What's New in Real Estate

Signs that Economic Recovery Gaining Traction in New Year

2011-01-10T12:29:00.000-08:00

The real estate market is so closely aligned with the fate of the overall economy, this week gave us reason for encouragement. Fed Chairman gave a more upbeat assessment of the economy saying, "we have seen increased evidence that a self-sustaining recovery in consumer and business spending may be taking hold." Also the S&P 500 and the NASDAQ rose 10% and 12% respectively. And U.S, retailers posted the strongest revenue growth since 2006.

Specific to real estate, buyers are coming back into the market already. Rates are still good and expected to rise over the year so I see this as a push for buyers. What we need is inventory and I have a sneaking suspicion that it's coming. My carpet cleaners and other vendors are getting booked up - love these signs!

For information specific to your neighborhood, email me.

Tracy

A Year in Review and 2011: A Real Estate Forecast

2011-01-07T10:52:00.000-08:00

Tax credit. Historically low mortgage rates. Increased affordability of homes. Thosw were the factors that defined the housing market in 2010. But all of that leaves us wondering, what is next for real estate. Is the worst behind us? Are we finally on the road to recoery? Will sales bounce back? Will the luxury market recover sooner or late than the rest of the market? Our REALITY CHECK NEWSLETTER writer recently sat down with Coldwell Banker President Rick Turley to answer these questions and more as they discussed the 2010 housing market and what we expect in 2011. Click here to read this newsletter...10DecArticle

New Law Regarding Carbon Monoxide Detectors

2011-01-05T09:51:00.000-08:00

CA Senate Bill 183 became effective January 1, 2011. It requires the installation of Carbon Monoxide detectors in rental units and dwellings that are being transferred (sold) as of Jan 1st. It will also require all homes to have CO detectors by January 1, 2013.

For home sellers and buyers, there is a new disclosure item that covers the installation of CO detectors and home inspectors will be checking for them and commenting whether they are there or not, just like they test and cover smoke detectors and water heater strapping - the two previous mandated items that homes must be in compliance with at time of sale.

The details of SB 183: Applies to homes being sold AND to rental units. Landlords must install and ensure a CO detector is operable at time of occupancy, tenant myst notify Landlord if it becomes inoperable.

A carbon monoxide detector must be installed in dwellings intended for human occupancy that have a fossil fuel burning appliance, fireplace, or an attached garage.

If you have questions or would like more information email me.

Tracy Pina

Eleanor Roosevelt Inspires

2011-01-05T09:44:00.000-08:00

With the new day comes new strength and new thoughts. - Eleanor Roosevelt, Jan 8, 1936, after parts of her husband's New Deal were shut down by the Supreme Court.

NEW HELP FROM FHA FOR UNDERWATER HOMEOWNERS

2010-03-30T11:25:00.000-07:00

Great Information from...

Strombotne Law Firm
Real Estate Legal Update

NEW HELP FROM FHA FOR UNDERWATER HOMEOWNERS
March 2010

On March 26, 2010, the Obama Administration announced adjustments to the Federal Housing Administration (FHA) program that will seek to address one of the major drivers of foreclosure: borrowers who are financially underwater in their home mortgages.

The new FHA Refinancing program will permit lenders to provide additional refinancing options to homeowners who owe more than their home is worth because of large declines in home prices in their local markets. These adjustments will provide more opportunities for qualifying mortgage loans to be restructured and/or refinanced, and should be available by the fall of 2010.

FHA Refinance Option for Underwater Homeowners

· Participating lenders must write-down the principle balance due on the loan by a minimum of 10% of the unpaid balance of the original loan.

· The interest rate on the new loan must be reduced to the current low FHA interest rate

· Total monthly mortgage payment, including for second mortgage, must not be greater than 31% of income, and total debt service including all forms of household debt must not be greater than 50% except for some borrowers with especially strong credit histories.

· The new FHA loan must be equal to no more than 97.75% of the value of the home

· If there is an existing mortgage that is not extinguished, holders must agree to re-subordinate and write off any amount over 115% of the current value of the home

· Standard FHA mortgage insurance premium structure will apply

· As with any loan forgiveness, the short refinancing should be reflected on borrowers’ credit score

Existing lenders/investors holding the first lien must agree to the principal write-down requirement. Thus, not all homeowners who meet above criteria will receive an FHA refinanced loan.

Homeowner Eligibility

· Homeowners must be current on their existing mortgage payment
· Homeowner must occupy the home as their primary residence and fully document their income
· Homeowners must qualify under standard FHA underwriting guidelines
· Homeowners must have a FICO credit score of at least 500
· This program is available to homeowners with mortgages that are not currently insured by the FHA.

Lender Incentives

Up to $14 billion in TARP funds will be made available for incentives to support write-downs of second liens and encourage participation by servicers as well as the provision of coverage for some share of potential losses on loans. TARP funds will be used to provide coverage for a share of losses on loans up to a specified amount. The FHA will provide remaining loss coverage up to the maximum insurance coverage. Thus, the new lender will have a loan that is backed by the United States for up to 97.75% of the home value, as with other FHA refinance loans.

Want more info? Contact me and I'll put you in touch with Strombotne Law Firm.

Tracy Pina

FHA Loan Guidelines and Highlights

2010-02-17T12:36:00.000-08:00

The Basics

$729,750 Loan Amounts in Santa Clara County
Only 3.5% down, which can be gift money
Up to 6% seller concessions
620 Minimum credit score
No reserve requirements
Non Occupant Co-Borrowers are accepted to help qualify
Rate Buy Down available

FHA Changes for 2010

No longer require a 90 day seasoning for “flipped” properties

Loan officers can no longer order the appraisal directly; it is now similar to how appraisals have to be ordered on Conventional loans.

Here are some of the proposed changes for the future…

Minimum Down Payment being raised to 5%
Insurance Premium may be raised to 3% of the loan from the current 1.75%
Annual Premium Insurance, now 0.55 could be rising
Lowering maximum seller concessions allowed

Questions? email me.

Tracy Pina

What I'm Seeing in the Market Right Now

2010-02-10T15:16:00.000-08:00

Multiple offers and multiple interest in many price ranges - anything under $1MM is moving. Even just over, up to $1.3MM for the right property. Inventory is low on the Peninsula. Palo Alto, Los Altos, and Cupertino homes are selling well over ask, several are selling with zero contingencies (crazy but yes, it's like a few years back). If you are contemplating selling now is the time. Overall inventory is low and buyers are ready and qualified.

