Living Well in San Mateo - belmont, san carlos, san mateo real estate

San Mateo Home Ownership Possible with FHA Financing

2008-07-08T16:37:22Z

I hope you all had a great holiday weekend!

For those of you who spent the weekend jealously eyeing your friends’ backyards and grills, I have news for you… it’s time to stop making excuses and get that new home. But how, you ask?

First, read our post from April to determine if it’s the right time for you to buy. Now that you’ve gotten that out of the way, let’s talk more specifically about how to make it happen.

For most people, the two biggest obstacles to home ownership are the down payment and the monthly mortgage payment. If you have good credit though, there are excellent financing options. CalHFA and FHA home loan programs are safe, reasonable and allow borrowers to purchase a property for as little a 3% down…even less sometimes.

What are the benefits of FHA and CalHFA? How can these programs help get YOU in a home? Read our full post, Make San Mateo Home Ownership Possible with FHA Financing.

Citizens to Protect Redwood City Pledge to Fight Open Space Vote

2008-07-08T16:26:26Z

It seems that another battle a la Bay Meadows is shaping up... this time in Redwood City. A group calling themselves Citizens to Protect Redwood City has pledged to fight the Open Space Vote, a city charter amendment proposal by environmental groups to require two-thirds of voters to allow construction in areas deemed "open space." The proposal is aimed to target 1,433 acres of bayfront land owned by Cargill Inc., who is now considering developing part of the land.

You can read the full story in the Redwood City Daily News here - Battle shapes up over Open Space Vote

We'll be keeping an eye on this story and keeping you updated on what it means for the San Mateo County Real Estate Market.

Don't forget to let us know what YOU think!

Redwood Shores To Get New Development

2008-07-08T16:22:42Z

More breaking news courtesy of Redwood City Daily News!

According to the publication, the Bay Conservation and Development Commission voted last week to approve the development of the last remaining vacant property in Redwood Shores.

The project, to be completed by developer Max Keech, includes 158 new town homes and an elementary school.

What does this mean for the market? Read our full post, Redwood Shores Commission Approves New Development to find out.

San Mateo County Job Growth Remains Strong

2008-07-08T16:11:58Z

We’ve written lots of posts detailing the State of the San Mateo County Housing Market... Afraid to Buy a Home in the Current San Mateo Housing Market? Don’t Be!, Looking to Buy a Home in San Mateo County? and Waiting for the Bottom of the Market to Buy a Home in San Mateo County? all detail our opinion on the market – it’s a GREAT time to buy.

Why? – As we’ve said, the market has cooled off a bit, but economic indicators like the newly released figures on San Mateo County job growth remain strong. The facts remain simple: San Mateo County is a desirable area for people to live in **and** it has the economy to sustain the market.

So take a look at the Redwood City Daily News article “County job growth continues” and let us know what you think.

Looking for more information? Shoot us an email and we’ll send you back some more information about how to take advantage of the buyers’ market.

The Perfect Tool for the Home Buyer

2008-07-08T16:06:39Z

My last post, Market Snapshot – The Perfect Tool for the San Mateo Home Owner, , I described how a San Mateo home owner could use the Market Snapshot to stay in tune with market conditions in their neighborhood. However, the Market Snapshot, provided courtesy of Living Well in San Mateo, can also be a great tool for the San Mateo County home buyer who has narrowed down the zip code(s) in which they would like to live.

Not only is it important for San Mateo County home owners to be aware of their neighborhood real estate trends, San Mateo home buyers should also evaluate the areas they are considering living in. How does the neighborhood appreciate compared to other neighborhoods in the area? What are the schools like? What have the houses been selling for? What are current listing prices? What are the latest housing value trends? What types of homes are in the neighborhood (townhomes, larger homes, smaller homes, condominiums, etc)?

Do you want answers to these questions and more? Read our full post, Market Snapshot - The Perfect Tool for the San Mateo Home Buyer Too!

Wall Street Journal: New Agreement to Help Home Owners

2008-07-08T15:56:50Z

I came across this article in the Wall Street Journal today, New Agreement Could Mean More Help for Homeowners. The article discusses the new agreement among the firms in the Treasury Department-backed Hope Now alliance to give borrowers more options to stay in their homes.

It left me thinking, is the government and leading firms not doing enough, too much? What do YOU think? Read our thoughts, What Does Hope Now Mean for San Mateo County?.

How to Choose a Buyer's Agent

2008-07-08T15:40:03Z

Many people come to me looking for advice on how to select an agent. We told you how to select a listing agent in our post, Quick Guide to Interviewing Listing Agents.

