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Almaden Homes for sale

Blossom Valley Homes for sale

TheBlossom Valley homes for sale had a median sales price in ZIP code 95123 in San Jose from Oct 10 to Dec 10 was $382,445 based on 205 sales. Compared to the same period one year ago, the median sales price fo Blossom Valley homes for sale decreased 6.8%, or $27,855, and the number of sales decreased 26.5%. Average price per square foot for Blossom Valley homes for sale was $263, a decrease of 4.4% compared to the same period last year. There are currently 190 resale and new homes in ZIP code 95123 The average listing price for homes for sale in 95123 was $345,285 for the week ending Jan 26, which was unchanged compared to the prior week. Other popular ZIP codes in San Jose include 95125 and 95123, with average listing prices of $710,757 and $345,285.

Cambrian Homes for Sale

Cambrian Park homes for sale in ZIP code 95124 in San Jose had a median sales price, from Oct 10 to Dec 10, of $593,500 based on 149 sales. Compared to the same period one year ago, the median sales price for Cambrian Park homes for sale increased 2.4%, or $13,900, and the number of sales decreased 5.1%. Average price per square foot for homes in 95124 was $373, a decrease of 2.9% compared to the same period last year.  The average listing price for homes for sale in Cambrian Park  (zip code 95124) was $604,981 for the week ending Jan 26, which represents a decrease of 0.6%, or $3,451, compared to the prior week. Popular ZIP codes in San Jose include 95125 and 95123, with average listing prices of $710,757 and $345,285.

Los Gatos Homes for sale

Average price per square foot for homes for sale in Los Gatos CA was $514, a decrease of 1% compared to the same period last year. The median sales price for homes for sale in Los Gatos CA for Oct 10 to Dec 10 was $840,000 based on 158 home sales.  Compared to the same period one year ago, the median home sales price increased 4.5%, or $35,804, and the number of home sales decreased 3.1%.  The average listing price for homes for sale in Los Gatos CA was $2,007,652 for the week ending Jan 26, which represents an increase of 0.4%, or $8,013, compared to the prior week.

San Jose Homes for sale

San Jose homes for sale have an average price per square foot of $291, a decrease of 1.4% compared to the same period last year for San Jose homes for sale. The median sales price for homes for sale in San Jose CA for Oct 10 to Dec 10 was $400,000 based on 2,628 home sales. Compared to the same period one year ago, the median home sales price increased 0%, or $0, and the number of home sales decreased 27.6%.   The average listing price for homes for sale in San Jose CA was $468,834 for the week ending Jan 26, which represents a decrease of 0.1%, or $458, compared to the prior week. Some popular neighborhoods for homes for sale in San Jose include Willow Glen and Evergreen, with average listing prices of, respectively, $662,649 and $678,615.

Willow Glen Homes for sale

The median sales price for homes for sale in Willow Glen, San Jose for Oct 10 to Dec 10 was $550,000 based on 227 sales. Compared to the same period one year ago, the median sales price for Willow Glen homes for sale decreased 10.9%, or $67,000, and the number of sales decreased 23.3%. Average price per square foot for Willow Glen was $377, a decrease of 1.8% compared to the same period last year. The average listing price for homes for sale in Willow Glen was $662,649 for the week ending Jan 26, which represents a decrease of 5%, or $34,711, compared to the prior week.

Closing costs are overlooked by most buyers until the final phases of the purchase contract are being executed.  Buying a home is not quite as simple as just applying for a loan and writing an offer and moving in.

Home Buyer closing costs are arguably more important than the loan approval.     You  should consider them first.  While consulting with your Realtor ask them to describe all the different ways these costs can affect your offer, the price you pay and how you may be able to use them to help you afford a more expensive home or reduce you payment.

I have used these costs to make the best offer in multiple offers situations.    Call it creative offer structuring.   Remember,  only a few of these are commonly packaged in your mortgage and if they are not negotiated in, you should be prepared to pay them at closing.

