Posts Tagged ‘real estate’

« Older Entries
Newer Entries »

Intero Insider: Prices Stepping Up in California

By Gino Blefari | October 5th, 2010 0 Comments

Anyone looking to buy a home in California might feel a bit of urgency after hearing the latest news on sales trends in the state. Sales are up a bit, though not as strong as they could be – but prices are getting hotter by the minute.

The statewide median home price increased 1.2 percent from July and was up 8.6 percent from a year ago, according to a recent report from the California Association of Realtors.

This news, along with the incredibly low interest rates on long-term mortgages should be enough to push anyone off the fence. Sales are still slow enough to offer many buyers a good deal, while the price trend shows strength in our underlying market forces.

Is it a good time to buy in California? My instinct is to say “you bet it is.” Market conditions agree. But of course, this is now and always will be a highly personal question with an answer that is unique to the person asking.

Buyers today need to be prepared for a rigorous mortgage process – one that requires reams of documentation, stellar credit and an impressive cash deposit. You’ll need to have worked at this for some time (good credit and cash unfortunately don’t fall from the sky).

If you’re interested in a home in California, don’t rule it out, though, if you think you don’t qualify. FHA, for example, is still writing mortgages, which don’t require as high a downpayment as those made from private lenders.

I urge you to act – though not in haste and not alone. Today’s market is perhaps the most confusing time in our industry’s history. But don’t view this as an obstacle – view it as a potential opportunity. Enlist the help of a real estate specialist with Intero Real Estate and get the insight you need to navigate these rocky waters.

Real estate is alive and well in the Golden State. But it’s murky, slow and full of unexpected twists and turns. Don’t risk missing out, though, because it all seems so unfamiliar. Talk to an agent about your situation today.

  • Get new posts via email
  • Subscribe

Intero Insider: What’s the Next Big Solution for Housing?

By Gino Blefari | September 21st, 2010 0 Comments

As expected, the countdown to the final closing days of the homebuyer tax credit has brought on more debate. Should the government create more programs aimed at boosting home sales or just stay out of it and let the market correct itself?

Many of the programs that were created to help homeowners and home buyers have been utter failures. Sure, the tax credit boosted sales while it was in place. But even now that conditions arguably are better for buyers – record low interest rates and lower prices in many areas – home sales continue to slog in many cities.

Another program may or may not help home buyers or struggling homeowners. But what happens when it ends? With the home buyer tax credit, we saw an artificial boost to the market, followed by the inevitable fall in sales as the immediate incentive went away.

So what’s next? As I’ve said in this column before, it’s all in the jobs, really. If the government really wants to help housing and homeowners then we need to think about security, incomes that are in step with mortgage payments, and a confidence in the future.

With interest rates as low as they are and the opportunities that abound for buyers today, it only makes sense that the missing key here is stability in incomes. Tax credit or no tax credit, life goes on. The reasons for buying and selling real estate always withstand the test of time – through markets good and bad. It’s a roof over your family’s head. It’s pride in ownership.

The government might do better to focus on helping those families who feel stuck – the ones who are underwater on their mortgages. They want to be owners. They have the means to pay. But they feel caught up in the waves of the mortgage mess that inflated the values of homes when they happened to buy. Another tax credit is not going to help them continue to pay a mortgage on a house they know they can’t sell without a loss.

Let’s get to the root of the problem, which isn’t necessarily home prices or the pace of sales. The real problem is a lack of stability and a lack of economic security. That’s the glue that holds together American ownership.

  • Get new posts via email
  • Subscribe

Intero Insider: What Lower Demand Means

By Gino Blefari | August 25th, 2010 0 Comments

The data on the street points to lower demand for homes and increased supply throughout the end of the year. This is a recipe for market slowdown, for sure. But the news means different things to different people and entities.

Here is my take:

Home buyers: The best news is first. Buyers have it made right now. Interest rates are now at all-time lows. Not historic or near historic, but all-time lows.

And of course the higher inventory and lower demand in many markets gives the buyer more to choose from and more negotiating power simply because there is less competition from other buyers.

Bottom line for home buyers is that this news is good – excellent, in fact.

