBS had a very bad day today. But we've had bad days before. Yes loan pricing got dinged today. But we've seen loan pricing get dinged before.

We expected rates to move higher this week. If you're floating, that means you've been doing so under the assumption that loan pricing was going to worsen this week. You knew to expect a period of volatility as the market searched directional leadership in a quiet environment. Rates could very well trend higher in the month ahead.

It was a really boring summer for return hungry investors, there is potential in the marketplace for stocks to rally on, even if the rally is built from glass. View it as professional traders attempting to spark some excitement. Profit Churning. If that makes you feel queasy, it's not too late to lock up at a really really aggressive rate, especially if you're closing in September.

But we never thought 3.5 MBS coupons would trade with enough liquidity to allow lenders to offer rates below 4.25%, but they did, albeit briefly. The economic and political environments are still clouded with uncertainty and muddled with assumptions based on assumptions. It's hard to believe stocks could run too high without being spooked by a weak read on the labor market or another leg lower in the housing market.

Does this mean the lowest mortgage rates are behind us?

We might have seen the lowest rates we're ever gonna see, if that is the case, then those rates are already behind us so it doesn't mattter. But I think rate watchers with waiting time should sit back for now and see how this latest shift in benchmark yields plays out. If push comes to shove and we need to pull the emergency chute, we will alert. In the meantime, let's see how the market reacts to higher yields. Play the Range Until the Range Plays You.

Whirlwind tour of 1137 Pacific Ave.

2010-08-30T11:18:00.000-07:00

Free e-waste recycling event at Harbor Bay sat 8/14 9-1

2010-08-10T17:36:00.000-07:00

Nothing warms my heart more than to get rid of stuff. And electronic stuff especially. I have a bin full of stuff I recently dropped off at a fundraiser that was happening at Lincoln Middle School I was so happy to get rid of those a bunch of those wall warts, some cell phones, old gizmos and alkaline batteries. There is another free e-waste recycling event happening at the Harbor Bay Community Parking Lot this saturday 8/14 9am-1pm

Video tour of 1528 Bay St.

2010-08-06T13:06:00.000-07:00

THE BIG NEWS! Interest rates!!!

2010-07-13T16:13:00.001-07:00

Just sold 2125 Spaulding in Berkeley

2010-06-28T13:28:00.000-07:00

Recently closed this wonderfull remodeled home in Central Berkeley. 2125 Spaulding
2125Spaulding.com

Alameda Sand Castle Contest

2010-06-22T21:24:00.000-07:00

One of the great parts of living in Alameda is that we live near the beach. And where there is beach there is sand! And where there is sand they make sand castles and sand sculptures. I finally got down to see this annual festival of playing in the sand. June 19th people crowded the beach to view these unique and creative ideas. Here are a couple of my favorites.

New Listing 1528 Bay St. Alameda

2010-06-16T10:35:00.000-07:00

This spacious central Alameda home has been completeley refurbished. The large rooms flow out to the newly built back deck and the large deep back yard. The kitchen has granite counter tops with maple cabinets, stainless steel appliances, travertine limestone tile flooring and recessed lighting. The bathrooms have been remodeled with granite counter tops, new tile, cabinets and fixtures. It is freshly painted inside and out with refinished hardwood floors; new exterior stucco and sod with a sprinkler system in the front yard; new doors and lighting in all rooms including a new ceiling fan in the living room and a new chandelier in dining room. Upstairs there are 3 large bedrooms and an additional room with water hookups for a laundry room. The expansive back yard allow’s ample space for gardening and has great potential for your own landscaping. Electrical service recently upgraded. Just around the corner from Pagano’s, Vine’s coffee shop, resturants and shopping; close to parks; easy access to transportation.
See more photos at http://www.1528bay.com

PMI easier to obtain

2010-06-03T15:15:00.000-07:00

PMI is Private Mortgage Insurance. It is usually necessary to get PMI when you less than 20% down.
For those with less than 20% down FHA was usually the only way to go. FHA generally requires a down payment of at least 3.5%. Now it seems other lenders are easing restrictions and offering lower down payments as well.

