Friday Poll: How Do You Socially Network?

Check Out Coldwell Banker’s 2010 Commercials

Coldwell Banker recently unveiled two exciting new television commercials which begin airing this week.  Watch for them on your favorite TV shows or simply click the links below!  Enjoy!

Coldwell Banker 2010 TV Commercial: Security

Coldwell Banker 2010 TV Commercial: Overheard

Case-Shiller Index Shows Home Prices Rise For Seventh Straight Month

A good read from Huliq.com on the recent release of Case-Shiller’s December figures which showed a home price gain for the seventh straight month.  Click here for more.

What homes sellers don’t know can hurt them when it comes to marketing their property

Preparing your home for sale, figuring the sale price, finding a qualified buyer, negotiating, closing and finally, moving. These are just some of the chores that will get your head spinning when selling your home. In today’s market, using a real estate agent is almost a necessity, and getting a licensed agent into the process early is the first step to a smooth transaction.

Marketing
Home sellers need the know-how of an experienced real estate agent to get the job done right. It’s the real estate agent’s job to know the neighborhood, school system and other features that affect the value of a home.

Setting the sales price can be a real balancing act and is not always easy. If the price is too low, you can lose money; if it’s too high, it can take too long to sell. An experienced real estate agent can help you balance all of these factors, including neighboring property values, improvements you’ve made, the current housing market and how soon you need to seal the deal.

As important as setting the right price for your home is the development of a customized marketing plan. The marketing plan is what really sets a real estate agent apart from discount brokers and “for sale by owners,” and is designed to bring a multitude of potential buyers to your doorstep.

After being in this business for a while, real estate agents become good matchmakers in connecting the right home with the right buyer. Some of the marketing tools savvy real estate agents use are newspaper ads, Open House events and, of course, Web site listings.

The Sales Contract
Finding a buyer is only the first part of a real estate agent’s job.  Negotiation, from agreeing on a final price to writing the sales contract, is the next step. The details of the contract are very important, and if not handled properly, can put the seller back to square one, costing time and money.

It’s very important that the seller is protected by the sales contract. The buyer can back out of a contract, or even worse, sue the seller if the contract isn’t prepared properly. And, extenuating circumstances – such as the buyer needing to sell their existing home first – can further complicate the contract process.

Sizing Up the Buyer
An experienced real estate agent can also help you size up a potential buyer to make sure they are able to go through with the sale. An experienced real estate agent may consider mortgage pre-approval, past experience and the background of the buyer to help you decide if an offer is solid. This will save you time and may possibly avoid having to start over in the sales process.

Less Headaches
Selling a home can be an emotional experience and working with a real estate agent can reduce some of the stress, save valuable time and give you peace of mind that the agent is taking care of the details.

Coldwell Banker’s Jeff Bell Inducted as President of Silicon Valley Association of Realtors

Congratulations to our very own Jeff Bell of Coldwell Banker Cupertino – the new President of the Silicon Valley Association of Realtors.  Click here for the details.

Marin County’s Luxury Housing Market Dips in January, Coldwell Banker Residential Brokerage Reports

Million dollar sales and median sale price down from last month

Marin County’s million-dollar-plus housing market took a step back in January with both property sales and the median sale price declining from the previous month, according to Coldwell Banker Residential Brokerage, the Bay Area’s leading provider of luxury real estate services.

A total of 29 homes sold for more than $1 million, down from 54 in December, while the median sale price dipped to $1.28 million from $1.49 million the previous month, a 14.4 percent decline. The price was 17.5 percent below the same period a year ago. The one bright spot in the report was that property sales were up over last year’s total of 15.

“While we’ve seen definite improvement in the market compared to a year ago, the road to recovery is going to have some bumps and potholes along the way,” said Rick Turley, president of Coldwell Banker Residential Brokerage.  “Anecdotally, we’re actually seeing a strong start to the new year with a great deal of buyer interest, which could translate into closed sales in the coming weeks and months.”

Turley said he expects to see a much earlier spring selling season this year due to the upcoming deadline for the home buyer tax credit. The season typically runs from March through May, but buyers who want to claim the credit of $6,500 to $8,000 must purchase their home by April 30 and close by June 30.

“One of the challenges we’re facing in Marin County – and many other parts of the Bay – is that there aren’t enough properties in the high end on the market, which slows down the number of sales,” he said. “The lack of inventory continues to make well-maintained, reasonably priced homes stand out.” One property in southern Marin County listed at $1.35 million, for example, received 11 offers.

Marin’s luxury market comparison with overall market (DataQuick paragraph after tomorrow’s DQ report)

Some key findings from this month’s Coldwell Banker Residential Brokerage luxury report:

• The most expensive sale in Marin County in January was a 10-bedroom, nine-bath 11,500-square-foot home in Ross that sold for $14 million;
• The second most expensive was also in Ross – a six-bedroom, six-bath 9,656-square-foot home that sold for $8 million
• Mill Valley again boasted the most million-dollar sales in January with 10, followed by San Rafael and Tiburon with four each;
• It took an average of 161 days to sell a million-dollar home in the county, up from 143 days the previous month and 102 days a year ago.

