Chia Rodeski's (chiarodeski) Blog

How's the Market? "Foot off the Gas" as We Enter the Holiday Season

Wed, 13 Nov 2013 10:04:06 -0800

There is a window of opportunity for buyers in our Santa Clara County real estate market in the next 75-90 days as the market is adjusting to the seasonal slow down. The sales numbers of October are suggesting that we're tapering off the super heated market or what I'd like to call "the foot is off the gas pedal". For sellers, this is an important message on pricing. If you want to get the most dollar in the shortest time frame, then, you have to price the home correctly. In October, the median sales price for the entire Santa Clara County is approximately $780,000. Available active homes/inventory ending in November 7 is approximately 1128 for the county. This is still a relatively low number compared to other years, though a slight improvement The more telling numbers are the days on the market and sales price to listing price ratio. The median days on the market is about 16 days while the average days on the market is about 38 days. The key distinction between the average and the median is that if a seller prices and markets a home correctly, then the home is selling in 16 days; however, if the pricing or the marketing isn't aligned with the market, then it takes longer (over a month) to sell. Second number is the sales price to listing price ratio. In October, sellers are receiving on average 102.4% of the listing price. Because of the still restricted inventory, most homes in decent location with appropriate pricing are still receiving multiple offers. HOWEVER, the number of offers are now in the realm of 3-5 offers (compared to the height of 20-30 offers in Spring of this year). This is a reflection of the market is not accelerating at the same rate. The percent of homes sold where the sales price is higher than listing price is about 55% compared that to 2 months ago at 58% and to 3 months ago at 60%. The trend is suggesting the market is not accelerating at the same rate as earlier this year. What does this mean for buyers/investors? The is absolutely a window of opportunity as we enter the holiday season. If you really want to achieve your dream of home ownership, ACT NOW! With appropriate counseling and strategy, you can win the more manageable 3-5 multiple offers. What does this mean for sellers? Don't make the mistake of pricing above the market! You have less buyer activity generally speaking this time of the year - you want to have a right pricing and marketing strategy to maximize you dollar! Please call me with more details on how I can provide more detailed and personal information on your specific situation. Committed to YOUR SUCCESS, Chia Rodeski // 林家翎Realtor, Re/Max Santa Clara ValleyDRE License # 01802487 Direct: 510-755-8382//408-409-1413E-mail: CLRodeski@Gmail.comSearch 1000’s of Homes Instantly @ http://www.callchia.com/mx/idx/ Instant FREE home value estimate @ http://callchia.com/mx/sold-homes-search/

Santa Clara County Real Estate Market Update, May 1 2013

Wed, 08 May 2013 08:13:02 -0700

Highlight of the real estate market in Santa Clara County as of May 1, 2013 for Single Family Homes * Median sales price: $800,000 * Days of unsold inventory: 35 days * Median days on the market (sold homes): 10 days * Number of homes sold in the last month: 880 * Average listing price/sales price: 106.1% Active/Available homes Data:* Number of active/available homes for sale currently: 1027 * Percentage of (active) regular sale: 96% ; short sale 2%; bank owned 1% Analysis of the real estate market in Santa Clara County as of May 1 The real estate market in Santa Clara County is hot, as indicated by the days of unsold inventory (35 days) and the median days of homes on the market (10 days). Both indicators show that there is only about a month of inventory of homes left and on average, homes for sale are sold in 10 days. In another words, we have a strong seller's market, as many buyers in the market are experiencing multiple offers competition in the upwards of 15-20 offers for a home. Combining the shortage of inventory with strong buyer demand driven by the low interest rate, the median sales price has been trending up. Currently, the median sales price is $800,000. In perspective, the median price in the last 3 months and 2 months are $740,000 and $750,000 respectively. There is an indication of upward trend. Another indication of the multiple-offers competition is that on average sellers are getting about 6.1% over the asking price. The strongest market in the county in terms of the magnitude of overbidding is Sunnyvale-Cupertino, where there is about 12.2% over the asking price that homes are sold. Similarly, in Los Altos/Palo Altos, there is about 10.5% of overbidding. What does this mean for me? Buyers: it's crucial to understand the market dynamics and have realistic expectations of what the competition may be. In today's market, it's extremely helpful to have a strategy in place with your agents so you save time and money (and sometimes heartache!). Sellers: from past experience, we know that there is a cap on appreciation. The question is when and where. No one has the crystal ball; however if you have any desire of selling or are curious about your value, contact an agent who knows the market. It's an opportunity to take advantage of a seller's market with ample of QUALIFIED buyers in the market. Investors: because of the appreciation of the market, finding the "good buy" that allows for room for positive cash flow or profit is increasingly difficult. One viable option is for investors to work with agents/brokers who have the ability to show you homes before they go on the market. In certain situations, sellers may not want to have droves of buyers going through the home (illness in the family, for example), they may consider offers without going on the market. Useful tools for you: Curious about what you can afford, search for 1000's homes for free. Curious about your home value, check for recent sold homes near you for free. Committed to YOUR SUCCESS, Chia Rodeski // 林家翎Realtor, Re/Max Santa Clara ValleyDRE License # 01802487 Direct: 510-755-8382//408-409-1413E-mail: CLRodeski@Gmail.comSearch 1000’s of Homes Instantly @ http://www.callchia.com/mx/idx/ Instant FREE home value estimate @ http://callchia.com/mx/sold-homes-search/

Prestigious Ranch Home in San Jose for Sale -Call for Private Showing

Mon, 08 Oct 2012 09:08:58 -0700

Luxurious and comfortable home with lots of modern touches in the desired Ranch community near Silvercreek area of San Jose is ready for a private showing for you today! This 4bedroom/3.5baths home is spacious with lots of different options. There is a downstairs bedroom suite complete with a full bath that can be used as an office, occupied by live-in nanny, or suitable for parents. The modern and upgraded kitchen with granity counter top and stainless steel appliance makes cooking feel effortless. Family room with fireplace offers cozy living with your family. The end unit location of this home offers plenty of sunlight as well as privacy. Additionally, it has views of the greenbelt and mountains. Ranch Golf Club is minutes away as well as Hellyer County Park - great for those who loves outdoors! Call today to schedule a private showing! Committed to YOUR SUCCESS, Chia Rodeski // 林家翎Realtor, Re/Max Santa Clara ValleyDRE License # 01802487 Direct: 510-755-8382//408-409-1413E-mail: CLRodeski@Gmail.comSearch 1000’s of Homes Instantly @ http://www.callchia.com/mx/idx/ Instant FREE home value estimate @ http://callchia.com/mx/sold-homes-search/

San Jose Real Estate Market Update (April 2012)

