Isn’t it great, all the tools we have to totally check out a property before setting foot in it? Of course when a property is for sale there is the property website : www.3605Sumatra.com is an example, the virtual tours: here’s on of my newest versions and the Google satellite views.
And now there is Google Street View… And MSN has bird eye view. Here is my office, it’s on the corner… Did you get a chance to travel through your neighborhood?
The Pressdemocrat had an article about the privacy issues involved. The people who are concerned to make a point, in the meantime: it’s a great tool to ’scope out’ a property and a neighborhood before even visiting the property.
There is ofcourse lot’s more to learn about a property when you decide to sell or buy, but technology today gives a great start.
Have a great exploring day!
Mirjam
Mirjam on July 29th 2008 in Sellers, Buyers, Sonoma County info
I know the market fluctuates all the time but I have been noticing that a lot of homes have been going into escrow, it has been rising over the last 5 weeks. It started slow but then it picked up. And yes, a lot of the homes that went into escrow also closed. Look at the statistics that I pulled from Broker Metrics a program that very conveniently pulls the data from our local MLS system.
The media is giving you info that the economy is going through the drain, the Fed will have to cut interest rates again. Perhaps they are right, but keep in mind John D. Rockefeller who said “The way to make money is to buy when blood is running in the streets.”
The info is also great for sellers, should you need or want to sell your home, the numbers clearly indicate the ‘new reality’.
The above statistic is from all Sonoma County. The drop shows that a some people have take their home of the market at the end of the year, some home owners who were trying to do a ’shot sale’ did not succeed and the property went into foreclosure (these properties will come back a few months later as an REO) and it clearly show the increase of activity.
I look forward to your feedback!
Mirjam (707-486-2638)
Yesterday we had what most likely will be the last in a series of the Smart Home Choices Workshop. It was a great success, I counted about 80 home owners and great feedback.
It was great to see that banks have ramped up their assistance for troubled homeowners but it was clear that if you need help from your lender you do need to do a lot of homework -> banks are not social security. Should you like a copy of the handouts given, please let me know.
Data from Harvard University’s Joint Center of Housing Studies illustrate not only that the median net wealth of homeowners is 34 times greater than that of renters, but also that over half of that wealth is generated from home equity.
The website Housing Markets Facts mentions :The Department of Commerce reports that between 1995 and 2004, the average renter accumulated a little over $4,000 in net worth. The average homeowner accumulated $184,400. That translates into $180,000 more, or $1,500 per month. In other words, each month that the average first-time buyer continues to rent, it costs them $1,500 in lost wealth accumulation. Furthermore, renters are subject to rent increases as well as higher tax rates because they cannot take a mortgage deduction.
So no matter how difficult it is: if you can, hold on to your house.
Have a great day!
Mirjam de Rijk
In today’s housing market, the media’s continued focus on negative real estate news is keeping many people solidly on the sidelines. But remember, you are not getting the whole story.
FACT #1: THERE IS STILL OVER $23 TRILLION OF VALUE IN U.S. HOUSING STOCK. Home ownership continues to be the basis of our wealth in this country.
FACT #2: THE HOUSING MARKET CANNOT HELP BUT GROW. Our country’s tremendous wealth, liquidity, and entrepreneurship will continue to drive our economy. 70-100 million people will be added to our market in the next 40 years.
FACT #3: REAL ESTATE IS CYCLICAL. The biggest fear in good times is that the fair weather won’t last forever—because it doesn’t. But the reality of a cyclical real estate market also provides its brightest hope in bad times—foul weather won’t last forever either. What’s happening today is a market correction, severe in some places, but it’s not the end of the world. The markets will stabilize.
FACT #4: 2008 IS THE BEST YEAR TO BUY A HOME IN 35 YEARS. 1973 was the last time mortgage rates were this low in a buyer’s market. We had rates this low in 2001 and 2002, but those were strong seller’s markets with little inventory. The last two big buyer’s markets, in the early ‘80s and early ‘90s had much higher rates. Low rates and good inventory make 2008 the best year to buy in decades!
FACT #5: FIRST-TIME BUYERS HAVE A REAL ADVANTAGE IN TODAY’S MARKET. First-time buyers can buy at a reduced price without having to sell at one too. Higher limits on lower cost conforming loans also help first-time buyers purchase more home for their money. Today’s ‘starter’ homes can be pretty impressive.
FACT #6: FIRST-TIME BUYERS LOSE MONEY WHILE THEY WAIT ON THE SIDELINES. First, renters typically pay more state and federal income taxes than homeowners with a mortgage deduction. Renters are also losing the wealth they could be accumulating as they pay down their mortgage and as their home increases in value over time (as it surely will). Lastly, renters who wait to buy will lose money if interest rates increase by the time they finally act. Higher payments from higher interest rates represent money buyers could have kept if they had bought earlier. Conversely, if they were willing to spend that amount of money earlier, they could have bought more home.
FACT #7: HOMES SELL WHEN THEY’RE PRICED RIGHT AND SHOW WELL. When sellers make their home’s value obvious, they make a sale—it’s as simple as that. The facts are showing this. In Sonoma County we see investors coming back into the market.
… Have a great day!