Here's a goodie I saw today, it'll go fast though so if you like it get busy. It's listed for $1,049,000 - 3/2 very charming in Los Gatos Schools.

Virtual Tour: www.tourfactory.com/440781 Listed by Jennifer & Kris, Alain Pinel Realtors

Questions or interest? email me.

Tracy Pina

The Homebuyer Tax Credit Has Been Extended

2010-02-09T21:36:00.000-08:00

Good news for homebuyers. Not only has the $8,000 first-time homebuyers credit been extended to June 30, 2010, but a $6,500 credit for repeat buyers is now available.

Purchase contract must be in place by April 30, 2010 and transaction must close by June 30,2010.

For more details email me.

Tracy Pina

Home Sales Up, Prices Down Nationwide

2010-02-03T15:26:00.000-08:00

Home sales in 25 metro areas increased 1.5 percent nationwide in November compared with the previous month, and 46.7 percent compared with November 2008, according to a report by Radar Logic Inc. Prices decreased 4.2 percent across all metro areas surveyed; however, eight areas experienced year-over-year price increases. Half of the areas with year-over-year price increases were in California, according to the report. Radar Logic’s Residential Property Index (RPX), which measures changes in the price per square foot of homes, shows that transactions increased in 9 of the 11 months ending in November.

"Affordability measures are at their highest levels in years and home sales are moving toward normal levels. Nationwide, foreclosure sales have declined from 29 percent of total sales in November 2008 to 23 percent of sales in November 2009," said Michael Feder, president and CEO of Radar Logic.

This article is from Radarlogic.com, to see the full article click here. More info

Tracy Pina

Loan Modifications - How They Affect Your Credit

2010-01-27T14:49:00.000-08:00

A great question! It depends on how the lender reports it. If it is reported as a partial payment, rather than paid as agreed, it will have a negative effect on your FICO score - as much as 100 points.

But wait - as of Nov 1, 2009, new guidelines set by the Data Industry Association are instructing credit bureaus to ignore loan modifications as long as the lender has noted, "a loan modified under a federal government plan." Of course it still will be on the report and as far as how long it should not impact your score, who knows.

What to do if you are modifying:
- Make sure your modification is a government sponsored program (in some cases you may not qualify though)
- As the lender up front how they will report it on the credit report.

More questions? email me.

Tracy Pina

The Recession and the Rich

2010-01-21T16:26:00.000-08:00

The recession may still be with us and according to the latest Forbes 400, even the "really" rich are getting hit. This group has collectively lost $39.2 Billion this year and the entry price to this exclusive club has dropped to under $1 Billion. (excerpt from Bamboo Consulting Inc, Dec 09 "Real Estate Unleashed"*)

What this means for real estate...
I am still seeing qualified buyers for the higher end market however they are deal-hunting and are very much willing to wait. Not good news for sellers. These buyers are coming into the homes and price cutting dramatically with the justification that the home will likely decrease in value over the next six months. And they very well may - this category of sellers is seeing more desperate times. There are even short sales and foreclosures in the high end now and more to come across 2010.

*If you are interested in subscribing to this monthly newsletter, go to www.bambooconsultinginc.com

If you would like more information on buying or selling, email me.
Tracy Pina

California Real Estate Median Home Price Up Year over Year

2010-01-13T14:44:00.000-08:00

As is often the case, California is ahead of the nation in market recovery. The state’s median home price increased year over year in November for the first time since August 2007, sales bottomed out more than two years ago, and the median home price reached its trough in February 2009. Going forward, we expect the statewide median home price to rise 3.3 percent to $280,000 this year, with a slight decrease in sales. While no one has an infallible crystal ball, it looks like the worst is behind us, and we can move forward with confidence that better days are ahead.

This information has been received from the office of:
Steve Goddard
2010 President
CALIFORNIA ASSOCIATION OF REALTORS®

For more details or information, email me.

Google's Next Big Land Grab Could Be, Well, Land

2010-01-08T12:45:00.001-08:00

Google's Next Big Land Grab Could Be, Well, Land
by Joe Mandese
First search. Then display. Then offline media. Then mobile. Google's next big advertising land grab could well be real estate, and anything to do with it. In an application filed with the U.S. Patent & Trademark Office Thursday, Google has registered a patent claim for a new technology that would serve three-dimensional, panoramic real estate ads onto maps and other online pages when users are searching geographic regions. ...Read the whole story >>

Welcome 2010!

2010-01-05T14:14:00.000-08:00

2010 is here and it seems everyone is excited.

This is a good year to buy real estate, and I’m not the only one saying it. See the BusinessWeek article below. Yes, it’s a catchy (controversial?) title. Like it or not, the media influences the general public and the herd mentality eventually kicks in. In 2009 the real estate industry saw many fence-sitters (leaders) climb down and buy a home, this (among government measures) created stability and caused multiple offers to return. The scramble to buy at the low was appearing to be here.

Now we enter 2010, the media is writing more favorably on the real estate market, the masses are beginning to believe it is finally safe to buy without “losing money.” And there are still deals to be had. Plus, as the article points out, interest rates are incredibly favorable. The catch, lenders are still tight with their money, they will loan money to those with money, so save for your down payment.

If you purchased in 2009, congratulations!! You timed the market well and likely bought at the “bottom.” If you didn’t buy yet did you miss the opportunity? Of course not! (Unless you were hoping to purchase in the sub-$400,000 price range).

Here is what I see for 2010 real estate in our area…

1. Price stability (already happening in most price categories, high-end should get there by year-end)

2. Increased short sales and faster approval cycles. Lenders have finally figured out how to streamline the process and also realized short sales are a good and viable solution.

3. Decreased quantity of REO/Bank Owned sales, increased quality. More short sale approvals equals fewer REO’s however they will still exist and will become more mainstream. Expect to see them across all communities (Willow Glen to Almaden to Los Gatos to Los Altos and beyond).

4. Great Move-Up Opportunities. Price stability in the lower end coupled with the still downward pressure in the high-end makes this a great move-up market.

If you would like data for a specific neighborhood email me and I’ll get it out to you right away.

If You Don't Buy a House Now, You're Stupid or Broke
Interest rates are at historic lows but cyclical trends suggest they will soon rise. Home buyers may never see such a chance again, writes Marc Roth

SOURCE LINK: http://www.businessweek.com/lifestyle/content/dec2009/bw2009127_753974.htm

CONGRESS PASSES HOMEBUYER TAX CREDIT

2009-11-05T15:49:00.000-08:00

November 5, 2009

Here's the latest intelligence from Real Estate Economy Watch.