Tue, 01 May 2012 06:58:11 -0700

As previously mentioned on the last blog post (Is it a seller's market?), the real estate market in San Jose and in the Santa Clara County seems to be picking up. My broker and I held an open house this past Saturday in Santa Clara and we did an "extreme marketing" open house. We had over 300 people through in two and half hours and generated 77 offers. The winning offer was about $20,000 over seller's expectation and the buyer waived appraisal contingency. Part of the success is due to our special marketing program; however, it certainly represents what is going on the market, namely the lack of inventory combined with strong buyer demand is driving up competition and therefore price. The statistics certainly demonstrated similar story: 1. Number of new listings in April actually dropped: 628 in April for single family homes compared to that of 723 in March. For townhomes/condos, similar trend follows; new listings are at 236 in April compared to that of 265 in March. This is contrary to the normal real estate cycle where Spring time sees an increase in the inventory, normally. 2. Bank owned homes and short sales inventory New Bank owned listings (Single family): 62; closed sales 113 New Short sale listings (Single family): 133; closed sale 234 3. Median sales price continue to trend upward at $535,000 compared that to $493,250 in March 4. Months of inventory 3.5 and SP/LP ratio at 99.9% Analysis: 1. Market is picking up due to the shortage of good quality homes. Buyers/investors expect strong competition and multiple offers. Further, expect to pay top dollars if you really want the home. The key to getting a home may be working with a dedicated agent and be patient. 2. Sellers: with the right marketing strategy, you may get top dollars. Pricing strategy is important. We have extremely good outcome when clients understand and choose the extreme marketing strategy. Finally, if you are looking in other cities other than San Jose, feel free to contact me for similar statistical information. Also, if you're in the market to buy/invest, contact me for a consultation to learn how you can buy homes without competition. If you're in the market to sell, call me for an overview on our special extreme marketing program that will generate 20-30 offers and top dollars! *All information are deemed reliable but not guaranteed. Statistics are done by MLS and are current as of April 30, 2012* Committed to YOUR SUCCESS, Chia Rodeski // 林家翎Realtor, Re/Max Santa Clara ValleyDRE License # 01802487 Direct: 510-755-8382//408-409-1413E-mail: CLRodeski@Gmail.comSearch 1000’s of Homes Instantly @ http://www.callchia.com/mx/idx/ Instant FREE home value estimate @ http://callchia.com/mx/sold-homes-search/

San Jose/Silicon Valley Real Estate Market April 2012 - Is It a Seller's Market?

Fri, 27 Apr 2012 05:15:21 -0700

In the San Jose/South Bay real estate market, in the month of April, one the most repeated phrase has been "there are multiple offers, about 15 offers on the home currently". There was one instance where one of my buyer clients was competing with 20+ offers and about 3-4 offers were all cash investor offers. What happened? First and foremost, as I consult with number of my buyers, it's very important to remember that real estate market is cyclical. This means, the market is always fluctuating, going from buyer's market to seller's market. Currently, it's the right perception that it's a seller's market. Let's define that term - a seller's market means that there is less than 4 months of inventory on the market. And yes, in most cities in Santa Clara County, there is less than 2 months of inventory. In some desirable neighborhood, there is less than one month of inventory. But, is it really a seller's market where seller can get anything? The answer is, yes, but it must appraise and close! One key difference on the traditional perception of seller's market versus buyer's market that most media does not explain is that this market is significantly different than the boom market of 2002-2005 in that appraisal condition is based on real market value or comparables in the area. In another words, with a financing offer, which is still the prevailing purchase method, the home must appraise. For example, if a home's market value is around $425,000; a financing purchase can offer to pay for $450,000 to "beat competition" However, it may not appraise. In this case, either a renegotiation happens or the purchase will fall apart. With cash offers, even though there is no financing restrictions, inspection contingency still comes into play. So, what does this really mean? Buyers: tread carefully and persistence is key. Have your agent scout information on the competition - is it worth your time? In some instances, I can help clients beat out competition; however, there are also times when it may not be worth it to pay extra to compete. Bottom line, both agent and the buyer(s) need to do the homework to determine if it's worth it to pay extra and if so, how much extra. Sellers: pricing strategy really matters. When working with your agent, be sure to take advantage of the up trending market. Price it correctly will get you multiple offers, which plays into strength in negotiating. However, tread carefully. Don't let the 7, 10, 20 offers fool you into believing you can get the moon. Remember, the best offer may not be the highest priced offer - financing comes into play. Have your agent check the validity of the pre-approval letter. Do the homework will save you from potential headaches down the road. Bottom line: Doing the research and homework up front is important. Having accurate data and information will go a long way in succeeding this market. Committed to YOUR SUCCESS, Chia Rodeski // 林家翎Realtor, Re/Max Santa Clara ValleyDRE License # 01802487 Direct: 510-755-8382//408-409-1413E-mail: CLRodeski@Gmail.comSearch 1000’s of Homes Instantly @ http://www.callchia.com/mx/idx/ Instant FREE home value estimate @ http://callchia.com/mx/sold-homes-search/

Centrally located Santa Clara home near Wilcox High School - Move in before Memorial Day weekend!

Tue, 17 Apr 2012 05:25:43 -0700

This charming home located near the Wilcox high school in Santa Clara is a regular sale - no more waiting for the banks and no more hassles of dealing with the bank owned asset managers! It's conveniently located in the heart of Santa Clara off Monroe St and Bowers Ave, this home is short driving distance to Cal-Train station for easy commute as well as to shopping and dinning options. This home in its original but good condition has hardwood floors. It has 3bedroom and 2 baths with 1078 sqft of living space. With some updating, you can build your dream home here. Priced to sell, call for an exclusive appointment to see! Committed to YOUR SUCCESS, Chia Rodeski // 林家翎Realtor, Re/Max Santa Clara ValleyDRE License # 01802487 Direct: 510-755-8382//408-409-1413E-mail: CLRodeski@Gmail.comSearch 1000’s of Homes Instantly @ http://www.callchia.com/mx/idx/ Instant FREE home value estimate @ http://callchia.com/mx/sold-homes-search/

Modern and Spacious Townhome living in San Jose at a Bargain Price $330,000

Tue, 17 Apr 2012 05:14:42 -0700

This well-maintained town home located in the heart of Blossom Hill area of San Jose near the intersection of Branham and Almaden Expy is a must-see. High celiings and spacious living area provide plenty of comfortable living. This home is modern with an airy and open floor plan, built in 1993. Entire unit has 3 bedrooms and 3 baths with 1745 sqft of living area. Open house this Sunday April 22 1-3pm. Come see it for yourself, you will be deilghted. It is priced to sell - call for more information! Committed to YOUR SUCCESS, Chia Rodeski // 林家翎Realtor, Re/Max Santa Clara ValleyDRE License # 01802487 Direct: 510-755-8382//408-409-1413E-mail: CLRodeski@Gmail.comSearch 1000’s of Homes Instantly @ http://www.callchia.com/mx/idx/ Instant FREE home value estimate @ http://callchia.com/mx/sold-homes-search/

San Jose Real Estate Market Update (March 2012)

