Friday, December 07, 2007

The LandLord

Entry level housing affordability is at 24% in CA

The percentage of households that could afford to buy an entry-level home in California stood at 24 percent in the third quarter of 2007, unchanged from the same period a year ago, according to C.A.R.'s First-time Buyer Housing Affordability Index (FTB-HAI) released Nov. 29.

The minimum household income needed to purchase an entry-level home at $482,910 in California in the third quarter of 2007 was $99,590, based on an adjustable interest rate of 6.56 percent and assuming a 10 percent down payment. First-time buyers typically purchase a home equal to 85 percent of the prevailing median price. The monthly payment including taxes and insurance was $3,320 for the third quarter of 2007

posted by the California Association of Realtors

Wednesday, November 28, 2007

How to take simple steps to green your home!

Below is a link to an articel about how to SIMPLY green your home!

Over the past year, I’ve had the opportunity to visit many different families to help them create more eco-friendly homes. More often than not, their first questions are “How can I install solar panels?” or “What are the best options for green countertops”? Very relevant and laudable questions to be sure, but ones with fairly expensive answers! While we at Low Impact Living help with questions like these, we also try to help people understand that they can make many simpler changes that protect the planet and save money - money that they can use to fund those larger projects.

Typically, we recommend that people make changes in a particular sequence. As an example, everyone wants a tankless or solar hot water heater. But if you install one before you install low-flow showerheads, faucet aerators, and Energy Star clotheswashers and dishwashers, you’ll likely be buying one that is 50-100% bigger and more expensive than what you truly need. So, we recommend a four-step process for greening a home:

To read more copy and paste the link:

http://www.lowimpactliving.com/blog/2007/11/27/green-your-home/

Friday, November 23, 2007

Fun Facts about Berkeley

Berkeley was started by Englishman Robert Jenkins who received a grant for 1,000 acres in this scenic area near the San Francisco Bay. For many years before it became industrialized Berkeley’s primary industry was farming and dairy. Today Berkeley is a multi-ethnic city that is often thought of as the center of the visual arts scene!

Berkeley was named after Englishman founder Robert Jenkins’ historic estate in the county of Gloucestershire, England.

Founder Robert Jenkins died in 1822 after falling from his horse. He was 45.
Berkeley is very compact and only takes up 18 square miles.

Almost half (40.94 percent) of Berkeley is water.

Berkeley is currently the fourth most populated city in Alameda County following Oakland, Fremont and Hayward.

In 1910 Berkeley was the fifth largest city in California.
Berkeley is home to the prestigious University of Berkeley, one of the first American universities to allow women to study with the men.

Berkeley has one of the highest rates of bicycle and pedestrian commuting in the United States.

Friday, November 16, 2007

Dwindling Jumbo Loans

Sales of existing, single-family homes in the nine counties that touch the bay slid 41.3 percent, from 5,761 last year to 3,384 in October, the firm reported Thursday.

Although it was the 33rd month in a row of year-to-year sales declines, the market has been slammed in recent months by a tightening in the mortgage market, which is making home loans harder to come by and more expensive.

Of particular concern in the high-priced Bay Area housing market is that the number of jumbo loans, or those over $417,000, has slowed to a trickle. This summer, after higher defaults in the subprime sector - where mortgages were given to people with iffy credit - investors stopped buying jumbo mortgages, leading buyers to walk away from deals or avoid the market altogether.

"We don't have liquidity in the marketplace, and that's creating a drop in market value because people can't close on a purchase," said San Francisco mortgage broker Leon Huntting.

According to DataQuick's analysis, the number of homes purchased using jumbo loans tumbled 50 percent between July and October.

Price data show a bifurcated market, with decreases in many of the counties outside the region's urban core. For instance, in Solano County, the price for a detached home plunged nearly 18 percent; in Sonoma County, the median dropped nearly 12 percent.

On the flip side, prices in Santa Clara County and San Francisco were up 7.4 percent and 4.3 percent, respectively. Even in those submarkets, however, DataQuick analyst Andrew LePage and others say the picture is mixed. Sales at the higher end of the market are relatively brisk compared with the lower end, helping to draw the overall median higher.

For all existing homes in the Bay Area, the median paid in October was $685,000, up 3.8 percent from $660,000 in October 2006.

to read more go to: http://www.sfgate.com/cgi-bin/article.cgi?file=/c/a/2007/11/16/BUH8TCG24.DTL&type=business

Friday, October 26, 2007

Countrywide's Bail Out Plan

IT'S A NIGHTMARE for any homeowner: An interest-rate hike pushes your monthly mortgage payments into such costly territory that you fall behind, and soon the foreclosure notice arrives in the mailbox. Unfortunately, this scenario has already played out for hundreds of thousands of homeowners across the country and could become a harsh reality for many more Americans whose adjustable-rate loans are about to reset in the upcoming months.

Making matters even worse: Home values continue to slide and lending standards remain tight. Those factors have made the one logical solution for homeowners that face ballooning mortgage payments — refinancing their mortgage to a loan with a lower rate — nearly impossible, especially for those with subprime loans.

So when Countrywide Financial, the U.S.'s largest mortgage lender, announced on Tuesday that it was launching a program aimed at helping cash-strapped homeowners by canceling rate resets or modifying their loans, you could almost hear a collective sigh of relief.

After all, lenders are facing a glut of foreclosures, so it's no surprise that they're warming up to the idea of helping delinquent borrowers by, for example, restructuring a mortgage so the homeowner can catch up on missed payments. However, the actual act of a lender like Countrywide reaching out to people who have yet to miss a payment — but are likely to do so because of a pending rate reset — is something new.

TO READ FURTHER COPY AND PASTE LINK:

http://www.smartmoney.com/consumer/index.cfm?story=20071024

Wednesday, October 24, 2007

September Sales for Berkeley (single fam homes)

