Real Estate

The Mililani real estate market

Jan 062011

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The Mililani real estate market, a primarily residential sector of the larger Oahu housing market, saw a slight decline in home sales and home prices compared to year-ago levels, although foreclosures declined somewhat year-over-year. According to information from the Honolulu Board of Realtors, prices and volume both declined in November 2010 relative to November 2009. This seems to indicate that demand decreased year-over-year, especially in the absence of the federal housing tax credit, which many economists have suggested was responsible for artificially inflating sales figures over several months. A total of 245 single-family homes were sold in November 2010, marking a decrease of about five percent from the 258 single-family properties sold in November 2009. On the other hand, condominium sales saw a much sharper decline in sales volume compared to year-ago levels. According to statistics published by the Honolulu Star Advertiser, 303 condos were sold last year, while 402 were sold in November 2009, meaning that condo sales fell by just under twenty-five percent. The average sales price for single-family homes fell by just under one percent, to $590,000, while the median price for condominiums actually increased by slightly less than one and a half percent, to $310,500. However, taking the first eleven months of the year as a cohesive unit, single family homes saw a 13.4 percent increase in sales volume and a 2.6 percent increase in median price, while 11.4 percent more condominiums were sold at a 0.3 percent higher price.

Slightly more Mililani and Oahu homes for sale were put on the market as a result of foreclosures compared to the previous month’s figures, although the number of foreclosure sales for the entire state dipped slightly. However, the foreclosure rate remained almost constant relative to the same time in November 2009. According to statistics compiled by RealtyTrac, Hawaii was ranked number 13 in the nation, with a total of 877 foreclosures over the month of November 2010. Taken proportionally, this works out to about one foreclosure for every 585 properties, a thirty-one percent decline from October 2010. On Oahu in particular, the number of foreclosures increased by about fifteen percent from November 2009.

Burlingame real estate market

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Jun 102010

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The Burlingame real estate market, a small portion of the larger San Bruno and Bay Area housing markets, showed a decrease in sales but an increase in prices. According to a May 20, 2010 article from Reuters, “Home sales in the nine-county San Francisco region continued to shift toward its more expensive markets in April, reducing overall sales and lifting the area’s median sales price from year-earlier levels, a report from MDA DataQuick said on Thursday.” The report went on to note that “The region posted 7,003 sales of houses and condominiums in April, up 0.2 percent from March and down 1.9 percent from a year earlier, while the area’s median home price last month of $370,000 marked a decline of 2.6 percent from march and an increase of 21.7 percent from a year earlier, the report by the real estate information service said.”

The average purchase price of a Burlingame and Bay Area home for sale increased considerably in the month of April. According to a May 21, 2010 article from the San Francisco Chronicle, “Median resale home prices in the Bay Area rose 30 percent in April compared with the prior year, in a market that featured fewer foreclosures and more activity in higher end neighborhoods, according to a real estate report released Thursday.” The piece by Robert Selna went on to note that “Meanwhile, the total number of homes resold in the Bay Area – that is, not newly constructed – fell slightly year-over-year as the higher-priced sales activity could not offset declines in the more affordable areas, according to data analyzed by MDA DataQuick, a San Diego real estate research firm that produces monthly market updates.”

Both of these trends in the Burlingame and Bay Area real estate markets – the decrease in sales and the increase in prices – were also mentioned in a May 20, 2010 article from the Contra Costa Times. This piece, written by Eve Mitchell, stated that “Bay Area home sales in April were down slightly from a year ago while the median sales price rose sharply. The sales slowdown was tied to some buyers delaying escrow until May 1 to get a bigger home-buying tax break.”

Palm Desert real estate market

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Jun 092010

: Image by MarkKelley via Flickr

The Palm Desert real estate market showed mixed but mostly positive signals in the month of April, according to the most recent tracking figures. A May 24, 2010 article from the Desert Sun found that “The California Association of Realtors reports that April sales fell, but the median is up nearly 21 percent across California. The state association reports that the Palm Springs, lower desert area, clocked in with an April median of single family homes and condos of $197,040.” The piece by Debra Gruszecki continued to say that “What triggered the fall in sales in what’s been reported to be a recovering market? Blame it on the state tax credit. ‘It’s likely that the state tax credit that went into effect May 1 created an incentive for many buyers to postpone closing escrow so they could take advantage of both the state and federal tax credits that were available,’ said CAR President Steve Goddard.”