Fri, 30 Mar 2012 05:28:30 -0700

Overall, the San Jose real estate market continues the trend from February. In March, the most significant number to note for the entire county of Santa Clara is total active listing inventory is alarmingly low at 1641 (1284 for single family homes and 357 for condos and townhomes) Compared this to around same time last year (April 2011) at 3333 combined inventory - that is almost 50% less! Let's take a look at the local San Jose statistics for the month of March: 1. Number of New Listings - total 941 (single family homes 690 - condos/town homes - 251) Number of closed (sold) homes - total 1185 (single family homes - 782 condos/town homes - 376) * Analysis: homes are selling at faster rate than the rate that new homes are coming on the market. 2. Number of Bank Owned Sales, new listings and closed (sold) sales New listing 119; closed sales 169 3. Number of short sales, new listings and closed (sold) sales New listing 241; closed sales 505 * Distressed (bank owned and short sales combined) new listings account for about 38% of the market; distressed closed sales account for about 56% of the market. The discrepancy is explained by the delayed response from the short sale banks. 4. Sales price and listing price median:continued trending upward 5. Sale price to list price and months of inventory SP/LP ratio: 100.0% month of inventory: 3.2 Analysis: 1. With limited inventory, there are more buyers per number of homes available to purchase. For buyers, it's important to understand that most listings are getting multiple offers and it's common to see 10+ offers. Because of excess demand & multiple offers, homes are getting at least FULL LIST PRICE, and in many cases 2-3% over asking price with a good conditioned home located in good neighborhood. 2. As we enter the prime spring selling season, the market isn't turning up the usual supply of homes. Some of it can be explained with the homeowner desires to wait until the prices trend up to where they don't have so much loss. Another explanation is the short sale factor. With the economy at the way it is, a large group of home owners continue to experience financial hardships. Sellers who are contemplating short sales generally take longer to decide to sell because it is emotionally difficult to let go of the home they love. Conclusion: For buyers/investors: work with an experienced agent will save you both time and money. In this competitive market, having the right strategy in place to win in multiple offer situation is key to getting the home you love. For sellers: work with an experienced agent with the right marketing plan that takes advantage of the large motivated & qualified buyer is key to success in getting you top dollars for your home. For more information, please get in touch with me for an obligation-free consultation. *All information are deemed reliable but not guaranteed. Statistics are done by MLS and are current as of March 30, 2012* Committed to YOUR SUCCESS, Chia Rodeski // 林家翎Realtor, Re/Max Santa Clara ValleyDRE License # 01802487 Direct: 510-755-8382//408-409-1413E-mail: CLRodeski@Gmail.comSearch 1000’s of Homes Instantly @ http://www.callchia.com/mx/idx/ Instant FREE home value estimate @ http://callchia.com/mx/sold-homes-search/

My life as a number: importance of Credit Score for 1st time buyers

Wed, 28 Mar 2012 09:15:15 -0700

Your credit score or commonly known as FICO score (stands for Fair, Issac and Company) is a number that indicates the health of yours score. The higher the number, the healthier your credit and the more likely a lender is to approve a loan with good terms. Scores can range from 300 to over 900, with typical score falling in the 600s to 700s. Credit score take 5 different financial areas into account. The five C’s of credit that lenders will look at include: Capacity. Are you able to repay the debt? The lender verifies your employment information: occupation, length of employment, income. He or she reviews your expenses: how many dependents you have, if you pay alimony and/or child support, your other obligations. Credit history. Based upon your past payment habits, how likely is it that you will make your monthly payment? The lender looks at how much you owe, how often you borrow, whether you live within your means, and whether you pay your bills on time.ome Buyer Hint Capital. Do you have enough cash on hand for the down payment and closing costs? Are you receiving a gift from a relative? Will you have reserve money left over after the purchase? Collateral. Is the value of the property worth the investment? Is it in sufficiently good condition and is the price appropriate for the home? If you do not repay the debt, will the lender be able to recover his investment? Character. Have you disclosed all your debts? If you had previous credit problems, did you disclose them? Similarly to credit report, for a fee, you can order a copy of your credit scores from one of the three national credit bureaus. For more information, please go online TransUnion: www.transunion.com Equifax: www. equifax.com Experian: www.experian.com Committed to YOUR SUCCESS, Chia Rodeski // 林家翎Realtor, Re/Max Santa Clara ValleyDRE License # 01802487 Direct: 510-755-8382//408-409-1413E-mail: CLRodeski@Gmail.comSearch 1000’s of Homes Instantly @ http://www.callchia.com/mx/idx/ Instant FREE home value estimate @ http://callchia.com/mx/sold-homes-search/

My life as a number: importance of Credit for 1st time buyers

Wed, 28 Mar 2012 09:00:52 -0700

Credit is an important part of buying a home. Lenders will scrutinize your credit history to determine if you're qualified to buy a home and what interest rates and fees to charge. The difference between having a just okay credit and good credit can cost you tens of thousands of dollars over the life of a loan. Here are some practical tips to establish good credit: *Having a steady source of income and stable employment for 2-3 years *Having a good record of paying your bills on time - the common myth is that paying off balance monthly gives you a good credit points; when in reality, paying ON TIME is what matters the most. *Keeping outstanding long term debts, like a car loan So how do lenders check your credit history? The answer is by running a credit report. A credit report gives others a "snap shot" of your credit worthiness. It will show what types of credit you currently have and/or what you have had in the past. It also shows if you have paid your bills on time, filed for bankruptcy or if you have ever been evicted from a rental property. Before you decide to buy a home and start shopping for lenders, it's best to get a good handle on what your credit situation. For a small fee (generally, $15-$20), you can order your credit report from one of the three major national credit bureaus. Annually, you may get a FREE copy of your credit report. For more information, please go online: TransUnion: www.transunion.com Equifax: www.equifax.com Experian: www.experian.com If you determine that your credit is in bad shape, you may want to wait to buy a home and spend some time needed to repair your credit instead. I can help and refer someone. Please contact me for more info. Next related topics is CREDIT SCORE, which you will hear about when the lenders explain to you what you may qualify. Committed to YOUR SUCCESS, Chia Rodeski // 林家翎Realtor, Re/Max Santa Clara ValleyDRE License # 01802487 Direct: 510-755-8382//408-409-1413E-mail: CLRodeski@Gmail.comSearch 1000’s of Homes Instantly @ http://www.callchia.com/mx/idx/ Instant FREE home value estimate @ http://callchia.com/mx/sold-homes-search/

I love this home ONLY if ... power of FHA 203K renovation loan ...

Wed, 14 Mar 2012 11:07:27 -0700

Working with lots of first time buyers in San Jose, CA, I'm hearing a lot of "I love this home, only if the bathroom was remodeled/kitchen is updated". I'm beginning to educate buyers and sellers on the possibility of FHA 203K renovation loan. This is basically a loan that allows you to borrow up to $35,000 that is wrapped into the purchase price of the home for renovation. Just like a regular FHA loan, your down payment requirement is only 3.5% and it may be a gift from family. For many first time buyers, it's a great option if you don't mind the work. The FHA 203k loan program provides home buyers the opportunity to buy and fix up a home based on their preferences (dream kitchen!) without exhausting their personal savings. Another advantage of FHA 203K loan is that when buying a home with this loan, only one appraisal is required, providing the "after-improvements have been made" value. This may be a chance for buyers to establish instant equity when it is done correctly. The key for a successful FHA 203K loan is to work with an experienced lender since the process may require more paperwork. The formula to success is selecting the right team of lender and contractors. Qualification for the FHA 203K loan is similar to that of a regular FHA loan. There are no income limits, however, FICO score of 620 or higher is required. Also, as mentioned earlier, down payment of 3.5% is also required. FHA 203k loan can also be a good option for sellers who may have deferred maintenance. It's an option to refinance using FHA 203k loan and fix up their home. This will give you a much better home to sell one or two years down the road. For those who considers to sell now, you can market the not-so-perfect home with the possibility of FHA 203K to prospective buyers. For more information of how to make this work for your specific information, please contact me for details. I work with both qualified lenders and contractors who can make your dream home come true! Committed to YOUR SUCCESS, Chia Rodeski // 林家翎Realtor, Re/Max Santa Clara ValleyDRE License # 01802487 Direct: 510-755-8382//408-409-1413E-mail: CLRodeski@Gmail.comSearch 1000’s of Homes Instantly @ http://www.callchia.com/mx/idx/ Instant FREE home value estimate @ http://callchia.com/mx/sold-homes-search/

San Jose Real Estate Market Update: how is the market?

