Saturday, November 21, 2009
How about shopping online..ONLY…online? Not likely, but Google has a fun new tool that will definitely keep you staring at your Laptop longer.
Where is this going to take Real Estate?
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Tuesday, November 17, 2009
Image via Wikipedia
If you have to ask that question then the answer is ‘yes’ your agent is probably lying to you. Notice I use the active ‘probably’?
In this series of articles you will learn:
There is a question every Realtor has been trained to use as an example to sell their service to a potential client. It goes something like this…
Seller/Buyer : “What is your commission on the sale?”
Realtor: “Well, my commission is one half of the whole – 6 or 7%”
Seller/Buyer: “Oh really? We only want to pay 5%”
Realtor: “If I were willing to give up MY money would you trust me with YOURS? I am not willing to negotiate my commission”
Wow! The Seller/Buyer answer is a given. “No I wouldn’t trust you with my money”. In sales you are supposed to get ‘yes’ answers… the psychological affect of this ‘no’ is actually an affirmation. Makes sense, but doesn’t it make you want to grab the Pepto?
Let’s analyze the basis for the above exchange. The Seller/Buyer (S/B) is trying to get something from the Realtor and immediately the Realtor is trying to protect himself from them. Could it be the S/B is trying to protect their self from the Realtor? Both are true and both are a natural human reaction when something is missing from the relationship. Trust.
This is a salesperson tactic using the ‘common sense approach’. Politicians use it all the time. When you are asked a question that you naturally say yes to, be cautious, you are working with a salesperson. This should perk up your ears. A salesperson wants yes answers for the psychological affect it will have in persuading you to make a decision that benefits them. A Realtor will ask you questions that require more thoughtful answers. Your thoughtful answers will create a working strategy the Realtor can use to help you get what you want.
If a Realtor feels it necessary to sell their services using psychological affirmation tactics, beware. It is highly probable they have no inclination to do what it is you are hiring them to do. That is…sell your home, strongly negotiating the price and terms that best suit your financial future and professionally manage the process the entire way. This is not to mention the investment of time and resources the Realtor should be investing in marketing your home…not selling themselves! Would you want someone that only focuses on themselves or someone who makes you their priority?
In a relationship where the Realtor is representing a Buyer there is no question of commission and the above scenario mentioned in Part 1 is meaningless. The Seller pays commission to both the selling agent and the listing agent 99.9% of the time
There are other Buyer:Realtor scenarios I will share in Parts 2 and 3. Part 4 of this series is for experienced Sellers. For now, I want to remind you that trust is the most important factor in the equation.
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Thursday, May 14, 2009
Just learned the flood zone area boundaries will be changing May 18th.
The Federal Emergency Management Agency (FEMA) has issued revised Flood Insurance Rate Maps (FIRMs) for all of Santa Clara County that become effective on Monday, May 18, 2009
Prospective home buyers may wish to check with their insurance agent to see if the property’s flood zone, and insurance requirements, will be affected by the map changes. To comply with federal law and to obtain the lowest available rate, owners drawn into a higher-risk zone must purchase flood insurance before the new maps become effective on May 18, 2009.
Areas affected by the new maps…….
The revised FEMA maps will expand the 100-year flood zone and affect residential parcels in Palo Alto near Foothill Expressway, in Cupertino near Heney Creek Place, and in San Jose near Zanker Road and Component Drive, and Kingston Way and Manitoba Drive.
In some areas, the 100-year flood zone will be reduced in size and parcels will be removed.
Friday, May 8, 2009
While searching for a particular single family home for a recent buyer client, looking for REO’s (bank owned properties) (foreclosure to be specific), I kept getting the same results….good relative data that was current and up to date in the right communities. In the meantime, my new client forwarded a handful of MLS numbers and excitedly asked “Can we see these foreclosure homes this afternoon?” Funny thing was… They were no longer available. One had a pending sold status another was no longer on the market and the last one…I could not even find.
Frustrated, I asked my client where did you find these listings? The answer was disappointing…another website. I won’t share which one as I have found the data there to be poorly arranged and not current by any standards. Figures! I asked “Why would you go to another website to find a home when I have been sending you the most recent daily updates?” I got another “figures” answer. …”I saw it on the web and they advertised on the TV news”. Oh Gosh! Not the web monkeys!
