Why Real Estate?
Everyone likes real estate, whether what’s constructed on it serves as an abode or an investment. Real estate is tangible. Unlike stocks and bonds, real estate can be touched, handled and improved. Real estate provides “psychic revenue.” There is a pride of ownership that comes with real property that doesn’t come with other property.
Financial media are rife with articles on why owning residential real estate isn’t such a good idea. They point to arguments on how real estate decreases mobility or how much it costs to maintain. The articles have some validity, but they are often marked by glaring omissions. Yes, real estate can limit mobility in a slow economy, but it has always been that way. There is nothing new to this point. Read more
10 Reasons To Buy Bay Area Real Estate in 2011
With the worst behind us, the real estate industry is already picking up steam in 2011. Bay Area real estate inventory is already growing, prices are lower, and the interest rates couldn’t be better!
1. People who want to sell, including banks, wait until after the holidays to go to market. We are seeing inventory grow everyday in the Bay Area so far since January 1st.
2. If you want to live in a particular city or neighborhood, there is probably something there waiting for you! Go to www.KarinCunningham.com to search for a home anywhere in the Bay Area!
3. Foreclosures are available in most mid to lower price ranges. When purchased, the monthly mortgage could easily be equal or less than what you pay in rent. Estimate: $400,000 home price with $14,000 down=$2,000 monthly payment (not including tax and insurance).
4. A lot of people need tax write-offs. There are a lot of write-offs when you own a home such as interest and improvements. Owning a home can actually save you money!
5. Prop 60 and 90 allows homeowners to sell their homes and transfer their original property taxes to the next home that they buy as long as it’s an equal or lower value. San Mateo and Santa Clara both participate in this. Check out this link for more counties and detailed information http://www.wwlaw.com/prop60.htm
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“HOW IS THE MARKET” AND THE YEAR THAT PAST
“HOW IS THE MARKET” AND THE YEAR THAT PAST
This past year, the most common question I was asked was, “How is the market?”
It was a year that I will never forget. At Prudential California Realty, San Bruno, we have over 100 agents. Some with many years of experience and some new to the business, this was our environment last year:
-We had the lowest drop in interest rates, yet it was difficult to obtain a loan.
-Buyers who chose to participate in a short sale waited months for the banks to approve the sale; meanwhile the banks delay in response created a larger debt.
-We had “short sale negotiators” with astronomical fees, so our agents learned to become “short sale negotiators” and they did not charge their clients.
- In some cases, homeowners stop paying their home mortgages so the bank would consider them as a “short sale” candidate. Read more
The Silent Killer….
Amongst many new laws being enacted in 2011, is one that will require carbon monoxide detectors in every single home in California by July 1, 2011. Newly constructed homes are required to have them effective January 1, 2011. Although many new laws are often silly, this one seems super important, since so many people die each year due to carbon monoxide posioning.
For those unfamiliar with carbon monoxide poisoning, it is known as the silent killer. It is a colorless, odorless gas that is nearly impossible to detect without a CO detector and seeps out through gas heaters and appliances, as well as through engines left running in garages off homes.
It can cause nausea, headaches, dizziness, chest pain and vomiting and is really hard to diagnose because the symptoms are so similar to other illnesses that occur during the winter months. It can and does kill. Just one example are the 5 teenagers in Florida that died in December. According to Wikipedia, on average 170 people die every year due to this killer. Read more
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