Lender fees:

• Loan origination points – depends on your lender and type of loan
• Prepaid interest – depends on which day of the month you close
• Property tax impounds – depends on the type of loan and time of the year you close
• Insurance impounds – plan on 6 months of insurance, if required
• Processing/Underwriting fees – depends on your lender and type of loan
• Document prep fees – approximately $150.00
• Appraisal fees – approximately $450.00
• Funding fees – depends on your lender and type of loan
• Tax service, flood cert, etc. – approximately $150.00

Title fees

• Owner’s title policy – determined by purchase price
• Lender’s title policy – determined by the loan amount
• Document prep, notary, recording, courier, etc. – $200.00
• Escrow fee – also determined by purchase price

Other fees associated with the Buyer Side:

• Prorated property taxes – depends on the type of loan and when in the year you close
• Homeowner’s dues – varies depending on the development
• Transfer tax – $1.10 per $1,000 of purchase price
• Annual homeowner’s insurance policy – depends on the type of home being purchased
• HOA transfer fee – varies depending on the development
• Inspections – Property (est. $450), Termite (est $250) & Roof (est $175)- other inspections may be recommended i.e. Chimney, Septic, Foundation the list can be long in some cases.

What are buyer contingencies?     click here for a review

With the, so called, troubled Real Estate Market in  Cambrian and Los Gatos many home owners are choosing to stay put.   While selling your Cambrian home may not be a favorable choice today, doing some home upgrades surely is.

When visiting a nearby Cambrian home I found some fantastic upgrades.  The Super high quality finishes and design choices really stoked my curiosity.  Who does work like this anymore?

This wasn’t the first time I had the chance to see this kind of affordable quality.  A few months before I had the pleasure to witness some outstanding Vanity and Armour choices being installed in a beautiful Los Gatos Estate home.   Matched with the suttle venetian plaster walls in the Master Bath and the  faux Limestone  walls in the Bedroom caused me to want to learn more about this craftsman.

The owners of this Los Gatos Estate Home knew that selling their home today would not meet their personal goal of having a newer construction home.    There just wasn’t enough equity to roll it over.   the best choice:  Do some needed upgrades and stay put.

The craftsman responsible for all this quality, Greg Hendricker, owns the Cambrian Park  home I mentioned before.  Simply put, it’s a live in design studio.   There are too many functional upgrades to mention them all.    The bedroom built in’s are what really inspired me to write this post.

Greg specializes in custom designed built in cabinetry at affordable prices.    Not only does he design them, he builds them and applies the custom finishes to match  specific decor choices.

Greg’s wife Chele has embraced the flexibility in their designs and deserves some credit too.    The kitchen has a hidden refrigerator that would amaze the most discerning decorator/architect.

With the number of custom choices Greg offers,  it is apparent the choice of selling your home or upgrading may not be so difficult. following his free design consultation.

If you are considering upgrading or have thoughts of selling  your Los Gatos or Cambrian Home,  allow me to help.   I will  provide you with a FREE market analysis and guidance to help you determine your best course of action.   In addition to the free analysis,  you can learn more about the long list of contractors I have compiled.    All this with no obligation!  Why wouldn’t you?  click here to view all the homes for sale in Cambrian or  all the homes for sale in Los Gatos can be found here.

Cambrian Park in a Few Words

In the purchase contract your contingencies are those items that determine if you still like the home, accept the value and choose to proceed with the purchase.  I listed the three types below.  Their purpose is to provide a set time period for you, the home buyer, to investigate the property condition, title history and to secure financing.

The common contingency periods are 10- 17 days.  The clock starts at the ratification date of the contract or when your purchase offer is signed and acknowledged by all parties.

• Property Condition

• Financing

• Title Conditions

These are the most common contingencies found in your purchase contract.  They are not required , however your contract should have one or more of these the contingencies.   Which contingencies, is dependent upon the structure of your particular home purchase offer.  The following details their significance to help you avoid the most serious consequences.

Property Condition: This is usually based on reports like the home buyer property inspection, the termite report, roof report and, when applicable, the fireplace or masonry report.

You may order any number of inspections you deem necessary.   Inspections for rural property would be far more extensive than those necessary for a home in the suburbs or condominium.  Raw land (dirt) properties require the most intensive inspection process.  This would include septic or perk, utility soil, geological etc.