WITH private mortgage insurance considerably tougher to get last year than at any point in decades, many borrowers flocked to loans insured by the Federal Housing Administration.

They had little choice. Lenders typically will not offer mortgages to borrowers with down payments below 20 percent, unless the borrowers get insurance to indemnify the lender in the event of a default. And the federal government was the only entity willing to back many of these borrowers during the housing market slump.

Now private mortgage insurance, or P.M.I., could be making a comeback. Some mortgage insurance companies like Genworth Financial and Radian Guaranty have been easing underwriting standards — sometimes eliminating geographic restrictions, in the case of Genworth, for instance, and offering insurance to some borrowers with down payments of as little as 5 percent.

READ THE WHOLE ARTICLE HERE

Sewer Lateral Testing coming to other cities

2010-06-03T07:57:00.000-07:00

Sewer laterals are not a very sexy subject. Alameda, Albany and Berkeley have had there own sewer lateral testing ordinance in place for awhile. Now sewer lateral testing is coming to Emeryville, Oakland and Piedmont. Below is a link to the EBMUD site that explains the new private sewer lateral test.
Exciting I know!
Sewer lateral program link

Short Sales Get Easier

2010-06-02T12:40:00.000-07:00

A short sale is where the lender(s) agree to receive less than the full loan balance and allow a sale. Short sales have a well-deserved bad rep for being painfully slow and complex. But three developments are changing things dramatically:

1. Banks are slowly getting organized and staffing up.

2. World Savings, Wachovia, and Wells Fargo have dramatically sped up and simplified the process for many of their loans. In some cases they can give an approval in a matter of days or even minutes.

3. HAFA: This is the new federal "Homes Affordable Foreclosure Alternatives" plan. It's controversial due to taxpayer-funded incentives (aka "bribes") to banks and homeowners to do what's already in their best interests. But it may help by organizing, standardizing, and speeding up the process.

Are you or someone you know having trouble paying a mortgage or owe too much to sell?
Please give me a call (510) 847-2628 I can go over the options for you and give you accurate information.

Some tidbits on FICO scores

2010-05-24T11:43:00.000-07:00

If you are in the market to buy a home one ver important component of your interest rate is your FICO score.

How are FICO scores determined.

Answer:
The formula itself is complicated and the FICO company (Fair Isaac Corp) keeps it secret. But here are the basic components:

A. 35% Past Delinquencies
Your payment history
B. 30% Debt Ratio
Your revolving account balances divided by their limits, as a percentage
C. 15% Average Age of File
Length of your account history
D. 10% Mix of Credit
Mix of account types on your report
E. 10% Inquiries
# times you applied for credit in the last 12 months

This info is courtesy of Derrick Evens of Perfect Credentials.
http://www.perfectcredentials.com/

Want a referral to excellent mortgage brokers I have worked with, send me an email.

A few little tidbits I read today

2010-05-01T15:05:00.000-07:00

…Ugly little secret: Even APPLYING for a loan modification can whack your credit. A lender tells me getting a loan mod devastated one client's FICO scores by 130 points

FICO scores are a complicated puzzle. No matter where I turn I get a huge variety of answers regarding how much your credit score will take a hit if you miss several payments on a credit card versus declaring bankruptcy.

April rains and HAFA

2010-04-21T11:54:00.000-07:00

April brought with it more rain and some new guidelines for short sales. The new HAFA or "Home Affordable Foreclosure Alternatives Program" is designed to help homeowners avoid if they chose to do a short sale or Deed-in-Lieu foreclosure. Only time will tell if this really helps the process or not. Read the whole story on the HAFA website. Read the whole story at the website http://www.makinghomeaffordable.gov/hafa.html

Spring is here and we are at 105

2010-03-23T15:08:00.000-07:00

We have now hit 105 homes on the market in Alameda. For quite a long time we have had a low inventory below 100. This can be a chicken and egg scenario with buyers. If nothing new is coming on the market buyers are not as interested and so fewer homes sell. This can be expected in the winter months, it's common to have a seasonal slowdown. Spring is here and so are new homes and with it some excitement and interest from buyers. Of course it's always the case that the best homes can get most of the interest while some that have been on the market get stale and suffer from lack of interest. Pricing is even more key because if these homes stick around and do not go through price reductions then they really get forgotten about. In this environment pricing is key no matter where the home is.