A Buyer's Agent, however, is distinctly different by training, temperament and allegiance from a Listing Agent. While a Listing Agent's job is to work for the seller to maximize price and minimize time on market, the Buyer's Agent's job is to help the Buyer find a home that meets their criteria while getting the best business deal. Buyer's Agents often need to have more patience, better market knowledge and, most importantly, a sense of loyalty to their clients. Remember, you are hiring them to watch your back, so to speak, not help the seller!

One very important point must be made... To learn this and for more information on you to pick your Realtor, visit our full post, Choosing a San Mateo Buyer's Agent.

Housing Crunch, 90210 - A Local View

2008-07-08T15:21:13Z

While doing some reading yesterday, I came across this article at CNN Money: Housing Crunch, 90210. I found the statistics they quoted to be rather interesting.

One interesting statistic was that Atherton, California was still posting a 5% gain in median housing prices. As I've been telling you, the Mid-Peninsula is holding fairly strong, but as the article also said, "…many ritzy areas are finding they are not immune to the housing slowdown."

Still, what's the story for San Mateo County? Read our full post, Housing Crunch - A San Mateo County View, and find out.

How Much Earnest Money Should a Home Buyer Put Down?

2008-07-02T22:46:07Z

Here's a question I get all the time from both buyers and sellers: How much should the buyer put up as an earnest money deposit?

First off, let's start with the basic question - what is earnest money? Earnest money is an amount of money that the buyer gives to the escrow agent, after making an offer on the property, to demonstrate a serious intention to purchase the seller's property. The amount is one way for the buyer to convey their sincerity in closing the transaction.

What is an earnest money deposit? How much is customary in San Mateo County? Read our full post, How Much Earnest Money Should a San Mateo Home Buyer Put Down?, and find out

The Six Characteristics to Look For in Your Realtor

2008-07-02T22:39:37Z

Awhile back, I wrote this post on interviewing a listing agent and gave you some questions to ask before you choose a Realtor. Now I’ll go ahead and tell you what you should be looking for in their answers.

My 30 years in residential real estate has taught me that there are some real estate agents who are technically adequate, but lack the intangibles and there are agents that have the intangibles, but don’t have the technical expertise to get your house sold.

For the six intangibles you should look for in your Realtor, view our full post, The 6 Characteristics You Should Look for in Your San Mateo Realtor.

Inspect First, Then List Your San Mateo Home

2008-07-02T22:35:43Z

In today’s “Buyer’s Market” sellers must ask how they can make the decision easier for the buyer and differentiate themselves from the competing homes on the market. One of the best ways is to do a presale inspection and provide the report to prospective home buyers.

In fact, a presale inspection can benefit both the buyer and seller. By discovering negative conditions early in the marketing process, the seller can decide how to handle things before they have contract pressures and it also reduces the risk of a lawsuit for non-disclosure. Simply put, a presale inspection allows you to better know what your home is worth.

What does an inspection typically cost? What benefit does it have to a potential buyer? These questions are answered in our full post, Inspect First, Then List Your San Mateo Home.

State of the San Mateo Housing Market

2008-07-02T22:27:32Z

As May comes to a close, let’s take a look at the current state of the San Mateo County, California, real estate market.

While the media continues to depict the Mid-Peninsula (and rest of the U.S.) as a faltering market, the stats show a different story. San Mateo County saw 493 single family homes placed under contract (aka pending sales) in April 2008. This represents a significant increase over January’s 273 pending sales and it is virtually the same as the 500 pending sales in April 2007 -- but dive into the data even further and you find a more interesting story.

Market Snapshot - The Perfect Tool for the Home Owner

2008-07-02T22:24:15Z

As we have said many times before, all real estate is local. Relying on generic reports about the real estate market in the U.S., California, or even as localized as San Mateo County or your city, is not always an accurate representation of how the market is performing in your neighborhood.

Market Snapshot pulls information from the Multiple Listing Service (MLS) Realtors use to search for homes, gather market data, research market trends, and prepare comparative market analyses so the information is always up to date and accurate. The Market Snapshot is an interactive report that provides information on:

Homes listed in your neighborhood including price, square footage, number of beds/baths, pictures, days on market
Asking price vs. selling price - what your neighbors asked for their home versus what their home sold for
Number of homes on the market vs. number of homes sold
Recent market activity
Community information (arts and entertainment, shopping, public services, places of worship, recreation and leisure, food and drink)
Neighborhood school information

For a sample Market SnapShot Report and to sign up for your FREE Market Snapshot, read our full post, Market SnapShot - The Perfect Tool for the San Mateo Home Owner.