DOM (days on market)/ Address /List Price/Sold Price / Sq.Ft./ Bed / Bath

34 / 1530 BONITA AVE BERKELEY / $450,000 / $487,500 / 902 / 2 / 1
4 / 1726 DWIGHT WAY BERKELEY / $479,000 / $512,000 / 1190 / 3 / 1
29 / 2804 DOHR ST BERKELEY / $499,000 / $516,000 / 1164 / 2 / 1
24 / 1201 CURTIS ST BERKELEY / $499,000 / $525,000 / 1177 / 3 / 1
10 / 2616 MATHEWS ST / BERKELEY / $529,000 / $542,000 / 1013 2 1
8 / 1510 Stannage Ave BERKELEY / $549,900 / $550,000 / 1671 / 2 / 2
12 / 1130 BLAKE STREET BERKELEY / $550,000 / $603,000 / 1062 / 2 / 1
67 / 1175 CAMELIA ST BERKELEY / $559,000 / $520,000 / 967 / 2 / 1
19 / 1921 Oregon Street BERKELEY / $567,000 / $575,000 / 989 / 2 / 1
4 / 1230 TALBOT AVE BERKELEY / $575,000 / $605,000 / 0 / 3 / 1
12 / 2080 EMERSON ST BERKELEY / $630,000 / $630,000 / 1268 / 4 / 2
18 / 1648 CEDAR STREET BERKELEY / $680,000 / $637,300 / 1178 / 3 / 1
7 / 1064 Monterey Avenue BERKELEY / $699,000 / $780,000 / 1311 / 3 / 1
44 / 1635 SAN LORENZO BERKELEY / $699,000 / $690,000 / 1000 / 2 / 1
9 / 1421 Lincoln Street BERKELEY / $725,000 / $760,000 / 1436 / 2 / 1
9 / 1218 CARLOTTA AVE BERKELEY / $785,000 / $956,000 / 1435 / 3 / 2
15 / 1611 ROSE ST BERKELEY / $795,000 / $900,000 / 1563 / 2 / 2
66 / 1905 VIRGINIA ST BERKELEY / $799,000 / $795,000 / 0 / 3 / 2
16 / 964 OVERLOOK RD BERKELEY / $845,000 / $879,000 / 1858 / 4 / 2
30 / 923 CRESTON RD BERKELEY / $849,000 / $847,500 / 1330 / 3 / 1
46 / 2830 BUENA VISTA BERKELEY / $850,000 / $916,000 / 1595 / 3 / 2
15 / 2605 ASHBY AVE BERKELEY / $850,000 / $905,000 / 2460 / 4 / 2
34 / 1536 BONITA AVE BERKELEY / $900,000 / $975,000 / 650 / 2 / 1
5 / 1933 YOSEMITE RD BERKELEY / $995,000 / $1,175,000 / 2008 / 3 / 2
13 / 2577 BUENA VISTA BERKELEY / $1,025,000 / $955,000 / 2013 / 3 / 1
17 / 1110 MILVIA ST BERKELEY /$1,050,000 / $1,110,000 / 1502 / 3 / 2
42 / 40 SAN MATEO RD BERKELEY / $1,195,000 / $1,070,000 / 2055 / 3 / 1
14/1854 THOUSAND OAKS BERKELEY /$1,495,000/$1,750,000/2800/ 4 /3
7 / 210 STONEWALL RD BERKELEY / $2,800,000 / $3,000,000 / 4667 /5/4

California Fast Facts

Calif. median home price - September 07: $530,830(Source: C.A.R.)

Calif. highest median home price by C.A.R. region September 07: Santa Barbara So. Coast $1,667,500(Source: C.A.R.)

Calif. lowest median home price by C.A.R. region September 07: High Desert $271,940(Source: C.A.R.)

Calif. First-time Buyer Affordability Index - Second Quarter 07: 24 percent (Source: C.A.R.)

Mortgage rates - week ending 10/18: 30-yr. fixed: 6.40%; Fees/points: 0.5% 15-yr.

fixed: 6.08%; Fees/points: 0.6% 1-yr. adjustable: 5.76%; Fees/points: 0.6% (Source: Freddie Mac)

Sunday, October 14, 2007

New Plans to Revamp Jack London Square

Jack London Square has definitely taken a hit with the current change in market! However, if you are planning on staying for at least 4-5 years it is a good area to invest in!

New plans have been approved by the city to add a marketplace of fresh food, restaurants, a cooking school and even a chef's hall of fame. This project would nearly triple the size of the food hall in San Francisco's newly refurbished Ferry building.

The 185,000 square foot California Harvest Hall -rivaling the size of the Seattle's famed Pike Place market- is the centerpiece of a proposed $300 million expansion of Jack London Square that also includes a 250-room four star hotel; a seven-theater movie house; office space and an additional 1500 parking spaces.

Don't give just yet on Jack London! Let's just hope it doesn't fall through!

Monday, October 08, 2007

Sales in Rockridge/Piedmont for September

Sales in Rockridge/Piedmont for the month of Septmeber:

Piedmont:

Blair Avenue, 4 bed/3 bath, 2972 sq.ft., LP: $2,395,000 SP: $2,528,000
Muir Avenue, 4 bed/2 bath, 3103 sq.ft., LP: $2,395,000 SP: $2,168,000


Rockridge:

Caldecott Lane, 1/1, 773 sq.ft., LP: $349,000 SP: $365,000
Colby St, 3/1, 1680 sq.ft., LP: $799,000 SP: $1,000,000
Claremont Ave, 4/2, 2682 sq.ft., LP: $1,200,000 SP: $1,200,000
Locksley Ave, 4 units, LP: $995,000 SP: $995,000
Masonic Ave, 3/3, 3879 sq.ft., LP: $1,650,000 SP: $1,825,000
Caldecott Lanre, 2/2, 1095 sq.ft., LP: $495,000 SP: $480,000
63rd St, 3/1, 1400 sq.ft., LP: $449,000 SP: $855,000
Templar Place, 3/2, 2438 sq.ft., LP: $1,195,000 SP: $1,280,000
Florio St, 5 units, LP: $1,995,000 SP: $2,500,000
Caldecott Lane, 1/1, 773 sq.ft., LP: $385,000 SP: $405,000

*all information taken from the MLS.

Tuesday, October 02, 2007

I hope you will find the following snapshot of local Real Estate inventory interesting. The table represents aggregated values based on MLS data for the specified date.


Housing Inventory Snapshot September 30, 07
Average List Price Median List Price Average Days On Market

Santa Clara County, CA
Single Family under $1M - $687,065 $669,000 67
Single Family over $1M - $2,016,007 $1,495,000 70
Condo/Townhome under $600K - $435,352 $428,000 67
Condo/Townhome over $600K - $739,136 $695,880 54

San Mateo County, CA
Single Family under $1M - $728,557, $719,988 62
Single Family over $1M - $2,418,165, $1,599,999 65
Condo/Townhome under $600K - $457,509, 469,888 67
Condo/Townhome over $600K - $944,482, $775,000 88

Santa Cruz County, CA
Single Family under $1M - $661,469, $649,900 88
Single Family over $1M - $1,907,303, $1,495,000 93
Condo/Townhome under $600K - $454,850, $474,999 88
Condo/Townhome over $600K - $890,470 $750,000, 93

Monterey County, CA
Single Family under $1M - $575,060, $549,000 103
Single Family over $1M - $2,436,917, $1,695,000 126
Condo/Townhome under $600K - $390,812, $365,000 118
Condo/Townhome over $600K - $1,031,055, $809,000 119

San Benito County, CA
Single Family under $1M - $573,548, $549,900 89
Single Family over $1M - $1,498,519, $1,275,000 134
Condo/Townhome under $300K - N/A N/A N/A
Condo/Townhome over $300K - $418,787 $409,999 128

Alameda County, CA
Single Family under $1M - $576,129, $555,000 63
Single Family over $1M - $1,648,913, $1,389,000 68
Condo/Townhome under $600K - $414,846, $405,000 66
Condo/Townhome over $600K - $719,317, $679,800 56

Contra Costa County, CA
Single Family under $1M - $521,681, $489,000 76
Single Family over $1M - $1,712,851, $1,399,000 79
Condo/Townhome under $600K- $359,500, $348,828 79
Condo/Townhome over $600K - $707,716, $680,600 70


MORTGAGE. National Averages (September 30, 07)*
30-year fixed Rate - 6.06% APR - 6.23%
15-year fixed Rate - 5.69% APR - 5.96%
5/1 ARM Rate - 5.85% APR - 6.78%


* Mortgage rates were collected from publicly available sources (yahoo.com) on the date stated. The accuracy of the information and the availability of these rates are not guaranteed by the publisher. Rates are provided for informational purposes only and are subject to change without notice. Actual market interest rates may vary.