2125 Spaulding New Listing in Berkeley

2010-03-19T14:31:00.000-07:00

This Victorian sits on a charming tree lined street in central Berkeley and has been completely remodeled top to bottom. With a new kitchen, bathroom and furnace. Hardwood floors and mostly new dual paned windows. Many upgrades to systems, plumbing, electric. New foundation and seismic upgrades with the basement ready to finish out to create your own expansion possibilities. Large & lush landscaped yard to garden or entertain. Walking distance to shopping and North Berkeley Bart.
So much more than the stats show you have to see it to get it! More photos at 2125spaulding.com

1412 Seminary New listing

2010-03-19T14:30:00.000-07:00

Come discover this hidden gem. Located on a quiet private driveway this cozy Bay Farm home has an updated kitchen and bathroom. With hardwood floors and dual paned windows you can walk out your dining room to a spacious backyard overlooking the golf course. Perfect for entertaining, gardening or relaxing. Close to Godfrey park, shopping and in a desirable Alameda school district. This home is move in ready. OHSun 3/14 2-4 pm. See more photos on my website at 1412seminary.com

First time homebuyer tax credit

2010-03-10T09:42:00.000-08:00

The first time homebuyer tax credit effectively ends on April 30th. This is an $8,000 tax credit for homebuyers. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
Read more here.

IRS rules for claiming first time homebuyer tax credit

2010-02-11T11:47:00.001-08:00

The Internal Revenue Service recently released the new form that eligible homebuyers need to claim the first-time homebuyer credit this tax season and announced processing of those tax returns will begin in mid-February. The IRS also announced new documentation requirements to deter fraud related to the first-time homebuyer credit.

With the release of Form 5405, First-Time Homebuyer Credit and Repayment of the Credit,and the related instructions
, eligible homebuyers can now start to file their 2009 tax returns.

In addition to filling out a Form 5405, all eligible homebuyers must include with their 2009 tax returns one of the following documents in order to receive the credit:

* A copy of the settlement statement showing all parties' names and signatures, property address, sales price, and date of purchase. Normally, this is the properly executed Form HUD-1, Settlement Statement.
* For mobile home purchasers who are unable to get a settlement statement, a copy of the executed retail sales contract showing all parties' names and signatures, property address, purchase price and date of purchase.
* For a newly constructed home where a settlement statement is not available, a copy of the certificate of occupancy showing the owner’s name, property address and date of the certificate.

In addition, the new law allows a long-time resident of the same main home to claim the homebuyer credit if they purchase a new principal residence. To qualify, eligible taxpayers must show that they lived in their old homes for a five-consecutive-year period during the eight-year period ending on the purchase date of the new home. The IRS has stepped up compliance checks involving the homebuyer credit, and it encouraged homebuyers claiming this part of the credit to avoid refund delays by attaching documentation covering the five-consecutive-year period:

* Form 1098, Mortgage Interest Statement, or substitute mortgage interest statements,
* Property tax records or
* Homeowner’s insurance records.

More details on claiming the credit can be found in the instructions to Form 5405, as well as on theFirst-Time Homebuyer Credit page
on IRS.gov.

Source: IRS.gov

More short sale shenanigans

2010-01-25T14:37:00.000-08:00

Walking away, is this irresponsible. Don't ask a banker!

2010-01-19T17:10:00.000-08:00

I recently read this article in the New York Times regarding bankers and politicians call to not have homeowners not walk away from their mortgages. Interestingly enough the article makes it clear that business and in particular their business do this all the time. It even cites how Morgan Stanley actually chose to stop paying on an office buildings they bought in San Francisco.