Arbitration - Real Estate Conflict Resolution

2008-07-02T22:07:17Z

Rounding out our week of posting about legalities and liability – let’s talk about two more interesting topics: mediation and arbitration.

Let’s face it, from time to time, a buyer and seller will have a serious disagreement. Not too many years ago, the only way to settle a dispute was a lawsuit, but now there are ways to avoid one. Most real estate contracts used today have conflict resolution mechanisms in place that are private, cost effective and shorten the resolution process.

The first is an obligatory provision called mediation. Mediation is a little like marriage counseling. It’s a non-binding process where the buyer and seller retain a “mediator” to facilitate a resolution that allows the parties to obtain a mutually acceptable settlement without accessing blame or imposing guilt. The mediator can be any person who is acceptable to both parties and they act as a guide to a civilized and sensible solution that avoids a lawsuit or the next step - arbitration.

What is arbitration? What is mediation? What does it mean to you? Read our full post, San Mateo Real Estate Conflict Resolution Management.

Can a Home Buyer Cancel a Purchase Contract?

2008-07-02T22:04:04Z

All the chaos and uncertainty in today’s world provoked an interesting question from one of my home buying clients. The question went something like this:

After all the buyer’s contingencies have been removed, can a home buyer cancel the contract to purchase as a consequence of the catastrophic event, such as an earthquake, and if so, at what cost?

A little known provision called Liquidated Damages covers this possibility. In technical terms, it states that should the buyer breach the contract, regardless of the reason or motivation, the seller’s sole right the damages is limited to the amount of the buyer’s earnest money on deposit but not more than 3% of the purchase price. And, the seller is no longer obliged to sell the property to the buyer.

it basically means is that the buyer’s maximum liability is 3% of the purchase price. So if the purchase price was $100,000 and the buyer’s deposit was 3% ($3,000) and the buyer breached the contract, the seller gets $3,000. Even if the seller’s measure of damages was greater, the seller only gets $3,000.

What does this mean? Who is liable for damanges? Read our full post, Can a San Mateo Home Buyer Cancel a Purchase Contract? to find out.

Limiting Home Seller's Liability: Repairs and Inspections

2008-07-02T21:59:40Z

Sellers should never agree to pay for termite repairs and provide a termite “clearance” without placing a maximum dollar limit on the cost of those repairs. Here’s why…

Most termite inspection reports state that if any further damage or infestation is found during the course of the repair work, additional costs for repairs will apply. If the seller agrees to pay for and provide a termite clearance, the seller is effectively giving the buyer a blank check in the amount of the repairs without limit. Unless the property is free of all visual infestation or infection, the pest control operator cannot issue a clearance.

For the San Mateo buyer's agent's role and for what to do if the contract calls for a pest clearance, view our full post, Limiting the San Mateo Home Seller's Liability: Repairs and Inspections.

Google Maps for San Mateo County Home Buyers

2008-07-02T19:14:33Z

San Mateo County home buyers can use Google Maps to save time and money by strategically planning out their driving routes while previewing homes. You can get directions to multiple addresses, plot the addresses on a map for a visual and view live traffic information to name a few. Although Google Maps doesn't automatically plan out the route for you, you are able to view the addresses on a map and easily manipulate the order for a better route. Read more about these great features at Google Maps for San Mateo Home Buyers.

What to Expect During the Final Walk Through

2008-07-02T15:15:30Z

What exactly is the walk through? Usually, the San Mateo County home buyer purchases the property in the same condition as when the offer was placed. The walk through allows the buyer to "walk through" the property to ensure the house is in the same condition as when they made the offer.

For more, see the entire post, What to Expect in the Final Walk Through of Your San Mateo County Home Purchase.

Afraid to Buy a Home in the Current San Mateo Housing Market? Don’t Be!

2008-05-09T15:42:32Z

The media is full of reports about the decline and fall of the housing market and the mortgage meltdown, but they aren’t necessarily telling the local story. Let’s look at the real estate market from a different vantage point. Here are some interesting statistics:

Homes are still selling and about six million of us are expected to buy a home this year. The six million people buying into the housing market are hardly insignificant.
With more than 23 trillion dollars in the United States housing inventory, home ownership continues to be the foundation of our wealth.
The growth in the housing market is inevitable because over the next 40 years our population will grow by 70-100 million people.

To read the rest of this post, please visit Living Well in San Mateo - belmont, san carlos, san mateo real estate.

Having Trouble Selling Your San Mateo County Home?

2008-05-07T12:29:35Z

I’ve been talking a lot lately to buyers on this blog. The fact is that it’s a good time to be a buyer and not such a great time to be a seller. That said, you can still sell your home at a good price, in a reasonable time frame if you put in a little effort.

