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Almaden Valley Ca, Real Estate
Mar 10th
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.
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Catskills, NY Real Estate Update
Dec 31st
- Image via Wikipedia
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.
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Baltimore Real Estate
Dec 24th
- Image via Wikipedia
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.
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San Bruno Real Estate Update 2009
Nov 21st
- Image via Wikipedia
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.
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Interviewing your Real Estate Agent – 10 Questions You Need to Ask
Nov 12th
- 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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