Sunday, September 30, 2007

Inspire girls to be Strong, Smart and Bold!

I volunteered at a wonderful event last night called Women of Taste.
This event brings together the East Bay community to support the growth
and achievement of girls and young women in Alameda County.

This event features the Bay Area's finest chefs, restaurants, wineries,
beverage companies and a unique culinary-inspired art auction, Art for
Epicures, with handmade art by "strong, smart and bold" women artists
and Power Platters created by notable women celebrities.

Girls Inc. is a nonprofit organization with a mission to inspire all
girls to be strong, smart and bold. Girls Inc. offers academic
enrichment activities, skill-building programs, and counseling services to girls
and their families. Girls Inc can be found all over the U.S. including
Colorado and New York. So, if you are looking for a place to give back
while doing some networking, check out Girls Inc. Below are the links:


http://www.womenoftaste.org/
http://www.girlsinc.org

Friday, September 21, 2007

Amazing Fixer in Albany!

Located in a wonderful, quiet Albany neighborhood this house is ready for a lucky contractor/savvy investor!

Don't miss out on this great opportunity to fix up a beautiful, Mediterranean home located close to Solano, BART, UCB and Berkeley Westbrae shops. This house sits amongst million dollar homes, has good bones and is waiting to be revived!

3 bedroom/ 2.5 baths
1383 sq.ft. living space plus full basement
4,375 sq.ft. lot

Call me for more information. Offers on Tuesday!

Friday, September 14, 2007

Whole Foods to open in Oakland Sept. 26th!!

Whole Foods Market, the natural and organic supermarket, is set to open its first store in Oakland on Wednesday, September 26th. The 55,000 square foot store will be located at 230 Bay Place, at the corner of 27th and Harrison. Store hours will be from 8am to 10pm daily.

On opening day, the festivities will begin with a bread breaking ceremony followed by doors opening at 9am. Local celebrity Chef Paul Bertolli will have samples and and have food demos. There will be musical entertainment and more!

WAY TO GO OAKLAND!!

Monday, September 10, 2007

PRICES ARE DROPPING...





But not everywhere! Here in the East Bay, we are still seeing multiple offers on properties in coveted areas like North Berkeley, Piedmont and Rockridge. However, there are plenty of areas that surround these hot pockets that are seeing some major price reductions. Transitional parts of Oakland and outside areas like Hercules, San Pablo and Richmond are taking a big hit with this market correction. With that said, if you are looking in those areas you can get an amazing deal right now. Below is information on a 3+ bedroom/1 bath house in San Pablo that was just reduced to $385K! What a deal!! Check it out and if you have anyone whi might be interested, please let me know.

http://sfbay.craigslist.org/eby/rfs/418839801.html

Monday, August 27, 2007

Sold Comparison for single family homes

Below are the stats for single family homes sold between May 1, 2007 - August, 27th 2007 and May 1, 2006 to August 27th, 2006 for Peidmont, Berkeley, Oakland, Albany and Hercules.


PIEDMONT:


MAY 06' - AUG 27, 06
45 SOLDS, AVG. LIST PRICE (L.P.) $1,931,155 AVG SOLD PRICE (S.P.) $1,946,227

MAY 07' - AUG 27, 07
49 SOLDS, AVG LIST PRICE $1,608,306 AVG SOLD PRICE $1,612,497

BERKELEY

MAY 06' - AUG 27, 2006
208 SOLDS, L.P. $838,903 S.P. $881,695

MAY 07' - AUG, 27 07
194 SOLDS, L.P. $894,213 S.P. $948,448

OAKLAND


MAY 06' - AUG 27, 06
957 L.P. $638,257 S.P. $653,474

MAY 07' - AUG 27, 07
704 SOLDS, L.P. $704,678 S.P. $718,782


ALBANY

MAY 06' - AUG 27,06
48 SOLDS, L.P. $681,799 S.P. $719,955

MAY 07' - AUG, 27 07
47 SOLD, L.P. $668,021 S.P. $711, 784

HERCULES


MAY 06' - AUG 27, 06

59 SOLDS, L.P. $740,217 S.P. $733,453

MAY 07' - AUG 27, 07
27 SOLDS L.P. $690,897 S.P. $677,053

When wildfires strike will your home be ready?

As you know I volunteer for the Red Cross and when I read this article posted an Inman News, I though I would share!

When wildfires strike will your home be ready?
Aug 24, 2007, 5:00 am PDT

It seems that hardly a day goes by without reports of a devastating wildfire burning somewhere around us. From rural acreage to crowded suburbs, living anywhere on the edge of a potential wildfire zone can put you, your home and your family at risk. To minimize the dangers from a hot, fast-moving wildfire, there are several practical, straightforward things you can do to protect your home.

ESTABLISH A DEFENSIBLE SPACE

To improve the odds of your home making it through a wildfire, you need to establish a defensible space around your house that makes it harder for a fire to start or become established. That space should extend out a minimum of 30 feet from your house in every direction, and it should be well planned and continually maintained.


Use fire-resistant landscaping: Within the 30-foot zone, use fire-resistant landscaping such as lawns, moist ground-cover plantings and low shrubbery. Avoid plants that are naturally dry and highly flammable.


Trim trees: First, remove all dead trees from within your zone. Thin the remaining trees in the zone so that they're no less than 10 feet apart, which helps prevent the spread of a fire from tree to tree. Finally, all remaining trees need to be limbed to a height of at least 6 feet off the ground, which removes "ladder fuel" and helps prevent a ground fire from spreading up into the trees.


Move combustibles: Another important element of the noncombustible, 30-foot zone is to move combustible materials away from the house. This includes firewood, scrap lumber, flammable liquids such as gas cans, and other materials that could potentially feed a fire.


Trim weeds: Keep the weeds and vegetation around your home trimmed to less that 4 inches high. Also, keep weeds and dry grass at least 10 feet away from where you store your firewood, as well as away from any debris piles.


Clean the roof and the yard: Rake up needles and leaves from your yard, and remove them from your roof. Cut back overhanging limbs, and keep your gutters clear as well. Consider recycling or composting yard debris rather than burning it.


Use fire-safe roofing: In a wildfire situation, the single most vulnerable part of your home is the roof. Wind-blown embers landing on a dry wood roof can ignite it in seconds, and spread quickly. Whether you're building a new home or re-roofing your existing one, make use of fire-resistant or fire-treated roofing materials. Also, be sure your chimney or wood stove flue has a spark arrestor, and check its condition at least once a year.

PROTECT YOUR FAMILY

You also need to make certain that your family knows what to do in the event of a fire or the need to evacuate.


Establish a firm evacuation plan: All family members should know what to do and where to assemble in the event of an evacuation, including rounding up and caring for pets.