Wed, 29 Feb 2012 04:50:51 -0800

San Jose real estate market update is on many people's mind lately as number of positive news surfaced in the last 2 months about the real estate market. Most recently, this includes Warren Buffet's call to "buy, baby, buy" real estate. Here are some local San Jose statistics for the last 2 months that will help you to understand the market a little better. 1. Number of New Listings in January and February January: 640 February: 620 2. Number of Bank Owned homes, new listings and closed (sold) sales January: new listings - 89; closed sales - 86 February: new listings - 80; closed sales - 82 3. Number of short sale homes, new listings and closed (sold) sales January: new listings - 208; closed sales - 203 February: new listings - 155; closed sales - 260 4. Sales price and Listing Price Median: trending upward 5. Sale price to list price ratio and months of inventory January: SP/LP ratio - 99.2%; months of inventory - 3.8 February: SP/LP ratio - 99.2%; months of inventory - 4.5 Analysis: 1. Contrary to the misguided belief that there are "a lot" of foreclosure homes in the market, bank owned homes comprise only a small percentage of the homes for sale, about 13%. Compare that to short sale homes for sale at 32%, the number of traditional and regular sale is actually about half of the market. 2. Both median list price and sale price are trending slightly upward. This confirms that the market is picking up. This is largely due to increasing buyer demand from the historic low interest rates and the general perception of affordability. 3. Because of limited number of supply of homes & increasing buyer demand, most homes are getting very close to 100% of list price (99.2% to be exact). For buyers, this means selecting a great agent who is a strong negotiator and getting you the home; for sellers, this means selecting an agent who is strong at marketing to get you the most dollar possible. 4. Months of inventory is indicating a seller's market and this might be the biggest surprise of all. Generally speaking, more than 7 months of inventory indicates a buyer's market. 5-7 months of inventory is a balanced market; less than 5 months of inventory is a seller's market. This may be partly seasonal, meaning during the slowest time of the year, there is limited number of homes for sale. For buyers, this means to expect multiple-offers competition on a home priced correctly at market value. For sellers, this means to know how to select the right buyer who will close the transaction. Conclusion: How is the market? It really depends on why you are in the market - everyone's situation is different. One thing for sure is that you need a good agent to guide you through this market. Distressed home sales is still a factor to consider. Additionally, the lending requirement is a moving target that requires significant effort & knowledge to close. Finally, no matter how the market is moving, you need to evaluate your situation objectively to see what is possible for you. Feel free to contact me for a obligation-free consultation! Committed to YOUR SUCCESS, Chia Rodeski // 林家翎Realtor, Re/Max Santa Clara ValleyDRE License # 01802487 Direct: 510-755-8382//408-409-1413E-mail: CLRodeski@Gmail.comSearch 1000’s of Homes Instantly @ http://www.callchia.com/mx/idx/ Instant FREE home value estimate @ http://callchia.com/mx/sold-homes-search/

First Time Buyer San Jose CA FAQ Series: What are closing costs?

Wed, 22 Feb 2012 07:45:00 -0800

Many first time home buyers in San Jose CA may or may not realize that there are closing costs associated with each real estate transaction. Closing costs vary by county and are generally dictated by the local customary rules. For instance, in Santa Clara County, it's generally a seller-paid county; whereas in Alameda County, it's a buyer-paid county. However, there are still some costs to buyers if you're buying in Santa Clara County. Generally speaking, the rule of thumb is to estimate for about 3% of the sales price to go toward closing costs. In another words, if you plan to purchase a $300,000 home, then your closing costs are approximately about $9000. A big portion of the closing costs is your cost of obtaining the loan namely the costs to originate the loan. Depending on the types of lender you choose and how competitive the lender is, this origination fee is approximately $2800*. If you're obtaining an FHA loan, then part of your closing costs include prepaid costs such as 14 months of insurance and 2 months of property taxes. Some examples of the closing costs include: lender's title policy, appraisal, recording fee, processing fee, and all other administrative fees charged by the escrow company of performing services for the transaction. In some cases, buyers may negotiate for the sellers to pay for some closing costs. However, in today's market, it's getting difficult to do so as inventory of listings falls and competition increases. In my opinion, it's best to save up for closing costs before entering the housing market. Another possibility is to request for closing costs assistance from first time home buyer's programs, such as the Santa Clara Housing Trust. *Based on estimating purchase price of $300,000 with FHA loan Please don't hesitate to contact me if you have more questions. Committed to YOUR SUCCESS, Chia Rodeski // 林家翎Realtor, Re/Max Santa Clara ValleyDRE License # 01802487 Direct: 510-755-8382//408-409-1413E-mail: CLRodeski@Gmail.comSearch 1000’s of Homes Instantly @ http://www.callchia.com/mx/idx/ Instant FREE home value estimate @ http://callchia.com/mx/sold-homes-search/

First Time Home Buyer FAQ Series: How do I Pick the Right Agent to Represent me?

