2009 May | Intero Real Estate Blog

Archive for May, 2009

Monday Morning Mojo

By Intero Real Estate | May 31st, 2009 0 Comments

Here is a great question…Where will I be in ten years from now if I keep going the way I am going? Reflect for a moment on last week and ask yourself this question…” if I do exactly what I did last week, every week for the next 10 years where will I be personally…professionally…spiritually…in my relationships with those I love and care about the most…how will my health be…what will my bank account look like in 10 years from today? So many people fail to realize that success at anything in life is the result of little successes achieved over a very long period of time. That is why obesity of the #1 preventable killer in the world today. People are looking for the quick fix…for a pill or a magic diet. We are not willing to make those small sacrifices. Truly successful people are long-term thinkers. They know that they must build upon each achievement and constantly learn new and better ways of doing things. A regular review of your progress is essential part of goal setting. A goal is a little more than a wish unless it has a timetable for completion. Make sure your plan for your life includes short, medium and long term goals. Revise your goals as things change…check them off when they are completed and set new bigger goals for yourself as you grow. And take time to reflect often to make sure you are on the right track. Make it a GREAT week!!!!

Business Building

By Intero Real Estate | May 31st, 2009 0 Comments

Realtor Emeritus sounds off on making it through tough times

Realtor Magazine has featured another Realtor® Emeritus, L. Harrell Pendleton, who gives his two-cents on surviving the business during tough economic times.

Pendleton, who worked in real estate for five decades, says that when times got tough, his office provided loans to buyers who couldn’t qualify for the mortgages they needed. “This was common in the 1970s,” he told the magazine. “Without us, a lot of people with small-town jobs would not have had the opportunity to own a house.”

For those struggling in the real estate business today, Pendleton said “it’s important to do as many different kinds of things as you can with your business.” Besides selling, Pendleton said he did development and construction, appraisals and helped out with auctions.

He says he often bought homes at low prices and held on to them until he could sell them to the right person.

“People are afraid of their own judgments, and they shouldn’t be,” Pendleton told the magazine.

Click here to see the full story.

Tax Credit

By Intero Real Estate | May 30th, 2009 0 Comments

HUD Secretary outlines tax credit monetization plans

The U.S. Department of Housing and Urban Development has offered details of its plan to allow home buyers to use the $8,000 first-time home buyer tax credit to help buy their home.

Under the plan, home buyers will immediately be able to apply the money toward their down payments. According to HUD, “home buyers using FHA-approved lenders can apply the tax credit to their down payment in excess of 3.5 percent of appraised value or their closing costs, which can help achieve a lower interest rate.”

“We believe this is a real win for everyone,” said U.S. Housing and Urban Development Secretary Shaun Donovan. “What we are doing today will not only help these families to purchase their first home but will present an enormous benefit for communities struggling to deal with an oversupply of housing.”

Donovan made the announcement when he spoke to the National Association of Home Builders. NAHB estimates that the homebuyer tax credit will trigger 160,00 home sales nationwide, including more than 100,000 by first-time buyers.

For more information, click here.

Business Building

By Intero Real Estate | May 30th, 2009 0 Comments

Association chairman outlines opportunities in down market

Current homeowners may not be eligible for the $8,000 first-time homebuyer tax credit but there are still a number of reasons why they may fare well if they decide to purchase a new home.

That’s according to the National Association of Home Builders, which has listed several reasons why current homeowners may be in a good position to buy a bigger and better home than they could have purchased a year or two earlier.

Here are a few:

Low Interest Rates: You can buy a larger home and make smaller monthly mortgage payments than you could have a year ago.
Negotiating Power: Lots of homes are on the market, giving you negotiating power.
Buyer Interest: While your house may no longer suit your needs, it may be perfect for someone else’s first home.

“Now may be an ideal time for any family looking to upgrade from their starter home to one more suited to their current or future needs,” says Joe Robson, chairman of the National Association of Home Builders. “Buyers are able to get more home for their money by taking advantage of current prices and interest rates, along with the bargaining power that comes from the large number of homes on the market.”

For the full National Association of Home Builders Release, click here.

Short sales are a large portion of Santa Clara County real estate these days…

By Theresa Wellman | May 26th, 2009 0 Comments

posted by Theresa Wellman of the Intero Saratoga office

Did you know that 24% of all homes for sale today in Santa Clara county are short sales? And if you are a first-time homebuyer or investor you’ll likely see 60% short sales in the homes you are viewing since that is the percentage of homes under $500,000 that are categorized as a short sale.

