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What is MLS?

Posted on Friday, July 3, 2009 5:00:40 AM
My neighbor across the street told me I did not need to send her MLS listings because she could access them online.

For a moment, I wondered if maybe she was a licensed as a real estate agent or maybe as an appraiser. But no, turns out she thought she could find online listings through the Sacramento Bee.

She doesn't get every new listing the minute it goes live on MLS. Moreover, she doesn?t receive all the information, and the part that she does receive isn?t the whole story.

And that?s the problem with many listings that buyers find online. Sometimes they are outdated; sometimes the homes are already sold, and sometimes those homes were never for sale at all.

Home buyers who want up-to-date information need to get it from a MLS member ? generally a real estate agent ? who can set up the buyer on automated searches directly from MLS. Real-time information is what propels the world today. Don?t settle for yesterday?s news. Buying a home is hard enough. You need accurate data . . . read more about MLS.

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Why Buyers Prefer Fixed-Rate Mortgages in Today's Market

Posted on Wednesday, July 1, 2009 5:00:27 AM
When interest rates are historically low, like they are now, a fixed-rate mortgage can be the best thing going.

I?ll admit that I have used adjustable-rate mortgages in the past. But that was because I knew I would not be living in those homes for very long ? at least not long enough to take the hit when the loan adjustment period rolled around. It was also a good option for keeping payments low while I fixed up the place to sell it.

Not to mention the spread between fixed-rate mortgages and adjustables back then were about two points in rate.

Nowadays, adjustable-rate mortgages don?t make a lot of sense to use. The spread difference is too thin, sometimes only 1/4 of a point. Hardly worth the risk. Because most home buyers prefer fixed-rate mortgages. They always have and probably always will.

Plus, when rates are low, it often makes sense to refinance into an even lower rate when it becomes available. I feel fortunate to have snagged a fixed-rate mortgage below 5% five years ago, and I?ve never regretted refinancing. I made up the closing cost difference within 18 months and have been riding the gravy train ever since. In fact, it?s one of the reasons I?m not keen on moving any time soon. But don?t tell my please-don?t-make-me-move-again husband. I like to keep him on his toes . . . read more about a fixed-rate mortgage.

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Ryan Brown, Star of Bravo TV's Flipping Out, Talks About How to Stage a Short Sale

Posted on Monday, June 29, 2009 5:00:05 AM
I went to the pros to get advice on how to stage a short sale.

Ryan Brown is a principal of Brown Design, a Los-Angeles-based interior design and residential firm. But fans of Bravo TV will know him from the show, Flipping Out, which sports a colorful cast of characters who are turning over million-dollar renovations in southern California.

I asked Ryan Brown for his advice on staging a short sale, primarily because many short sale sellers can't afford or don't want to pay for a professional home stager. Besides, many home sellers want to know how to stage a home on a budget, even that home isn't a short sale. I figured that Ryan might be willing to disclose insider secrets, and I was right. Ryan has a keen eye for design and shared some great money-saving tips . . . read more about how to stage a short sale.

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How to Qualify Your Real Estate Agent

Posted on Friday, June 26, 2009 5:00:20 AM
With so many real estate agents vying for your business, it's tough to evaluate agent interview answers if you don't know what they mean.

Knowing which questions to ask a real estate agent during an interview is one thing. But figuring out how to evaluate the answers you receive is an entirely different matter. For example, say a listing agent you are interviewing tells you that her 2009 statistics show a 99.7% sales-to-list price ratio. What does that mean, and why do you care?

If you?re a seller, you care deeply because it says the agent prices her properties right and she?s aggressive at demanding her sellers get full price without concessions. Besides, last year was a slow market in many parts of the country, and many homes weren?t selling at all; so 99.7% is a fabulous ratio for last year as a listing agent.

However, if you are a buyer, it gets trickier. Because in some buyer's markets like Sacramento, for example, prices have been increasing in certain price ranges due to heavy demand. Multiple offers are the norm, and listing agents are pricing homes low. So a buyer's agent might have a ratio of 110%, but it's not a poor reflection on that agent. The better question might be how many buyers have closed escrow this year with that agent? Because some buyers are losing out on every deal they write on . . . read more about Agent Interview Answers.