Wed, 15 Feb 2012 07:08:21 -0800

When I first started out in the business, I was primarily a buyer's agent, and in some ways, it was a default choice. It was the way to learn the business. Fast forward to today, I still enjoy working with buyers, except it is a conscious decision since early 2011 that I work primarily with first time home buyers in San Jose. There are number of reasons for this, but mainly, I just love the smiles when the first time buyers purchase their first home. I'm grateful and honored to be part of that process. In today's more competitive San Jose real estate market where market is projected to stabilize and return to the normal 2-3% annual appreciation (best cities for home values, San Jose #1), it's EXTREMELY important for buyers to choose the right buyer's agent to represent you! There are different school of thoughts on this topic; however, I believe there are few factors that are most relevant, especially for first time buyers in San Jose, CA: 1. How well does the agent understand and appreciate your needs? In today's confusing market, where different types of sales can have different implications for individual buyers, it's very important that your agent understands what your goals and needs are. So many times, I see buyer's agents just rush to get prospects in the car and drive around the town; and the end of the day, it may turn out to be waste of everyone's time. For example, I'm currently working with a client whose lease is up soon, together we determine that it's best to stay away from short sales for the first few weeks of searching, because short sales generally take 60-90 days for approval. 2. What kind of system and methodology does the agent have in place that will help you achieve your goals? In today's San Jose real estate market, homes in decent condition in the entry level pricing may get sold quickly. A competent buyer's agent needs to have system and methodology to assist clients getting to see homes in a timely fashion. Again, the traditional "let's get in the car and go see the home" may work haphazardly, but it does not work consistently. For instance, at our very first consultation with my buyer-clients, I explain how I work and the systems in place that will make home search an organized and efficient manner. Together, we are a team to get you where want be. 3. How is this agent going to negotiate and protect your best interests? Every agent is different, however, as a buyer's agent, I firmly believe that my job is to protect my client's best interests. By understanding their goals in our initial consultation, I understand what their priorities are and can better negotiate the best price, terms, and conditions for my clients. There is a buyer's myth that working directly with a listing agent who starts out representing sellers can save money and time. The issue is that listing agent by default represent the sellers and there are only handful of experienced and ethical agents who can represent both sides well without compromising each side's interests. Generally speaking, it's wise to have a buyre's agent who understands your needs to represent you, as opposed to a random listing agent who may still has the seller's best interst at heart. 4. Is your agent more interested in the commission earned or placing your interest first? Sadly, the general public has this image of agents being greedy and only cares about commission. Unfortunately, there are agents I encounter fit that profile, although I'm grateful that most agents in the Silicon Valley are professionals who do place their clients' interests first. Nevertheless, it's important to keep in mind of some red flags. For example, I often meet buyers who came to me after being disappointed with previous agents and the number one complaint I got was "he (she) just keeps telling me that this home is the right one for me, you know, almost like pressuring me to sign the offer right there!" Another classic one is "it seems like she (he) only shows me the homes that are higher priced" 5. Does your agent communicate? And how does the agent communicate? This is a surprising one for me when I start noticing patterns when disgruntled buyers came to me. I get this comment repeatedly: "well, I don't know if I have an agent, because I don't hear from him/her" Communication is so important in this business, especially, when it comes to negotiation time. When interviewing for a buyer's agent, be sure to ask what is the communication channel and how often. By no means, I'm not suggesting go find an agent who is on call 24/7. In fact, my experience shows that proficient agents work effectively and therefore have time for family and other obligations. As an example, I share how I communicate. Generally, I do not work every evenings & weekends; however, I understand that clients may see a home at an open house. So I do check phone messages on regular basis. I return phone calls 12-24 hours and e-mail messages 24-36 hours, usually sooner in both cases. Lastly, when choosing a buyer's agent, a lot of times, your intuition will tell you much faster than any "logical analysis" can. This means, if an agent gives you a weird vibe, well, it does not hurt to interview another person. You're making probably the biggest financial investment of your life, you want to be sure your agent can represent you well and help you achieve the goals of home ownership with least amount of time and hassle and hopefully with a lot of positive experience! By the way, if you're looking in San Jose or the greater Santa Clara County area, be sure to interview me! Committed to YOUR SUCCESS, Chia Rodeski // 林家翎Realtor, Re/Max Santa Clara ValleyDRE License # 01802487 Direct: 510-755-8382//408-409-1413E-mail: CLRodeski@Gmail.comSearch 1000’s of Homes Instantly @ http://www.callchia.com/mx/idx/ Instant FREE home value estimate @ http://callchia.com/mx/sold-homes-search/

Where are the Homes for Sale in San Jose, CA? - So few clients asked recently....

Mon, 06 Feb 2012 13:48:08 -0800

"Where are the homes for sale in San Jose?" - a repeated question from several buyer-clients in the last 2 weeks. The clients were right - homes for sale in San Jose and in the greater Santa Clara County area have been low (detailed explanation here). To help clients understand the real estate market and also to provide a peace of mind, I launched my "Seasonal Real Estate Cycle" explanation: There are two real estate cycles in a normal year: slow and high activity trends. The slowest time of the year, no surprise, is the holiday season that generally starts around Thanksgiving week and lasts through Super bowl. Super bowl marks the last official holiday party of the season. Then, in February, it transitions into the HIGHEST activity period in real estate, mainly during Spring time (March, April, May). This is the time when sellers are thinking about selling and those buyers who are looking to get the kids into a particular school district are most active. Then, June is another transition month where many social activities (e.g. graduation and weddings) began to take place. The second slowest period in real estate is July and August when children are out of school and summer vacation is happening. After Labor Day weekend, as our brokerage has been tracking, there is the second highest activity period - in the fall time - through middle November, around Thanksgiving time. Then the cycles repeats again. Homes are sold all year round; however, understanding the seasonal cycle helps clients to set up realistic expectations when things get side tracked a bit. If you're currently a buyer - don't get discouraged, there will be more homes coming on the market. By the same token, please continue to search. Fewer homes can be discouraging; however, there are also less buyers in the market, meaning less competition; therefore, you may save some money because overbidding is less likely. If you're currently a seller and not seeing a lot of showings/activities, same suggestion, don't get discouraged as there will be more people entering the market as we transition into the high activity time in Spring time. Finally, it's important to remember that this information isn't necessarily to encourage you to "time" the market. Instead, this is to help you understand the market dynamics so you can make the best decision based on YOUR PARTICULAR needs. An experienced real estate agent will be able to help you sell a home through top notch marketing plan regardless of the time of year. Similarly, the same agent will be able to help you buy the dream home and negotiate the best deal for you any time of the year. If you are wondering how to do this, please contact me! Committed to YOUR SUCCESS, Chia Rodeski // 林家翎Realtor, Re/Max Santa Clara ValleyDRE License # 01802487 Direct: 510-755-8382//408-409-1413E-mail: CLRodeski@Gmail.comSearch 1000’s of Homes Instantly @ http://www.callchia.com/mx/idx/ Instant FREE home value estimate @ http://callchia.com/mx/sold-homes-search/

First time home buyer San Jose, CA FAQ VIII: What is the difference between condos, town homes, and single family homes?

Tue, 31 Jan 2012 10:25:07 -0800

As a first time buyer in San Jose, CA, a high cost housing market, it's likely that you may need to consider buying a condominium (condo) or a town home instead of a single family home as your first home. Here are some factors to consider: Let's define what each of these terms mean: Condo: with this type of homes, legally you own the space within the four walls of a unit but not the land the unit is built on. Additionally, you owns a share of the common ground. In another words, if there are 25 units in this condo development, then you own 1/25th of the common ground. Generally, you may have up to eight neighboring units; meaning you can have neighbors above, below, next to you, depending where your unit is located. Townhome: legally, you own both the space and the land the unit is built on. You have less neighboring units, potentially one on each side. Both condos and townhomes are what we called attached homes - referring to sharing of the walls with neighbors. Single family homes: these are also called detached homes referring to that each home is typically a stand-alone unit. In this type of dwelling, you have neighbors who do not share any walls. As aforementioned, with condo and townhomes, you have less privacy since you share walls and space with your neighbors, relative to owning a single family home. Another key difference is that condos and townhomes have what is called a home owner's association (HOA) dues. This is additional cost to your mortgage payment. In San Jose area, the HOA can range from $200-$500 depending on what the HOA covers. At first glance, first time buyers may find this cost appalling. However, the HOA dues does cover common ground maintenance, exterior maintenance (roof, walls, etc), and hazard insurance. This can mean that as a first time home owner, your responsibility for maintenance is alleviated greatly. Additionally, the HOA dues may cover amenities like swimming pool, tennis court, or gym facility. Because the entry price to condo and town homes is a lot more affordable than a single family home, it's an option to consider for many first time home buyer. In the United States, homeowners change homes every 5-7 years due to different life events. In another words, starting out with a condo/townhome is a good option when the lifestyle fits your needs. Chances are in few years when the financial situation changes, you may be able to buy a single family home. In case you're wondering what the prices are like for Townhomes and Condos, click here to see a sample. This may be the answer to your calling for first time home ownership! Feel free to contact me for an obligation-free consultation to determine what types of homes best fit your needs! Committed to YOUR SUCCESS, Chia Rodeski // 林家翎Realtor, Re/Max Santa Clara ValleyDRE License # 01802487 Direct: 510-755-8382//408-409-1413E-mail: CLRodeski@Gmail.comSearch 1000’s of Homes Instantly @ http://www.callchia.com/mx/idx/ Instant FREE home value estimate @ http://callchia.com/mx/sold-homes-search/

First time home buyer San Jose, CA FAQ VII: Bank owned, foreclosures, and short sale - what is the best deal for me?