As quoted from the article. Brent White, a University of Arizona law professor has argued that the government should stop perpetuating default “scare stories” and, indeed, should encourage borrowers to default when it’s in their economic interest. This would correct a prevailing imbalance: homeowners operate under a “powerful moral constraint” while lenders are busily trying to maximize profits. More important, it might get the system unstuck. If lenders feared an avalanche of strategic defaults, they would have an incentive to renegotiate loan terms. In theory, this could produce a wave of loan modifications — the very goal the Treasury has been pursuing to end the crisis.

To be sure if you are a homeowner you should try every available avenue before walking away. i.e. loan modification and possibly a short sale. These damage a homeowners credit rating less. Being in the business of help people into or out of a home by their own choosing I am furious at the mess created by these large banking institutions and the government that relaxed the rules enough to let them do it.

So I say if you are a homeowner and have not gotten any satisfaction from whoever owns your loan now, walk away. Free from the notion that you have some moral obligation to the bankers. If you are trying to get a loan modification and have not had any luck with your lender give me a call I recently met someone who has had success with these. If you are interested in exploring the idea of a short sale I can help you.

Fast facts courtesy of CAR

2010-01-14T12:53:00.000-08:00

Click here to view a snapshot of Alameda home sales from 2009.

A few fast facts about the real estate market courtesy of the
California Association of Realtors.
Right now the affordability index is at an all time high.
I remember that sometime around 2004 I saw this and it was hovering around 15%

Calif. median home price: November 09: $304,520 (Source: C.A.R.)
Calif. highest median home price by C.A.R. region November 09:
Santa Barbara So. Coast $750,000(Source: C.A.R.)
Calif. lowest median home price by C.A.R. region November 09:
High Desert $124,710 (Source: C.A.R.)

Calif. First-time Buyer Affordability Index - Third Quarter 2009: 64 percent (Source: C.A.R.)
Mortgage rates - week ending 1/7/10 30-yr. fixed: 5.09 Fees/points: 0.7%
15-yr. fixed: 4.50% Fees/points: 0.7%
1-yr. adjustable: 4.31% Fees/points: 0.6% (Source: Freddie Mac)

Happy New Year! And welcome 2010!

2010-01-05T16:10:00.000-08:00

The New Year is here and probably a welcome sight for many in the real estate business.
This year was filled with many ups and downs for those looking to buy or sell a home.
For those who were buying the tax credit combined with declining prices were probably good news.
For those looking to sell a home declining prices were the opposite. In Alameda we suffered from a low inventory. Which made the good homes on the market even more competitive.

I worked with many first time home buyers this year. Many were excited to be bidding on homes they might have been priced out of even a year ago. Despite whatever was going on in the media I still found myself in competetive bidding situations with almost all my buyers. The national news stories about the real estate market give you very basic and general information about what is going on. Particular area's in Alameda remained strong but more specifically particular homes were the hot ticket... or not. Great presentation combined with a competitive price brought in multiple offers. Even lousy presentation but a great starting price on a bungalow brought in multiple offers. I see prices stabilizing and can expect the same to continue through the beginning of the year. This spring and summer will be a litmus test to see if we have really turned a corner and are on our way back to a "healthy" housing market.

Winter colors

2009-12-15T13:33:00.000-08:00

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.

2009-11-30T13:41:00.000-08:00

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

2009-11-18T10:00:00.000-08:00

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

2009-11-18T08:28:00.000-08:00

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.

2009-11-09T20:10:00.000-08:00

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

2009-11-06T10:14:00.000-08:00

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?

2009-10-16T13:17:00.000-07:00

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

2009-10-13T09:29:00.000-07:00

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

2009-10-02T10:03:00.000-07:00

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

2009-09-25T14:46:00.000-07:00

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

2009-09-25T13:04:00.000-07:00

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

2009-09-25T12:56:00.001-07:00

July Sales data for Alameda
CLICK HERE TO VIEW DATA

Summer sales and data

2009-09-25T12:36:00.000-07:00

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

2009-09-25T12:30:00.000-07:00

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

2009-09-25T12:27:00.001-07:00

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

Christmas Craftsman

2009-09-25T12:26:00.000-07:00

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