Here are some tips for overcoming the buyer’s market:

Utilize the power of the Internet
Abundant Use of Photographs
Value Pricing
Staging
Offer Incentives to Agents
Good Terms
Know your market

For more detail, read the entire post, Having Trouble Selling Your San Mateo Home?

Know the Seller’s Bottom Line to Get a Better Deal on Santa Clara and San Mateo Real Estate

2008-05-06T13:49:04Z

In the boom periods of the housing market, and especially areas of San Mateo and Santa Clara Counties like Menlo Park, Burlingame, Palo Alto and Cupertino, the demand for homes was extraordinary high while the supply of homes for sale was critically limited. Simultaneous multiple offers and aggressive over-bidding was commonplace. Selling a house more closely resembled a silent auction than a negotiation.

But today, San Mateo and Santa Clara Counties are buyer’s markets and the bidding wars of the past are largely a historical footnote. This has opened up the market to negotiations – and many participants and agents are unprepared to deal in such a marketplace.

What makes negotiating so difficult for agents, buyers and sellers? A variety of factors (not wanting to lose the deal, fear of confrontation, discomfort with the process, etc.) can all contribute. It is important to remember, however, that this is the best market for homes buyers since 2001 and now is the time to negotiate aggressively. You owe it to yourself to get the best deal possible and your agent should be able to provide you with enough guidance to make you feel comfortable with the process.

But, let’s be clear, I am not saying that every seller in every circumstance will cave to lowball offers and over-the-top demands. I am saying that you as the buyer can only truly know what the seller’s bottom line really is by asking for more than you expect. When the seller reaches his or her best and final offer, you decide whether the price and terms are acceptable to you. It won’t always result in a deal, but you will rest assured that you got the best deal you could.

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Tips for Women Home Buyers in San Mateo County

2008-05-02T13:10:07Z

More than one in five home buyers in San Mateo County are women.

Here are some tips for security conscious women home buyers. The most secure and safe homes or condominiums have the following features:

Attached garages and electronic door openers
Secure entrances such as gated communities or security entrances
Ample street lighting and motion sensor lights around house
First floor bedrooms
Double-pane windows
Fenced back yard
Not on an alley
Effective locks and door jams
Security systems

With a little homework, you can easily find the home you’ve always wanted.

For more, read the entire post Tips for Women Home Buyers in San Mateo.

The Bay Meadows Development Project

2008-04-30T23:52:26Z

Talk about controversy… the Bay Meadows Development Project has more people expressing their opinions and staking out positions than there are passing through the Carlmont Starbucks each week. So why not mine too?

Well I’ve seen many well-intentioned men and women take up positions on the topic for various reasons and, frankly, I don’t get many of their stances. If there is an issue here at all, it is: what is the most cost-effective and best use of this property? - It’s clearly not a financially troubled race track.

Those who fight for keeping the track because of its historical significance should be reminded that we have museums for that type of remembrance. And, those that argue about increased traffic and congestion must keep in mind that increasing congestion on the Peninsula is inevitable. The Peninsula is growing because people want to live here, that demand for property here will increase congestion no matter what. Finally those that say, “we don’t want the new development because it’s ugly,” have even shakier ground to stand on as beauty is in the eye of the beholder.

The portion of Bay Meadows Development in place today is a substantial improvement over what stood there previously and the next phase will dramatically improve upon what is there now.

Remember, change is inevitable. Fighting change is useless, but helping change move in the right direction is not.

For more on Bay Meadows, visit our blog Living Well in San Mateo and search Bay Meadows.

What is an appraisal and why do I need one?

2008-04-30T23:50:56Z

The appraisal is a vital part of the real estate purchase process and one of the least understood aspects of real estate. Within the context of the home purchase and sale, an appraisal is a risk analysis for the lender. The buyer’s lender uses an appraisal to determine whether there is sufficient value in the property to accept it as collateral.

An appraisal is in its simplest form is an:

Opinion of value
For a stated purpose
As of a given date
That is defensible

For more, read our post: San Mateo Appraisal.

San Mateo City Council Approved Plans for Bay Meadows

2008-04-23T20:20:07Z

The San Mateo City Council approved the plans for Bay Meadows on Monday night.

The 84-square acres of racetrack land will now be converted to shopping, commercial and residential areas.

Opponents were concerned about traffic and the loss of the historic racetrack… supporters mentioned the positive impact the new housing and recreational areas will have on the community.

But what does it really mean for San Mateo County residents? We’ll give you our opinion on Friday, but until then, keep sending in your votes!

For more Bay Meadows information, visit our blog Living Well in San Mateo and search Bay Meadows.