Mon, 30 Jan 2012 06:11:42 -0800

First time home buyers in San Jose CA often ask this question: is bank owned/foreclosure/short sale home the best deal for me? The answer is "it depends on your individual situation". Let me explain. To start, let's define what these terms are. Bank owned or REO (real estate owned) and foreclosure mean the the same thing, i.e. the bank has gone through the entire foreclosure process and now the bank OWNS (hence the term bank owned) and holds the title to a home. Short sale home is when the homeowner owes MORE mortgage than the market value of the home, and is unable to pay the mortgage due to financial hardship like loss of employment or health issues, and he/she is selling a home subject to the his/her lender's approval. Furthermore, let's highlight some important difference between these two types of sales. Short sale takes much longer than a bank owed home because it takes time for a lender to process all the paperwork required to approve a short sale. On average, a short sale approval process can take anywhere from 90-120 days. In contrast, REO/bank owned homes, it is like a regular sale where the sellers (the banks) make decisions fairly quickly. On average, it may take 5-7 business days. The waiting period on a short sale may not be negative if it fits your situation. In some short sale homes, with the right set of factors, it may be your best chance to receive VALUE for a home. Here is why: the banks on REO/Bank owned homes usually price homes below market value to stimulate activity and competition to bid up the price. In another words, the public perceives that bank owned homes are "good deals", therefore, it's common to have 8-12 offers on a bank owned home in a fair condition and decent location. As a first time buyer, the chance of getting outbid by cash investors is high. (see 3 tips on winning multiple offers) On the other hand, short sale homes typically get resold few times before the final buyer locks in because many buyers are unwilling to wait the 90+ days. If the timing works correctly, you happen to be the buyer who finds a short sale that is approved by the bank with a certain price, and you and your agent move quickly, it may be the perfect situation in terms of finding value in the current market. If you're curious to learn more how to find the best value in today's market, feel free to contact me! Or if you'd like to see a sample of foreclosure and short sale homes, click here. Committed to YOUR SUCCESS, Chia Rodeski // 林家翎Realtor, Re/Max Santa Clara ValleyDRE License # 01802487 Direct: 510-755-8382//408-409-1413E-mail: CLRodeski@Gmail.comSearch 1000’s of Homes Instantly @ http://www.callchia.com/mx/idx/ Instant FREE home value estimate @ http://callchia.com/mx/sold-homes-search/

First time home buyer San Jose, CA FAQ VI: How to get the best deal on my loan?

Tue, 24 Jan 2012 10:16:22 -0800

First time home buyer in San Jose, CA is usually sensitive to every dollar saved or spent because buying a home is probably is the biggest investment and commitment in his or her life. One of the topic of discussion during our initial consultation is always about how to get the best loan/mortgage interest rate. Most buyers understand that shopping for a low mortgage interest rate is a good idea because it directly impact your buying power. For example, all other things being equal, the monthly payment on a $500,000; 30-year fixed rate mortgage with a 8% interest rate is approximately $3669 while the payment on the same loan at 6% is approximately $2998. HOWEVER, with so many mortgage products on the market and the barrage of rates lenders throwing out in an effort to get your attention, it may be difficult to know whether the quotes you obtained are dependable. Here are some practical tips that may help you navigate: 1. Level the playing field and provide each lender with the SAME basic information: loan amount, types of loan, loan term, how many points you're welling to pay, how long you want to lock in the rate. 2. Because rates changed daily, it's important to shop all lenders on the same day or at least within few days. Keep in mind that there are several variables that will determine the mortgage interest for which you will qualify, including your credit score and the size of the down payment. Generally, lenders will be able to provide you with an estimate - known as the Good Faith Estimate - that will itemize your loan costs. Be on the look out for lenders who undercut the competition by offering or advertising low ball or "teaser" rates that are well below what the market typically offers. These lenders can be found advertising virtually anywhere, online, newspapers, or on the radio. Some lenders may dodge the rate by attaching steep underwriting criteria, like requiring an unusually HIGH credit score. One quick way to save you the time and money is to enlist the services of a qualified and reputable mortgage professionals that has access to the major lending markets. The key in today's challenging lending environment is to work with experienced mortgage professionals who can anticipate issues before they come up and solve problems to close transactions. If you need a referral to an experienced and knowledgeable lender, please contact me. I have several trusted and preferred lenders that I consistently work with.Committed to YOUR SUCCESS, Chia Rodeski // 林家翎Realtor, Re/Max Santa Clara ValleyDRE License # 01802487 Direct: 510-755-8382//408-409-1413E-mail: CLRodeski@Gmail.comSearch 1000’s of Homes Instantly @ http://www.callchia.com/mx/idx/ Instant FREE home value estimate @ http://callchia.com/mx/sold-homes-search/

First time home buyer San Jose, CA FAQ V: how much home can I afford?

Thu, 19 Jan 2012 11:14:19 -0800

First time home buyer in San Jose, CA often wonders how much home can he or she afford, once it's decided that home ownership is the right choice. You've been burning the midnight oil scouring the online multiple listing service and viewing number of for-sale listings, pictures, and virtual tours. You may even spend some weekends driving around neighborhoods and visiting open homes. But before you can go any further, it's time to get real and determine how much home can you afford. The general rule was that your mortgage payment should total no more than one-quarter of your monthly gross income. While that benchmark is still legitimate, given today's low mortgage interest rates and the vast array of mortgage products on the market, a number of variables can tweak the bottom line regarding how much home you can afford. One of the biggest factors that will determine how much home you can afford is the size of your down payment. The more money you can put down, the less money you will have to finance. This factor also impacts your interest rate for which you qualify. For example, a conventional loan of putting down 20% or more of down payment may save you the money on paying private mortgage insurance. Other factors that will help determine how much you can afford are your debt-to-income ratio, spending habits, credit scores, and your ability to cover closing costs. Now is a good time to consult with a mortgage professional who can help you analyze all of these factors and determine the size of the mortgage loan and product that best fit your financial situations. Given that our local San Jose real estate market is a higher cost housing market, it's a good idea to meet with an experienced mortgage professional who may be able to provide options when it comes to down payment and closing costs assistance. Please contact me for a SPECIAL referral to a seasoned and knowledgeable mortgage consultant who may help you qualify for assistance programs.Committed to YOUR SUCCESS, Chia Rodeski // 林家翎Realtor, Re/Max Santa Clara ValleyDRE License # 01802487 Direct: 510-755-8382//408-409-1413E-mail: CLRodeski@Gmail.comSearch 1000’s of Homes Instantly @ http://www.callchia.com/mx/idx/ Instant FREE home value estimate @ http://callchia.com/mx/sold-homes-search/

First time home buyer in San Jose, CA FAQ IV: what are my protections in buying a home (contingecies & disclosures)?