Special Report

CONGRESS PASSES HOMEBUYER TAX CREDIT

The House of Representatives voted overwhelmingly this afternoon to pass legislation containing an extension and expansion of the homebuyer tax credit, completing Congressional action and sending the tax credit to President Obama for his signature, possibly as early as tomorrow.
The $8,000 homebuyer tax credit for first-time buyers, due to expire in 25 days, will be extended through April 30 of next year and buyers will have an additional two months, until the end of June, to close. First-time buyers who are in process of making a purchase will no longer need to worry about qualifying for the $8,000 credit if they close after the November 30 deadline. The new legislation increases the income limit for couples with income up to $225,000, a nearly $55,000 increase above the level in existing law.
For the first time, the new legislation makes buyers who already own a home eligible for a credit. A $6,500 maximum credit will be available to existing homeowners who have lived in their current residence for five of the prior eight years. The legislation limits eligibility for the existing homeowner credit to homes worth $800,000 or less.

Read the full story at Real Estate Economy Watch.

Tracy Pina

BUYING REO'S and SHORT SALE HOMES

2009-10-06T12:38:00.001-07:00

Take Advantage of Today's Buyer's Market

Action Packed Seminar with Topics Including:

Buying bank owned properties (REO's) at a discount - Successful negotiation strategies with banks and other sellers - 1st time home buyer options - Short-sale negotiations - Distressed property investment - Financing - Lender requirements - Creative financing options - Minimizing closing costs and cash requirements - Negotiation Techniques - and much more...

THURSDAY OCTOBER 22, 2009

6:00pm TO 7:45pm

INTERO SANTANA ROW

377 Santana Row Suite 1180

Entrance off Olsen Drive

Located between Peets Coffee and Eli Thomas

"Intero's seminar series has been fantastic. I feel confident and prepared to take the next step in today's market! Thanks!"

-- Janice, Campbell, past attendee

**REGISTER NOW**

Loan Modifications/Short Sales and other options

2009-08-31T16:23:00.000-07:00

Options I learned about recently for those hoping to get their loan modified…

Government Assisted Refinance: Federal Homeowner Affordability Refinance Program http://www.makinghomesaffordable.gov

Loan Modification – Federal Homeowner Affordability and Stability Plan, for those that do not qualify for the above: http://financialstability.gov/impact/contracts_list.htm

I have more information on these programs and on short sales/foreclosures/bankruptcy options – let me know if you want it, email me.

Tracy Pina

High End Prices: Still coming down

2009-08-25T10:53:00.000-07:00

Total sales volume of high end homes in 2009 has made up of only 2% of sales v. 4.4% in 2008.

In 2008, 40% of buyers were move up buyers, thus far in 2009, only 15% are move up buyers. I believe this more reflects a surge in volume in the low end rather then a significant slow down in the high end. That being said the high end is slower – the data…

Average days on market for luxury homes in the Bay Area is up 67%. In the SF Bay Area there is approximately 18 months of inventory for sale in the high end. This means if you have a home that equates to high-end/luxury in your market you can expect it to take 18 months to sell.

Pricing in the high end is down from 5% to 25% depending on location.

The good news for buyers/not good news for sellers, The Wall St Journal recently published an article quoting a JPMorgan analyst saying that high end real estate could fall as much as 60% off its high and that they do not expect a rebound until 2013. No doubt the U.S. Government will do all it can to bolster the high end and prevent this from happening however this being in print alone may put pressure on the high end – as you are well aware the media has a way of driving consumer sentiment.

Questions? email me, Tracy Pina

What is Happening in Our Local Market

2009-08-24T13:54:00.000-07:00

The Sweet Spot: $300K-$800K – this is where the majority of activity this year has taken place. This is where we are seeing multiple offers and stability.

Continued strong volume in the lower end with purchases being powered by cash. Investors, notably from the East Coast and China, are buying California real estate – unfortunately making it tough for first time homebuyers.

Foreclosures are still the route de jour for the banks – they are able to write off losses this year against gains from the past 3 years (this was extended from last year), BUT short sales are getting approved to a degree – just depends on the numbers.

The Intero Insider

2009-08-20T21:49:00.001-07:00

The Intero Insider

Posted using ShareThis

Real Estate: Moving into the hands of the U.S. Government

2009-08-20T16:21:00.000-07:00

With congressional elections coming in 2010 the new administration has a window of time to correct the housing market and reach “stability.” They have exercised control over the market thus far - although it may not be transparent. As with many other U.S. industries, there have been increased regulations for the benefit of the end consumer.

The U.S. Government now has a substantial ownership in U.S. banks, 26% ownership for example in BofA. Where we have seen control being exercised besides their ownership and say in bank activities on the selling side (REO inventory flow) is through increased truth-in-lending regulations and timelines for delivery of disclosures to the consumer (the buying side).

At the end of the day what does this mean? It means the probability of longer contingency time frames and longer escrows BUT it also means we will reach stability – in fact we have to a degree. In many markets we are back to multiple offers and stable prices.

It’s a balance of supply and demand that so far is working.

For more info email me.

Mortgage Disclosure Improvement Act, Effective July 30th

2009-07-29T12:49:00.000-07:00

New Guidelines for all lenders both wholesale and retail are going into effect July 30th.

These new guidelines will affect COE (close of escrow) time frames and financing contingency timeframes. Buyers and Sellers expect longer timelines.

Short version…appraisals cannot be ordered until 4 days after upfront disclosures are mailed from the lender to the Buyer. Also if APR is .125% higher at docs than it was in the upfront disclosures, a new disclosure will have to go out to the borrower and it will take another 6-7 days before lending docs can be ordered. On a lower purchase price, .125% is a very small number. Since an appraisal cannot be ordered until four days after the file is received by the lender, Realtors will need longer financing contingency time frames.

Just like other fair lending disclosures acts/laws, this is supposed to help the consumer. That remains to be seen. One thing we know for sure, the more educated we are about this, the better.

If you would like more information, email me.

Tracy Pina

Loan Modification and Short Sale Seminar

2009-07-28T11:35:00.000-07:00

Property Tax Appeals - Deadline is August 15th

2009-07-28T11:31:00.000-07:00

Information directly from: http://www.sccassessor.org/

If you think your property is being taxed on a value that is higher than its current market value, submit a Prop 8 temporary relief form (http://eforms.sccgov.org/lfserver/DeclineInValueRequest) or contact the Assessor's Office, and ask for a review form.
Assessment Review Requests should be submitted to the Assessor's Office no later than August 15, of the current assessment year. After August 15, taxpayers are advised to file an assessment appeal with the Clerk of the Board.
Important Points
· The Assessor can only consider the market value of your property as of the lien date (January 1st).
· The market value of your property will be determined by analyzing sales of comparable properties in the area.
· Properties with characteristics similar to yours must have sold for less than your current assessed value.
· Supplemental Assessments will not be revised due to Proposition 8 reviews.

