Archive for the ‘San Carlos’ Category

The Value of Fixer Uppers

By Steve Ricketts | August 5th, 2009 0 Comments

All home buyers are looking for value, and to most this means getting the largest home for the lowest price. For many buyers this translates into purchasing the renowned ‘fixer-upper’.

So what exactly qualifies a home as a ‘fixer-upper?’

There’s a wide range of subjective credentials, as some homes may only need new paint and carpet, while others may need more extensive repairs to their foundation, roof, plumbing, or electrical systems, etc.

While on your search for the right home, remember to be realistic on accomplishing the repairs – who will do it? Will it be you, or will you be hiring a contractor? Estimate how much the repairs will cost with, and without, professional help. Does it make your purchase worth it? If you have to hire an expensive outside contractor you may not see the potential value of buying the home in the first place.

If you choose to buy a home requiring repair it is especially important to work with a licensed REALTOR, due to so many potentially expensive issues you may be confronted with. Your agent will walk you through the details of the property and termite inspections, and help guide your decision-making process based on your own ability to repair the home.

Your REALTOR should also be able to recommend the best vendors in your area, based on their past experience and company recommendations, in case you need further help on your project, or even just some quality advice. Choosing the wrong people to help repair your home can be very costly in both time and money.

Once escrow has closed, and keys are in your hand the fun begins! With the economy as it stands today many home owners with fixer-uppers are turning to “sweat equity”, or do-it-yourself repairs, to enhance their home value.

You will find savvy home owners doing most of the work themselves with friends and family lending a hand. A method of making the project more pleasurable and less of a chore for your invited helpers is to make a party out of it! Offer pizza, drinks, music, etc. to motivate your crew. Offer out-of-town friends and relatives the chance to be your first few guests in your new home. Or, make this a great excuse to call old friends you haven’t seen in awhile. Make your home improvement projects a community effort.

You will be amazed when you are finished. Not only have you repaired and remodeled your new home, you will probably find that you have also built stronger relationships with family and friends.

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If There Ever Was a Time to Buy, This Is It!

By Russ Boyd | July 25th, 2009 0 Comments

Five Reasons Why Now is the Perfect Time to Buy-

  1. Low Mortgage rates – Bankrate.com recently reported, that mortgage rates are at their lowest point ever in their survey taking history. They have been conducting rate surveys since September 1985. The national average for a 30-year fixed rate mortgage is very near 5%. This is great news for buyers.  If you read or listen to the news, you will see that refinancing has increased dramatically.  Why do you think this is? Any further rate drops are likely to be minimal.  One thing that you can count on, when rates begin to rise, they go up much faster then they go down.  The current interest rates alone, is a really good reason to consider purchasing a home.
  2. Housing Prices –  Everyone knows that housing prices are down in most regions.  Do you think prices are going to continue to decline?  Perhaps, but most of the decrease is now reflected in today’s prices.  The number of sales and median prices have been rising steadily in the Bay Area since the first of the year. Multiple offers have become very common in the lower price range.  See for yourself at BayAreaMarketMetrics.com.  Now you have two good reasons to buy.
  3. Seller Motivation –  Due to the current market conditions, it is pretty easy to identify motivated sellers.  In many instances, you can easily find a motivated seller by looking at the property description. Look for keywords such as: “motivated seller,” “make an offer,” or “must sell.”  Be sure your agent is on the lookout for consistent price reductions. If you like the property and the seller is motivated, then you should seriously consider making an offer.  If you don’t, chances are someone else will and you will have missed your opportunity.  Don’t let that happen to you.
  4. Tax Advantages –  Current tax law allows homeowners to deduct interest paid on mortgages and the amount of paid property taxes. If you are paying rent, you do not qualify for these deductions. The Federal and California State governments are also offering incentives.  The most widely publicized are the Federal $8,000 first time home buyer tax credit and the California $10,000 tax credit for a new home purchase. This makes a great opportunity even more incredible.  For find out if you qualify for one or both of these home buyer tax credits, check with your Realtor®.
  5. Timing – You must have heard the expression “buy low and sell high,” right? It might even be your mantra. As with any investment, it is ideal to purchase when prices are low rather than at their peak. However, if you are waiting to purchase a home because you believe prices will continue to drop, you will likely miss out of an ideal opportunity. The time to “buy low” is right now. Once everyone comes to the realization that prices may already be at their lowest point, then you can rest assured that buyers will jump in and start buying. In the lower price range multiple offers are becoming more common.  Remember, the best deals will be the first target.

Now you know, this is a great time to buy a house.  There is plenty of inventory, interest rates are low, house prices are down, sellers are motivated, you can take a tax deduction and you may qualify for up to  $18,000 in tax credits. The timing is perfect. You have nothing to lose and so much to gain.

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Great time to buy investment real estate? Depends.

By Mario Pinedo | July 22nd, 2009 0 Comments

In the single family home market, prices are down significantly. Interest rates are also at close to all-time lows.  So, yes, all indicators are pointing to a great buyers market.

The apartment market is different altogether. First time buyer financing is harder to get and also due to many foreclosures making homeowners into tenants, there are far more renters in the marketplace than normally would be. Therefore, rental rates are up and vacancies are down. Most apartment owners are happy and not very motivated to sell.  Read: no good deals here.

The one opportunity I see is in the duplex – fourplex market. Here there has been financial trouble because of the loose financing that occurred. Compare this to the financing of apartment buildings above 4 units, which has always been very conservative. There are short sales and bank owned foreclosures to be had in the duplex – fourplex market.

With rents healthy… yes, this is indeed a good time to buy a home.

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Vote to save the San Carlos schools and your property values!

By Ed Gory | April 7th, 2009 0 Comments

posted by Ed Gory of the Intero San Carlos office

Those that live in the San Carlos school district I’m sure have heard that the schools need to make over $2 million in budget cuts by June of this year, even though they are the lowest funded district in the San Mateo County. Measure S which was on the ballot in November unfortunately failed by less than 50 votes, so now our children’s schools are in dire need of additional funding. Last month the San Carlos School Board voted to try it on the voters again and put what is now Measure B on the May 5th mail-in only ballot. This measure needs to pass in order to preserve the many important core programs at our schools like Music, PE and our libraries.  If this measure does not pass not only will our children suffer but so will our San Carlos real estate values!! We all know that the #1 reason so many families flock to San Carlos is because of the great schools!

To help the cause our Intero San Carlos Office is being extremely proactive and collectively picking up our phones to remind voters to vote in favor of Measure B. We are gathering on April 20th, from 6:30pm to 8:30pm, here in our office at 1250 San Carlos Ave. We look forward to speaking with some of you.

Thanks again for your help and support in helping us pass Measure B!

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