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How to Sell as a For Sale By Owner

Posted on Wednesday, June 24, 2009 5:00:52 AM
Sellers who decide to sell as a For Sale By Owner, that is as a FSBO, without representation, often start out with the best intentions; however, most for sale by owners end up listing with a real estate agent.

Why is it so difficult for a for sale by owner to find a buyer? Especially if inventory is tight, buyers should be flocking to for sale by owner homes. The three biggest reasons a for sale by owner is unsuccessful is pricing, condition and marketing.

Moreover, some buyers are afraid to approach a for sale by owner seller. They may wonder what?s wrong with the house because it?s not listed in MLS or they may figure the seller isn?t really serious about selling. A buyer might feel a fierce loyalty to their own agent and prefer to look at homes the agent recommends.

Here are for sale by owner tips that will help you overcome those hurdles and objections. From pricing your home right, to preparing it for sale and marketing it like a pro, this advice is how a real estate agent would sell your home . . . read more about For Sale By Owner.

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How the Home Valuation Code of Conduct (HVCC) May Affect Your Appraisal

Posted on Monday, June 22, 2009 5:00:00 AM
The dreaded words being bantered about in real estate right now are the Home Valuation Code of Conduct (HVCC).

I don't know of a single real estate agent nor mortgage broker who likes the new HVCC rules for appraisals. It's turned our entire industry inside out in Sacramento and across the nation as well. The Home Valuation Code of Conduct is causing headaches for home sellers and home buyers alike.

The HVCC was intended to help but it's created a monstrosity. The new appraisal process hinders transactions, puts appraisers out of business, costs home buyers more money and, simply put, it's a disaster . . . read more about Home Valuation Code of Conduct (HVCC).

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San Carlos Real Estate Update 6/21/09

Posted on Sunday, June 21, 2009 10:39:08 PM
The San Carlos market has heated up over the past month - inventory down and pending sale to active listing ratio has increased from under 50% to almost 75%. Here is this week’s data for San Carlos: 8 new listings this week in San Carlos. 6 new pending sales this week in San Carlos. 55 current active listings in San Carlos. 44 current pending [...]

Redwood City Real Estate Update 6/21/09

Posted on Sunday, June 21, 2009 10:35:59 PM
Here is this week’s data: 12 new listings this week in Redwood City 18 new pending sales this week in Redwood City 137 current active listings in Redwood City. 100 current pending sales in Redwood City. 73.0% pending ratio. Redwood City Real Estate Update 5/31/09 Redwood City Real Estate Update 5/24/09 Redwood City Real Estate Update 5/17/09 Redwood City Real Estate Update 5/10/09 Redwood City Real Estate Update [...]

Palo Alto Real Estate Update 6/21/09

Posted on Sunday, June 21, 2009 10:33:46 PM
The Palo Alto market appears to be picking up a little as pending ratio has increased to 50% over the past few weeks. Here is this week’s update: 16 new listings this week in Palo Alto. 4 new pending sales this week in Palo Alto. 119 current active listings in Palo Alto. 60 current pending sales in Palo Alto. 50.4% pending ratio. Palo Alto Real Estate [...]

Mountain View Real Estate Update 6/21/09

Posted on Sunday, June 21, 2009 10:31:22 PM
The Mountain View market appears to be heating up as the pending sale to active listing ratio has increased from around 50% to over 75% in the past month. Here are this week’s numbers: 7 new listings in Mountain View this week. 11 new pending sales in Mountain View this week. 63 current available listings in Mountain View. 48 pending sales in Mountain View. 76.2% [...]

Menlo Park Real Estate Update 6/21/09

Posted on Sunday, June 21, 2009 10:27:56 PM
It is appears that the Menlo Park market has been fairly stable over the past month as the ratio of pending sales to active listings has remained fairly stable. Here are this week’s numbers: 13 new listings in Menlo Park this week. 10 new pending sales in Menlo Park this week. 101 current available listings in Menlo Park. 52 pending sales in Menlo Park. 51.5 % [...]

Use IRA funds to purchase income producing real estate

Posted on Sunday, June 21, 2009 10:16:01 PM
I recently represented a buyer who used their IRA funds to purchase a single family home for investment. The purchase price was $258,475. Since the property was purchased with cash from the buyers’ IRA accounts, closing costs were minimal since no loan costs were involved. Closing costs were approximately $2,500 so total cash invested was $260,975. This 3 bedroom [...]