MORE INFORMATION: Santa Clara County Assessor’s Office: http://www.sccassessor.org/ Under Quick Links there is a link to Assessment Appeals – you will see full information and a Q&A

**For assistance with comparable sales in your area email or call me**
Tracy Pina

Market Update and Good to Know Information

2009-07-10T10:53:00.000-07:00

I continue to see good market activity across price points and neighborhoods. To give you a better snapshot of what is happening in Santa Clara County real estate, here are some of the latest statistics:

Santa Clara County Statistics

CURRENT INVENTORY:
TODAY: 3,278 properties for sale v. 6,732 this time last year

CURRENT PENDINGS:
TODAY: 3,902 under contract v. 2,215 this time last year

HOTTEST AREAS: South San Jose and Blossom Valley
South San Jose: 70% of properties listed on MLS are in contract
Blossom Valley: 69% of properties listed on MLS are in contract
*In these areas, I am seeing multiple offers, buyers are needing to bid 5-10% over asking price to be competitive and considered.

SLOWEST AREA: Los Gatos
Los Gatos: 22% of properties listed on MLS are in contract

INFORMATION UPDATE:
Beginning August 15th: Listings MUST have one Photo, and must have at minimum one photo be of the front of the home. - - Good news for frustrated buyers looking at homes online!

INSURANCE FOR YOUR HOME PURCHASE:

C.A.R. (California Association of Realtors) now offers protection for new home buyers. Any W-2 employee/new homeowner that loses their job can tap into CAR services to help cover their mortgage.
Bank of America also offers coverage up to 12 months if you have a BofA home loan.

For more information, email me.

Tracy Pina

Market Update:The REAL Scoop

2009-06-02T21:14:00.000-07:00

Bank-owed homes are throwing the overall market stats, what you read/hear in the News is not exactly the correct picture. Here's the real scoop on the market...

MARKET UPDATE

April and May have seen a dramatic pick up in activity under $900,000. At the lowest end we are seeing and have been seeing for the last 2 months multiple offers - as clarification, I mean anywhere from 10-30 offers on one property. There are many cash-heavy players out there right now - tough times for an entry point buyer.

First Time Buyers Stay Tuned. We are in a mini-market. Banks are holding their inventory of homes, they WILL be coming in 60 days. They will NOT flood the market but this should offer some relief, and hope, for FHA-approved and conventional first time buyers with little money to put down. (This is info that is not widely known, not even in the real estate community, if it was buyers wouldn't be bidding up homes like crazy. Your advantage!)

Investors Gear Up. Bank owned homes are coming to the West side. Albeit the majority are still in South and East San Jose we will see opportunities in Cambrian, Campbell, Santa Clara, Willow Glen - dare I say Los Gatos (we have a few now!).

Attention Stat Lovers: This week in Santa Clara County there were 272 Notice of Defaults issued (homeowners not paying their mortgage), 14 homes sold by court auction, and 329 homes went back to the banks (foreclosed). Last year our numbers were roughly half at this time of year. To put the volume into perspective, we have had year to date just over 5,300 bank-owned homes, last year, there was a total of 5,748. Wow!

Attention SELLERS: If you haven't realized it yet after reading the last few bullets, this is your opportunity to get the HIGHEST POSSIBLE PRICE. Low inventory plus strong demand has created a GREAT time for sellers. Properties are moving, particularly as you go down in price range. List now! In 60 days the market will be back to "normal."

April 2009 Santa Clara County Closings - Broken Down by Type to give you the TRUE picture
1. Short Sales
96 SOLD Average Sale Price: $471,304 % of Last List Price Recvd: 98.5% % Original List Price Recvd: 84.7% (meaning it sold for 15% less than original list)

2. REO (Bank Owned Homes)
451 SOLD Average Sale Price: $389,032 % of Last List Price Recvd: 99.9% % Original List Price Recvd: 93.8% (highest demand for this category)

3. Regular Sales
409 SOLD Average Sale Price: $849,338 % of Last List Price Recvd: 93.7% % Original List Price Recvd: 88.9% (Great justification for going in low on your offer in the upper price ranges)

**If you are interested in learning more about the REO/Short-Sale market and the upcoming opportunities, Intero Los Gatos will be offering a seminar in early July. I will post the information soon.**

Hope this is helpful. Always appreciate your feedback/requests for information.

Tracy Pina

Real Estate Market Update

2009-05-06T10:41:00.000-07:00

Activity continues to rise at open houses and with sales. Great homes, priced right, are selling within 7-14 days with multiple offers in most areas and most price points.
April inventory is down approx 4% from March (Santa Clara County Single Family Home)
Closed sales are up 26% for April. (Santa Clara County SFH). Sales are averaging 96% of last listed price.
Average Days on Market remains at approx 100 Days.
REO's: Still being held back by the banks - slowly coming to market and slowly moving West.

Want more info? Contact me.

Tracy Pina

http://www.FindYourNextHome.info

http://www.FindYourHomeValueNow.info

General Market Overview and Statistics - Mixed signs, still a very neighborhood specific market

2009-04-21T12:44:00.000-07:00

General Overview of What I am Seeing

Incremental evidence of a pick up in the higher end. The number of sales have been inching up over the last several weeks in the $1MM+ market.
There is an increased number of move-up buyers. I am seeing many mid-tier price range listings being sold by Sellers looking to take advantage of the market and move up, even if that means selling their current home at a loss.
Lender requirements continue to change regularly, large down payments are preferred. FHA loans are becoming increasingly prevalent and offer a great option for those with a smaller down payment. Once in contract, expect longer financing contingency periods, lenders are triple checking everything.

REO (Bank Owned Homes) Statistics

53% of all REO sales in March sold over asking price.
REO sales prices are averaging 5% over list price, majority are selling with multiple offers - anywhere from 5 to 35 offers per property in a variety of locations and price ranges.
REO Sales are at 300-350 per month.
REO's continue to come to the West side of the Bay, there are currently REO's in Sunnyvale, Los Gatos (over $1MM) and Willow Glen (over $1MM)
More to come - the banks are still holding their inventory back.

Short Sales

Short sales are still here and are closing, albeit slower, stats are showing an average of 80-100 short sales closing each month.

