Quotable Notable Market Stats

Some interesting stats on today's real estate market, perfect sound bites to share when people ask you what your opinion is...

• 76 million households in the US own their own home, 24 million of them are owned free and clear.
• 52 million households with mortgages, 97.2% of those are NOT in foreclosure, 93.8% of those ARE current on their payments.
• 20% of homeowners with a mortgage owe more than their homes are worth.
• 40% of all foreclosures are non-owner occupied.

2008 School API Scores (Academic Performance Index)

For information on the latest ratings of our schools follow the links below.

California Department of Education API List of Schools

Santa Clara County 2008 Growth API Report
last update 11/12/08

Santa Clara County 2007 Base Academic Performance Index (API) Report
This site rates schools on a scale of 1-10, as of 8/20/2008.

Hope you find this information helpful - Tracy Pina

Stunning Willow Glen Home Not on MLS (yet)

Not Yet On the MLS... A Quintessential Carmel Ranch Home. So much appeal and charm, you really will think you are in Carmel. Just perfect for a couple or family looking for something different, full of light, full of charm, and with a fabulous large dining room. This is a must see home.

4Bd/3.5Ba, 3,800 SF (yes, that big!) on a 11,500+/-SF Lot located on the highly desirable and presetigious Mulberry Lane in Willow Glen. Listed by my colleague, Valerie. Price will be below $2MM.

This is a one of kind home that you rarely see. If you have any interest or know someone that does feel free to pop me an email, Tracy Pina.

Tracy Pina

Best of Los Gatos Broker Tour

15400 Winchester Blvd, #28, Los Gatos, CA $899,000

The best find out there today, that I saw, was a condominium in a located on Winchester Ave. I really like this complex, it's quiet, clean, has good upkeep, it's a convenient location. This unit is listed for $899,000 (it may sound high but they have been selling above $900K for years). Open, spacious, great location at the back of the complex.

If you are interested in seeing more of what Los Gatos has to offer this week email me, Tracy Pina or go to http://wwwfindyournexthome.info/

Tracy Pina

Best of Los Gatos Broker Tour

Two tops picks today from Los Gatos Broker Tour. These new listings are worth checking out.

1. 18021 Rose Court. $895,000 LAND VALUE. (no photo)

Great price for 8,190+/-SF lot. The home is condemned so this truly is land value. A fantastic cul-du-sac, Los Gatos Schools. Worth considering if you are a builder or interested in building a home in Los Gatos.

2. 17660 Vineland Ave, $2,495,000 - Beautiful Tuscan Home.

4Bd/3.5Ba, 2,900+/-SF Very appealing home, great location in Los Gatos, tastefully done, large open beamed family room, comfortable bedrooms. The photos on MLS do not do this home justice - worth seeing in person.

For more information or to schedule a time to see properties click here. Tracy Pina

2009 Market Indicators - What we are seeing out of the gate...

· Signs of the Bottom: We are seeing evidence of the bottom in the worst hit area, Alum Rock - a neighborhood in San Jose.
· Buyer activity: Tripled since the first of the year - open house traffic is dramatically up, phones are ringing more, investors are moving in.
· Buyer sentiment: People are expecting a good deal, they want to take advantage of the declined market but still believe prices may come down a bit.
· Herd mentality: Expect the masses to really come out mid year, perhaps as early as April, leading to a higher rate of multiple interest and multiple offers (we are seeing them now in the low end and in the cream of the crop/priced to sell properties)
· REO Properties: The banks are holding their inventory - expect a new uptick in the volume of REO listings in the next 60 days. The rate of foreclosures has not changed.
· Loan Modification and Short Sales: Banks are being strongly encouraged to work with homeowners to reduce the number of foreclosures.

For more information, or if you want to "beat the herd" contact me, Tracy Pina or go to Find Your Next Home.

The Global Pool of Money - A look at the sub-prime market crash

This Saturday KQED re-aired a fantastic piece explaining in very understandable and enlightening terms the sub-prime market collapse. This is a great piece for anyone - those that are familiar (or think they are) to those that would like to understand what did happen.

I also believe it's a great piece to educate your kids with - entertaining and understandable. Great interpretations of what Greenspan says and what those in the global financial markets hear (much different then what I hear!)

To access the audio file:
Go to this link (archives of "This American Life" Program), scroll down to May 9, 2008.
http://www.thislife.org/Radio_Archive.aspx?year=2008#5

And let me know what you think.
Tracy Pina

Loan Modification - A Great Alternative

If you are interested in refinancing, something to consider is the newest to the lending market: loan modification. To qualify a borrower must meet at least one of the following criteria:

1. High Loan-to-Value (90% or higher).

2. Bad credit due to late payments on credit cards, mortgage, medical bills, etc.

3. Adjustable Rate (that has or will change in the future)

4. Option Arm or pick-a-pay loan.

5. Temporary or permanent financial hardship (i.e. job loss, medical emergency, divorce, income reduction, etc.)

6. High Debt to Net Income Ratio

If you believe you may qualify and are interested in seeing if you actually do contact me direct and I will get you started and give you more details. Tracy Pina

$7,500 First Time Buyer Credit (still avail through Jun 30)

The “first-time home buyer credit” is a temporary refundable, repayable tax credit equal to 10% of the purchase price of a home, up to $7,500 for singles and married couples filing jointly. (Singles who buy a house together get only $3,750 each, as do married couples filing their tax returns separately.)

Be aware it is actually an interest-free loan. Two years after you claim this credit, you are required to begin payback over 15 years in 15 equal installments–an extra $500 on your tax return each year. Sell your house, and you have to pay the rest back that year from your profits. (No profits, no pay back. If you die, heirs are off the hook.)

The allowed credit starts being reduced once a single has $75,000 of modified adjusted gross income, or once a couple has $150,000 of income. The credit goes away entirely at $95,000 for singles and $170,000 for couples.

What is the definition of a first-time home buyer?

The law defines "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse. For example, if you have not owned a home in the past three years but your spouse has owned a principal residence, neither you nor your spouse qualifies for the first-time home buyer tax credit. Ownership of a vacation home or rental property not used as a principal residence does not disqualify a buyer as a first-time home buyer.

THE FULL DETAILS: http://www.federalhousingtaxcredit.com/glance.php

Best of Broker Tour: Home Deals in Los Gatos

110 Greendale Drive, Los Gatos, $975,000

Wow! Now this is a good price.

After starting at $1,150,000 this is now down to $975,000 - and should not last. Prices have and I dare say are still dropping. It's a great time to get out there and shop. These deals will go away mid-year when the everyone begins to start their buying plans. Beat the crowd (multiple offers?) and get in now.

Remodeled, spacious, 4BD home in Los Gatos Schools!

Rental rate estimate on this house: $3000-$3200/month