Many new websites and data exchanges have been popping up lately. The problem with these other sites is that their data is third party. They are built by web masters to capture leads that are then sold to the uninformed Real Estate agent looking for new business. These sites load from the same place your search is sourced from. The one you set it up with your Realtor whom you probaly hired to find you the best home at the best price available.
Unfortunately, the web architecture does not have a true update process programmed in. This allows for information to become old and irrelevant. Much of the information is derived from Title records too. If someone refinances their mortgage it will report it as a sale when it is “far from that”. If you thought a home sold for $250,000 which was actullay in a million dollar neighborhood…good chance it did not REALLY sell. Then there is the home that is $300,000 under market price….it actually sold 2 years ago!
In short, all the homes available for sale were right here at their finger tips. The data derived from this search tool is current, changes are updated by the minute and there is the capability to have any new results, based on the home search criteria, emailed directly to them.
The map search is the Best home search tool for many buyers. This allows you to draw a line around a neighborhood and see only those results without being overwhelmed with a zip code search that will, invariably, return homes not anywhere near your desired neighborhood. San Jose is rich in investors and fast, filtered results are paramount in being the first to find the best buys.
I hope I remember, the next time a meet a new client, to share with them the dynamic web source for home buyers is right here. Santa Clara County, Los Gatos, Cambrian, Blossom Valley, East Hills, Silver Creek, Milpitas, Fremont and Campbell etc… are included. Cities in Merced, Stanislaus, Alameda and San Joaquin County are participating in the results found in this too.
Maybe I should post a bulletin on TV!
Wednesday, May 6, 2009
The origins, whimsical and prosaic, of South Bay city names.
We may not always think about it, but the names of our cities usually say a lot about their historical background, their physical location, or some other notable feature. The monikers of San Jose and Los Gatos, for example, speak to their Spanish origins. And with the Bay Area being the melting pot that it is, chances are, wherever you go, you’ll stumble onto some aspect of California’s rich cultural history by virtue of the city or town name and location. These are all in Santa Clara County. If you have others..Please announce them in a comment. I will try to post a bulletin of them for you. With that in mind, here’s a quick look at the stories behind the names of these prominent South Bay locations:
Campbell: Named after city founder Benjamin Campbell, who grew hay and grain where downtown Campbell now resides.
Cupertino: Originally dubbed West Side, the town was renamed Cupertino in honor of the Arroyo San Jose de Cupertino, a local winery that had named itself after the nearby creek. The name change, made in the late 1800s, was due in no small part to the post office, which hoped to differentiate itself from nearby towns with similar names with similiar city history.
Los Gatos: Originally named after a land grant called Rancho Rinconada de Los Gatos (“the corner of the cats”), the city gets its handle from the indigenous bobcats and
mountain lions that roam the Santa Cruz Mountains.
Menlo Park: Originally a ranch owned by Irish immigrants Dennis Oliver and D.C. McGlynn, the city was named after the owners’ former home of Menlough in County Galway, Ireland.
Mountain View: Mountain View shares a common history with Sunnyvale, being one of the two territories split off from Don Castro’s sprawling ranch.
Milpitas: Named after milpa, a Mexican Spanish term for “garden where maize is grown.” Legend has it that the city was very nearly named Penitencia, but that was vetoed due to its similarity to the word “penitentiary.” To which we say, good call!
Palo Alto: Named after the El Palo Alto, a tall redwood and California historical landmark known for its significance as a campsite for the Portola Expedition Party of 1769.
Redwood City: Named after, wild guess, California’s ubiquitous redwood trees.
Santa Clara: Named after the Mission Santa Clara de Asis (itself named for St. Clare of the Order of Poor Ladies).
San Jose: Originally El Pueblo de San Jose de Guadalupe, the farming community of San Jose was named in honor of St. Joseph.
Sunnyvale: Once promoted as “The Garden of the World,” Sunnyvale was known as “Murphy’s Station” and “Encinal” until its residents were informed that they were unable to name their post office such. The residents decided to name themselves “Sunnyvale” in 1901.