Loan Modifications
Bank of America now has a quick look up system to check to see if you will qualify. If you are interested in finding out if you can adjust your loan, call Tracy Garner, Mortgage Loan Officer, at (831) 239-4550 or email her at tracy.a.garner@bankofamerica.com

Email me with any questions or interest in exploring the market.

Tracy Pina

Willow Glen Market Update (3/26/2009)

2009-03-26T13:34:00.000-07:00

Highest Priced Home Sold Since Jan 2009: 1671 Campbell Avenue, sold 1/5/09. List Price: $1,799,000, Sale Price: $1,550,000

Highest Priced Home Currently for Sale: 1600 Norman Avenue, 6+Bd/4+Ba List Price $2,895,000

Average Price of Homes for Sale in Willow Glen: $1,278,939

Lowest Priced Home Currently For Sale: 523 Felix Way, 2Bd/1Ba Townhome. List Price: $225,000

Number of Homes Currently for Sale in Willow Glen: 281 (SFH/Townhomes/Condos)

Average Time on Market Before Selling: 119 Days (although if they are priced right they are moving withing 14-21 days)

Number of Homes Currently in Escrow: 80

Interested in knowing how much your home would sell for today?? Go to http://www.FindYourHomeValueNow.info for a free computerized analysis.

LG Broker Tour Wow -Greener Living in Los Gatos

2009-03-18T15:00:00.000-07:00

Today's Los Gatos Broker Tour was full of new great options for those looking to get into LG at any price - my favorites were...

90 Reservoir Road $4,349,000 5Bd/4+BA - New Construction by Tony Jeans

If you are looking for new, high-end and GREEN, Tony Jeans is presenting a great option. He has meticulously crafted a subdivision of stunning new homes nestled in the Los Gatos foothills right in downtown Los Gatos off College Ave. The first to come on the market is a stunning 5,100+/-SF home full of natural light, beautiful materials and views. Listed by Carol Jeans, and available for open viewing on Sunday, 3/22 from 2-4PM.

134 Hernandez Ave, $3,698,000 4Bd/4+Ba

This is worth looking at if you are at all considering LG and are in the high end price range. A beautiful, very classic home all re-done in 2003 - full of grace and elegance while maintaining a warm comfort of home. Probably one of the best I've seen in a long time. Plus you are in the prestigious Glen Ridge neighborhood -walking distance to town and Bachman Park. It may be over the top for some - there's a pool and a tennis court nestled below in the oak trees - very picturesque. Listed by Ducky Grabill.

114 Olive Street, $888,000 2Bd/1Ba

So cute and well laid out. This is a perfect starter home for those desiring a great central LG location. It is also perfect for an empty-nester looking to downsize. Complete with a charming backyard - and did you see the great price?

For more info on these homes email me.

Tracy Pina

An Opportunity of a Lifetime By Joel Ferrill, Pacific Valley Financial

2009-03-03T14:49:00.000-08:00

Warren Buffet says, "A simple rule dictates my buying: Be fearful when others are greedy, and be greedy when others are fearful." While Mr. Buffet was writing about buying stocks, the same can be said for housing today.

Housing issues have permeated the economy both locally and nationally. This week, one index that tracks housing prices, S&P/Case-Shiller Home Price Indices, indicated home values fell the most since 1968, declining 18.5% in December from the year before.

Looked at from a different perspective, this means home prices have fallen to levels not seen in six to twelve years, depending on individual markets. Following the Case-Schiller report was the report from the National Association of Realtors (NAR) recently. The NAR reported that home prices for the month of January fell by 14.8%.

The bright spot though in contrast was that the number of homes sold in December increased. Home buyers from coast-to-coast have been buying distressed properties at the rate of 45% of total sales.

Recognizing that now is the time to buy, everyone – from those looking to purchase their first home to seasoned real estate investors – is buying homes today. Bruce Norris, the head of an investment group in Southern California, expects to buy at least 100 homes this year as, "This is the buying opportunity of our lifetime."

Fundamentals Point to Strength The basic fundamentals of the housing market point to higher prices ahead. Almost half of the properties being sold today are existing homes that are either owned by banks or homes on which banks are accepting short sales, allowing them to be sold for less than what is owed.

New homes or homes under construction are near all-time lows. The country's demographics point to more potential buyers coming into the housing market than projected inventory in coming years. This all points to higher prices on the horizon as demand will be greater than supply. This is supported by the fact that the inventory of unsold homes fell 2.7% in January.

Why Buy Now? Three very important reasons to buy now are:
---Interest rates are near all time lows;
---Home prices have declined to levels not seen in years; and
---Qualified first-time home buyers are now eligible for up to an $8,000 tax credit.

Lower Prices Don't Always Equate to Lower Payments One final point to consider. Even if you believe that home prices will continue to decline, it's very difficult to believe that interest rates will remain at these low levels.

Did you know that even if home prices were to decline 10% but also during that time, interest rates available for home loans were to increase by 1.00%, your monthly principal and interest payment would actually be higher? It's true. So, if you are thinking of buying or the end of your lease is near, get busy and get in the game. To quote Mr. Buffet again, "If you wait for the robins, spring will be over."

Call Joel to discuss the best options for you today.

Joel Ferrill
Owner/Creator of Financial Opportunities
Pacific Valley Financial
800-820-3070
jferrillpvf@sbcglobal.net

Great Buy in Los Gatos

2009-02-19T12:12:00.000-08:00

239 Prince Street, Los Gatos $899,000

Open House Sat & Sun 1-4PM

This lovely Los Gatos home features many new upgrades, including new Arts & Crafts style lighting, designer paint colors, dual paned windows and a high efficiency heating and air conditioning system. Located in a wonderful neighborhood nestled against the foothills, this home is in the district for Marshall Lane Elementary School – a California distinguished school.

More Info & Photos: www.239Prince.com and www.239Prince.info

If you would like a private viewing of this home email me.

Tracy Pina

More on the First Time Homebuyers Credit...

2009-02-18T12:27:00.000-08:00

First-time homebuyers also get a tax break under the plan. A credit would allow them to subtract $8,000 from the income tax they owe for 2009 for a principal residence purchased through Nov. 31, 2009. It phases out for individuals with adjusted gross income between $75,000 and $95,000 ($150,000 and $170,000 for joint filers). The credit is also available to taxpayers who haven't bought a home for the past three years. The homebuyer credit doesn't have to be repaid if the home isn't sold for at least 36 months.

More questions or interested in taking advantage of this FREE money? email me.