This reported increase in the average purchase price of a Palm Desert home for sale was echoed in a May 25, 2010 report from the Desert Sun. Citing a different authority than the previous report, it noted that “The median price for Coachella Valley home sales in April rose 31 percent in April compared to the same time last year, Palm Springs Regional Association of Realtors data show. It rose to $197,040 from the $150,140 median in April 2009. Overall, sales dropped 4.5 percent last month compared to last year.” The piece, written by Debra Gruszecki, went on to say that “Scott Newton, president of the Palm Springs Regional Association of Realtors, said the April numbers show a market that is moving out of high-season and is so focused on median price that inventory is getting low.”

These tentatively positive indicators for the Coachella Valley and Palm Desert housing markets were most recently referenced in a May 29, 2010 report from KPSP 2 News. This piece by Jackie Pedroza noted that “If you’re trying to sell a home or condo in the valley there is some good news. Compared to the same time period last year home prices are up quite a bit.”

Denver real estate market

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May 222010

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The Denver real estate market is still battling relatively high rates of foreclosures, but continues to show otherwise strong indicators of economic health. According to a May 16, 2010 article in the Denver Post, “The new-home market in the Denver area improved in March, with net sales of 477, a 22 percent increase over the same month a year ago. The number of contracts cancelled fell from a year ago to 58, representing an 11 percent cancellation rate of gross sales, according to a recent report from Hanley Wood Market Intelligence. Inventory levels fell 35 percent, to 2,256 units.” The piece, written by Margaret Johnson, continued to state that “The average base price of units sold fell 4 percent from a year ago to $302,121, while the median base price of units sold fell 5 percent, to $270,990. The fluctuations in price are often affected by a shift in the price mix of units sold, as much as any price increase or decrease in the units themselves.”

A second report on Denver homes for sale reached a different conclusion on the movement of housing prices, according to a May 11, 2010 article in the Denver Business Journal. This piece noted that “Single-family home prices in metro Denver slipped in March from the previous month but rose 4.1 percent from 12 months earlier, according to a report Tuesday from Integrated Asser Services LLC.” The article by Mark Harden also said that “The monthly ‘IAS360 House Price Index’ report from IAS, a Denver-based default-mortgage services company, said the median single-family home price in the Denver-Aurora metro area declined 0.7 percent in March, following a 0.2 percent rise in February. But year over year, the index showed a 4.1 percent increase in the area’s median price between March 2009 and March 2010.”

Higher than average foreclosure rates might adversely affect Denver real estate if they continue to escalate. According to an April 29, 2010 article from In Denver Times, “Foreclosures are occurring at a faster-clip in the Denver-Aurora area than the national average, according to a national first-quarter report released today. The Denver-Aurora area ranked No. 49 out of 206 metropolitan statistical areas tracked by RealtyTrac, based in Irvine, Calif.”

Dallas real estate market

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May 212010

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The Dallas real estate market is showing all-around signs of improvement, according to three strong indicators of economic health – home prices, home sales, and foreclosure rates. According to a May 8, 2010 article in the Dallas Morning News, “North Texas home sales surged 27 percent in April from a year earlier. Condominium sales rose even higher – up 49 percent. Median home sales prices also rose a solid 7 percent in last month’s report, one of the best recent year-over-year gains. The jump in pre-owned home sales was fueled by the federal homebuying tax credits that just expired.” The piece, written by Steve Brown, continued to say that “The April increase and an 11 percent rise in March were enough to put home sales ahead 9 percent so far this year in North Texas. Local real estate agents sold 7,017 pre-owned single-family homes last month, according to statistics released Friday by the Real Estate Center at Texas A&M University and North Texas Real Estate Information Systems Inc.”

Dallas homes for sale were less dependent in recent months as well, according to a May 13, 2010 article in the Fort Worth Star-Telegram. This piece found that “Home foreclosure postings in Tarrant County as well as the Metroplex as a whole dropped for the second consecutive month in a row this month, but that’s too short to call it a trend, a local expert said Thursday.” The article by Bob Cox also said that “The number of homes listed for foreclosure and which could potentially be auctioned off at the June 1 courthouse auction, fell 8 percent in Tarrant County compared with a year ago and 7 percent from the previous month, according to data released by Foreclosure Listing Service of Addison.”