The Marin County Luxury Home Report is a monthly report by Coldwell Banker Residential Brokerage, a specialist in high-end real estate sales. Through its internationally renowned Coldwell Banker Previews® program, the company is recognized around the world for its expertise in the luxury housing market.  The figures were derived from Multiple Listing Service data of all homes sold for more than $1 million.

Coldwell Banker Residential Brokerage serves Marin County with six offices: 83 Beach Road in Belvedere; 350 Bon Air Ct., Suite 100, in Greenbrae; 500 Sir Francis Drake Blvd. in Greenbrae; 36 Tiburon Blvd. in Mill Valley; 1737 Grant Avenue, Novato; and 1 Harbor Drive, Suite 110, in Sausalito. For more information, please call 925-275-3085.

About Coldwell Banker Residential Brokerage

Coldwell Banker Residential Brokerage is the largest residential real estate brokerage in Northern California and serves the markets from Monterey to Tahoe and nearly every market in between.  The company has 61 office locations and more than 3,600 sales associates throughout Northern California.  Last year the company handled more than 16% of all home sales in the Bay Area, more than double its nearest competitor.  Through its internationally renowned Coldwell Banker Previews® program, the company leads the luxury home market, selling more than 27% of properties that sold for more than $3 million and more than 33% of homes priced above $5 million.  Coldwell Banker Residential Brokerage is part of NRT LLC, the nation’s largest residential real estate brokerage company. NRT has more than 900 offices and 56,000 sales associates operating in more than 35 major metropolitan areas. A subsidiary of Realogy Corporation, NRT operates Realogy’s company-owned real estate brokerage offices. For more information please visit http://www.CaliforniaMoves.com or call 925.275.3085.

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James A. Leslie Named Broker Associate for Coldwell Banker Residential Brokerage in Morgan Hill

Coldwell Banker Residential Brokerage, the leading provider of real estate services in the Bay Area, is pleased to welcome James Leslie as a broker associate in its Morgan Hill office.  In his new position, Leslie will specialize in residential sales in the Morgan Hill, San Martin, Gilroy and Hollister areas.

Prior to joining Coldwell Banker Residential Brokerage, Leslie worked at Intero Real Estate Services for the past six years as a residential Realtor.

“We are thrilled to have James join our office,” said John Agresta, manager of Coldwell Banker Residential Brokerage in Morgan Hill.  “James is an experienced agent who has excellent knowledge and expertise of Southern Santa Clara County real estate.  He’s a great edition to the Coldwell Banker Residential Brokerage team.”

Leslie earned his bachelor’s degree in economics from San Jose State University in 1973, and his master’s degree from Nova University in Ft. Lauderdale, Florida in 1982.  He is also a retired naval officer and former naval aviator.

Coldwell Banker Residential Brokerage in Morgan Hill is located at 950 Tennant Station and can be reached at 408.779.5000.  Leslie may be reached directly at 408.710.0356 or Jim@JimLeslie.com.

About Coldwell Banker Residential Brokerage

Coldwell Banker Residential Brokerage is the largest residential real estate brokerage in Northern California and serves the markets from Monterey to Tahoe and nearly every market in between.  The company has 58 office locations and more than 3,300 sales associates throughout Northern California.  Last year the company handled more than 16% of all home sales in the Bay Area, more than double its nearest competitor.  Through its internationally renowned Coldwell Banker Previews® program, the company leads the luxury home market, selling more than 27% of properties that sold for more than $3 million and more than 33% of homes priced above $5 million.  Coldwell Banker Residential Brokerage is part of NRT LLC, the nation’s largest residential real estate brokerage company. NRT has 760 offices and 46,000 sales associates operating in more than 35 major metropolitan areas. A subsidiary of Realogy Corporation, NRT operates Realogy’s company-owned real estate brokerage offices. For more information please visit http://www.CaliforniaMoves.com or call 925.275.3085. DRE # 00313415.

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Existing Home Sales Surge According to NAR

Check out the latest existing home sale report from NAR which reveals:

• Strong gains in existing-home sales were the predominant pattern in most states during the fourth quarter, with many more metro areas seeing prices rise from a year earlier, according to the latest survey by the National Association of Realtors ® .
• Sales increased from the third quarter in 48 states and the District of Columbia; 32 states saw double-digit gains. Year-over-year sales were higher in 49 states and D.C.; all but three states had double-digit annual increases.
• Total state existing-home sales, including single-family and condo, jumped 13.9 percent to a seasonally adjusted annual rate ¹ of 6.03 million in the fourth quarter from 5.29 million in the third quarter, and are 27.2 percent above the 4.74 million-unit level in the fourth quarter of 2008. Distressed property accounted for 32 percent of fourth quarter transactions, down from 37 percent a year earlier.