Tracy Pina

Federal Stimulus Update

2009-02-12T12:57:00.000-08:00

Recently the U.S. Senate unanimously adopted an amendment to the tax portion of the stimulus package that would allow a tax credit of 10 percent of the value of new or existing residences, up to a $15,000 limit, for all purchasers, not just first-time homebuyers, in 2009 for a primary residence. Taxpayers would claim the credit on their 2008 income tax return. It also seeks to prevent misuse by only allowing purchases of a principal residence and by recapturing the credit if the home is sold within two years of purchase. The amendment would sunset the current $7,500 housing tax credit on the date of enactment.

The House-passed version of the bill continues the current $7,500 credit for first-time homebuyers and eliminates the repayment feature of the credit, but only for purchases that occur between January 1, 2009 and June 30, 2009.

The Senate legislation so far does not include the loan limit increase for FHA and GSEs, but NAR is urging its inclusion. The House-passed bill reinstates and makes permanent last year's temporary FHA and conforming loan limits of $729,750, as sought by NAR. Limits currently are $625,500.

(This information was received by me from my local board, the Silicon Valley Association of Realtors)

If you would like more information on this please email me.
Tracy Pina

3 Great New Listings in Willow Glen

2009-02-05T12:23:00.000-08:00

Top picks from Willow Glen's Broker Tour today...

1. 1516 Cherry Garden Lane, List Price $1,089,000 - A fabulous home in a GREAT neighborhood. 3/3, 2,427+/-SF. The pictures do not do this house justice - if you are at all looking in the market and know this is in your range you need to see it. It was the best of tour today.

2. 1176 Britton Ave, List Price $779,000.

If you are looking for a downtown location at a great price Britton is it. 3/2, 1,378+/-SF, 10,260+/-SF Lot (attn builders!).

3. 2858 La Jolla Ave, List Price $559,000.

Located on the Cambrian border, this is a home with good bones in GREAT schools (Bagby, Ida Price). Value consensus today was $500,000 - get to it soon before the MLS price gets reduced - once it does, it'll go quick.

For more information on these homes or others in email me.

Tracy Pina

The Latest Market Update - REOs Continue.

2009-02-03T10:59:00.000-08:00

Hot Statistic: 236,000 foreclosures in California in 2008, 560 were in December.

This WEEK: Pending sales are UP, Inventory is DOWN. Why? Investors, foreign and local are buying as much as they can, Sellers are holding/contemplating what to do, Banks are holding back inventory (for now).

So What is Going On Right Now?
Fannie Mae in pressuring banks to offer rent backs to owners (or former owners). In addition, the banks are holding more of their inventory... for the time being. There are initiatives and movements across the United States to assist homeowners with keeping their homes and/or staying in them.

Locally, we have seen what looks to be a bottom on the East side of the Bay. Expect prices to remain flat for the next several years - up to 5 years. Rental rates have continued to increase - what was renting for $1,400 a few months ago is now renting for $2,000. This presents a great market for investors. That being said, we are beginning to see foreclosures come to the West side which will quickly be followed by pricing pressure (we've already begun seeing it).

What does all this mean for the market and for you?
A likely extension of the recovery - we are now looking out to 2012, versus 2009. For buyers, it means great opportunities now and more to come. For those contemplating selling in the near term, give serious consideration to modifying your plans and staying for the next 5-8 years. If that doesn't fit, the best time to sell is probably right now.

If you want more information specific to your neighborhood, email me.

If you are interested in investing and want more details on the REO (bank-owned) market, email me. There IS a method to the madness and a way to win in this multiple offer, low communication, low information market segment.

Tracy Pina

Quotable Notable Market Stats

2009-01-31T15:21:00.000-08:00

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)

2009-01-27T10:45:00.000-08:00

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)

2009-01-22T16:20:00.000-08:00

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

2009-01-21T15:51:00.000-08:00

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

2009-01-14T11:51:00.001-08:00

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...

2009-01-13T11:47:00.000-08:00

· 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

2009-01-11T21:09:00.000-08:00

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

2009-01-07T14:37:00.000-08:00

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)

2009-01-07T14:34:00.000-08:00

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

2009-01-07T14:21:00.000-08:00

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

A Fun Holiday Fact

2008-12-30T12:28:00.000-08:00

Who says people don't buy homes during the holidays?

There were 5 sales in Santa Clara County during the week of December 22-December 26.

Where you ask? Alviso, Campbell, Morgan Hill, Palo Alto, and Downtown San Jose. None were actually on Christmas day.

A Willow Glen Steal $277,400

2008-12-18T22:46:00.000-08:00

444 Fuller Ave, Willow Glen

2/1, 924+/-SF, 5,227+/-Lot

Listed for $277,400 - where will it sell? Probably close to $350,000.

Bank-owned, nicely remodeled, a very neighborly street complete with a association (no dues), a park with bocce and horseshoes. Located off Bird Ave it's worth a look.

Bank owned properties are becoming better and better deals (steals?). Many communities that have held their values through 2008 are now seeing bigger (some double digit) dips (Willow Glen, Los Altos, Los Gatos, Cupertino, Sunnyvale).

2009 looks poised to present great opportunities both in home prices and interest rates.

Tracy Pina

FindYourNextHome

FindYourHomeValueNow

Another one under $1MM in LG

2008-12-18T22:40:00.001-08:00

**Pending**

234 Almendra Ave, Listed at $995,000 3/2, 1740+/-SF

Did it sell under $1MM?? Doubtful. Wednesday this home received the dramatic price reduction and was re-shown on Broker tour, Thursday it went under contract. This is exactly how to get a home sold right now - price it to sell - make it a screaming deal that everyone (agent?) looks at.

To see more homes for sale, go to www.FindYourNextHome.info

To see what your home may be worth in this market, go to www.FindYourHomeValueNow.info

Hot News from the Feds!

2008-12-16T15:03:00.000-08:00

The Fed’s announcement released today was different from past announcements, with the Fed calling for a targeted range for the Fed Funds Rate of between 0.00% and 0.25%.

The Fed’s announcement was unanimous, which was not expected at the start of the meeting.

In addition to lowering rates, the Fed made several additional statements in addressing the economy and their future direction. The Fed stated, that it is prepared to keep interest rates at these low levels for some time, and that they are also prepared to move to stimulate the economy through the open market by increasing their balance sheet to high levels and expanding their plan to acquire both Agency and Mortgage Backed Securities as conditions warrant.

There was also a statement that the Fed will evaluate acquisition of long term Treasuries, but the definition of “Long Term” could be 2, 5 or 6 year bonds, not necessarily 30year.