Home sellers: Simple math and physics tell us that when one side of a scale is up, the other side is down. Sellers may be on the down side of the equation here, but there is an upside. Fortunately, for the seller, this simple math can never account for the intangibles like an elite neighborhood, amazing schools, or the emotion that often is real estate.

Every sale needs just one buyer – the right one. When this occurs, the seller gets what he or she needs and moves on.

Bottom line for home sellers is that it may be tough, but definitely not impossible. If your location is coveted or your home has a lot of other appeal, there’s no need to fret.

The housing industry: Slowdown for the second half of the year, but not a halt. Be prepared for longer deals and more hurdles. These may be frustrating times, but many successful entrepreneurs are made in times of economic hardship. Be patient, work hard and don’t be afraid to innovate. Now is not the time to retreat.

Bottom line for the industry is that these slow times will weed out the weakest professionals.

Renters: Fewer home buyers can mean more renters so look for much more competition when you’re searching for your next rental. Rents may climb in some markets.

Bottom line for renters is that it may not be the best time to look for a new place. If you are financially and psychologically ready to become a homeowner, you might want to check out your buying options instead.

The economy: A slow housing market is not the greatest news for the economy as a whole. But the underlying factors causing the slow housing market are actually of more concern to the economy right now – slow job growth, massive deficit, deflation risks.

Bottom line is that the housing market will continue to be a topic of discussion in Washington. Look for more programs or program ideas to help tip the scales to faster growth.

To conclude, you see there are winners and losers in the low-demand, high-supply scenario. It’s all in how you see it. Opportunities are there for everyone.

  • Get new posts via email
  • Subscribe

Intero Insider: Can I live here?

By Gino Blefari | June 1st, 2010 0 Comments

What are you really looking for when you decide to buy a home? Shelter, of course – a place you can call home that is comfortable, safe, and reflective of your own tastes.

And in that regard, looking for a home online can be pretty satisfying. There are hundreds, if not thousands, of websites displaying property listings today. Most of them give you basic information along with a few photos.

When you see one you like you might choose to move to the next step and contact a Realtor.

But what most buyers are looking for – and where most real estate websites fail – is an answer to a simple but important question:

Can I live here?

Answering that question requires something more than a list of properties for sale.

What you need is information that allows you to decide if the place in which a property exists meshes with the way you like to live life.

You may want to know:

Is there a good coffee house close by?

Are there day-care options near this property?

Is the elementary school within walking distance?

These are the things that get to the heart of the matter – the lifestyle factors that make a house a home.

We understand this at Intero and built technology to support this sort of decision. When you conduct a property search on Interorealestate.com you will see a clear list of properties (along with some very cool mapping tools) but you’ll also see a link on the left side of the page that says “schools, cafes, groceries and more.”

You can then choose from over two dozen types of amenities – from banks to restaurants – and display them on a map. 

Of course, the best way to truly understand a property and its neighborhood is to work closely with a good Realtor, but with this view you can get much closer to an answer to that all-important “Can I live here” question.

Happy searching!

  • Get new posts via email
  • Subscribe

Intero Real Estate Services climbs to #17 on the 2010 REAL Trends 500 list of America’s largest real estate companies

By Teressa Francis | May 27th, 2010 0 Comments

Silicon Valley-based brokerage and franchisor is the youngest firm among the top twenty companies on prestigious list

CUPERTINO, SILICON VALLEY, USA – May 27, 2010 — Intero Real Estate Services (http://interorealestate.com), a leading U.S. real estate brokerage that has recently expanded its brand globally, as a franchisor, through Intero Franchise Services, Inc. and Intero International Franchise Services, LLC, announced that it ranked #17, based on sales volume, on the prestigious REAL Trends 500 list of America’s leading real estate companies for 2010.

Intero is also the youngest company within the list’s top twenty firms – a fact that underscores the rapid growth and success of the Intero brand. Intero was founded in 2002 and broke into the REAL Trends top 25 in its second full year of operation – a first for any real estate company.

The REAL Trends 500 list is published by REAL Trends, Inc., a publishing company considered to be a leading source of real estate analysis and information.

“We are honored to make the REAL Trends 500 again – it represents a who’s who of American real estate companies,” said Gino Blefari, Intero President and CEO. “The fact that Intero is one of the youngest firms on the list is particularly meaningful to all of us at Intero who believe real estate is ready for our brand of innovation.”