Click here for the entire report:

What Room in Your Home Do You Intend to Upgrade/Redecorate Next?

Why Now May Be a Good Time to Buy

First-time homebuyers are about to experience a significant increase in the cost of buying a home. According to the National Association of Realtors, first-time buyers represent a considerable part of the housing market. Last year, they represented over 40 percent of all homes sold. As a result, the housing market as a whole could be seriously impacted by how first-time buyers react to the expense of housing.

There are three reasons why first-time buyers might see the cost of housing go up within the next couple of months. They include the expiration of federal homebuyer tax credits, changes to Federal Housing Administration mortgage guarantees and trends in home prices. Let’s take a look at each of these and examine how the cumulative effect could make it much more expensive to buy a house.

Tax credits

In an effort to revitalize the anemic housing market, the federal government extended and expanded tax credits that were set to expire last November. For first-time buyers, as defined as someone who hasn’t owned a home in the last three years, you can get an $8,000 tax credit if you get a contract on a house by the end of April and go to settlement by the end of June. As with any government program, there are very specific rules and guidelines regarding your ability to take advantage of the credit. But generally, most first-time buyers will be able to take full advantage of that $8,000. So, for the next couple of months, there’s an $8,000 freebie you can put in your pocket for buying a house.

Last November, some first-time buyers didn’t move forward with buying, believing that the tax credit would be extended. Some might think that the same could happen come this April. However, the bare pockets of Uncle Sam, along with an improving economy would suggest that a second extension of this credit is unlikely. So this is probably your last shot at having the government give you $8,000 in help for buying a house.

Also, people who have previously owned a home may also qualify for a $6,500 tax credit if they get under contract by the end of April. At this time of year, we’re all looking for tax deductions. We add up the stuff we gave to Goodwill last year, hoping that those old (too tight) jeans and that unused exercise equipment might save us $50. But, buy a house by the end of April, and you could save $8,000. That kind of money would buy you a health club membership for the rest of your life. Don’t be pennywise and pound foolish if buying a new home is something you’re thinking about doing anytime soon.

FHA loan changes

The Federal Housing Administration was created way back in 1934 as a method for the federal government to insure home loans and, consequently, expand the number of people who would qualify for buying a house. The primary idea behind this program was to charge mortgage insurance (which buyers could finance along with the principle balance of their mortgage), and in doing so, lenders were protected from default by buyers who were making down payments that were far less than the traditional 20 percent. In today’s market, many cash-strapped buyers (commonly first time buyers) use FHA loans to buy a house.

Currently, the cost of this mortgage insurance is 1.75 percent of the sales price of a house. So, if you’re buying a $400,000 house, this insurance would cost you $7,000. As of April 5, 2010, mortgage insurance for FHA borrowers will increase to 2.25 percent. That means the mortgage insurance for an FHA loan on the same $400,000 house will go up by $2,000 to $9,000. You can finance the cost of this insurance over the life of the loan (30 years), meaning you don’t have to pay all the money up front. But it’s a real expense that will increase cost of buying a home by thousands of dollars.

Additionally, the FHA intends to change the amount of money a seller can contribute toward helping a buyer with closing costs. Right now, the seller can give back to the buyer 6 percent of the sales price on a home sale. On the example of a $400,000 house, that could be as much as $24,000. FHA intends to reduce that amount to 3 percent. Consequently, the new rules could reduce the seller contribution to buyers on a $400,000 home sale by $12,000.

The net result is that changes by the FHA could cost buyers a bundle. Buyers all too often focus on the sales price of a house as what defines the expense of buying a home. But when you consider tax credits, along with changes in FHA lending guidelines, the real cost of a house could change dramatically come this April.

Home prices

This part of the mix is far less certain than the other ingredients we’ve already discussed. Home prices may continue to go down, or they might start to go up. If we had the definitive answer to this one, we wouldn’t be writing this column, we’d be sitting on our yacht in Bermuda, lighting cigars with hundred dollar bills. Nevertheless, most of the economic indicators have shown that home prices are turning the corner.

As has been said, “God ain’t makin’ any more dirt.” God might be making more snow, but the land on which we can build a house is in limited supply – especially here on the east coast where so many of us live. This being so, economic cycles might periodically affect housing prices, but ultimately, rising populations and government controls on what constitutes buildable land will mean that the cost of a piece of dirt will certainly go up. Furthermore, spring is the prime time for selling houses. The subsequent increase in demand normally results in a firming of prices, as well as reduced flexibility on the part of sellers.

So, if you’re looking to buy, the spring and summer could spell higher prices for housing. Always remember that what you offer for a house is just one part of what that house will ultimately cost you. Financing and other considerations, like tax implications, can often overwhelm small changes in the purchase price. To be a smart homebuyer, take a look at the whole package. Don’t miss out on the home of your dreams over a few thousand in the sales price, especially if it means you forgo tax credits and financing advantages that are here today, but gone tomorrow.