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Cliff Keith~dre #00605874's Blog

By Cliff Keith~bre #00605874 | Broker in San Carlos, CA
  • Friday's Weekly Market Update For Redwood City

    Posted Under: Market Conditions in Redwood City, Home Buying in Redwood City, Home Selling in Redwood City  |  October 28, 2011 2:43 PM  |  253 views  |  No comments

    The Updated Redwood City Friday’s Market Update: August 19 & 26, September12 Weeks of a Seller's Market 2, 9, 16, 23, 30, October 7, 14, 21, 28 (2011)

    Redwood City real estate:  Here is the MLS data for single-family homes over the past 7 days in Redwood City, CA.  These numbers show data gathered between Friday 8/19/2011 - 10/28/11:

      Date                                     8/26 – 9/2 – 9 – 16 – 23 – 30 – 10/7 – 14 – 21-28

    • New Listings –------------ 21 –25 –15 – 25 – 23 – 25 – 19 – 17 – 18- 23
    • $ Increased –---------------00 – 03--01 -  00 -  00 – 01 – 03 – 02 – 00-02
    • $ Decreased –------------  11 – 13 – 12 - 13 – 14 – 15 – 13 – 07 – 15-07
    • BOM –------------------------ 00 --02---03 – 02  - 00 – 00 – 00 – 00 – 02-00
    • Pending –--------------------        05---16 – 15 – 15 – 14 – 17 – 17 – 09-10
    • Pending Do Not Show – 11 –13—11 -  07 – 11 – 10 – 11 – 08 – 05-12
    • Sold –------------------------- 15 – 11—08 – 16 – 13 – 15 – 10 – 14 –10-09
    • Rentals –--------------------- 01 -- 01--02 -  00 – 01 – 01 – 00 – 01 – 00-02
    • Expired –--------------------- 02 --- 4--- 02 - 00 – 00 – 00 – 03 – 01 – 04-01
    • Cancelled –------------------ 06 --- 3--- 06 - 05 – 07 – 05 – 07 – 03 – 03-06

    What do those numbers mean? They mean 30.7% of the homes that came on the market for sale, their counter parts of active listings on the market dropped their listing price. It appears homes are market value when put up for sale.

    What type of market do I see here?  The numbers point to a Seller’s Market!  WHY you may ask?  It’s because of the basic law in economic, Supply and Demand.  Redwood City had 23 new homes, which came on the market for sale during the past 7 days and 38 homes, 1.65 Times more (60.5%) removed from the market for one reason or another. This is the twelfth (12th) week in a row this has happened to Redwood City real estate!

    If you were a homebuyer looking to buy a home in Redwood City, I’d say it time for action on your part. If you are a home seller in Redwood City, I say, it too is time for you to consider putting your home on the market for sale, today.

    Both Redwood City’s homebuyers and sellers will make an intelligent decision by taking action to buy and sell their homes.

    By doing so, Buyers would be ahead of the home buying market curve because the media hasn’t realized the market is shifting towards a Seller’s Market.  And, when the media starts reporting the shift in the Redwood City real estate market everyone and his brother will begin looking to buy a home in Redwood City.  Redwood City home buyers you are smart!  Make the smart choice. As a side note, Redwood City real estate in past recessions was used as the vehicle to keep ahead of inflation by investors. (See 9/19/11 blog post on inflation.)

    Redwood City Home Sellers, you are smart too!  Take action today, and offer your home to the market for sale because you will begin to see more offers during this trend.  This will cause you the home seller to negotiate on the offers you receive fewer concessions in terms of the price and conditions.
  • How to stop a foreclosure in Redwood City

    Posted Under: Home Buying in Redwood City, Home Selling in Redwood City, Foreclosure in Redwood City  |  October 26, 2011 11:42 AM  |  274 views  |  No comments

    Beware of the Ostrich Syndrome When You Are Facing A Foreclosure 

    Two Ostrich With Their Heads In The Sand

    Is This How You React To Your Bank?

    There is an indication that the banks across America are starting to rev-up their efforts to foreclose on homeowners who owe more on their homes than what it is currently worth.  As a homeowner in this position, one should not take this lightly and start to become pro-active when they become aware of their bank intentions and take the appropriate actions.  Below is how to do so.

    Do you live in Redwood City and are facing a foreclosure on your home? You’re not alone. RealtyTrac, an online service that lists foreclosure properties throughout the U.S., reported a record 1 in every 226 homes in California has filed for foreclosure. 

    The rising unemployment rate in the current economic downturn is fueling the foreclosure firestorm. The surge is expected to continue despite President Obama’s various stimulus plans for homeowners designed to help borrowers avoid foreclosure by providing incentives to lenders to ease restrictions on refinancing for people who owe more on their mortgages than their homes are worth.

    If you are among the hundreds of thousands in foreclosure, you may feel desperate, frustrated, angry, depressed, helpless and confused about your options. If you’re like most people, your natural inclination in the face of a crisis is to do nothing – hoping it will pass or go away. It won’t go away! Emulating an ostrich by sticking your head in the sand and doing nothing won’t improve your circumstances. You can avoid what I have termed the “Ostrich Syndrome” and recover from a financial disaster by taking bold, swift action now. Here’s what you can do.