Intero’s growth is driven by re-thinking the real estate brokerage. The company was among the first to syndicate listings on the Internet, has been recognized for its outstanding Website and has reinvented the real estate office. Intero is now expanding its brand nationally and internationally through master and single-unit franchising.

“The REAL Trends 500 has always been a marker of success in this business,” said Bob Moles, Intero Chairman and former President and CEO of the Real Estate Franchise Group of Cendant Corporation, the largest franchiser of residential and commercial real estate brokerage offices in the world. “The fact that the Intero® brand has made it so far so fast is a validation of our commitment to sustained innovation.”

  • Get new posts via email
  • Subscribe

The Intero Insider: All politics (and real estate) is local

By Gino Blefari | May 18th, 2010 1 Comment

Former Speaker of the House Tip O’Neill stated, famously, that “All politics is local.” The same could be said for real estate.

This is true for many reasons, but for my purposes today, I’m going to focus on just one of them.

Home values.

For my money, there’s nothing that compares to a local expert. Someone who knows the markets in which he or she works. Local agents know the neighborhoods in which they do business in a way that a big box company simply can’t. They know that home prices don’t vary simply from state to state, nor from city to city. They know that home prices are specific to neighborhood and that making sweeping generalizations about the real estate market in a given area might get you in the right ballpark, but they’ll rarely hit a home run.

I’ll give you an example.

Earlier this morning, while I was getting ready for the day ahead, I was watching a popular morning news program. On it, a nationally-recognized real estate figure was encouraging first-time homebuyers to use online tools like Zillow and Trulia to decide what a fair price for a home in a given area might be.

Now, I’m not going to knock Zillow and Trulia. Each of these tools is in business because it’s brought something new and innovative to the real estate table. But the fact remains that the information they make available for home values is very often wrong. Dead wrong. Sometimes, its values are dramatically below actual market price, sometimes they are far above.

These services simply cannot provide the perspective that (A) a human being and (B) someone who’s intimately familiar with an area can.

When you work with a real estate professional, work with someone who understands the subtle nuances of the neighborhoods in their market area. Work with someone who knows that homes on the side of the street with water views are going to cost more than those on the side of the street with no view (for the record, Zillow can’t tell the difference).

Work with someone who’s going to know which price constitutes a great deal for his or her clients.

At Intero, we pride ourselves on being this type of company. We take pride in being a hometown company whose agents live, work, and play in our market area. We take pride in knowing that our real estate professionals understand the market data that really matters, and we take pride in knowing that our agents know the tiny details that will make the biggest difference to you.

  • Get new posts via email
  • Subscribe

Intero Insider: Why Would You Choose One Over The Other?

By Gino Blefari | March 31st, 2010 0 Comments

At a recent gathering of real estate professionals of which I was a part, a rather interesting question was posed.

“Do people choose an individual real estate agent, or do they choose the brokerage for whom they work?”

The ensuing discussion was exhaustive and filled with more than a little hot air, but it got me thinking. What really matters to our customers and clients? What really matters to you?

At Intero, we take the approach that everything matters. Everything is important. We are only as strong as our weakest link.

We take great care to hire only the best agents. And by “best”, I don’t just mean those who make lots of sales or who bring business to our offices. When I say “best”, I mean those agents who continually set higher standards for their work, to embrace innovation. I mean those who are willing to go the extra mile (and further, if necessary) for their clients and customers.

While many brokerages see fit to hire anyone with a pulse, we have no interest in merely filling our offices with bodies. At Intero, our agents are the ambassadors of our brand. They’re carrying our name out into the field and their actions, good or bad, polish or tarnish our brand accordingly. Their skill, caring, and expertise is a direct reflection on us and the sort of business we endeavor to run.

You might ask yourself, “If I have a great agent, why should it matter to me whom he works for?”

On the surface, that question makes sense. But scratch just below it, and it makes no sense at all. Why does it matter?

It matters because, when push comes to shove, you want someone who is backed up by resources. There are plenty of real estate brokerages who hire agents (more to the point, who collect fees from agents and do very little else) and send them on their merry way with a few yard signs, never to give them another thought. Is that the sort of company that you want representing you?