10 Ways To Increase Buyer Traffic

Posted on Friday, June 19, 2009 5:00:21 AM
If you're not getting any showings for your home, it becomes even more imperative that you do something differently to increase buyer traffic.

Little is more frustrating for a home seller than watching agents and buyers stroll into the home for sale across the street and wishing they were looking at yours instead.

You may feel like dashing out into the yard and waving a red flag, maybe stuff your flyers into their hands. To increase traffic to your home, perhaps instead you may want to implement a hard-hitting plan of action that guarantees to generate showings. Especially in a buyer?s market. You can?t wait for buyers to decide whether your home might be worth viewing. You need them inside. Now.

See, the thing is you can't sell your home if you can't show it. And you can't show it if buyers don't come over to see it . . . read more about Increase Buyer Traffic.

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Before Buying a Short Sale

Posted on Wednesday, June 17, 2009 5:00:19 AM
Are you thinking about buying a short sale?

When I think about short sale banks, I can?t help but hear the voice of Arte Johnson (playing his Laugh-In character) in my mind. He was famous for impersonating a German soldier and sputtering, ?Veerrrry interesting, but shtupid.?

Because much of the subprime mortgage fiasco was based on a ridiculous premise. Qualifying borrowers whose hopes hung on future appreciation to refinance was not very bright. However, buying short sales can be a brilliant move, providing buyers have the patience to deal with the seller?s lender.

Short sale banks change their requirements daily. They lose documents. Make unheard-of demands and then change midstream. They haven't been able to streamline the short sale process. Granted, some lenders don?t want to go through the hassle and expense of foreclosure and taking the property, either. But it can be a long road for short sale buyers. That's not to say that buyers can't make a profit on a short sale if they are willing to wait through the short sale process . . . read more about Buying a Short Sale.

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Now that Rates Jumped, Is This a Good Time for Mortgage Refinancing?

Posted on Monday, June 15, 2009 5:00:55 AM
The minute interest rates take a slight dip, home owner start thinking about mortgage refinancing.

When rates take a sudden hike upward, the demand from borrowers declines. A couple weeks ago, a home owner could get an interest rate of 4.875% with zero points. Then whammo. The stock market climbed, the bond market reacted by falling and interest rates shot up by a full point. Rates change daily.

That's not to say that now is not a good time to think about mortgage refinancing, because rates are still historically low and below 6%. Heck, I can recall the recall the days when interest rates were 18% and I had to walk barefoot in the snow to school. But before you rush down to the bank to refinance your mortgage, consider whether you're actually saving any money . . . read more about Mortgage Refinancing.

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How You Can Prevent Seller's Remorse

Posted on Friday, June 12, 2009 5:00:57 AM
Selling a home is an emotional experience for most people, and seller's remorse is an emotion that can sometimes consume a seller. When I listed a home in Sacramento last week,...

How to Get Started Buying a Home

Posted on Wednesday, June 10, 2009 5:00:31 AM
Knowing where to start when you're buying a home is half the battle. The first home I ever bought was 8,600 square feet. It had an indoor swimming pool, separate wine...

How the Seller Can Cancel Your Short Sale Contract

Posted on Monday, June 8, 2009 5:00:10 AM
Just because the seller has accepted your short sale offer doesn't mean that the seller can't cancel your short sale contract. Many states, California included, make short sale transactions subject to...

St Helena weekly real estate update

Posted on Saturday, June 6, 2009 5:01:14 PM
STATS FOR LAST 7 DAYS new listing 5, sale pending 2, sold 1, expired 0, withdrawn 0 new listing 1152 Church St, $700,000, 2 br 2 ba, SF 1750 Crinella Dr, $840,000, 3 br 3 ba, 1,587 SF 1636 Scott St, $1,495,000, 4 br 3 ba, 1,908 SF 3251 St Helena Hwy, $1,760,000, 3 br 3 ba, 1,636 SF 228 Zinfandel Ln, $15,500,000, 2 br 3 ba, 5,300 SF new pending 1305 Stockton St, $799,000, 3 [...]

Ever Wonder Why You Should Hire an Agent?

Posted on Friday, June 5, 2009 5:00:44 AM
The main reason to hire an agent is because a real estate agent is supposed to know more about real estate than you do. Most sellers and buyers hope to engage...

