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Posts Tagged ‘Financing’

There is always something inspiring about those who have the courage of their convictions! Years ago I recall sticking some money into a “contrarian” fund… I don’t recall how my investment did, but I liked the idea of investing (a little!) with someone who saw the possibilities in a down market! With little inventory on the market, the jewels in the crown are selling quickly, in competition, and yes… for cash. As appraisals are often coming in more conservatively the cash offer has really come into it’s own; you would be amazed how many cash buyers are in the market in all price ranges… though with those  piddly interest rates at the bank -maybe not!

Of note to cash buyers, there is cost saving refinancing available to a buyer who wants the competitive advantage of a cash offer, and to subsequently leverage their investment with a mortgage within the first 90 days of ownership.
(Let me know if you want more details)

MARKET UPDATE!

Two exceptional Berkeley homes, including my favorite mid-century with to die for garden which just closed in 10 days for cash and significantly over the list price…. we do seem to be moving out of the market stall at the end of 2011.

See the list versus sales price……wow!

Click on image to enlarge


MY BROKERS TOUR PICKS!

So where in Oakland can you find a level home on almost a half acre, with a Bay view and some Hollywood style for under $450K? OK so some of them need some updates but the space is amazing…. so if theBerkeley hills and Rockridge leave you feeling cramped try looking a little further afield! We had a lovely drive through the hills to see 4200 Aberfoil  listed by Donna Conroy of Pacific Union

And if your budget allows for a higher price and you want the latte factor…which you will pay more for…try this classic Oakland home on the Piedmont border close to the GrandLake area. Super access to the garden and plenty of curb appeal at 1027 Winsor Listed by Karen Lum of GrubbCo

I’m always happy to answer real estate related questions and appreciate your support through referrals!

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We divide the market into different segments to look at data and review prices and volume.
In the charts here we compare 3rd quarters only and divide the market into above and below $800K.
The lower and upper ends of the market frequently adjust differently.

The link will take you to 6 local cities, and Oakland divided by neighborhoods.
Some quarters the data can be quite skewed by a few sales, so these brief windows are a snapshot in time and we review the whole year for a more balanced perspective!

PLEASE CLICK ON IMAGE -FOR A CLEAR LOOK AT THE FULL REPORT

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Several buyers who have visited my recent open houses have told me they hope to take advantage of the market and buy a higher priced home.
The low mortgage rates and price discounts have created an excellent opportunity for home owners who have equity or the financial ability to trade up to a more expensive home.
The graphic below illustrates how trading up can actually be a better deal now, even if the value of your current home is down.
If you wait for the prices to go up, the proportional cost of trading up will be higher.

CLICK IMAGE TO ENLARGE

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We’ve come out of a slower 6 weeks and had a couple of good weeks of sales activity.
Mortgage rates continue to be amazing, with some volatility.
Despite the fact that this is primarily being called a buyers market, over 40% of our Pacific Union sales transactions in September had multiple offers.
Properties which show well and are priced correctly are getting the buyers attention and going into contract.

Lenders continue to put buyers through their paces, the majority of our escrows are closing, but it’s usually bumpy!

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Here is a graph of sales activity in the 6 East Bay cities I track.
This shows the number of properties priced between $500K-$1M going into contract every week for the last 6 months.
As you can see the volume has picked up quite a bit since last year and increased significantly in mid June.
Please click the graph to view a larger image

click on image to view full-screen

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Our brokers meeting today included a discussion on the current situation with short sale transactions and loan modifications.

In 2010 we anticipate there will be an increase in the number of homeowners who will be trying to modify their loans, and the number of sellers who will be under water if they sell.

The good news is that more of the banks are starting to do loan modifications.

If you know anyone struggling with their loan payments, it is REALLY worth talking with the lender. If they were approached months ago with no success, it is worth another call!!

Some lenders are lowering the rates and, yes, they are doing this even if the home is worth less than it sold for. This may not work for everyone, but if you plan to stay in your home it may make sense.

We heard better feedback today particularly for homeowners with Wachovia, World Savings, Wells Fargo and Chase.

For many homeowners, the short sale route can still be preferable to foreclosure. An attorney can advise if this makes sense.

Yes, banks can still take a long time on the short sales; however, it is good to hear there is progress being made.

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