    Talk to Your Lender

    Call your lender (banker) and tell them you are experiencing financial hardship and that you are unable to make your current monthly mortgage payments. Ask your lender for advice and help. The lender will be motivated to help because the alternative is for the lender to foreclose and try to sell the house in this recessionary housing market. The lender knows s/he is unlikely to recoup their loss.
    In some cases lenders may be willing to renegotiate your mortgage or agree to a loan change. They may be willing to change the interest rate or change the amortization table (the amount of time you take to pay off the loan) to cut your monthly payments. Other options available to stop foreclosure proceedings include:

    Pay the Delinquency and Reinstate the Loan - Under most circumstances, lenders are required to accept payment of the full delinquency and reinstate the loan. Of course, that assumes you are able to secure the funds to repay the debt. For example, some people may be able to refinance their property. Others may cash in 401Ks or sell assets (such as jewelry, stocks, or bonds) to get the funds to pay off the debt. Others may borrow money from relatives. At the time of repayment, the delinquency may include certain legal costs if you are already in foreclosure. Many lenders require certified funds for reinstatement.

    Forbearance– This is a fancy word for temporarily delaying your loan payment for a short period and then instituting a loan repayment plan. The most common way of resolving a loan default is to work out a plan, which will let you repay part of the delinquency balance each month, along with your regular monthly installment. If you are temporarily unable to meet your monthly mortgage obligation, your holder may extend forbearance by agreeing to suspend payments for a limited time until you are able to begin a repayment schedule. In some cases, the lender may simply add the payments that you missed to the principal of your newly modified loan balance.

    Private Sale - If you do not believe you will be able to reinstate your loan and cure the default, a private sale of the property will enable you to meet your obligations and receive any equity you may have built up. Although there are exceptions, most private sales result in the seller receiving more than the amount owing on the loan.

    Deed in Lieu of Foreclosure - If you will be unable to cure the default, and a private sale does not seem realistic, your lender may consider accepting a deed in lieu of foreclosure. If there are no liens on the property, and your lender agrees to accept a deed, you will have to sign legal documents transferring full ownership of the property to your lender. Be careful! Some credit reporting agencies may still consider this a foreclosure transaction and show it as such on your credit report!

    Like me on FB at http://www.facebook.com/AboutRedwoodCity  You will also find more helpful information that will save you time and money on this site.  Thank you.

  • Tuesday Tips - Best Home On Broker's Tour In Redwood City Today

    Posted Under: Market Conditions in Redwood City, Home Buying in Redwood City, Home Selling in Redwood City  |  October 25, 2011 7:11 PM  |  339 views  |  No comments

    2315 Cheshire Way - Best Home On Broker’s Tour today in Redwood City, CA 

    Redwood City Real Estate.  Tuesday Tips – Best Home On Broker’s Tour in Redwood City Today 10/25/2011 as provided by Cliff Keith and Team of Today Sotheby's             

    Tuesday Tips – Best Home On Broker’s Tour in Redwood City Today.    

    Today, October 25, 2011, the home on Broker’s Tour, which I felt was the best deal for any Redwood City homebuyers in the price range of this home, is 2315 Cheshire Way.  The main factors taken into consideration were: Location, Price, Condition, and Future Potential.

    Preference was not given to any particular real estate company, nor agent, and I was not rewarded or promised any gains because of my choice. This opinion is exactly what I would tell you, if you were my client, and you were sitting in front of me, wanting to buy your new home.

     This week I have found an exceptional value, for homebuyers in Redwood City in this prospective price range. 

     My Tuesday Tip, For Best Home On Broker’s Tour today is 2315 Cheshire Way in Redwood City.  This completely remodeled split level contemporary has granite counters in the kitchen and bathrooms, gleaming hardwood floors, a partial view, and a new redwood patio for those warm summer evenings. 

    I saw this home a few months ago before it had be remodeled and it was all knotty pine paneling and smelled of tobacco.  Not so today! They have done a very nice job on this remodel…not too flashy and not too drab, it’s just right. 

    There are 3 bedrooms including a master bedroom suite, 2 full bathrooms, a granite breakfast bar and a two car-garage. This would be a great place to call home in Redwood City. The
     best part is the price at only $819,000.  That is only $548/sq ft.   If you get a chance to see this home do so…you will be glad you did!

    Read more Redwood City information at http://www.sfbayhomes.com 

  • Step by Step Action Plan For Buying A Home That Is Full Proof

    Posted Under: Home Buying in Redwood City  |  October 15, 2011 12:57 PM  |  293 views  |  1 comment

    I get the same question from home buyers I meet in Redwood City. Here is the answer to their question including  how you can plan out a system to buy your new home.  I hope you enjoy the information and find it helpful.  Now the question:

    Home with a dollar signPlan For Buying A Home

    Q: I've been looking for a home for a long time. In my price range, it seems like there are only sub-standard homes for sale. When I began looking for my new home, there were lots of houses to see.  Although they was a big challenge because so many other buyers were trying to buy them at the same time like me. Now, it seems like those same old "crappy" houses that no one wanted before are what is left for sale.  When a good house does come on the market, it sells quickly. I'm getting frustrated and angry, and I am beginning to think I should give up my American Dream of owning a home. Is this all in my head or is there a solution?