How to Sell a Home When You're Splitting Up

Posted on Wednesday, June 3, 2009 5:00:47 AM
Couples who own a home and are splitting up often have to deal with two stresses: getting a divorce and home selling. You know, Danny DeVito hit it on the head:...

Is It Wise To Hire Your Agent's Home Inspector?

Posted on Monday, June 1, 2009 5:00:46 AM
If you don't trust your agent, you might not want to hire your agent's home inspector. However, don't make the mistake of thinking that you can find a better home inspector....

Here Are 15 Reasons to Sell

Posted on Friday, May 29, 2009 5:00:32 AM
Home sellers generally have several reasons to sell. When is it a good time to sell? When you have a good reason to sell. Often spouses or partners are split over...

How to Protect Your Privacy When Your Home is for Sale

Posted on Wednesday, May 27, 2009 5:00:52 AM
Should you worry about protecting privacy while your home is for sale? You bet. My late father-in-law, a journalist at the Chicago Sun Times, used to refer to himself as a...

Palo Alto Real Estate Update 5/24/09

Posted on Monday, May 25, 2009 11:32:26 PM
Here is this week’s update: 13 new listings this week in Palo Alto. 11 new pending sales this week in Palo Alto. 136 current active listings in Palo Alto. 59 current pending sales in Palo Alto. 43.4% pending ratio. Palo Alto Real Estate Update 5/17/09 Palo Alto Real Estate Update 5/10/09 Palo Alto Real Estate Update 5/3/09 Palo Alto Real Estate Update 4/19/09 Palo Alto Real Estate Update 4/12/09 Palo [...]

When Do You Make Your First Mortgage Payment?

Posted on Monday, May 25, 2009 5:00:40 AM
You don't make your first mortgage payment at closing. But you do pay everything else at closing. In California, it is customary for the buyer to pay for an appraisal in...

Is a Short Sale Right For You?

Posted on Friday, May 22, 2009 5:00:33 AM
If you owe more than your home is worth, you may still be able to sell it on a short sale and get out from under that debt. Short sales are...

A Day in the Life of a Real Estate Agent

Posted on Friday, May 22, 2009 12:15:01 AM
This is how we feel some days, especially lately. I hope you enjoy this as much as we did :)

Mountain View and Cupertino Named to Top 5 of Forbes America’s Top 25 Towns To Live Well

Posted on Wednesday, May 20, 2009 7:14:11 PM
Mountain View and Cupertino were recently named by Forbes magazine as two of the top towns in the U.S. in which to live well. Teaming with Forbes, ZoomProspector.com, a San Francisco-based consulting firm that specializes in corporate relocation ranked Mountain View fourth and Cupertino fifth. The study looked at “towns” with populations under 100,000 residents and ranked them according: ”to median [...]

Tenants in Common Own Undivided Interests

Posted on Wednesday, May 20, 2009 5:00:38 AM
More and more investment brokers are now advising groups of buyers to purchase property as tenants in common, bypassing traditional methods ? such as forming limited partnerships or corporations ?...

South County Real Estate Sales Week of May 11 - 17, 2009

Posted on Wednesday, May 20, 2009 1:53:45 AM
Forty-five residences went from active to pending status this past week in the south Santa Clara County towns of Morgan Hill, San Martin and Gilroy. Because I escaped on vacation last week, I will not be comparing this week to the past week, but feel free to look through all of my previous Sales posts to compare and contrast. Of all [...]

Not Every Buyer is Really Ready to Be a Home Buyer

Posted on Monday, May 18, 2009 5:00:11 AM
How do you know if you're ready to be a home buyer? For starters, most buyers spend a lot of time thinking about their dream home. They know how many bedrooms...

Calistoga weekly real estate update

Posted on Saturday, May 16, 2009 6:28:34 PM
STATS FOR LAST 7 DAYS new listing 1, price reduction 2, sale pending 2, sold 1, expired 1, withdrawn 1 new listing 3120 Old Toll Rd, $1,750,000, 3 br 2 ba, 2,500 SF price reduction 1822 Foothill Blvd, $299,000, 2 br 2 ba, 980 SF 1314 Washington St, $849,000, 2 br 1 ba, 1,215 SF new pending 2773 Foothill Blvd, $459,000, 3 br 2 ba, 1,508 SF 3610 State Hwy 128, $1,900,000, 1 br 1 ba, 1,200 SF new sold new expired 1314 [...]