Loan Contingency: The loan approval or financing contingency is used to give you time to gain your loan approval.  There is an additional element, the appraisal.  These should be tied together.  If the home you want to buy appraises at a value equal or in excess of your offer you won’t have any problem.

The appraisal contingency can cause a problem if it is incorrectly used in the contract.   What if  the home does not appraise for the amount you offered and you removed your loan contingency?  For example, you received your loan approval subject to the appraisal and you removed your loan contingency.   What if the home appraisal did not meet the offer price you and the seller agreed on?

You would likely find yourself in a pickle.   It would be up to you to find a way to cover the difference in price.   Not a fun place to be.  You could negotiate with the seller and ask for help, pull money out of your pocket or hope you  have another contingency to use to cancel the contract.  I suggest you take measures to prevent that from happening.   Make sure the contract uses language that ties the loan approval and home appraisal together.

appraisal note: The new loan disclosure process, that began last July, requires the lender to disclose your costs and allow you 72 hours to review them (commonly called the GFE  [good faith estimate]).   Often by email (except Wells Fargo).   When that is sent to you by email or if your lender sends by regular mail you simply respond to it and that initiates the appraisal order.

The appraisal then occurs.  The appraised value simply needs to meet the value that you offered for the home.   We then remove appraisal and loan contingency.

Title: The title search is performed by the title company hired to hold escrow and perform it’s duties as a neutral third party.  The  title report is necessary to identify any clouds on title.   Clouds on title are issues that affect ownership.   This would include liens (encumbrances) and ownership rights of others attached to the property.

In addition, it clarifies lot lines, easements and the ownership title chain.    The title company will provide a preliminary title report during the contingency period set forth in your home purchase contract and a final report, an updated version of the preliminary report, is available prior to the transfer of ownership.

Condominium buyers have a few other items to consider and should have these built into any contract.  The most common of these is the Home Owners Association documentation.    This package can be quite extensive.   It covers the contingencies mentioned earlier and other important  items: HOA budget, HOA reserves, HOA meeting minutes covering the past 12 months, articles of incorporation and by laws.

Not as common, yet  becoming very important in today’s atmosphere,  is to determine if the HOA project, sometimes called a PD or PUD, is FHA  approved for FHA lending or VA approved if you are considering a VA loan (veteran’s administration).

Michael Roberts is a licensed California Realtor and real estate investor providing agent representation to home buyers and sellers in the San Fransisco Bay area.

He can be contacted at mroberts@rwnetwork.com or his Website http://www.LosGatosHomesandRealEstateBlog.com

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Just released, the First Time Home Buyer Tax Credit has changed.  Yes, already!  The fund, at only $200 million dollars, will not last very long and you had better know the new rules to take full advantage of it.

The $200 million dollar fund  still allows a credit amount of 5%  or a maximum credit of $10,000, whichever is the lesser amount, based on the final sales price.  A very substantial credit!

Previously, the first time buyer was required to have the seller of record sign the tax credit form 3549a  prior to submitting the application for the credit.  However, on June 1st , changes were made for First Time Buyers of previously owned homes.

According to an email I received from Colleen Graves of Lawyers Title in Southern California, a popular Escrow and Title company, chosen by financial institutions selling their bank owned (REO, Foreclosures) properties throughout California,… Read the rest of this entry »

Buying a Home with Resale Value – Part Two

Buying a home in the San Jose real estate market can be a daunting task.  So many questions – How do I get a mortgage? How much can I afford? Will I find a home that fits my needs?  What exactly is PMI?  It can be easy to lose sight of the home’s salability in the future.  The good news is we can help answer all these questions and guide you toward a San Jose home with solid potential resale value.  The following bullets describe some key features to look for when shopping for San Jose homes for sale that will bring the most bang for your buck when it comes time to sell. Read the rest of this entry »

Wow!  These are my 3 picks of the weekend for Los Gatos Homes for sale.  New Home Buyers will find they have all the best things to offer.

Some lucky folks are going to be new homeowners in Los Gatos!

Great prices and locations are just the beginning.   17250 Pine St.Los Gatos is a short sale,  I know,  Yuk.  Not really!  Look what the fundamentals look like…

Schools: Great!  Location: Great!  Price: Amazing!