Monday, May 4, 2009
“I want to remodel now however, the market is so soft will I waste my money?” That depends on the property value and what your LTV (loan to value) actually is. Consider this news from NAHB. The residential remodeling market declined further during the final quarter of 2008, according to the latest National Association of Home Builders’ (NAHB) Remodeling Market Index (RMI). The current market conditions indicator slid to 27.7, from 33.5 in the previous quarter. Future expectations of remodeling work plummeted to 19.6, from 27.7 in the third quarter. Both these indices descended to historic lows since the start of the RMI in 2001.
Wow! If you have a low LTV and plan to be in your home fro a few more years maybe a small re-do would be of value now. I bet some contractors are ready to get any job to keep some cash flow and stay relevant.
The RMI measures remodeler perceptions of market demand for current and future residential remodeling projects. Any number over 50 indicates that the majority of remodelers view market conditions as improving. The RMI has been running below 50 since the final quarter of 2005, following decreasing remodeling expenditures since that time.
“During the last quarter many remodelers were asking if their phones were still working because they received virtually no calls for work,” said NAHB Remodelers Chairman Greg Miedema, CGR, CGB, CAPS, a remodeler from Tucson, Ariz. “The jobs we are getting are for smaller projects and necessary home maintenance.”
Yep, it is time to make the call.
Nationally, market conditions for major additions and alterations shrank to 20.2 (from 29.4 in the third quarter), while minor additions and alterations conditions slowed to 33.5 (from 38.51). Maintenance and repair dropped to 27.6 from 30.9 in the previous quarter. Overall, major additions and other large remodeling jobs have experienced a greater decline than smaller remodels and maintenance.
“Remodelers suggest that the huge decline in consumer confidence, volatility of the stock market, and uncertainty about the future of the economy have made homeowners delay remodeling decisions,” said NAHB Chief Economist David Crowe. “These anxieties are causing consumers to wait and see if conditions improve before they are willing to commit to home improvement spending.”
All measures for future expectations in the remodeling market (calls for bids, amount of work committed for next three months, backlog of remodeling jobs, and appointments for proposals) dropped. Current market expectations slipped in all regions during the fourth quarter, with the Northeast declining to 24.9 (from 32.9 in the third quarter), the South 30.7 (from 31.5), the Midwest to 28.0 (from 36.2), and the West to 25.0 (from 36.1).
Ok! So, If you bought a REO (foreclosure) you know you bought at a super price probably very near the bottom, and you can see yourself living in your home for a few years then it is definetly time to take advantage of the soft remodel market and get your bids. Good Luck ….and remember I am always a great source for tips.
Monday, May 4, 2009
Just thought I would share a link where San Jose, CA. and Austin, TX. appear to be tied as great investment locations. San Jose made it because the prices have fallen by a median of $250K last year.
BUY NOW…never was so true.
READ THIS LINK!
http://www.bizjournals.com/austin/stories/2009/01/26/daily16.html?ana=from_rss
Tuesday, January 27, 2009
In an increasingly volatile global real estate marketplace, Austin remains an attractive play for foreign investors looking for opportunities in the United States, a new report shows.
The report from the Association of Foreign Investors in Real Estate ranks members’ top cities for U.S. and global investment in 2009. Austin ties for 11th place in the new survey, up from 16th place in 2008.
Washington D.C. claimed the No. 1 spot on the ranking, followed by New York, San Francisco, Los Angeles and Houston for the top five. Austin’s 11th place standing tied it with Las Vegas, Phoenix, Orlando, Atlanta, San Diego and San Jose, Calif.
Survey respondents said the multifamily sector was the preferred property type for investment dollars, followed by office, industrial, retail and hotel properties. In the two previous years, office investment ranked first, but employment instability likely contributed to the flip-flop.
With 37 percent of member’s votes in the survey, the United States ranked first among nations in terms of opportunities for capital appreciation, followed by Brazil, China, the United Kingdom and India in that order.
“During the past year, AFIRE members generally took a measured stance toward new acquisitions,” said AFIRE Chairman C. MacLaine Kenan. “Continued high interest in the asset class was muted by concern over valuation metrics and the economic environment. As they expect more favorable investment fundamentals to return in 2009, our members are poised to move more aggressively on acquisitions.”
Conducted in the fourth quarter of 2008, the survey polled the association’s members who collectively hold about $1 trillion in real estate, including $371 billion in the United States alone.
Cambrian-San Jose-Los Gatos Homes and Real Estate For Sale