Best of Los Gatos Broker Tour

2008-12-10T13:21:00.000-08:00

Now listed under $1 million, 48 Chester Street is definitely worth a second look. 936+/-SF. 2bd/1ba.

Tracy Pina

Best of Los Gatos Broker Tour

2008-12-04T15:23:00.001-08:00

My favorite listing this week was 241 Arroyo Grande Way. This home is nicely updated, has great space, and is located in a great family neighborhood. 1649+/-SF, 3bd/2ba - priced right!

Tracy Pina

Best of Los Gatos Brokers Tour

2008-11-19T13:35:00.001-08:00

Most Spectacular is 15289 Top of the Hill Road, listed by Todd Hill - custom masterpiece set on Top of the Hill - gorgeous features, imported stone from Italy, views, terraces, pool, a perfect place to call home. I would love to live here! 3981+/-SF, 5bd/2.5ba All around "Best Of" goes to 16330 S Kennedy Road for price, home, and location. Amazing Home, Amazing Lot - This home will go fast! 2,686+/- SF, 4bd/2.5ba

Tracy Pina

Senate Passes It's Own Bailout Package

2008-10-01T21:00:00.000-07:00

"The Senate package would add $100 billion in tax breaks for businesses and the middle class while temporarily raising the Federal Deposit Insurance Corp.’s cap on coverage of bank deposits from $100,000 to $250,000. " More at...
http://www.msnbc.msn.com/id/26953481/

Tracy Pina

Best of Los Gatos Broker Tour Today

2008-10-01T11:57:00.001-07:00

WOW! This one has it. Stunning beautiful single level home with incredible yard/pool/outdoor living space, built in bar/BBQ - no detail missed at this home. I personally loved the big oak tree in the large front yard with the circular driveway around it. And that it's a flag lot - talk about privacy! It was the most impressive home on tour today. To see more visit www.17055pine.com . List Price: $5,495,000. 5413+/-SF, 5Bd/4+Ba. Stunning!

And for the best value, I choose 110 Ann Arbor Ct. Listed at $1,435,000. A great price for a great neighborhood. This is a great location in Los Gatos. This particular home delivers a cul-du-sac location, near the back walking entrance to Hillbrook School, and is moments to Lundardi's and Starbucks. 1872+/-SF, 3Bd/2Ba.

Tracy Pina

Hot New Listing (Saratoga)

2008-09-26T21:26:00.000-07:00

18803 Afton Avenue, Saratoga
STUNNING HOME * BEAUTIFUL OPEN FLOOR PLAN

MOMENTS TO:
QUITO VILLAGE
EL QUITO PARK
GENE'S GOURMET MARKET
EL PASEO, WESTGATE SHOPPING CENTERS AND SARATOGA CINEMAS

Built in 2001, this beautifully appointed home features an open floor plan with hardwood floors, crown moulding, recessed lighting and high ceilings. The home exemplifies an open floor plan with spacious rooms, a wide hall and light pouring in from all angles. Enjoy your backyard retreat, beautifully landscaped and complete with several fruit trees. Situated in a wonderful neighborhood, this home is within the award winning Marshall Lane Elementary School District.

View this home at http://www.18803afton.info/

Tracy Pina

Is Your Money Safe Right Now?

2008-09-18T15:39:00.000-07:00

Some folks are wondering if their money is safe in banks – sure, they’re insured up to $100K, but what if you have more than $100K? Spreading it around can be an onerous task – the Wall Street Journal has some suggestions:

‘POD’ accounts are catching on. These are ‘Payable on Death’ accounts, working much like an informal trust account. ‘POD’s’ are insured $100K per beneficiary – the more beneficiaries, the higher the limit FDIC will insure

Brokered CD’s - Buying multiple certificates of deposit at once through a brokerage firm provides a fast way to spread out money across different institutions, capturing the full FDIC protection.

CDARS. This deposit-placement service, short for Certificate of Deposit Account Registry Service, disperses deposits into different individual CDs of up to $100,000 each, up to a maximum covered amount of $50 million. Customers deposit their money with a participating bank, and CDARS -- which is run by the Promontory Interfinancial Network LLC in Arlington, Va. -- disperses the deposit in individual CDs up to $100,000 in 2,350 member banks across the country.

Retirement accounts. Money deposited in IRAs, Roth IRAs and certain other retirement plans is insured up to $250,000.

Joint accounts. Deposit accounts owned by two or more people are insured up to $100,000 for each account holder listed.

Credit unions. Deposit insurance for credit unions works in much the same way as FDIC insurance does for banks and thrifts, except that the funds are insured by the National Credit Union Share Insurance Fund.

Revocable trusts. Under this estate-planning strategy, the owner assigns beneficiaries but retains control of the assets during his lifetime. The FDIC insures the interests of each beneficiary up to $100,000 each. Some are formal trusts, which are typically set up by an estate attorney. Others, such as POD accounts, can be created when the account owners add certain terms and the names of the beneficiaries to the bank's account records.

-Submitted by Monique Stanford, The Loan Source (408) 357-5718 mstanford@theloansource.com

Thanks Monique!! With Gold jumping $84 yesterday (highest in history) I was certainly more than curious.

Tracy Pina

Willow Glen Twilight Tour - Thursday Sept 11, 2008

2008-09-10T14:41:00.000-07:00

Eight Beautiful Homes located in Willow Glen will be on a special tour tomorrow evening from 4-7PM. Look for the Intero Open House Signs - each home will have a map to all the homes on tour.

I will be at 1055 Laurie Avenue, a newly constructed beautiful home - all the bells and whistles. Listed at an incredible price of $1,645,000.

This is a GREAT opportunity to come out, see and HEAR what the market is really doing. Each home will be staffed by a knowledgeable Intero Real Estate Consultant ready to answer your questions.

Tracy Pina

Best of Los Gatos Real Estate Broker Tour

2008-09-10T14:23:00.001-07:00

My Pick for this week's "Best of home tour in Los Gatos" is 16505 Englewood Drive. List Price is $1,099,000.

This home is cute right now at 888SF+ cottage and with a remodel you're set for a $2++MM price tag.

This one will go fast. Great neighborhood, great lot, great price.

Tracy Pina

Fannie Mae / Freddie Mac Update

2008-09-07T21:17:00.000-07:00

Well, it’s done. The US (taxpayers like you and me) has officially committed to bailing out Fannie Mae and Freddie Mac. In fact, this is good news for real estate and lending. Bad news if you own regular shares of Fannie and Freddie (since the plan calls for issuance of “senior” preferred shares which will water down regular share holders).