Use ‘the proper strategy and be prepared for a few bumps’ is the bargain hunters code. One may be a foreclosure one a short sale, however what would expect a bargain to look like?

Los Gatos is a tough area to find affordable homes and these 3 are a step in the right direction. Preparing for an opportunity equates to good luck, right?

The 2nd homes for sale in Los Gatos is 15175 El Gato and the 3rd house for sale in Los Gatos that I see as a great first time buyer pick is 228 Calle Marquerita.

Buying a short sale can feel like riding a rollercoaster or worse,  falling out of one?  Scary if you don’t know the short sale process!

Actually, rollercoasters scare the dickens out of me.  I like the idea of knowing what the outcome of something is going to be.  This is where buying a shortsale and riding a rollercoaster  share a similarity.  You never know what’s next!

They are both exciting and both can be frightening.

Changing the course of a rollercoaster, to reduce the scare factor, is impossible, however  you can make that rollercoaster short sale purchase like a ride on the Teacups at Disneyland.

The Teacup ride strategy to short sales should go like this….

• Screen properties for their potential to gain a short sale approval.
• Commit to the process.
• Prepare for a flexibility.
• Hire a Realtor proficient in Distressed Properties and Short Sales.

I think I like tea.

• Screening the properties, for their ability to gain a short sale approval, is a bit like having to do the maintenance inspection to be certain the rollercoaster is safe before you squeeze yourself into the seat.

Just last week I showed a very nice short sale house and the listing agent said they had a 3rd party negotiator. I thought.. great!  Only to learn the agent would not disclose the 3rd party.   Big red flag!   Obviously a ruse that would come back and make the buyer spill their tea.

You need to learn how many banks are holding the mortgage lien(s), which bank(s) and how far upside down are the current owners.   What is the mindset of the seller… Angry, Relieved?   Using these factors  an equation can be arrived at to grade short sales.

Committing to the process is as simple as buckling into the seat.  Once you have screened out the bad properties be prepared for surprises and commit to finding resolutions and making compromises .   Be certain this is what you want to do before you move forward and commit yourself  to the entire process.

Preparing for flexibility simply means you should not set a date certain to move from your current residence.  This is especially important if you are employing a moving company.

You wouldn’t plan to eat lunch at 12 noon and then ride a rollercoaster.  You would leave your lunch plans flexible to prevent a big mess.  Be flexible.

Select a range of dates for your move and make allowances with your landlord or your current home sale.  This will save a ton of stress and related problems.

If you have hired a competent lender you will have additional flexibility in your loan terms, loan lock and room to increase your approved loan amount should it become necessary to pay unforeseen expenses.  A huge problem with short sales in San Jose.

Hiring a multiple listing Realtor, who has extensive short sale experience, is what most buyers fail to do and learn of their error far too late to overcome their mistake.  Kind of  like getting on a broken rollercoaster.

If your short sale of choice is listed with an inexperienced agent,  it will make little difference how good your Realtor is.  This is a huge factor in any short sale equation.

Your Realtor should also have experience in working with a number of different banks,  have proven skill overcoming pitfalls and implementing solutions for those that are unexpected.    Successful short sale listing and selling experience is an absolute must!   If one  says to you  ” I can do it,  it’s easy.”…

….Find another amusement park.

Knowing what documentation to ask of the listing agent, to give you confidence you have committed to the right home purchase, and providing you with a  clear understanding of the progress of the sale, is an important part of your Realtor’s job.

Without this level of  experience and clear communication you will feel like you are on a non-stop rollercoaster.

So what will it be, an exciting ride on the Teacups or a risky rollercoaster ride?

Here is a long list of short sale FAQs and tips to hire a multiple listing realtor.

You’ll find the following Los Gatos property a great value.   An affordable short sale house in Los Gatos….

17250 Pine St, Los Gatos

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An attractive short sale Home for sale in Los Gatos is getting a lot of attention this week.   When a Million Dollar property is listed for under $800K that will happen.  Above Hi 17 the noise may be an issue for some or the old oil heating system, but a great price nonetheless.  Built in 1915 the character is built in.

first time buyer credit

Gov short sale guide