Tuesday, March 26, 2013

Distressed Sales Decrease, While Short Sales Rise


A short sale is the option usually preferred by anyone who faces foreclosure. 
It’s the path that, with the approval of the mortgage lender, promises to ultimately minimize damage to the homeowner’s credit score. 

According to Realty Trac, distressed sales of all kinds continued to decrease in the last reported quarter, yet the non-foreclosure short sale volume increased by 4%. That amounts to a significant 22% of all sales. Realty Trac’s are the most reliable national statistics, and our East Bay short sale profile has likewise reflected the continuing working out of the distressed property phenomenon. 
Completing a short sale in Oakland (or anywhere else, for that matter!) can be challenging. If you’ve decided that it is your best course, you can do a lot to help your agent accomplish it:
  • From the beginning of the short sale process, keep your agent informed of any changes in the financial picture. That means keeping up-to-date on the changing balance remaining on the mortgage, as well as the number of missed payments. When the information is at hand, your agent can impart the sense of urgency that gets your home sold as fast as possible. 
  • The speed of sale is important, yet while a short sale specialist is an expert in that arena, other important details regarding taxation and the law may influence the best overall strategy. By encouraging your real estate agent to work alongside an experienced attorney or tax specialist, you will form a team that can execute your short sale package more efficiently than if they worked independently.
  • Executing a short sale means meeting multiple demands—each with its own timing requirements. That can mean a lot of pressure: but if your agent asks you to do something or provide additional information, stand ready to do it! That speeds negotiations with buyers and lenders, increasing the chance that you will successfully close your short sale.
Short selling a home is a somewhat complicated process. I offer a no-obligation, in-home consultation to help assess your circumstances and the next steps to consider. I am a Certified Distressed Property Expert so please Call me anytime! by Gina Odom, Realtor


Monday, March 18, 2013

East Bay Property Values Benefit from Spring Ritual


The first day of spring falls on the 20th—making Wednesday the day many homeowners start planning their ritual seasonal maintenance. Spring is also the traditional launch of the busy season in real estate, when safeguarding Oakland property values can become a less abstract matter.  
Because water damage is Public Enemy #1, homeowner checklists should always highlight three points:

First: the Roof
As soon as March’s lion turns a bit more lamb-like, it’s time to get out the ladder to survey roof damage. Leaves, twigs or other storm debris that have clogged gutters during the weather months can allow moisture to penetrate the roofing and below, in the worst case triggering mold or rot. Look for holes or rust in the flashings or metal seals around roof joints, chimneys, skylights or any other structures that penetrate the roof.

Second: Down Under 
Now it’s time to go down. While spring rains are still falling, put fresh batteries in your flashlight and head to the furthest reaches of basement or underneath the house to check for puddles. Even when it’s raining outside, your home’s foundation should remain dry. When it comes time to sell, East Bay homes’ property values are seriously affected by water damage especially parts of Oakland like North Oakland that have basements located under the water table. If you see signs of trouble, it’s time to call an expert. 

Third: the Exit Routes
That is— the drains. Backed-up plumbing is a nuisance you can avoid if you clean all the drains two or three times a year. Don’t forget the garbage disposal, either. My trick is to pour in equal parts salt, baking soda and vinegar, followed 30 seconds later by two quarts of boiling water. Then give the mixture a chance to work overnight before running water again.

With the sales market poised for spring action, the protection careful homeowners have given to their own property values will make a material difference. But you don’t have to be selling your home for this time of year to trigger the maintenance efforts your property may need. Got a property-related question? Give me a call!

written by Gina Odom, Realtor

Monday, March 04, 2013

Berkeley Home Sales Prospects: Anything But “Calm”!


Last week, East Bay home sellers saw more than the usual number of reasons to look forward to this spring's home selling season. It looked like the opposite of the lengthy real estate “Perfect Storm” that caused free-fall across the national landscape. 

Signs pointed to the possibility that we may be headed into the opposite market conditions. Webster’s Dictionary says the opposite of ‘storm’ is ‘calm’ – but I don’t think you would call Berkeley home sales outlook a “Perfect Calm.”  Far from it!  

Some of the signs:
  • - Falling Inventory. Per the NAR’s Existing Home Sales Report, there’s a nation-wide shortage of total inventory. By the end of January, it had fallen another 4.9%: lowest in seven years. Raw unsold inventory hasn’t been this low in 14 years!
  • - Rising Demand. Per last week’s National Association of Home Builders’ News and Alerts bulletin, “housing demand continues to return.”  NAR Chief Economist Lawrence Yun, pointing to buyer traffic that is up 40% over a year ago, states flatly, “We’ve transitioned into a seller’s market in much of the country.”
  • - Buyer Attitude. Also last week, the Conference Board’s Consumer Confidence Index showed a rebound from January. The ‘Present Situation’ index rose sharply (from 56.2 to 63.3). This remains the only less-than-stellar point of contention, I think one area could be a tipoff to gathering strength: the proportion of those expecting their income to rise is now growing, those expecting the opposite, falling.
If this spring turns out to be the opposite of a Perfect Storm for Berkeley home sales, will conditions improve further? Should sellers wait? The falling inventory measure might suggest otherwise. If the NAR’s appraisal is correct, now that these trends are consolidating, “…it would seem likely more inventory would come to market.” 

If you are a East Bay home seller who’s been waiting and watching for the right moment to enter the home sales listings, I hope you will consider giving me a call soon. Actually – today might not be a bad time! 
written by Gina Odom, Realtor