At Intero, we do things differently. We stand behind every one of our real estate professionals. We put the strongest resources and best technology behind them. We want everyone to know that Intero stands for quality, not just a stable of relatively warm bodies who’re doing the bare minimum. Our agents deserve our support, and our clients most certainly do as well.

Why this question should matter, why you should want both a great agent and a great brokerage is that while each is great individually, the strength generated by their combination is unbeatable. When you’re embarking on what is, arguably, one of the most important decisions — financial or otherwise — of your life, why would you settle for anything less?

  • Get new posts via email
  • Subscribe

Discovering Benefits of a More Sustainable Landscaping

By Tadas Narauskas | March 12th, 2010 1 Comment

The shortcomings of traditional landscaping are evident as never before.  You can smell them in air pollution landscape (lawnmowers, transportation, energy use), you can taste them in our water pollution (fertilizers and pesticides), and you can see them in harmful effects to our biodiversity and consumption of natural resources.  At the end of the day conventional landscaping can be just down right cost and labor intensive.  That is exactly why more and more folks are discovering the joys of sustainable landscaping.

So what exactly is this “sustainable” landscaping that everyone is talking about and what can it do for us?  Essentially, sustainable or “green” landscaping is landscaping that considers things like water conservation, the use of all natural resources and the selection of proper plants to beautify a piece of land while still making it work with the surrounding ecosystem.

In the beginning this may sound a tad complex but rest assured – it’s not.  There are countless things that we can try at home on your own.  Keep in mind these three mantras – Conserve, Design and Protect.

Conserve means conserving resources like water and using a composting bin to recycle natural yard waste into organic fertilizer.

Protect means preventing or reducing processes that degrade or pollute the environment and harm regenerative capacity of our ecosystems.

Design means designing your landscaping in harmony with the natural environment, and in a way that it enhances the sustainability features of your home.

For instance, if you are planning on redoing the landscaping in your yard, consider the placement of deciduous and evergreen trees.  If you plant deciduous (the type that has seasonal leaves) on the south and east sides of your home, you’ll be able to get shade during the summer while still keeping the sun’s heat and warmth during the winter, because the leaves will not block the sun light.  Evergreens (the type that always has leaves) that have been planted in the north and the west are particularly wonderful for protecting your home from harsh winds during those colder Bay Area months.

It’s always a great idea to consider the use of recycled materials for your green landscaping project. You’ll find that soil amendments and mulch fall under this category.  With wood becoming more and more expensive and increasingly depleted, we may want to consider making sure we can recycle plastic bender board.  Similarly, we can recycle broken up concrete into great flagstones, and recycled brick for paths and patios.  With a bit of imagination the options to recycle are limitless.

One of the most essential components to sustainable landscaping is of course the water irrigation concerns.  Did you know that most people over-water their lawns by 50%? Imagine the water savings if they all just adjusted their sprinkler systems.  My next door neighbor’s sprinklers are on day and night, spraying all over including our shared fence which is beginning to rot already.  Our cats love watching it though, for them this is pure entertainment.

When deciding what to put in a garden, it’s beneficial to think about how the water will flow and how we can best take advantage of the water that is around. Key things  here is install drip-irrigation and use only drought resistant and native plants.  This will assure that your deep watering needs are kept to a minimum.

Looking for a place to buy some eco friendly plants?  Check out the Santa Clara County  Web Page (http://www.valleywater.org) for more info and nursery locations.  Want to hear something really cool?  The District will give you up to $1000 dollars to take out your lawn and replace it with drought tolerant plants and $1000 to install water conserving irrigation system. According to their website, this rebate expires this June, so don’t snooze on the opportunity.

Another fantastic resource online is the Master Gardeners of Santa Clara website (http://www.mastergardeners.org). It’s jam packed with all sorts of magic tips, wonderful advice, and local events for gardening and sustainable landscaping enthusiasts.

Sustainable landscaping makes financial sense and is truly our way of saying thank you to that earth and soil that have fed so many generations before us.  Happy landscaping.

More on Green Homes:  http://SanJoseGreenHome.com

  • Get new posts via email
  • Subscribe

Intero Insider: To Forgive Or Not To Forgive? That Is The Question.