Know what to take: Gather your valuable papers and irreplaceable family items such as photo albums in a convenient location so as to minimize your time and risk in the event you need to evacuate your home. Transfer important documents from your computer onto easily portable storage media, such as a USB flash drive. Have enough prescription medicine readily available to last a minimum of 72 hours.

HELP EMERGENCY CREWS

Now take a moment to look at your home from the eye of a firefighter or other emergency crew that needs to get to you.


Mark your address: Would someone who doesn't know your home be able to find it quickly in an emergency? Is your address clearly marked and clearly visible from a distance? Can it been seen at night?


Check your property's access: Can fire trucks and emergency vehicles easily access your property? Is there anything that blocks your road or driveway, or makes it potentially difficult to turn around?

A wildfire may seem like a remote possibility, but every year hundreds of homes and other structures are destroyed, so it really pays to be prepared. Take a little time this weekend to look around the inside and the outside of your house, and make plans now to turn your home into a safe and fire-resistant zone.

Friday, August 17, 2007

Finally some relief!!

The market got a boost this morning when the Fed lowered the discount rate to 5.75% from 6.25%. The Fed has also poured billions in additional liquidity into the banking system in recent days but the rate cut was its most dramatiuc effort yet to date.

Friday, August 10, 2007

Inexpensive remodeling tips to get your house ready to sell!

As many homeowners prepare to put their homes on the market, they often realize to get more "bang for their buck" they may need to do some remodeling. Especially in a market like we have today were buyers are wanting more for their money!

According to Realtor magazine, the average cost of a kitchen remodel is $52,000 and the average cost of a bathroom remodel is $13,000. Although these projects will likely increase your resale value, they are pricey.

On the other end of the spectrum, there is plenty one can do to increase curb appeal without breaking the bank! Apply a fresh coat of paint inside and out. I would even go as far as hiring a color consultant for a couple of hundred bucks to make sure you get the best colors for your home. I have seen to many times were people "think" they know color and in fact, they don't. It's not worth it. Just hire a professional.

Over time, exterior trim around your windows, doors and along the roof line may have become warped. Get that replaced. And while you are at, get a termite report and prepare to do the work it takes to get it cleared. Buyers love buying a place that has a cleared pest report. And you as the Seller can typically get the work completed by a contractor for 1/2 the price that is stated on the pest report.

You can also do some energy efficient work like change out the light bulbs, replace the water heater and seal around the windows. All of these minor changes will allow you to increase the value of your home and make it more appealing to buyers.

Wednesday, August 08, 2007

Juicy drama in the mortgage industry!

Ok, wow the drama in the mortgage industry just keeps getting juicier! Here is what I know - the subprime market is non-existent, stated income is non-existent unless you are getting an Acorn loan or a VA loan which is backed by the government. Wells Fargo just raised their interest rate on jumbo loans. A jumbo loan is anything over $417K. In our market, that is 90% of everything listed in this area. And, the feds didn't raise the interest rates yesterday.

Ok, can you still get a mortgage loan? Yes, if you have good credit, a down payment and a low debt to income ratio. And frankly folks, if our standards have been tight all along we would not be in this mess. Back in the day, there were just to many people who got mortgages who really couldn't afford them.


And Jim Cramer is way to dramatic. Give it rest Jim and take your meds! Check it out at www.cnbc.com/id/20145656

As for our little bubble - Albany, Berkeley, Piedmont and Rockridge the prices have not changed dramatically, days on the market seem to be a bit longer but we are still seeing multiple offers on many houses in these areas. And yes, buyers have a little more negotiation power in these areas, and a lot more in other areas like in the transitional areas of Oakland.

I can't predict the future but that is what I know today.

Tuesday, August 07, 2007

Got home insurance?

I volunteer with the Red Cross and the majority of time I am called to help people who have been burned out of their home. And guess what, the family is never covered by home insurance and if they rent, they do not have renter's insurance. Here is a piece on home insurance and I think it's important. Don't loose everything by taking a gamble. It's not worth it!!

Protect your home and those you share it with. In addition to providing shelter and comfort for ourselves and our loved ones, our home is often our single greatest asset. And it’s important that we protect that precious investment. Most homeowners realize the importance of homeowners insurance in safeguarding the value of a home. What they probably don’t know is that about two-thirds of all homeowners are under-insured. According to a national survey, the average homeowner has enough insurance to rebuild only about 80 percent of his or her house.

The shortfall is the result of several factors:
Home values have increased significantly. Most homes are worth considerably more than they were five years ago. Construction costs are up. Rising prices for lumber, copper piping and labor have pushed up replacement costs by seven percent a year since 2001.

Home remodeling is at an all-time high. From outdoor rooms to gourmet kitchens, homeowners are upgrading their living spaces, but not updating their policies to reflect the increase in value.

Insurance policies have changed. Rather than offering “guaranteed replacement cost” coverage, which pays whatever it costs to rebuild a home exactly the way it was, most standard policies provide only “extended replacement cost,” which places a cap on building costs that may be less rebuilding the home.

What a standard homeowners policy covers:
A homeowners insurance policy covers your home, your belongings, injury or property damage to others, and living expenses if you are unable to live in your home temporarily because of fire or other insured disaster.

The policy pays to repair or rebuild your home if it is damaged or destroyed by fire, lightning or another disaster listed in your policy. Some risks, such as flooding or acts of war, are routinely excluded from most policies.
Your belongings, such as furniture and clothing, are insured against theft, fire or other insured disaster.

Also covered are the legal costs for injury or property damage that you or family members, including your pets, cause to other people. If someone is injured on your property and decides to sue, the insurance will cover the cost of defending you in court and any damages you may have to pay. Policies also provide medical coverage in the event someone other than your family is injured in your home.

If your home is seriously damaged and needs to be rebuilt, your policy will cover hotel bills, restaurant meals and other living expenses incurred while you are temporarily relocated.

How much insurance do you need?
Homeowners should review their policy each year to make sure they have sufficient coverage for their home. The three questions to ask yourself are:
Do I have enough insurance to protect my assets?
Do I have enough insurance to rebuild my home?
Do I have enough insurance to replace all of my possessions?
Here’s some information that will help you determine how much insurance is enough to meet your needs and ensure that your home will be sufficiently protected.

Protect your assets:
Make sure you have enough liability insurance to protect your assets in case of a lawsuit due to injury or property damage. Most homeowners insurance policies provide a minimum of $100,000 worth of liability coverage. With the increasingly higher costs of litigation and monetary compensation, many homeowners now purchase $300,000 or more in liability protection. If that sounds like a lot, consider that the average dog bite claim is about $20,000. Talk with your insurance agent about the best coverage for your situation.