For Seniors, Reverse Mortgages Pay You Instead of the Other Way Around

Posted on Friday, May 15, 2009 5:00:20 AM
Retirement isn't the only reason to get a reverse mortgage. Some home owners take out reverse mortgages to pay off debt, make repairs or go on a vacation. Others get...

How Do Discount Brokers Work?

Posted on Wednesday, May 13, 2009 5:00:04 AM
Discount brokers typically charge less than full-service brokers. Most home buyers and sellers are interested in saving money. Discount brokers offer lower prices. But with those lower prices generally come...

Here is Why REO Agents May Not Return Your Phone Call

Posted on Monday, May 11, 2009 5:00:32 AM
Many home buyers and buyer's agents are complaining that REO agents don't call back. It's hard for a prospective home buyer to fathom why REO agents rarely return telephone calls. Usually...

Another attempt at stemming foreclosures

Posted on Friday, May 8, 2009 5:07:16 AM
The housing crisis solution is, at least, two-pronged: 1) decrease the number of Notice of Defaults (NOD) by doing loan modifications for responsible homeowners. 2) reduce the number of homes that are foreclosed upon already. Both lay primarily on the shoulders of the banks. This idea addresses the second issue. The Ford Foundation, through a consortium of non-profits, is planning to assist in stemming [...]

Selling Your Home Subject to Buying a New Home

Posted on Friday, May 8, 2009 5:00:53 AM
It's not unusual for a seller to insist on selling contingent, subject to buying a new home. Last week we discussed contracts contingent on the buyer selling a home. But...

How to Recognize a Bad Home Inspector

Posted on Wednesday, May 6, 2009 5:00:59 AM
A buyer for one of my listings hired such a bad home inspector that the guy couldn't tell the difference between a flood line on the wall and a paint...

How Long Should You Wait for Short Sale Approval?

Posted on Monday, May 4, 2009 5:00:01 AM
Waiting for short sale approval can be agonizing, especially for first-time home buyers. Some banks such as Countrywide, for example, move files through a minimum of two phases. During the first...

Appraisal changes coming May 1, 2009

Posted on Friday, May 1, 2009 3:55:23 PM
It seems like buyers and sellers ought to know about a new rule affecting appraisals…which may affect values differently…which may affect loan approvals…which may affect loan contingency timing, loan lock timing, and possibly even successful escrow closings. The Home Valuation Code of Conduct (HVCC) goes into effect on May 1, 2009 for all Freddie Mac and Fannie Mae loans. I haven’t [...]

How to Buy, Fix and Sell Real Estate

Posted on Friday, May 1, 2009 5:00:21 AM
When I bought my first house under the buy, fix and sell concept, I didn?t know the difference between a framing hammer or a ball pein hammer. My hammer was...

A short sale does not mean you do not owe the lender any more money

Posted on Friday, May 1, 2009 12:58:01 AM
Many homeowners believe that if their lender agrees to a short sale, they have no further obligation to the lender. This is not true! As the Wall Street Journal reports today, many lenders are being more proactive about going after homeowners for the remaining unpaid balance on loan. For example, if the mortgage balance is $400,000 and the [...]

Understanding the tax implications of a short sale

Posted on Friday, May 1, 2009 12:47:20 AM
I have written several posts advising homeowners in trouble with their mortgage to consult both their attorney and their CPA before agreeing to a short sale. The Wall Street Journal has written a good post highlighting the potential tax impacts of doing a short sale. Homeowners could be tax on the gain in their property even if [...]

How to Deal With First Right of Refusal

Posted on Wednesday, April 29, 2009 5:00:44 AM
If you have a home to sell but want to buy a new home contingent on selling, you might ask the seller to give you a first right of refusal. Sellers...

Here Are Questions to Ask Before Buying a Home

Posted on Monday, April 27, 2009 5:00:10 AM
Before pressing hard because the third copy is yours, think about home buying questions you can ask your agent and the seller's agent. There are basic questions you should ask about...

Terribly off course!

Posted on Monday, April 27, 2009 3:24:05 AM
This morning I stepped outside of my house and immediately was taken by a very loud and unusual sound. I looked across the pond to see where the sound was coming from and noticed two large birds that I had never seen before. I grabbed my binoculars, bird book and camera and ...

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