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The Silicon Valley Market Report for February 2010
So far 2010 is off to a roaring start, with multiple offers again becoming commonplace, and highly qualified buyers lining up in some cases to present strong offers for well-priced, desirable properties.
As a couple of data points, our listing for a three bedroom home at 842 Sycamore Drive in Palo [...]
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Tales From the Front 1/31/2010 ? The Return of the Tulips
I have been patting myself on the back over the results of my contrarian marketing of 842 Sycamore Drive in Palo Alto.
It sold in a week with 14 offers, when the average Days on Market for a home in that area and price range is about 100.
Part of my contrarian marketing was to put it [...]
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Free Mortgage Payment Protection, FHA Standards Easing and Loan Mods at Absolute Mortgage Banking
Free mortgage payment insurance, really? Yes! While hosting one of my monthly mortgage market updates, which generally occur every third Wednesday of the month, I learned that CAR actually offers complimentary mortgage protection through their Housing Affordability Program (special thanks to Pam Page and Julia Keady for this information). To be eligible, the following are [...]
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Tax Credit Extended, Markets Further Stabilizing and Real Estate Ideal Hedge
Tax Credit and Conforming/FHA Loan Limit Extended
Made official on Friday, the tax credit for home purchases was extended through July 1, 2010 and the important details are exactly as they were in my post on Friday the 30th of October, which was summarized as follows:
ˇ Effective on binding real estate contracts from December 1, 2009 [...]
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High-cost conforming loans and housing prices
On November 6, Scott Sambucci of Altos Research did some analysis of housing prices around the $730,00 sales price to see if conforming loans requiring as little as 5% down were having an impact on selling prices, vs. the 20% minimum down payment for loans over $729,000.
Basically, there is an effect, and we are seeing [...]
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Tales From The Front, My World of Real Estate, November 8, 2009
I had the pleasure of hanging out here again this Sunday. It’s a 6 bedroom, 4.5 bathroom home in Los Altos, brand new construction, for the low, low price of $4,188,000.
Currently, there are only 11 homes in Los Altos for sale priced over $3,000,000, so this isn’t exactly your run of the mill property. As [...]
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Mortgage Mania 25 ? What?s Next?
Last week I attended a lecture given by economist Chris Thornberg of Beacon Economics on the economic forecast for 2010. The event was sponsored by accounting firm Petrinovich ,Pugh and Co., and Bridge Bank. You can view Dr. Thornberg?s recent presentations on the Beacon Economics website, and his talk from last week HERE.
The digest version [...]
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The Next Foreclosure Wave: Mid-Range and Luxury Homes
As a Certified Foreclosure Specialist, I’ve been talking about the “next foreclosure wave” for quite some time now.
As the subprime crisis winds down, the next crisis emerges – Option ARMs and Alt-A loans (3/1 ARM, 5/1 ARM, and 7/1 ARMs) are all resetting over the next 18 months. See this chart for a visual of [...]
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Economic Forecast, Extending the Tax Credit and the Golden Window for Buyers
On October 12, I attended a SILVAR sponsored economic update and forecasting presentation by CAR EVP Joel Singer, and I thought you might find the following summary and comments beneficial:
As we all know financing is the primary key to housing stability, and Singer is 100% confident that both tax credits and the $729,750 conforming limits will be [...]
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Tales From the Front ? The World of Palo Alto Area Real Estate 10/16/09
Today was re-tour day in Palo Alto. When the price of a home is reduced, or the listing agent is trying to generate some interest in a stale listing, they “re-tour” it, or have it on broker’s tour again. Today we visited three great properties that are looking for new owners and are on tour [...]
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