Home prices for Dallas real estate also rallied slightly, according to a May 12, 2010 article in the Dallas Morning News. This piece, written by Steve Brown, found that “Dallas-Fort Worth home prices edged higher in the latest nationwide housing market update. The D-FW area was joined by 90 other U.S.. metropolitan areas that had gains in median home prices in the first quarter, according to the latest report from the National Association of Realtors.”

Almaden Valley Ca, Real Estate

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Mar 102010

Almaden Valley, a neighborhood of about 37,000 within the city of San Jose in northern California, has seen mixed results in its real estate market in the last few months. The community, like so many others in the vicinity, saw a steep drop in prices after the recession took hold across America.

In January 2010, there were 46 Almaden Valley homes for sale, a sign that the market is improving and inventory clearing out, as there were 74 homes for sale in the same period one year earlier. Of the homes for sale in January 2010, 40% were in escrow, 23% were short sales and 10% were bank-owned homes.

During the same period, there were just two condos listed for sale on the Almaden Valley real estate market in January 2010, compared with nine in 2009. Both of these listings were conventional condo sales, neither bank-owned or short sales.

But taking a look at the greater city of San Jose, we can still see signs for caution. According to the city’s newspaper, the Mercury News, foreclosures in the county were on the rise in January, rising 37%. Additionally, homes that have been foreclosed upon in Santa Clara County – in which Almaden Valley and San Jose lie – are spending an average of 221 days on the market versus just 143 in August 2008. In January, there were 4,850 homes scheduled to be foreclosed upon in the county.

Catskills, NY Real Estate Update

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Dec 312009

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Though not in one of the typically famous overheated real estate markets that have suffered so heavily in the recent onslaught of the U.S. residential housing market crisis, real estate in the Catskills area of upstate New York has suffered nonetheless. Prices have fallen dramatically, giving those in the market for a new home some great deals, but offering those looking to sell homes a tough sell.

In November of this year, the Catskills real estate market reflected that of the greater national market. Sales continued to gradually increase. In Sullivan County, sales volume ending Nov. 30 for the three-month period was 133, up 7% from the three months ended Oct. 31 but down from the same period in 2008.

The median sales price of homes for sale in the Catskills also remained down, at around $134,000, down by around $2,000 from October figures and down from more than $150,000 at the same period last year. The median price at the high in 2006 was $190,400. Foreclosure sales activity began to retreat slightly, with foreclosed homes accounting for 10.5% of sales, down from 12.1% of October’s sales.

Listing prices stood at an average of $271,223 and a median of $199,000, while the prices for closed sales during September through November clocked in at an average of $162,250 and a median of $134,000, suggesting that sellers must be willing to shave off the prices in order to close the deal.

Baltimore Real Estate

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Dec 242009

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Real estate experts believe that the Baltimore real estate is headed in the right direction due to steady improvements experienced over the past few months. Although home sales have increased significantly compared to that of the previous year, median prices are still slightly lower. Many realtors in Baltimore have attributed the increase in Baltimore real estate activity to the federal tax credit for first time homebuyers. Realtors also hope that the tax credit will continue to spur activity in the coming months, especially as buyers rush to close on purchases prior to the April 2010 deadline for the federal tax credit. Although it is still unsure of the future of the real estate in Baltimore, many experts hope to see recovery some time during 2010 or 2011.

According to the Baltimore Sun, Baltimore real estate has recently experienced an increase in activity, with many properties changing hands over the past few months. Realtors in Baltimore posted a 77 percent increase in home sales in November compared to that of November 2008. About 3,700 homes in the Baltimore region were sold during November, a slight increase from the 2,247 sold in October. This has shown great promise, especially since Baltimore tends to experience declines in its real estate market during the month of November based upon historical data trends. Sales in October were also 36 percent higher than that of the previous year. However, many experts believe that recovery is not yet here since Baltimore is still experiencing slight declines in median home prices. In November, the median home price fell about 8 percent from that of the previous year to about $260,000.