Wednesday, July 25, 2007

Alameda & Contra Costa Median Home Sales Price

Area - # Sold - June 2007 - June 2006 - %Chg
Alameda County 642 $610,000.00 $612,000.00 -0.33%
ALAMEDA 30 $670,500.00 $734,000.00 -8.65%
ALBANY 9 $755,000.00 $596,590.50 26.55%
BERKELEY 32 $843,000.00 $724,000.00 16.44%
CASTRO VALLEY 23 $585,000.00 $631,818.00 -7.41%
DUBLIN 27 $630,000.00 $615,000.00 2.44%
EMERYVILLE 16 $392,500.00 $527,500.00 -25.59%
FREMONT 109 $660,000.00 $644,977.00 2.33%
HAYWARD 42 $494,500.00 $565,909.00 -12.62%
LIVERMORE 43 $575,000.00 $620,000.00 -7.26%
NEWARK 13 $600,000.00 $610,000.00 -1.64%
OAKLAND 161 $575,000.00 $543,000.00 5.89%
PLEASANTON 54 $817,500.00 $832,750.00 -1.83%
SAN LEANDRO 43 $520,000.00 $555,000.00 -6.31%
SAN LORENZO 7 $590,000.00 $570,000.00 3.51%
UNION CITY 33 $650,000.00 $631,500.00 2.93%

Contra Costa County 1239 $600,000.00 $605,000.00 -0.83%
ALAMO 21 $1,480,000.00 $1,515,000.00 -2.31%
ANTIOCH 92 $450,000.00 $512,500.00 -12.20%
BRENTWOOD2 82 $570,500.00 $647,000.00 -11.82%
BYRON 31 $534,000.00 $692,500.00 -22.89%
CLAYTON 25 $650,000.00 $825,000.00 -21.21%
CONCORD 98 $480,000.00 $539,500.00 -11.03%
CROCKETT 8 $507,500.00 $617,000.00 -17.75%
DANVILLE 102 $1,024,500.00 $1,075,000.00 -4.70%
DIABLO 2 $2,625,000.00 $2,400,000.00 9.38%
EL CERRITO 32 $678,500.00 $646,250.00 4.99%
EL SOBRANTE 10 $455,000.00 $585,000.00 -22.22%
HERCULES 26 $562,500.00 $608,000.00 -7.48%
LAFAYETTE 45 $1,145,000.00 $1,105,000.00 3.62%
MARTINEZ 34 $499,250.00 $545,000.00 -8.39%
MORAGA 23 $950,000.00 $1,007,500.00 -5.71%
OAKLEY 52 $497,500.00 $570,000.00 -12.72%
ORINDA 29 $1,200,000.00 $1,207,500.00 -0.62%
PINOLE 18 $528,750.00 $546,500.00 -3.25%
PITTSBURG 45 $455,000.00 $468,000.00 -2.78%
PLEASANT HILL 43 $615,000.00 $620,000.00 -0.81%
RICHMOND 75 $410,000.00 $460,000.00 -10.87%

Thursday, July 05, 2007

Building a new Oakland!

I read this wonderful article called, "Building a new Oakland" by Harry Hamilton the Public Information Officer in Oakland's Cultural Arts and Marketing Division. I was so impressed with how much business and housing development that is taking place in Oakland.

Did you know that Oakland has been recognized as the top commercial real estate market in the nation by Cushman and Wakefield? Some other key points that were discussed are:

* More than 15,000 units are in process citywide.
* The Desilva group's Monte Vista Development is well underway.
* Lion Creek's Crossings, a mixed-income project, has completed phase 1
* Suncal is fine tuning its plan for it's 167-acre parcel on the former Oak Knoll Naval Hospital.
*Cotter and Coyle's 74-unit project on MLK
*Development of the Oakland Army base and Jack London Square
* Kaiser Permanente has begun a massive construction project.
* The new Whole Foods Market at Harrison St. and Bay Place will open late September.
* Also opening within 12 months will be the new Trader Joe's stores in both Lakeshore and Rockridge.

This list goes on and on! Oakland is becoming an even more vibrant place to live, work and do business! To learn more about these grant programs and exciting developments signaling growing investment in Oakland, visit www.business2Oakland.com

Tuesday, June 19, 2007

How to buy property in Mexico!

Once upon a time, Americans were not allowed to buy property in Mexico. And once upon a time this was true. Mexico had "restricted zones" and these zones included the coastal waters edge inland 30 miles, from the border inland 60 miles, and all of the Baja Peninsula states of Baja California and Baja California Sur.

Leasing and time shares were the only purchase options in those areas available to most Americans, until Mexico's Foreign Investment Act of 1993 and the North Atlantic Free Trade Agreement of 1994. Now it is possible to own property in the restricted zone with all the same rights as "fee simple" in U.S.

Since ownership became possible, Mexico's tourist meccas have exploded with U.S investment dollars and development growth. I went to Puerto Vallarta last year and there were so many developments happening I could barely keep track.

You must do your homework before you buy in Mexico. Here are some tips before buying in Mexico: Research the integrity of the developer, talk to others who have purchased in the proposed development, take out title insurance and the most important thing - do not drink margaritas before or during the signing. You may have forgotten what you bought in the morning!

Monday, June 18, 2007

Oakland Homeowners: Loans and Grants for Home Repair

Oakland homeowners, help is here for that home repair or improvement--electrical, plumbing, sewer repairs, seismic retrofitting, hot water heater, furnace, roof and gutters, painting, etc. Even if your credit is less-than-perfect, you may be eligible to borrow money and avoid dishonest, predatory lenders and unscrupulous contractors. See the various programs available at

http://www.oaklandnet.com/government/hcd/loansgrants/rehab.html or call (510) 238-3909 for our brochure and application package.

Sunday, June 10, 2007

Why Red Cross?

I have been volunteering with the Red Cross for over a year now. I was inspired to get involved after Hurricane Katrina wiped out New Orleans. This past year I have worked in the Client Services department and on the Disaster Action Team.

Many people are under the impression that the RC just assists with large disasters - hurricanes, floods, etc.. Well, that is a very big part of the Red Cross but we also assist in local disasters - mainly fires. Here is an example of the calls we took in May:

Alameda County volunteers responded to 10 incidents in May:

May 1 Single family residence fire, Oakland 6 clients assisted

May 6 Apartment fire, Hayward 20 clients assisted

May 9 Duplex fire, Oakland 2 clients assisted

May 12 Apartment fire, Oakland 21 clients assisted

May 14 Apartment fire, Oakland 2 clients assisted

May 16 Apartment fire, Berkeley 2 clients assisted

May 24 Single family residence repair, Oakland 1 client assisted

May 25 Single family residence fire, Oakland 4 clients assisted

May 28 Apartment fire, Hayward 110 clients assisted

May 28 Single family residence fire, Hayward 3 clients assisted

In the month of May, we helped over 100 people! And, this wasn't a particularly busy month. There are some months that we take over 20 calls due to fires.

The satisfaction I get from volunteering with the RC is being able to help somebody in a crisis situation. Letting that person take comfort in knowing that they are not alone and that I am here to help!

Ok, on a real estate tip - UPDATE YOUR HOME OR RENTER'S INSURANCE! Most of the people we assist do not have home or renter insurance. They wake up one day and everything they own is gone. Don't let that happen to you! Be smart.

Budgeting to Buy!!

If you want to buy a house, start by estimating what you can afford and making a budget to buy.

Many prospective buyers find it difficult to accumulate enough cash for a down payment, especially if they are saddled with heavy debt. With some discipline and creative strategies, you can probably come up with more cash than you think.