Mirjam (707) 486-2638
Mirjam on April 17th 2008 in Economy, Sellers, RE Investing, Buyers
Today a totally different thought. You will read everywhere how bad the market (Press Democrat) is, that we are in a depression (see CNBC article), but don’t forget, the current market conditions do have a silver lining.
Home owners who are reluctant to sell because prices have fallen, should do the math, and realize that the market downturn could work in their favor. Yes a home owner will sell their home for less than a few years ago, but the home he or she would love to move up to, is also a lot less.
For example: if the house you covet used to be $500,000 but its price has fallen 20 percent to $400,000, it is a deal, even if your own home also has lost 20 percent of its value.
Of course this is really tough for people who bought about four years ago at the height of the market, but even then, selling now may make sense as long as you can at least break even. When the market was so hot, many people bought homes that was their second or even their 3rd choice. Right now, if moving will help you to get rid of the most negative unchangeables in your current home, and replace them with better unchangeables in a new home, moving does make sense. Once the market really turns around, the growth will be bigger in the better house, that’s a historical fact.
Here it is, my thought of the day, should this make you think about selling, you probably have an idea about the market value of your house and contact your Realtor (Of course, feel free to contact me) and get a professional opinion and get started.
P.S. This weekend we went to pick up our wine club shipment at Francis Coppola in Geyserville. They are doing a major remodel but the temporary tasting room is worth a visit. It’s food and wine tasting, the wines are great. Love the Diamond Collection Claret!
Have a great day!
Mirjam (707) 486-2638
Mirjam on April 11th 2008 in Economy, Mortgage, Sellers, Buyers
Realtytrac, a company that compiles data on home foreclosures, showed in recent data that foreclosures are not a national crisis, but more of a regional problem.
There are pockets, places such as Stockton, CA and Las Vegas, NV where the foreclosure rate is in excess of 4%, however, the national average is 1.033%. Considering the fact that 30% of all homes are actually free and clear of any mortgage, the true foreclosure rate is actually seven tenths of 1% of all homes.
In Santa Rosa, the price range up to $500,000 has been hit hard and about 50% of all the homes on the market in that price range are ‘troubled’ sales. So yes we are hit hard, however, looking at the nation wide numbers, it gives perspective and brings the point home that NOW is a great time to buy or move up.
Have a great day!
Mirjam (mirjam@c21alliance.com)
Mirjam on March 27th 2008 in Economy, Sellers, Financial news, Buyers
Anybodies worst nightmare: you have worked on keeping your credit just perfect and by the time you find yourself ready to finally buy your first home (or for that matter refinancing your home) and you have to deal with Identity Theft. Please read enclosed article in PD: Woman’s stolen identity not easily restored.
Can you even imagine what this means? You’re getting ready to be pre-approved and you are denied because of purchase you did not do, creditcards you did not open, hospital bills while you were not hospitalized.
Cannot be said enough: CHECK YOUR CREDIT REPORT AT LEAST ONCE A YEAR! Or any time you detect suspicious activity. You can go to www.AnnualCreditreport.com or call 1-877-322-8228.
An other great website is www.FTC.gov/idtheft.
While writing this I come to realize that I am due my yearly check for my credit report. So guess what I am doing the coming days…
Enjoy your day
Mirjam (mirjam@c21alliance.com)
The spring is in the air, trees are blossoming, it’s beautiful. Although it will be a rainy weekend, it’s beautiful outside, perfect for some wine tasting -> just an excuse to drive through the county side, enjoy the scenery and taste some great wines (make sure you have a designated driver). Next 2 weekends will be the annual barrel tasting weekend which will be extremely busy. So may I suggest a visit to Alexander Valley this weekend, should you go, drop by Alexander Valley Vineyards, my favorite is their Wine Club Reserve.
Of course, don’t forget to check out Sue Bonzell’s XtremeGuide, there is a Wine and Cheese reception at Graton Ridge Cellars today.
Should you decide to do some spring cleaning, while your at it, you might as well take a home inventory. According to the Insurance Information Institute, in the event of a fire or other disaster, a current, detailed home inventory can help you obtain enough insurance to replace the things you own, get claims settled faster, and substantiate any losses on your tax return.
An other interesting fact to keep in mind while going through your house:
Nearly 30 percent of home electrical-wiring fires can be traced to the misuse of electric cords, such as overloading circuits, poor maintenance and running the cords under rugs or through high traffic areas. Source: InsWeb.com
Have a great day!
Mirjam (mirjam@c21alliance.com)
That’s the buzz word right now! It will be extremely beneficial for our local real estate market. As we discussed in our office meeting this morning, the most interesting part will be that the ‘conforming’ loan limits will go up but even more important, that the loan limits for FHA loan programs will go up.
Hmm for many agents …. FHA… let me think, that was a long time ago that we would even do these loans in Sonoma County, the current loan limit is around $ 380,000. Yep, but it’s going to be good, FHA (Federal Housing Administration) allows for 97% financing, it can be combined with gift funds (Nehemia program) and is very lenient with your credit score and the best part… the rates are great!
This increased limit for FHA loans might take an other month or before it can be used by lenders but it’s good news.
I am not going to repeat the stimulus program, please visit the info on the CAR website or this link to Inman News
An by the way… there are some tremendous deals out there right now, this property at 421 Manka Circle for $349,900 is one of them.
Have a great day!
Mirjam (mirjam@c21alliance.com)
