Monday Statistics
Good morning South County! Here are your weekly updates on what is happening in your neighborhoods. Feel free to contact me if you want more specific information. As of this week:
Morgan Hill has 219 active listings and 78 sale pendings
Gilroy has 214 active listings and 202 sale pendings
San Martin has 41 active listings and 16 sale pendings
Area 1 (all of the above) has 473 active listings and 296 sale pendings.
There is a lot of activity in the market right now especially in Gilroy and the lower end of the market. A lot of people are taking advantage of the great interest rates and low prices to own their first home. Inventory and sales are holding pretty steady.
Stay tuned for regular updates!
Monday, March 30, 2009
Sunday, March 29, 2009
We did it!
Historical Society of Morgan Hill sponsors the El Toro Spring Walk
We don't always have the time in our busy day to do the things which renew us. Yesterday was a beautiful day and there was a great turnout for the El Toro Walk. This year there were two times to go up - one at 8 AM and one at 10 AM which made it a lot more organized (and safer) than last year. There was the geologist speech before the walk (OK, El Toro is not a volcano and Poppy Jaspar is special to Morgan Hill), as well as the usual walkers and after walk treats. I was trying to remember how many years we have been doing this and I think it has been almost ten years. Last year it was much easier to get up the hill because I was in training then for the Avon Walk for Breast Cancer. This year I did it but maybe a little less gracefully.
My 2 Cents - Enjoy your community. There are always special events and people to enjoy!
Tuesday, March 24, 2009
Scams!
Far be for people not to take advantage of each other during tough times but that seems to be the case in several situations.
1) The Federal Trade Commission (FTC) is warning consumers that they could get stung by economic stimulus scams, perpetrated on the Web and through email, by enticing consumers to provide personal information or a small payment. Beware of email messages and web sites asking for bank account information, asking for a small payment which will allow credit card information to be made available and links that will download malicious software or spyware. Some web sites are using deceptive names or images of President Obama and Vice President Biden to give the appearance of being legitimate while they are not.
2) California Attorney General Edmund G. Brown Jr. is warning consumers that scam artists are using the forged letterhead of major lenders to con worried Californians into paying thousands of dollars for non-existent loan modification services. Consumers can take steps to protect themselves from loan modification fraud by going to http://ag.ca.gov/newsalerts/release.php?id=1697&.
3) I have had several clients who have received letters from groups claiming they can reduce their property taxes for a small fee. We did some follow up and believe this is also a fraud. You can log onto the county's assessors' office and actually apply to have lower taxes simply by filling out an online form. You might need some help in filling it out but the information is pretty basic and is out there (at no cost).
My 2 Cents - If it sounds too good, it probably is. Ask someone you trust before you jump in and be very careful of who you let see your private information.
1) The Federal Trade Commission (FTC) is warning consumers that they could get stung by economic stimulus scams, perpetrated on the Web and through email, by enticing consumers to provide personal information or a small payment. Beware of email messages and web sites asking for bank account information, asking for a small payment which will allow credit card information to be made available and links that will download malicious software or spyware. Some web sites are using deceptive names or images of President Obama and Vice President Biden to give the appearance of being legitimate while they are not.
2) California Attorney General Edmund G. Brown Jr. is warning consumers that scam artists are using the forged letterhead of major lenders to con worried Californians into paying thousands of dollars for non-existent loan modification services. Consumers can take steps to protect themselves from loan modification fraud by going to http://ag.ca.gov/newsalerts/release.php?id=1697&.
3) I have had several clients who have received letters from groups claiming they can reduce their property taxes for a small fee. We did some follow up and believe this is also a fraud. You can log onto the county's assessors' office and actually apply to have lower taxes simply by filling out an online form. You might need some help in filling it out but the information is pretty basic and is out there (at no cost).
My 2 Cents - If it sounds too good, it probably is. Ask someone you trust before you jump in and be very careful of who you let see your private information.
Monday, March 23, 2009
Monday Morning Update!
Monday Statistics
Good morning South County! Here are your weekly updates on what is happening in your neighborhoods. Feel free to contact me if you want more specific information. As of this week:
Morgan Hill has 213 active listings and 80 sale pendings
Gilroy has 235 active listings and 194 sale pendings
San Martin has 41 active listings and 15 sale pendings
Area 1 (all of the above) has 488 active listings and 289 sale pendings.
Inventory is declining which is very unusual for this time of year. I believe a lot of people don’t want to put their home on the market right now and a lot of people can’t because their equity is gone and they owe more than the current market value. The last time the inventory was this low was two years ago (end of March in 2007). However, pending sales are up as well as closed sales. There are a lot of people out there looking for homes right now - be prepared for some competition if you are one of them.
Stay tuned for regular updates!
Good morning South County! Here are your weekly updates on what is happening in your neighborhoods. Feel free to contact me if you want more specific information. As of this week:
Morgan Hill has 213 active listings and 80 sale pendings
Gilroy has 235 active listings and 194 sale pendings
San Martin has 41 active listings and 15 sale pendings
Area 1 (all of the above) has 488 active listings and 289 sale pendings.
Inventory is declining which is very unusual for this time of year. I believe a lot of people don’t want to put their home on the market right now and a lot of people can’t because their equity is gone and they owe more than the current market value. The last time the inventory was this low was two years ago (end of March in 2007). However, pending sales are up as well as closed sales. There are a lot of people out there looking for homes right now - be prepared for some competition if you are one of them.
Stay tuned for regular updates!