Check your current finances and investigate ways to save and raise extra funds:

- Write down your monthly income, savings, and spending. If you have a lot of high-interest credit debt, try to move your balances to cheaper cards and plan to spend a year paying off as much of that debt as possible.

- Identify your long-term financial goals. Owning a house may be one, saving enough for retirement may be another.

- Make a home-buying savings plan. Open a savings account just for this purpose and make regular deposits, even if you put asidejust $20 a week.

- Look for other sources of down payment funds, such as a Roth Individual Retirement Account (IRA). First-time buyers now have access to $10,000 of these funds penalty-free under certain conditions.

- Cut back on non-essential spending. Your friends and relatives will understand that you can't spend $20 to go to dinner and the movies if you say you're saving to buy a house. Your children will understand, too. In fact, saving to buy a house can be a family activity.

- Make saving for a house fun. Chart your progress on paper and post it somewhere to remind yourself of your goal.

Raising the Money : 20 ways to come up with a down payment

1. Ask your parents, other relatives or friends for help. If they can't give or loan any money, perhaps they'll agree to co-sign the loan. 2. Sell (or borrow against) other real estate you own.

3. Sell securities you own, or borrow against them through a loan from the stock brokerage. 4. Sell collectibles or heirlooms you own. 5. Cash in (or borrow against) the built-up value of any life insurance you have. 6. Withdraw money from your IRA. If you're a first-time buyer you can pull out $10,000 penalty-free (though you must pay state and federal income tax on it) to put toward your home purchase. If you're not a first-time buyer, pull out the very least amount you must. Otherwise, you will have to pay both the 10 percent penalty and income tax on an early withdrawal. 7. Borrow against your retirement funds. In some cases, the rate on the loan may be as small as 2 percent. If you add too much to your debt burden, however, you may not be approved for a loan. 8. Ask for help from your church, synagogue or other nonprofit organization. Fannie Mae has a "3/2" loan program that allows you to make a 3 percent down payment if a bona fide nonprofit puts down the other 2 percent. 9. Sell a boat, RV or second car you own and use the cash for the down payment. 10. Get a second job. It'll help you raise cash, and the extra income will improve your chances of qualifying for a loan. You can quit later.

11. Look for an investment partner who'll put up some or all of the cash in an equity-sharing partnership. You make the monthly payments and the two of you split the eventual resale profits. 12. Change the withholding taxes, if permitted, on your salary in anticipation of higher deductions when you get a mortgage. Your take-home pay will increase, giving you more funds to put toward a down payment.

13. Look for loan programs such as VA or FHA that require little or nothing down. 14. Use a lease option that lets you rent the house now and buy it after you save. 15. Look for a home with an assumable loan. Instead of buying out the owner's equity, ask the seller to carry back a second mortgage for an equal amount. That way you can buy the home without a down payment. 16. Pawn something you own and use the proceeds for a down payment. You can get the item back after you've moved in and can afford to pay the pawnbroker back. 17. Refinance your car or other vehicles and add the proceeds to your down payment. 18. Offer something other than cash (a car, boat, or collectibles) to the seller in lieu of a cash down payment. 19. Offer your services or expertise to the seller in lieu of a down payment. Some examples include $10,000 worth of auto services if you're a mechanic, dental work if you're a dentist, desktop publishing services if you're a designer, artwork if you're an artist or legal work if you're an attorney. 20. Look for foreclosure properties that require little or no down payment. Some lenders and government agencies will let you buy a foreclosure with no down payment if your credit is good and they're anxious to have the home occupied, or if you have skills (carpentry, landscaping or even painting) that you can use to increase the home's value.

Sunday, June 03, 2007

17006 Via Perdido, San Lorenzo - OPEN SUNDAY


I am holding this house open today! This home offers 3 bedrooms, 1 remodeled bath and is located in a very quiet neighborhood. The lovely kitchen leads out to the dining area which then spills out to the backyard oasis! A Gorgeous garden, waterfall/pond and mature fruit trees awaits you.

Other features include:
-oak hardwood floors
-dual pane windows
-new interior paint
-accessible to freeways/bart/shopping

Monday, May 28, 2007

Cut your grass and pollution at the same time!

So, this past weekend I volunteered some of my time Saturday morning with Rebuilidng Together. There was a team of us who helped an elderly couple remove their buried treasures that they had been collecting for 30+ years. Basically, there backyard looked like Urban Ore just on a smaller scale.

Anyways, after removing three lawn mowers that were probably made in the 70's it got me thinking why everyone on the block needs a lawn mower? And then I got this article via email regarding lawn mowers from seventh generation. The is called Mow better: how to cut pollution and your grass at the same time.

Here some facts and information that grabbed my attention:

Helpful though it may be, the gasoline-powered lawn mower, America’s tool of choice for keeping its grass well-groomed, is anything but green. In fact, lawnmowers are responsible for a lot more air pollution than their small size might suggest. Take a look at these facts and figures:

• Lawn mowers produce 5% of the nation’s total air pollution burden.

• A single gas-powered push lawn mower creates as much air pollution in an hour as a car driven 100 miles. Riding mowers are even worse offenders.

• Every hour the average 3.5 horsepower mower emits approximately the same amount of volatile organic compounds (a particular type of hazardous air pollutant) as an automobile driven 340 miles.

• During a typical day, Southern California’s lawn mowers, weed-whackers, and other lawn tools produce more air pollution than all the airplanes flying in and out of the Los Angeles region.

• The 20 million small engines purchased each year in the U.S. are responsible for about 10% of the country’s mobile-source hydrocarbon emissions.

• Homeowners use 800 million gallons of gasoline per year in their mowers.

• Outdoor equipment users spill 17 million gallons of fuel each year during refilling. That’s more fuel than was spilled by the Exxon Valdez.

• Lawnmowers create noise pollution, too. The typical model produces 90 decibels of engine noise, a level above the threshold at which experts recommend ear protection.

* If you would like to read more go to:

http://seventhgeneration.com/making_difference/newsletter_article.php?article=555&issue=97

Monday, May 21, 2007

What's your doggie style?


That's right... Does your dog prefer a mediterrianean-style estate to match your second home overlooking the ocean or New England colonial look? You can now build your dog a custom built doggie mansion!!

While all Doggie Mansions are custom built and no two are alike, they are there every step of the way to offer guidance on what colors might look best in your dog’s home, what type of roof and flooring is recommended—both for your climate and the amount of wear and tear expected—and what options you may wish to choose for your canine pal. Just think... now your dog can have the biggest house on the block just like you!

For more information you can go to www.doggiemansions.com

Friday, May 04, 2007

California Real Estate Fast Facts

Calif. median home price - March 07: $580,090 (Source: C.A.R.)

Calif. highest median home price by C.A.R. region March 07:
Santa Barbara So. Coast $1,200,000 (Source: C.A.R.)

Calif. lowest median home price by C.A.R. region March 07:
High Desert $320,830 (Source: C.A.R.)

Calif. First-time Buyer Affordability Index - Fourth Quarter 06:
25 percent (Source: C.A.R.)