The Baltimore Business Journal has also reported the promising improvements being made in the real estate in Baltimore. Numerous realtors in Baltimore have reported that the real estate activity in the area has been surprisingly promising, especially considering the current season. Many buyers have noted that the federal tax credit has played a major role in enticing homebuyers to invest now. Experts have also noted that the affordability of the market has also played a major role in attracting homebuyers. However, that also means that the luxury home market has continued to struggle to find buyers since few are willing to pay millions for a home during these economic times.

San Bruno Real Estate Update 2009

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Nov 212009

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A upper-mid-level market near the coast of California, real estate in San Bruno, like in many cities across the Golden state, continues to struggle, reaching for a bottom to bounce back from. Prices and values are down, as is sales volume in contrast to many cities’ markets, which have been assisted by the government incentive program to offer tax rebates to homebuyers.

According to San Mateo County statistics from Alain Pinel Realtors in nearby Menlo Park, October statistics showed little to no relief from the San Bruno real estate market. The city saw its median and average prices both down during the month from the same time last year. The median price for single-family homes stood at $490,000, down 8.4% from October 2008, while the average price was at just under $515,000, down 3.6% from the same time last year.

Meanwhile, sales in San Bruno have slipped as well. October of this year accounted for just 16 sales, down by 23.8% from activity of last year and unchanged from sales volume in September. There were 31 current homes for sale in San Bruno and it remains to be seen whether the government’s extension of the tax credit to homebuyers will be an incentive to help lure more buyers back to the San Bruno market.

Additionally, the condo market has been faring no better. The median price for a condo in October was $210,000, down 26.3% from last year’s price, though up 7.7% from September’s figures. Condos’ average price, at just over $201,000, is down 28.7% from last year and down 1.5% from September. Condo sales, too, are down, with just seven sales during October, down 30% from volume during October of 2008.

Interviewing your Real Estate Agent – 10 Questions You Need to Ask

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Nov 122009

: Image by Getty Images via Daylife

When you choose to hire a real estate agent to help you with your real estate transaction, you must first get to know your real estate agent. You must first interview real estate agents to make a wise decision on whom to hire. Agents that do not answer your question should be out of your choice. Here are ten questions you should ask to a real estate agent to assume their efficiency:

The first question you need to ask is “how long have you been in the real estate business?” A new real estate agent might be valuable, but the more experienced ones could help you more. A good real estate agent should have access to competent mentors and have completed a high level of training. New real estate agents might need time to learn, but they surely would be able to concentrate on you and your case. Agents who have had years of experience can help you, but they tend to repeat their first years over and over.

The next thing to know about your real estate agent is about their average list-price-to-sales-price ratio. A good real estate agent should be able to negotiate a lower sales price compared to the list price of the buyer. He should also be able to store a track record of negotiating sales prices which are similar to the list prices.

You should also understand the marketing strategy of your real estate agent.

As a buyer, you need to know the following: the way your agent will look for a home; the number of choices of houses that he will offer; whether you’ll be competing with other buyers; the way your agent manage numerous proposals; and whether your agent presents offers himself.

As a seller, you need to know the following: how your agent will sell your home; your agent’s direct mail campaign; how often and where does your agent advertise; a sample flyer; and the method he uses to market online.

Ask your agent for references. See if your agent’s references are related to them and ask the references some questions.

Know the edge of your real estate agent from his competitors. A good real estate agent must know how to answer this question. You might want to look for agents that are assertive, analytical, friendly, great negotiator, trustworthy and are great communicators.

You also need to read and understand the documents that you will be signing from your agent. A good real estate agent can provide you copies of these documents. As a buyer you need to have a copy of the agency disclosures, buyer disclosures, purchase agreement and possibly a Buyer’s Broker’s Agreement. As a seller, you must have a copy of seller disclosures, listing agreement and agency disclosure.

The next thing to know about your agent is who they work with. You need to know who your agent works with such as mortgage brokers, title companies and home inspectors and know why they have chosen to work with them.

You also have to know how much your agent charge. Agents normally charge from 1 to 4% on one side of the transaction. You don’t have to be so cheap and find an agent that charges the least. Find the one that fits your budget.

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