Saturday, March 21, 2009
Gilroy Leads in February Sales in Santa Clara
Mercury News Article
I don't always agree with the Mercury about the real estate market but I thought Sue McAllister had some right on things to say in Friday's edition. Yes, I agree that Gilroy is the hot market right now with excellent deals not only in the very low range but also in some of the higher end homes like those located at Eagle Ridge on the West Hills of Gilroy. If you are a Buyer and looking in Gilroy, do your homework and make sure you have a great agent - this is a competitive market and there are many multiple offer situations. Note - the good deals are not a secret and if you can figure it out, so can the other Buyers on the look out for a good deal.
Bank Owned Properties and Short Sales are not without their cost even though the market value is usually a good deal. Banks often want to use their own contracts which heavily favor them and in short sales, the Bank makes all the decisions and both insist on as-is sales (no repairs).
The article in the Mecury also talks about the median price being lowered throughout Santa Clara county and part of the reason is the run on lower end homes (it's not only happening in Gilroy, we're having multiple offers on low priced homes in Morgan Hill also and I hear in San Jose as well). But the other piece of the puzzle is high end homes involve risks on many levels. Lenders are just not that excited about jumbo loans (which limits the amount of Buyers). These are also the people dealing with losses in stock values and concern about job stability. Put those factors together and you have a median price home 41% lower than a year ago.
I don't always agree with the Mercury about the real estate market but I thought Sue McAllister had some right on things to say in Friday's edition. Yes, I agree that Gilroy is the hot market right now with excellent deals not only in the very low range but also in some of the higher end homes like those located at Eagle Ridge on the West Hills of Gilroy. If you are a Buyer and looking in Gilroy, do your homework and make sure you have a great agent - this is a competitive market and there are many multiple offer situations. Note - the good deals are not a secret and if you can figure it out, so can the other Buyers on the look out for a good deal.
Bank Owned Properties and Short Sales are not without their cost even though the market value is usually a good deal. Banks often want to use their own contracts which heavily favor them and in short sales, the Bank makes all the decisions and both insist on as-is sales (no repairs).
The article in the Mecury also talks about the median price being lowered throughout Santa Clara county and part of the reason is the run on lower end homes (it's not only happening in Gilroy, we're having multiple offers on low priced homes in Morgan Hill also and I hear in San Jose as well). But the other piece of the puzzle is high end homes involve risks on many levels. Lenders are just not that excited about jumbo loans (which limits the amount of Buyers). These are also the people dealing with losses in stock values and concern about job stability. Put those factors together and you have a median price home 41% lower than a year ago.
Wednesday, March 18, 2009
Annual Spring Hike Up El Toro on Saturday, March 28th
Spring Hike up El Toro in Morgan Hill
My daughter and I have been participating in the hike up El Toro for years. Our first hike was years ago when I had to help her up our "mountain" the first year we went up. But I was quickly humbled the year after when she was one of the first folks up the hill and so it has been for many of the following years. Last year I was in the middle of training for the Avon Walk and it felt good (relatively speaking) to hike up the hill. This year all my best laid plans to stay in shape have fallen by the wayside and I think I better take it slow!
I was glad to see they have scheduled the hike in two parts - one at 8AM and one at 10AM. Last year there was only one time and it was very challenging at the top. The problem is the last stretch of the hike which is very steep with hardly any traction. Every year the Boy Scouts volunteer their time and set up as well as monitor ropes for us to use. With only one time to hike last year, people were coming and going at the same time and it was challenging.
Remember to bring gloves - you'll really need them to get up the ropes and wear good hiking shoes. Peter Anderson will give a talk about the formation of El Toro before the hikes at the Morgan Hill Library which is where the walk starts. For more information, call (408) 779-5755 and many thanks to the Boy Scout Troop 799 for helping us get up that last leg.
I look forward to seeing you there - this is a wonderful community event with some interesting history thrown in for good measure!
First Time Home Buyer Program
What is the Mortgage Credit Certificate Program anyway?
The MCC Program provides financial assistance to first time homebuyers for the purchase of single family homes, townhomes and condominiums. It is a dollar for dollar tax credit against the borrowers federal income taxes - currently15%. The remaining 85% remains a standard tax deduction.
Eligibility is for first-time Homebuyers who have not owned a home in the past three years, are purchasing a home in a participating city within the country, plan on living in the home and meet the income and purchase price limits.
The Borrowers income cannot exceed $97,000 for 1-2 persons or $112,470 for 3 or more (no co-signers allowed for this program).
The maximum purchase price is $570,000 for existing units and $630,000 for new construction.
If the borrower sells the property within nine years there may be a recapture tax penalty.
This program is only available with participating brokers and funding lenders. Applications are processed on a first come, first serve basis with an application fee of $275. For more information and details about this program to www.sccgov.org (go to affordable housing).
My 2 Cents - Make sure you are working with a mortgage broker up to date on all the programs currently available.
The MCC Program provides financial assistance to first time homebuyers for the purchase of single family homes, townhomes and condominiums. It is a dollar for dollar tax credit against the borrowers federal income taxes - currently15%. The remaining 85% remains a standard tax deduction.
Eligibility is for first-time Homebuyers who have not owned a home in the past three years, are purchasing a home in a participating city within the country, plan on living in the home and meet the income and purchase price limits.
The Borrowers income cannot exceed $97,000 for 1-2 persons or $112,470 for 3 or more (no co-signers allowed for this program).
The maximum purchase price is $570,000 for existing units and $630,000 for new construction.
If the borrower sells the property within nine years there may be a recapture tax penalty.
This program is only available with participating brokers and funding lenders. Applications are processed on a first come, first serve basis with an application fee of $275. For more information and details about this program to www.sccgov.org (go to affordable housing).
My 2 Cents - Make sure you are working with a mortgage broker up to date on all the programs currently available.
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