Tue, 17 Jan 2012 10:19:42 -0800

It's understandable that as a first time home buyer in San Jose, CA, purchasing that very first home is both exciting and scary at the same time. I work a lot with first time home buyer and one of the first topic of reassurance is to explain the key concept of contingency period. California's contract has a contingency period built in that offers consumer protections. The best way to understand contingency period is the time frame in which a buyer is allowed to do his or her due diligence to ensure the home purchasing is the one that the buyer is satisfied. During this time, a home buyer has several contingencies: inspection, disclosures, and financing. Generally, contingency period ranges from 7 to 17 days, depending on what is agreed on a contract. Inspection (discussed in inspection blog post) offers a chance for a home buyer to better understand the condition of the s/he intends to buy. inspections are done by selected professionals. Some common inspections include home, termite, and roof inspections. It's a buyer's choice to do as many inspections as s/he desires. However, inspections are generally a buyer's cost. Disclosures are either seller-generated or third-party generated documents that disclose any relevant information about the property that may affect the property value. Sellers are required by law to disclose certain information, such as death on the premise within the last 3 years. Third-part disclosure source usually deals with natural hazard disclosure. Natural hazard disclosures inform buyers of any potential fire, earthquake, or flood near the home. Financing contingency covers the necessary steps for buyers to obtain a mortgage. These include submitting any necessary applications and paperwork to lenders and ordering appraisal. Appraisal evaluates a home's value by a certified appraiser. If for some reason, the value of the home does not meet the sale price, then a buyer has few remedies: one, to cancel the contract without losing the deposit; two, to renegotiate with sellers; or three, to come up with the difference in the value and the price. All three contingencies are buyer's responsibility to complete. At the same time, these are in place to protect a buyer. A buyer can cancel a contract without losing the earnest deposit if s/he is dissatisfied with any of the investigations. For example, there may be too much termite damage for a buyer to bear financially. Another example may be the house is located in a high fire hazard zone. Once the buyers are happy with all the investigations, then they're required to remove the contingencies. Once the contingencies are removed, buyers are buying the home. After the removal, if buyers change their minds, then there may be some consequences such as losing deposit or sellers may be entitled to other remedies. If you have any further questions, please feel free to contact me for an obligation free consultation by phone! Committed to YOUR SUCCESS, Chia Rodeski // 林家翎Realtor, Re/Max Santa Clara ValleyDRE License # 01802487 Direct: 510-755-8382//408-409-1413E-mail: CLRodeski@Gmail.comSearch 1000’s of Homes Instantly @ http://www.callchia.com/mx/idx/ Instant FREE home value estimate @ http://callchia.com/mx/sold-homes-search/

First time home buyer in San Jose, CA FAQ III: what are my protections in buying a home (inspections)?

Tue, 17 Jan 2012 09:37:24 -0800

As a first time home buyer in San Jose, CA; it's very common during the initial consultation that we discuss protections when it comes to buying the first home. It's easy to fall in love with a home that Saturday afternoon during an open house, while strolling through the neighborhood you want to live in. However, it's essential that the first time home buyer understands some key concepts so that you can have the peace of mind, because a home purchase is likely the largest investment you'll ever make. 1. Home inspection: the standard home inspection is an objective visual examination of a home's physical structure and systems from top to bottom including the heating and air conditioning systems, plumbing and electrical systems, roof, walls, ceilings, floors, windows, doors, foundation, basement and attic, and other visible structures. A home can't fail a home inspection; the inspector simple evaluates the home's physical condition and reports on what may need to be repaired or replaced. No home is perfect. Try to refrain from being persnickety and forget the small stuff. If any major issues arise such as foundation problems, then it's possible to negotiate a remedy. If buyers and sellers can't reach an agreement, then it may be time to back out of the contract (see contingency blog). 2. Pest inspection: this inspection checks for termite or dry-rot damages. Generally, the report will describe what is known as section one items, meaning that these issues may impact health and safety and may need to be addressed soon. Section two items are for future maintenance. It's important to remember that a resale home in San Jose and generally in the Bay Area, with most homes going beyond 30 years of age, it's likely that a home will some some degree of pest problems. Additionally, California has been ranked as one of the more termite-active states, according to termite.com. Just like the home inspection, if a major issue arises, then it is then common to negotiate a remedy. 3. Roof inspection: generally, this report will describe any issues about the roof. Usually, the inspector will also indicate the remaining number of years of useful life of the roof. This will help you plan financially for any major upgrades down the road. As a first time buyer, it's a good idea to accompany the inspectors; tagging along will give you an opportunity to ask questions, learn about the systems, and most importantly to become educated about on-going maintenance. One of the responsibility of becoming an home owner is understanding and taking care of the home. Inspections are generally a home buyer's costs. The best way to think of inspection cost as a security blanket that will give you the peace of mind. This is the best way to ensure that the home you fell in love is the home you will enjoy for many years. If you need more information or need a referral, please contact me for an obligation-free call. Committed to YOUR SUCCESS, Chia Rodeski // 林家翎Realtor, Re/Max Santa Clara ValleyDRE License # 01802487 Direct: 510-755-8382//408-409-1413E-mail: CLRodeski@Gmail.comSearch 1000’s of Homes Instantly @ http://www.callchia.com/mx/idx/ Instant FREE home value estimate @ http://callchia.com/mx/sold-homes-search/

First time home buyer in San Jose, CA FAQ II: what do you need to know about homeowner's insurance?

Mon, 16 Jan 2012 10:32:20 -0800

As first time buyers in San Jose, CA, it's important to understand the key role as homeowner's insurance as this protects your real estate interest. As a home buyer, if you're purchasing through financing a mortgage, a lender will not sign-off on your mortgage loan unless you have secured adequate homeowners insurance. The policy protects your financial interests and the lender's investment in your home. Don't wait until the last minute to begin shopping for a homeowner's insurance policy. Annual premium costs and coverage options vary widely between insurance companies, so you want to allow for time to research, gather information, and compare the options. A typical homeowner's insurance policy provides protection for casualty, liability, and personal property. Your insurance broker can help you determine how much coverage you need for each of three standard protections. Casualty covers common hazard such as fire, wind, lightening, and other incidents that may cause structural damages to your home. If the house is damaged or destroyed by a covered peril, the casualty insurance should cover the cost to rebuild, however it's best to double check with the insurance broker to ensure that your insurance will cover the cost of rebuilding your home even if the costs exceeds your policy limits. The liability coverage provides protection against lawsuits that can arise if a guest or some other visitor is injured while on the property. Lastly, the personal property coverage protects contents in your home. The limits and terms of this coverage vary widely. For example, the replacement valuation for reimbursement can be either based on today's value or what their value were at the time of original purchase. Be sure to inquire the details. Some places to start research for homeowner's insurance include your current car insurance company. You may qualify for discount if going through the same company. Most major name in the insurance industry provide homeowner's insurance. In today's economy, and always a primary concern for first time home buyer, saving money is important. Here is a link from FCIC (Federal Commission of Insurance Commission) that shares some tips on how to save money on homeowner's insurance. As always, if there is any question or concern or if you need a good referral for homeowner's insurance, contact me for an obligation-free phone call. Committed to YOUR SUCCESS, Chia Rodeski // 林家翎Realtor, Re/Max Santa Clara ValleyDRE License # 01802487 Direct: 510-755-8382//408-409-1413E-mail: CLRodeski@Gmail.comSearch 1000’s of Homes Instantly @ http://www.callchia.com/mx/idx/ Instant FREE home value estimate @ http://callchia.com/mx/sold-homes-search/

First time home buyer in San Jose, CA FAQ: What exactly does a title company do?