This should stabilize the companies and allow them to continue to offer liquidity to the mortgage industry. This should also ease upward pressure on interest rates, also good news for buyers and refinancers.

If you have further questions I'm happy to help. tpina@interorealestate.com

MARKET UPDATE: Home Sales Spike at August End

2008-09-03T21:22:00.000-07:00

Our hottest markets of Los Altos and Mtn View cooled last week while the other markets saw a jump from their average sale numbers from the last several weeks. What we are seeing in the Los Gatos and surrounding markets is a pick up in activity due to everyone being back from summer homes/summer vacations and getting back to searching and buying.
Sellers: It’s a good time to list.
Buyers: Get focused, good ones are going fast.

Best of Los Gatos Broker Tour

2008-09-03T14:16:00.000-07:00

My pick for today:

100 Belhaven Drive
Los Gatos
$1,279,000

Great floor plan, fabulous backyard, beautiful front yard - all around a great home for a good price. Plus, Belgatos area offers hiking trails and a neighborhood park - worth checking out!

The Client Appreciation Party (I Love Los Gatos!)

2008-08-28T09:18:00.000-07:00

A big thanks to all of my clients who were able to make it to my Music in the Park Client Appreciation party last weekend. The weather was beautiful, the crowd was large, and the music was great! Congratulations to Jim and Chrissy Burroughs for winning a custom box of Chocolate Courier chocolates in this year's raffle. For those of you who couldn't make it, I hope to see you next time! Thanks again for all of your support and referrals!

Thanks For Coming Out - Great To See Those Who Made It!

2008-08-28T08:31:00.000-07:00

Today's Best of Los Gatos Home Tour

2008-08-27T12:18:00.001-07:00

Several noteworthy properties for sale in Los Gatos were on tour today. My best of tour pick is,

16829 Farley Road. It's a great house and a great value. I expect this to sell quick and for over list given the strong demand in this price point currently. Offered at $1,249,000.

For the high end, 101 Angel Court was a show-stopper. Incredible backyard - not fully visible in the photos. The home makes you feel like you're on vacation. So much space, privacy and comfort. Offered at $4,389,000

Best of Tour: Homes for Sales this week in Los Gatos

2008-08-20T16:16:00.000-07:00

Los Gatos Real Estate saw an increase in high-end homes for sale this week. Broker Tour had 7 homes for sale listed at or over $2MM. Pick of the Week goes to...

56 Bayview Avenue, downtown Los Gatos.

All remodeled two story craftsman walking distance to downtown - beautifully done and priced right a $2,199,900. A Gary Schloh Designed Home.

To see more homes for sale in Los Gatos, you can visit my web site at www.tracypina.com and select "Homes for Sale."

A Must See Los Gatos Home for Sale

2008-08-13T13:46:00.000-07:00

If you've ever been curious about how small a home could actually be, this is one to check out. So much fun I had to add it in as a Best of Show.

304 Nicholson Ave, Downtown Los Gatos

514+/- Square Foot Home on a 871+/- Square Foot Lot - The official smallest home on the smallest lot in Los Gatos. For only $855,000 you can own a piece of Los Gatos right in Almond Grove.

Best of Broker Tour: Los Gatos Homes for Sale

2008-08-13T13:29:00.000-07:00

There were several homes in the <$1.3MM range on tour today. My pick for best of tour particulary in that price category is 45 Whitney Ave. It's a great opportunity for a single person or young couple wanting some extra income off the rental in the back (with completely seperate entrance/yard/privacy). Needs some good ideas and good remodeling to make great use of the 3 bedrooms - but very charming and in a great location. List price is $1,198,000.

Runners up for best of today's tour are: 250 Vista Del Monte at $1,875,000, 25 Walnut Ave at $1,370,000 (plans for a 3200SF home come with), and 126 Alpine Ave, $3,492,000 (offers privacy and nice spacious floor plan).

To view my most recent listings visit, www.tracypina.com or www.15055gardenhill.info or www.16128escobar.info or www.1883lakebird.info

Best Home For Sale on Los Gatos Broker Tour Today

2008-08-06T11:02:00.000-07:00

There were several new listings for sale in the sub- $2.0MM price range today on Los Gatos Broker Tour. Best in show goes to:

16808 Leroy Ave, Los Gatos. http://www.16808leroy.com/

This understated Los Gatos home sits on a beautiful large, private lot with mature landscaping. It's a comfortable home with high ceilings, skylights and the perfect balance of charm and upgrades - just a great space overall. This one is priced right - it's a great opportunity for a family looking to get into a home in Los Gatos and stay there - 4 bedrooms, 3 baths- a perfect place to raise your kids. Though it may not look like much from the street wait til you get inside. You'll love it.

Best Real Estate For Sale in Los Gatos: 105 Lancewood Place, Los Gatos

2008-07-29T10:29:00.000-07:00

Best Value in Los Gatos - I love this townhome and can't beleive it's still on the market. You will see appreciation here -the high water mark in this complex is $1.1MM. - This updated townhome is in the Los Gatos school district – a stunning, contemporary home located near Courtside Club and La Riconada Country Club in Los Gatos. Bright and spacious end-unit, built-ins throughout, tons of natural light, 2 car garage, patio and gated courtyard.

Offered at only $880,000 this townhome is an awesome value!
3 bed/3 bath, 2122+/- SF

If you’re interested in this property, please let me know. Or, to view my listings, please visit www.TracyPina.com

Best of Los Gatos Broker Tour Today: 16334 Robie Lane

2008-07-23T13:37:00.000-07:00

On tour today, a beautiful, newly constructed contemporary home in Los Gatos. This home has an incredible amount of open space and high ceilings. It features a very nice floor plan, with a huge family room that is perfect for entertaining guests or a family with kids.

Outside you'll find a beautifully manicured backyard with a great water feature!

Offered at $2,499,000. 4,387+/SF, 11,775+/- SF Lot

If you're interested in this property, please let me know. Or to view my listings, visit http://www.tracypina.com/

Newest Los Gatos Listing ($1.59MM)

2008-07-09T23:11:00.001-07:00

For those that are looking for a big house and a big yard but don't necessarily have the big budget, I've got a new listing in Los Gatos. It's new construction, 3,000+/- SF, 14,000+/-SF Lot - www.15055GardenHill.info

$1,590,000 - yes it backs up to Lark Ave, but where else are you going to get new construction at this price in the school district (and no power transformers above you!)

It'll be open this weekend, Sat & Sun 1-4PM. For other listings of mine, visit www.TracyPina.com