Mortgage rates - week ending 4/26:
30-yr. fixed: 6.16%; Fees/points: 0.5%
15-yr. fixed: 5.87%; Fees/points: 0.5%
1-yr. adjustable: 5.43%; Fees/points: 0.7%

(Source: Freddie Mac)

Thursday, April 26, 2007

California Foreclosure Activity Jumps Again

April 16, 2007

The number of default notices sent to California homeowners last quarter increased to its highest level in almost ten years, the result of flat appreciation, slow sales, and post teaser-rate mortgage resets, a real estate information service reported.

Lending institutions filed 46,760 Notices of Default (NoDs) during the January-to-March period. That was up by 23.1 percent from a revised 37,994 for the previous quarter, and up 148.0 percent from 18,856 for first-quarter 2006, according to DataQuick Information Systems.

Last quarter's default level was the highest since 47,912 NoDs were recorded statewide in second-quarter 1997. Defaults peaked in first quarter 1996 at 61,541. An average of 33,847 NoDs have been filed quarterly since 1992, when DataQuick's NOD statistics begin.

Most of the loans that went into default last quarter were originated between April 2005 and May 2006. The median age was 15 months. Loan originations peaked in August 2005. Adjustable-rate mortgage use for primary purchase home loans peaked at 77.8% in May 2005 and has come down since.
On primary mortgages, homeowners were a median five months behind on their payments when the lender started the default process. The borrowers owed a median $10,784 on a median $331,200 mortgage.


The default numbers reflect wide regional differences. The first-quarter numbers were a record in Riverside, Sacramento and Contra Costa counties. In Los Angeles County it was almost 60 percent below the first-quarter 1996 peak, reflecting the depth of the recession in the mid-1990s as well as relative strength in today's market.

On a loan-by-loan basis, mortgages were least likely to go into default in Marin, San Francisco and San Mateo counties. The likelihood was highest in Sacramento, Riverside and San Joaquin counties.


For more information go to http://dqnews.com/RRMain.shtm

Thursday, April 12, 2007

Seismic Retrofit in Berkeley

This is to inform you of a change in the Real Property Transfer Tax for the City of Berkeley , effective tomorrow, April 12, 2007 .

On March 13, 2007, the Berkeley City Council passed Ordinance 6971-N.S. amending Berkeley Municipal Code, Section 7.52.060 K (4), eliminating the provision that up to one-third of the Real Property Transfer Tax be set aside in an escrow account pending completion of seismic retrofit work. This ordinance is now going into effect tomorrow.

Therefore, the City will no longer authorize the retention of one-third of the Transfer Tax for the Seismic Retrofit Rebate Program and 100% of the City of Berkeley Real Property Transfer Tax is due upon recordation.

This change does not in any way affect the ability of property owners to take advantage of the Rebate Program.

With that said, before you decide to do any retrofitting for your home, I STRONGLY suggest that you check out Bay Area Retrofit at http://bayarearetrofit.com/

This company is a reputable company and I suggest that you get an inspection from them before any other company!

Monday, April 09, 2007

Sold Market Analysis - Oakland

Below is a comparison for single family homes sold in 06' and 07' in Oakland:


Jan 06'
---------
# of Solds- 174
Avg Sales Price- $574,360
Days on Mkt- 32

Jan 07'
----------
# of Solds- 129
Avg Sales Price- $606,203
Days on Mkt- 46

Feb 06'
-----------
# of Solds- 149
Avg Sales Price- $568,055
Days on Mkt- 31

Feb 07'
-----------
# of Solds- 127
Avg Sales Price- $630,352
Days on Mkt- 43


Mar 06'
-----------
# of Solds- 258
Avg Sales Price- $630,733
Days on Mkt- 29

Mar 07'
-----------
# of Solds- 174
Avg Sales Price- $684,558
Days on Mkt- 31

*Please email me if you would like to know the statistics for a specific zip code*
-all information taken from the MLS-

Sold Market Analysis - Oakland

Below is a sold market comparason for each month in 06' and 07'for single family homes:

Jan 06 Jan 07
----------------------------------
# of Solds 174 129
Average Price $574,360 $606,203
Days on Mkt 32 46

Jan 07
------------------



Feb 06 ------ Feb 07
----------------------------------
# of Solds 149 ------ 127
Average Price $568,055 $630,352
Days on Mkt 31 43


Mar 06 ------ Mar 07
----------------------------------
# of Solds 258 ------ 174
Average Price $630,733 $684,588
Days on Mkt 29 31


-If you would like specific numbers from any zip code please email me-
*all numbers taken from MLS*

Monday, April 02, 2007

Cofindence levels down with new home Builders

Builder confidence in the market for new single-family homes receded in March, largely on concerns about deepening problems in the subprime mortgage arena, according to the National Association of Home Builders/Wells Fargo Housing Market Index (HMI), released today. After rising fairly steadily since its recent low last September, the HMI declined three points from a downwardly revised 39 reading in February to 36 in March.

“Builders are uncertain about the consequences of tightening mortgage lending standards for their home sales down the line, and some are already seeing effects of the subprime shakeout on current sales activity,” said NAHB Chief Economist David Seiders. “The fundamentals of today’s housing market still are relatively strong, including a favorable interest-rate structure, solid growth in employment and household income, lower energy prices and improving affordability in much of the single-family market – due in part to price cuts and non-price sales incentives offered by builders. NAHB continues to forecast modest improvements in home sales during the balance of 2007, although the problems in the mortgage market increase the degree of uncertainty surrounding our baseline (i.e., most probable) forecast.”

Derived from a monthly survey that NAHB has been conducting for 20 years, the NAHB/Wells Fargo HMI gauges builder perceptions of current single-family home sales and sales expectations for the next six months as either “good,” “fair” or “poor.” The survey also asks builders to rate traffic of prospective buyers as either “high to very high,” “average” or “low to very low.” Scores for each component are then used to calculate a seasonally adjusted index where any number over 50 indicates that more builders view sales conditions as good than poor.

All three component indexes registered declines in March after having risen in the previous month. The index gauging current single-family home sales and the index gauging sales expectations for the next six months each declined three points, to 37 and 50, respectively. Meanwhile, the index gauging traffic of prospective buyers declined a single point, to 28.

More information regarding housing statistics is also available at www.housingeconomics.com

Tuesday, March 20, 2007

CAN'T MAKE YOUR MORTGAGE PAYMENT?


I have been reading numerous articles in the last couple of months regarding the subprime market and foreclosures. I finally read an article this morning that has inspired me to blog. The article title, “Blacks suffer most in U.S. Foreclosure surge,” suggests that “blacks and Hispanics are more likely to get a high-cost, subprime mortgage when buying a home than whites.”

Even more alarming, the article also states that, “a proportion of blacks and Hispanics who received subprime loans even when their credit history was good enough to receive a cheaper loan.” And guess what… The U.S. Mortgage Banker’s Association said, “Disparities by race alone in home loans do not prove unlawful discrimination but may indicate a need for closer scrutiny.”

Being an advocate for human rights and anti-discrimination, I will be the first one in the picket line with you marching for our rights but that isn’t going to help your current situation. So, that is it. You are stuck with a high interest mortgage payment and you can’t make your payments. Here are the steps you can take to help you now!