    A: You are correct. Today's homes choice is slim. I'm no Einstein, so I can't say I know empirically why inventories seem to be stagnant and undesirable, but they are!  This is one of those delicate values we see that you can't interpret by looking at hard data -- the number of homes on the market are heading down, but the reality is that much of what is out there seems to be the same homes for a while.  REO's are the ones today, which are new inventory. Usually that means the homes lost most of its "pride of ownership" it was accustomed to when times were better.  If you do like an REO home you have to endure an extended time for the negotiations with a bank prior to closing any escrow.  It's running an extra  83 day currently.

    Being aware that other indicators like days on market (DOM), and number of homes on the market, don't really give you a true picture of the real estate market either. The homes that don't "pop" when you walk into them stay on the market longer, but the ones everyone loves sells right away.  Because of these extremities you get a results, which can be tainted from a normal market analysis.

    Change Your Thinking

    It's time for you to recall why you decided to buy a home in the first place. What was the dream of home ownership you had when you start the home buying process?  Was it for extra bedroom for your children?  The chance to entertain the way you wanted to entertain? Were you motivated to buy a home in a buyers market so you could take advantage of the market?  When you do get frustrated or think you should give up, simply revisit your original goals.  This will help you remember why you started your home buying process in the first place!

    If your original reasons for buying a home  inspired you, they'll once again guide you through your times of thinking about giving up. If your reasons aren't inspirational, then you might be better off deciding to wait.  You can always revisit buying a home at a later date: If you aren't motivated or have a strong sense of urgency it’s likely you probably won't ever find the home of your dreams. Today's real estate market require a commitment from a home buyer who is serious. Buying a home is hard work and waiting and seeing is not a game plan.

    If you do decide to get out of the home buying process, be aware of the consequences by giving up. There's all sorts of "Gurus" discussing where prices and foreclosure trends are going in the near future, however, there's agreement with almost all of them that interest rates are going up, along with lending guidelines getting even tougher. So buyers have to "qualify" for a loan before a bank will fund a mortgage...imagine that!

    If you decide to move forward, it's important to get clarity on what you want, and be more committed to compromising on things that aren't your strong "must-haves". Focus on what is truly important to you and be open to possible different scenarios that could work for you in the long run.  Even though it may not be the decision you want to make today. For example you may only want a "move-in" condition home, however, you haven't found it yet. Maybe buying a fixer-upper at a discount might be better.  You plan to use your tax-credit funds to do the fixing up,  like new painting, new carpeting and other cosmetic finishes that can show off your future diamond in the rough.

    A good number of my clients feel the same as you may be feeling and they too seem to just be treading water. They grow more worried and impatient when they can't find that special home that they want.  When a house does come on the market for sale they still hesitate before making an offer even if it would fit their criteria for their home. If that's you, here's some advice: Quit hesitating or stop looking for a home!

    When you see a place that would work for you, make an offer -- just do it! Do it decisively and quickly. Don't worry about the small stuff like pinching pennies or agonized over spending money for something you want -- be forthright and aggressive in your timing and your pricing, and you'll have a better chance of success. Nickel and dime a seller and they will nickel and dime you back. Make an acceptable and fair offer that will make the sellers and you have a warm fuzzy feeling in your tummies and everyone will win. If you do that, you can be firm with your negotiation to purchase your home because you have given an honest and fair offer. By being fair and forthright you will get your new home. Once done all your worries, anger and frustrations will be a thing of the past.

    What You Must Know

    If you want to be fair without overpaying for a home, make sure that you and your agent study the MLS statistics in an intelligent way. When you look at the comparable, look at homes that are very similar to the home you want to place an offer on -- not just in size or bedrooms and baths count, but look at the exterior curb appeal, the various upgrades and your level of appeal. When you analyze these homes, check the list-price-to-sale-price ratio: How much did they all sell for compared to what they were listed for?

    This can help you understand that particular neighborhood -- this in turn helps create a comfort level about what to offer whether it is more than asking or indicates limits so you don't offer too much.  

    Action Plan

    1. Revisit your motivations and reasons for buying a new home in the first place. Commit to the home buying process or decide to stop looking for a home, with a full understanding of what you are giving up.

    2. Be fair and decisive and move quickly to make a strong offer, when you find a home which would meet your needs and criteria for your new home.

    3. Be ready to compromise or use a strategy that will still carry out your original goal of owning a home, and plan to put your tax-credit money to use by fixing your new home so it is the American Dream you have always had since a child.

    As always if you need help or have any questions Cliff Keith and Team are always here to help you.  You can reach us at 650-346-7366.  We would love the opportunity to help you.

 
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