By Gino Blefari | March 10th, 2010 0 Comments

Even in a “normal” year (when someone actually finds one of those, please tell me), I am bombarded each spring with questions about real estate transactions and their implications on Federal and State income taxes.

In a year in which we’re experiencing continued economic hardships, and since many of those hardships relate directly to home sales and foreclosures, I’m getting far more than usual.

Right out of the blocks, I tell them that I’m not a tax professional and that any questions that they have ought to be directed to their accountants and financial advisors. That said, I like to do all I can to help folks out, so I answer questions where I am able.

One of the most frequent questions I hear — and the one whose answer seems somewhat out of reach — pertains to short sales.

“I sold my house this year, but it was a short sale. Can the IRS or my state tax the forgiven debt?”

The answer is, “Yes. Yes, they can.” A better question is, “Will they?”

With regard to the Federal Government, the answer is “no”. In a move meant to encourage homeowners to work out alternatives to foreclosure, the Federal Government has placed a moratorium on the taxation of forgiven mortgage debt through 2012.

Many states have followed suit, but there are a great many who have not. One of the states in which the question has yet to be answered is California, a state that has been hit harder than most in this period of crisis, and also one whose economic woes far exceed that of any other.

While it may sound unfair, forgiven debt has always been treated as income and, until the Mortgage Forgiveness Debt Relief Act of 2007 was enacted, that income could (and would) be taxable.

At the time of this writing, Governor Schwarzenegger had not made a decision with regard to the state collecting taxes on forgiven debts, but in a state that is as cash-starved as California, there is a strong possibility that he’ll have no choice but to do so.

If you sold your home last year and that sale was a short sale, there are heady tax implications attached to it. It is imperative that you consult with your accountant or financial advisor, so that you can adequately prepare to meet the tax man, should he come a’calling.

  • Get new posts via email
  • Subscribe

Intero Insider: Selling Short? Keep Track of Everything

By Gino Blefari | February 17th, 2010 0 Comments

It’s that time of year again. The Winter Holidays are behind us, we’ve cheered a new Super Bowl champion and exchanged boxes of chocolates for Valentine’s Day. That can only mean one thing: Tax Season is upon us.

When it comes to your home, there is plenty of documentation of which you need to keep track when it comes time to file your annual return. For those of you filing “standard” income tax returns, this is all fairly clear and straightforward.

With the current real estate climate, however, there are scores situations, like having lost a home to foreclosure, or staring personal bankruptcy in the face, in which many never thought they’d find themselves. Situations like these can make filing taxes a bit trickier.

There’s one circumstance in particular on which I’d like to focus today:

Short sales.

If you’ve gone through the short sale process (where you can no longer afford the payments on your home, but your lender allows you to sell the home at loss, rather than go through with foreclosure), then you know it’s long, it’s arduous, and it’s one in which things have the potential to be very murky.

When completing the reams and reams of paperwork required by your lender to complete the short sale process, it’s likely that you signed a promissory note, or other like document, granting the lender the right to take action against you to collect the deficient amount. This is pretty standard. It’s possible, though, that you also got a copy of a document with the heading 1099-C, which the lender has filed with the IRS, indicating that the unpaid portion of the loan has been canceled. This is a trigger for the IRS to assess taxes against the forgiven debt.

Wait. What?

“How is that possible?” you might ask. Good question. It doesn’t stand to reason that a lender can pursue you for unpaid debt and that the IRS can assess taxes, as well. Logic would dictate that one or the other is reasonable, but not both.

Keep copies of everything having to do with anything related to the transaction.

If you signed paperwork indicating that the lender can take collection action against you, but you’ve also received a 1099-C for the uncollected debt, you’ll have plenty of documented proof to show the IRS that you don’t owe taxes on that amount. Similarly, if there is nothing in your sale paperwork that gives the bank the right to collect the debt, nor is there any other reference to it, the 1099-C will serve as evidence should the bank, at some point, decide to take action against you.

They can’t have it both ways.

I’m not a tax professional. I’m not certified to give that sort of advice. But I can advise you to seek the counsel of a tax professional, so that negotiating the maze of tax ramifications that come with a short sale is made somewhat easier.

For additional information you can also download IRS Publication 4681 from the IRS website at www.IRS.gov

  • Get new posts via email
  • Subscribe

« Older Entries
Newer Entries »