Sun, 15 Jan 2012 12:45:54 -0800

First time home buyer in San Jose, CA often asks me: what exactly is a title company and what does it do? Title companies provide title insurance to buyers, sellers, lenders and developers. Services vary throughout the country, depending on local practices and laws. In many states, title companies also handle escrow, performing title searches and offer title insurance. This is the case for Northern California. More locally, in Santa Clara County, this is generally part of a seller's closing cost; though in our neighboring Alameda county, it's a buyer's cost. Regardless of who pays for it, it's important to understand the function as it protects your real estate interest. Title companies conduct a chain of title, which is a review of the owner history of the property, checking for who purchased the property, who sold it, and when. They preform judgment searches to determine whether there are any general liens against the property, as well as tax searches to verify the present status of taxes. Then they issue a "Commitment of Title Insurance" to lenders after completion of the title search and they receive instructions and documents for closing. Title companies also prepare a final settle statement. In its dual capacity as an escrow holder, they act as a neutral third party of the principals - buyer, seller, lender, and borrower. They help with with the transfer of ownership by ensuring that the terms of the transaction are completed. This includes safeguarding all funds (including buyer's deposit) and documents. Once all the details have been settled, the escrow holder disburses the funds and documents to the appropriate parties. Another important role of the title company is to issue title insurance. Although a title search is performed, it's nearly impossible to guarantee a title is clear of hidden defects such as mistakes in interpretation of wills and other legal documents, impersonation of the real owner, forgery, missing heirs, falsification of records, and confusion stemming from similar names. Title insurance guarantees the title as reported.Should hidden defects surface at any time challenging an owner's rights, the title company will defend the title and may cover the losses in accordance with the title insurance. Indeed, a title company plays an crucial role in the home buying and selling process. So selecting a company that is well known for its integrity and service is important. If you need a recommendation, talk to a real estate professional you trust. Committed to YOUR SUCCESS, Chia Rodeski // 林家翎Realtor, Re/Max Santa Clara ValleyDRE License # 01802487 Direct: 510-755-8382//408-409-1413E-mail: CLRodeski@Gmail.comSearch 1000’s of Homes Instantly @ http://www.callchia.com/mx/idx/ Instant FREE home value estimate @ http://callchia.com/mx/sold-homes-search/

3 tips on winning multiple offers in san jose real estate market

Sun, 15 Jan 2012 12:02:05 -0800

Winning multiple offers in San Jose's real estate market is becoming increasingly important in today's market condition. Because of limited supply of good quality homes in the area (see blob post: Santa Clara County real estate trend 2012), there are plenty of buyers out there competiting for the limited number of homes. It's very likely that as buyers, you will face competition. The question is how much competition and how to win it. Buying a home is an emotional roller coaster, and to be writing two, five, and ten offers to get one accepted by seller certainly can be discouraging. Here are some tips that may help you: 1. Winning multiple offers has to do with buyer qualifications. To present yourself in a good light and help sellers decide to choose you, firstly, get pre-approved with a direct lender. A pre-approval letter means that you have submitted a loan application, discussed your financial options with a qualified loan officer, and that the officer had done a credit report check on your profile. A lot times, buyers confuse a pre-qualification letter for a pre-approval letter. The difference is that the pre-approval letter will assure sellers that you have the ability to close the transaction. 2. Winning multiple offers also is directly related to financial ability to purchase. This means having all your financial in a simple format to understand. In practice, this may be having all your down payments in the checking account that is reflected on the most recent bank statements. Another example is to show liquid funds, whether in checking account or money market accounts, are sufficient to close the escrow. Most importantly, attach all these documents to your offers. 3. Winning multiple offers ultimately has to do with presenting a strong and solid offer that will win the competition. This is when hiring a good realtor becomes the key difference. A professional real estate agent's job in writing an offer isn't just writing the address, price, and terms for you. His or her job is to find INFORMATION that get you in a better negotiating position and therefore help you get the home. For instance, what's the competition like? What are the offers like? A good agent should be able to give you some guidance by forming a good relationship with the other agent/side & also by performing a market/price analysis. Finally, if you want to know the specific strategy that I can provide for you to win that home you love - please contact me for an obligation-free consultation! Committed to YOUR SUCCESS, Chia Rodeski // 林家翎Realtor, Re/Max Santa Clara ValleyDRE License # 01802487 Direct: 510-755-8382//408-409-1413E-mail: CLRodeski@Gmail.comSearch 1000’s of Homes Instantly @ http://www.callchia.com/mx/idx/ Instant FREE home value estimate @ http://callchia.com/mx/sold-homes-search/

5 tips on Evaulating Neighborhoods in San Jose, CA

Fri, 13 Jan 2012 06:12:56 -0800

Now that you've decided to buy a home (see blog post on rent versus buy), it is time to evaluate neighborhoods in San Jose CA in which you're interested. If you're looking for a home in a community that you know well, you probably already know exactly in which neighborhoods you'd like to live. For those of you who aren't sure, determining which neighborhoods or communities will best suit your needs will require some research. Some of the factors in evaluating neighborhoods in San Jose CA that will impact your quality of life include the condition of the local economy; local amenities such as libraries, parks, entertainment and shopping; school quality and test scores; and crime rats. There are many community resources that you can tap to learn more about a neighborhood. Here are 5 tips/resources to begin your research: 1. Local Chamber of Commerce can bring you up to speed on the condition of an area's local economy, inform you of any anticipated major changes such as a large employer that may be planning on downsizing or expansion, or news of any major business moving into the area. 2. Pay a visit to the local police department and ask for a detailed information about crime statistics. In many cases, you can ask the department about a specific street and get informal but pertinent information about crime rates specific to street/block and other related issues. 3. Hit the streets and obtain first-hand knowledge about an area's access to transportation, and its proximity to schools, shopping, and entertainment. Consider parking and hanging out for an hour or more during peak commute hours to get a feel for traffic conditions and other related issues. 4. Chat with homeowners in the area - you will be surprised how much information they are willing to provide and help you. This also gives you a sense of the community while talking with the folks living in the area. They may be able to shed different lights on community amenities, crime statistics and any other issues that could impact your decision to settle down. This often is the recommendation I give to clients. 5. Consult with a professional realtor: your selection of the agent may help you to determine the neighborhood's desirability. He or she can provide you with comparative market analysis data, like how long homes stay on the market. Additionally, he or she can provide insights on certain issues relating to a particular neighborhood, or assess which neighborhoods to start the research based on your needs and goals. Please contact me if you need any specific information on neighborhoods in San Jose, CA. I'm here to help. Committed to YOUR SUCCESS, Chia Rodeski // 林家翎Realtor, Re/Max Santa Clara ValleyDRE License # 01802487 Direct: 510-755-8382//408-409-1413E-mail: CLRodeski@Gmail.comSearch 1000’s of Homes Instantly @ http://www.callchia.com/mx/idx/ Instant FREE home value estimate @ http://callchia.com/mx/sold-homes-search/