For this reason I thought it important to talk a little bit more about what a short sale is and what a buyer can expect in this type of sale, so read “What is a Short Sale?” on my personal blog.

Please feel free to ask any questions you have about short sales so I can set the record straight.

Measure B Passes!

By Intero Real Estate | May 26th, 2009 0 Comments

Voters pass San Carlos schools parcel tax

Our efforts here in San Carlos paid off! The San Jose Mercury New recently had an article on Measure B passing, here were some of the highlights:

It took six months, but the ailing San Carlos School District finally got its parcel tax.

The ballot initiative for the $78 per parcel tax passed convincingly.

According to semi-official results posted by the San Mateo County Elections Office, 71.2% of voters voted YES on Measure B, with all 24 precincts reporting. The parcel tax needed support from two-thirds of voters to pass.

The measure taxes San Carlos property owners $78 more annually for six years. Seniors ages 65 and older can seek exemption. The district’s current $110 parcel tax will sunset in 2011.

Measure B will generate $800,000 per year for the district, which is facing $2 million in budget cuts next school year. In March the district issued pink slips to about two dozen certificated employees, including teachers, and warned about 16 to 20 part-time and full-time personnel would likely be laid off if the measure failed.

Superintendent Steve Mitrovich said budget cuts, including the possibility of some layoffs, will still be necessary even with the new revenue.

The district’s board of education will meet Thursday to discuss next school year’s budget and decide whether to lay off any certificated employees.

"It doesn’t put me completely at ease," said Brittan Acres teacher Jessica Melton, who got her pink slip in March. "But I think that with this money it can help just regular programs like literacy and counseling and things like that."

"Honestly I thought given the current economy that it would have been a struggle to pass," said Chris Mahoney, director of the district’s Charter Learning Center. "It just makes the city more desirable; people want to move to San Carlos because we take care of our kids."

Thanks to all who voted for this very important measure – keeping the quality of schools up in San Carlos will continue to help with our property values in the long run!

Monday Morning Mojo

By Intero Real Estate | May 25th, 2009 0 Comments

A three day weekend…we all love it!!!!!!

But don’t forget why we have this three day weekend. Today is Memorial Day. Memorial Day was officially proclaimed on May 5, 1868…over 140 years ago. Today we ALL need to pay respect, honor, and remember those who died defending us. Think about it…they died so we could have the life and opportunities we have today.

So, today as we remember those who gave up their lives so we could have ours, here is the question we need to ask ourselves. Would those who’ve died so we could live say it was all worthwhile if they where to be with you today…to see how you are living your life…to see how you are making a difference? They died so we could live…they left their families behind…they were only kids. Don’t let them down…make them proud of what you do and the difference you are making in this life…make the most of it…they gave their lives so we could!!!!

So, when things aren’t going our way, when we are tired, and when the going gets tough, close your eyes and think of them…ask yourself, what advice would they give me? Would they think it is so tough? Would they tell you to give up…hit the snooze bar and stay in bed a little longer…make excuses? Is that what whey would have done? I don’t think so….what do you think? I’m sure they would gladly trade places with you!!!!

We owe them to give it our ABSOLUTE BEST!!!!!!!

Commander Kelly Strong, USCG (Ret.) perhaps said it best in his poem “No, Freedom Isn’t Free”:

I watched the flag pass by one day.
It fluttered in the breeze.
A young Marine saluted it,
And then he stood at ease.
I looked at him in uniform
So young, so tall, so proud,
With hair cut square and eyes alert
He’d stand out in any crowd.
I thought how many men like him
Had fallen through the years.
How many died on foreign soil?
How many mothers’ tears?
How many pilots’ planes shot down?
How many died at sea?
How many foxholes were soldiers’ graves?
No, freedom isn’t free.
I heard the sound of taps one night,
When everything was still,
I listened to the bugler play
And felt a sudden chill.
I wondered just how many times
That taps had meant “Amen,”
When a flag had draped a coffin
Of a brother or a friend.
I thought of all the children,
Of the mothers and the wives,
Of fathers, sons and husbands
With interrupted lives.
I thought about a graveyard
At the bottom of the sea
Of unmarked graves in Arlington.
No, freedom isn’t free.”

Make it a GREAT life…they gave theirs so we could!!!

Has the Silicon Valley Real Estate Market Hit Bottom?