1. CALL YOUR LENDER! Mortgage brokers are not in the business to foreclose on property. Do not wait to call. If you are three months behind on your payment and they have not heard from you, your lender will feel justified in pursuing a foreclosure.

2. Be ready to discuss your situation honestly and in detail.

There are many ways your lender might be able to help you. Each case in considered on an individual basis and will be treated differently.

DEBT COUNSELING -- Generally, the first way they will help is to look at all your outstanding debt to see if any of it can be restructured or consolidated. Mortgage payments are often the last payment a person will let slide, so when you start having trouble making your mortgage payments it is likely that you are experiencing difficulty with your other payments as well. Your lender can help you make a budget to structure a repayment plan.

REWORK (RECAST) THE MORTGAGE -- If you have some equity in your home it may be possible to rework your loan for an extended period of time to lower the monthly payments. The past due amount could be added into the new loan.
GRACE PERIOD -- If you are working with a lender, they will generally give you extra time to get your problem under control. Otherwise, if the lender has not heard from you, they will usually begin foreclosure when you are 3 months behind in your payments.

TRUST -- Depending on the individual circumstance and assets, your lender can work with you. It may be possible to place your assets in a Trust Account to protect them.

SIGN THE HOME OVER TO THE LENDER -- This would be considered a voluntary foreclosure and could damage your credit record the same as an involuntary foreclosure. However, you can avoid the public notice of a foreclosure sale. The lender will work with a real estate agent to complete the sale. You lose your home, but will not be held liable if the home sells below the debt amount.

BANKRUPTCY
-- This is the last resort, if your home cannot be sold. It may save your home; however, it will severely damage your credit record for at least seven years and you will lose control of your finances. However, foreclosure proceedings are usually stopped until bankruptcy is resolved.

LAST RESORT…

CALL A REALTOR:

SELL YOUR HOME
-- If your problem is serious enough that it can not be resolved in a reasonable amount of time, it may be necessary for you to sell the home and find one that is more manageable financially. It may be possible to sell the home and pay off both the mortgage balance and your delinquent debt, and thus avoid foreclosure.
Let your Realtor know of your situation. Your realtor will work closely with your lender to figure out the best way to get you out of this situation and back on track. It’s up to you though and the longer you wait, the harder it will be to get you to financial freedom!


Articles quoted:

“Blacks suffer most in U.S. foreclosure surge”
http://news.yahoo.com/s/nm/20070320/lf_nm/usa_subprime_race_dc

“How to prevent foreclosure on your home.”
http://www.ext.vt.edu/pubs/housing/nonumber/foreclose.html

Wednesday, February 28, 2007

Home Buyer Tips

Tips for buyers
Now is a great time to buy a home. Interest rates are low, and buyers have more properties to choose from, so there’s room for negotiation. If you play it smart, it’s the perfect time to buy that house you’ve had your eye on. Here are a few strategies for getting the most for your money.

Know the local market
With the housing market in transition and prices fluctuating, it is important to understand what’s going on locally. Prices in some neighborhoods are being reduced; others are as hot as ever. I can do a market analysis of the communities you’re interested in and provide you with information on homes that meet your criteria. I will also look at comparable residences to determine the appropriate offer to make to the seller. In a changing market, it’s important that the data you look at is current. Properties that sold six months ago may not represent the value of a comparable home on the market today.

Identify what you want
The good news about a moderating market is that there are more homes to choose from. Buyers have the luxury of being specific about what they’re looking for. Now is the time to draw up your Dream Home wish list.

Be ready to buy
While more homes are on the market than a year ago, attractively priced homes are still selling quickly. Make sure you’re preapproved for a mortgage and have a home inspector lined up. If you find a home you just love, don’t wait too long for the seller to reduce his price. It’s better to get a fairly priced deal than miss out on the home of your dreams.

One of the strongest benefits I offer buyers is my ability to negotiate on your behalf. Depending on the local market, we may be able to get price reductions and other concessions from the seller. I’ll work with you to identify areas in which we can negotiate so you get the greatest real estate value for your dollar.

Monday, February 26, 2007

Tips to Save Energy


The typical U.S. family spends close to $1,300 a year on utilities and a large portion of that goes wasted. Here are some tips top help you save energy, money and the environment.

•Switch 25% of your lights to compact fluorescent bulbs and cut your lighting bill in half.

•Install low-flow aerating showerheads and faucets and cut the amount you use in half.

•Replace refrigerators more than 15 years old. New energy-efficient models will consume half as much power.

•Turn your thermostat back to 15% while you are at work and save up to 10% on your heating bills.

•Seal all seams, cracks and openings to the outside and save 10% or more on your energy bill.

•Replacing single-pane windows with double-pane high performance glass will save up to 25% on your heating and cooling costs.

•Use warm or cold water instead of hot water when washing clothes and lower the amount of energy you consume heating the water by 50%.

•Properly insulate your home and reduce your heating and cooling needs by up to 30%.


Making your home more energy-efficient not only saves money and helps the environment; it also makes your home more appealing to future buyers. If you are looking to buy a home yourself, I can work with you to include the cost of installing energy upgrades as part of your home purchase.


*informatin taken from the U.S. Department on Energy*

Monday, January 29, 2007

What are you waiting for?

It's a great time for Buyers in the East Bay Market!!!

Homeownership is a safe, secure way to build longterm wealth. According to the National Association of Realtors (Nar), the naional median price of homes bought ten years ago has increased 88%. The number of US households is expected to increase 15 percent during the next decade, creating a continued high demand of housing.

Mortgage rates are still low! The average 30-year fixed rate remains low. Currently, at 6.125%, this is more than the entire percentage point below 2000 levels.

There is plenty of inventory on the market! Buyers have negotiating power. Imagine if you had bought two years ago?? It's time to get in the game and purchase your first home or buy up. Get into a better area than you are now.

Are you interested in finding out what is the best strategy for you? If so, shoot me an email or give me a call.

www.odomrealestate.com

Friday, January 26, 2007

What is a 1031 exchange?

Mechanics of an Exchange:

The exchange must meet three requirements to fully defer all capital gains taxes:

1.Reinvest all net proceeds into the replacement property.
2.Obtain an equal or greater amount of new debt on the replacement property or add equivalent cash to offset the debt difference.
3.Title to the replacement property must vest in the same manner as how the relinquished (sold) property was conveyed.

Example 1:

Sales Price $400,000 Replacement Property $700,000
Minus Debt ($150,000) New Debt $480,000
Minus Cost ($30,000)
¬---------------------------- --------------------------------
Net Proceeds $220,000 Down Payment $220,000

Example 2:

Sales Price $400,000 Replacement Property $340,000
Minus Debt ($150,000) New Debt $140,000
Minus Costs ($30,000)
------------------------- -------------------------------
Net Proceeds $220,000 Down Payment $200,000

*Since there is an excess of exchange proceeds of $20K and a debt difference of $10K the sum total of $30K is considered ‘boot’ which is taxable. In this example, there will be a 3 1/3% withholding on the cash boot of $20K in the property is located in California.

info taken from www.exchangeresources.net