By Dawn Thomas | May 22nd, 2009 0 Comments

The Silicon Valley Real Estate Market continues to pick up momentum. The question is, have we hit bottom and are we heading out of this or is this just a short upswing before the bottom really falls out? I wish I had the answers to that question. My suggestion right now would be that if you are considering a real estate purchase, jump in now. You simply cannot go wrong. If you are selling or need to sell—list now and price your home to move fast. If this is a short upswing then you don’t want to miss your chance to sell now during an upswing.

How long of a window might we have? Who knows??? I would guess that we might see a better market for at least the next 60-90 days. The longer term problem could be increased interest rates or the increase in inventory of short-sale and foreclosed homes. Any of these could have a negative impact on our local market. My suggestion is don’t watch national trends, but focus mostly on what you see taking place in our community and listen to your Real Estate professional for the best perspective on what’s really going on. Your Realtor® has his/her ear to the ground every day and knows the pulse of the local market.

Have you noticed that mass media has stopped talking about Real Estate since the drama is no longer left in the story and there’s no more “tragedy?” Take notice of this, my readers!

Let’s Talk Trends
For Silicon Valley Real Estate as a whole, check out these trends. Bottom line—if the trends continue, we will see a shortage of inventory in the not-so-distant future. The last time this happened was in 2005.

In Los Altos, Los Altos Hills, and Mountain View, we are seeing some upward momentum in certain areas and fairly regular activity in others (stats from April 2009):

Los Altos—New listings increased (118% of April 2008); Inventory is 203% of April 2008; Closed sales are 45% of April 2008.

Los Altos (comparing April ’09 to March ’09)—17 more new listings entered the market in April, making the current inventory of active homes 132. Closed sales were down a bit—11, which was 78.5% of March’s closings.

Los Altos Hills—New listings increased – 1.5 times more in April 2009 than in April 2008; Inventory is 159% of April 2008; Closed sales were right on point with April 2008.

Los Altos Hills (comparing April ’09 to March ’09)—27 more listings came on in April, making the current inventory of active homes 70. Closed sales were 6, which is the total of combined sales for all of Dec. ‘08 – Mar. ’09). This is an excellent trend for the higher-end!

Mountain View—New listings increased (115% of April 2008); Inventory is 200% of April 2008; Closed sales are 133% of April 2008—another great upward momentum indicator for our market!

Mountain View (comparing April ’09 to March ’09)—45 more listings came onto the market in April, completing month-end active inventory at 108. April’s closed sales exactly doubled March’s at 20!

So, I will ask you—have we hit bottom? I would love hear your comments!

Has The Silicon Valley Real Estate Market Hit Bottom?

By Dawn Thomas | May 22nd, 2009 0 Comments

posted by the Dawn Thomas Team of the Intero Los Altos office

Have you noticed that mass media has stopped talking about Real Estate since the drama is no longer left in the story and there’s no more “tragedy?” Take notice of this, my readers!

In Los Altos, Los Altos Hills, and Mountain View, we are seeing some upward momentum in certain areas and fairly regular activity in others (stats from April 2009):

Los Altos—New listings increased (118% of April 2008); Inventory is 203% of April 2008; Closed sales are 45% of April 2008.

Los Altos (comparing April ’09 to March ’09)—17 more new listings entered the market in April, making the current inventory of active homes 132. Closed sales were down a bit—11, which was 78.5% of March’s closings.

Los Altos Hills—New listings increased – 1.5 times more in April 2009 than in April 2008; Inventory is 159% of April 2008; Closed sales were right on point with April 2008.

Los Altos Hills (comparing April ’09 to March ’09)—27 more listings came on in April, making the current inventory of active homes 70. Closed sales were 6, which is the total of combined sales for all of Dec. ‘08 – Mar. ’09). This is an excellent trend for the higher-end!

Mountain View—New listings increased (115% of April 2008); Inventory is 200% of April 2008; Closed sales are 133% of April 2008—another great upward momentum indicator for our market!

Mountain View (comparing April ’09 to March ’09)—45 more listings came onto the market in April, completing month-end active inventory at 108. April’s closed sales exactly doubled March’s at 20!

So, I will ask you—have we hit bottom? I would love hear your comments!

Intero Real Estate Blog

Archive for May, 2009

Monday Morning Mojo

Business Building

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Tax Credit

See Also

Business Building

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Short sales are a large portion of Santa Clara County real estate these days…

See Also

Measure B Passes!

See Also

Monday Morning Mojo

Has the Silicon Valley Real Estate Market Hit Bottom?

Has The Silicon Valley Real Estate Market Hit Bottom?

See Also

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