sonomacountyrealestate: Where's the "Shadow Inventory" for Sonoma County,California? Does it Really Exist? - 03/30/10 04:55 PM
The alledged and much ballyhooed "Shadow Inventory" has not surfaced here in Sonoma County, California. WHY? I recently interviewed Ivan Choi, current President of REOMAC, former Sr. VP for REO sales at Bank of American and now with Prospect Mortgage, Ivan stated we should be in a market with thousands of REO properties flooding our price points but we are NOT! Why--"Government Intervention" Ivan states.
  He related how our real estate market, in its greatest decline since the "great depression", has massive government intervention with many attempts to halt this huge slide of home owners into foreclosure. The HAMP program … (5 comments)

sonomacountyrealestate: 9 Ways to Avoid Foreclosure-Sonoma County Homeowners take Note! - 12/29/09 07:40 AM
FORECLOSURE
There are alternatives for Sonoma County, California Homeowners looking down the double barrel of Foreclosure! Here's what It Really Means & How to Avoid It (always, I mean ALWAYS, consult with a Tax Attorney,Real Estate Attorney and/or CPA to determine various liabilities as to loan recourse,tax liabilities and debt relief!)
 9 Ways to Avoid Foreclosure: 
REINSTATEMENT: Bring your loan current-Remember in the greatest state of California your re-instatement runs with the default process. You bring your payments BACK to current and the issue is solved. However, the bigger question-why did you get behind in the first place? You may wish … (0 comments)

sonomacountyrealestate: Tips for Sonoma County, California Home Buyers! Choose your Realtor Wisely! 30+ years Experience is a Great Starting Point in the Selection process! - 12/25/09 01:06 PM
Santa Rosa, California Home Buyers-- TIPS FOR YOU!
Buying a home in the Hwy 101 corridor? Petaluma, Cotati, Rohnert Park,Santa Rosa, Sebastopol, Healdsburg communiies? Your Buyer's Agent brings much to the table. Here's some tips on what I offer!
Did you know that I am able to show you any home, lot, multi-family property that is available regardless of who the listing broker is?
  I am more than happy to accompany you to any open house, new construction or available listing of your choice at a time of your choice and must do so to be your personal representative throughout the … (1 comments)

sonomacountyrealestate: 7% Money for Sonoma County Home Improvment? 0 Down financing?! Only pay Twice Per Year? - 12/25/09 12:45 PM
Those living in the Sonoma County, California Marketplace now have a super tool available which will allow, with qualifications, many energy efficiency updates, retrofits, new alternative energy upgrades to your Sonoma County Home. Below find some talking points.
  The first BIGGIE to me, being a Realtor interested in fair and equal distribution of the burden of energy efficiency to the general population and all citizenry, is the Ordinance is Not a Point of Sales Legislative Act and/or City Ordinance!! Point of sale is grossly unfair to the homeowner, buyers when a program's implementation is ONLY through Point of Sale contact. … (0 comments)

sonomacountyrealestate: Sales are DOWN in Sonoma County--Wine Country or "Whine Country"?? - 07/16/09 05:39 PM
I taught my training class today at Keller Williams here in Santa Rosa, Sonoma County, "The Wine Country"! Now I think we can do a play on words here because I keep hearing Realtors/Agent complaining about the lack of inventory, lack of REO's and now having to "Sell" the dreaded "Short-Sale". Yes, this is truly becoming the "Whine Country"!!
  Our local newspaper, the Press Democrat, made a nice headline with "Sales are slipping" as our "closed sales" are down and we should be hitting 500+ units but just eecked out about 480 in June. Now here's the reason our "Sales" … (0 comments)

sonomacountyrealestate: First Time Home Buyer Index in California goes through the roof! But how long will it last? - 07/05/09 04:07 PM
The California Association of Realtors has found their First-time Buyer Housing Affordability Index stood at 69% in the first quarter of 2009!! With a median price of an entry level home at $213,040 the average payment would be $1,270/month! You would need an annual income of $38,090 to afford this home.
  Consider the 2nd quarter of 2007 when the affordability factor was at 26%! Median House price for entry level was $503,000, Monthly payment of $3,193.00/month with an annual income of $95,803!!
We've come a long way in pricing and are allowing SO MANY more buyers into the marketplace!! Here in … (0 comments)

sonomacountyrealestate: Shadow Inventory from MDA Data Quick and SF Chronicle - 06/27/09 03:43 PM

Look at the above chart!! Absolutely amazing but WHERE are the REOs?
(0 comments)

sonomacountyrealestate: Sonoma County, California Marketing Update for the Spring Buying Season! - 05/27/09 04:19 PM
I've posted the link to my latest "Spring Market Update" below.
>http://www.youtube.com/watch?v=qyEvOT5K7No
(0 comments)

sonomacountyrealestate: REO Listing Agents time has come! Dictators No More?? - 02/09/09 04:18 PM
 
Last year I had the good fortune to work with one of the larger banks in the sale of their REO (real estate owned) or foreclosed upon properties. I attribute this to my attitude of always being helpful to everyone in our industry and to always being kind and considerate to all professionals who make up the galaxy of the great real estate community universe. A lender I had worked with for many years managed to get me an application and I became approved to represent this particular bank. I had a very good 2008.
  We have also had Realtor/Agents … (1 comments)

sonomacountyrealestate: REO tips for you Buyers AND Realtor/Agents out there! - 01/15/09 01:17 PM
I find many a Realtor/Agent, after they've done their due diligence or contingencies for physical inspections, will come back with this long list of items and a huge dollar amount for a total. Now many an REO NEED a ton of work!! However, the Lender is NOT selling you a new home! Some Realtor/Agents come back insisting on new roofs, remodeled kitchens, bathrooms, residing, new flooring, windows,appliances, the whole enchilada!!
  I suspect many do this as a strategy as many a Realtor/Agent who lists REO properties do not convey the "bad" news to the lender in fear of loosing the listing. … (1 comments)

sonomacountyrealestate: Sales Data for Sonoma County December of 2008! WOW! REO market Smokin'! - 01/11/09 02:06 PM
December 2008 "Stats"
 
All Listings for Sonoma County (includes further breakdowns below):
  
Actives                                   CTS (Continue to Show) Pending                 Sales   
  
#: 1870                          689                            167                   457   4 months supply!
Median:    $426,500    DOM--Days on the maket: 132                                          
REO or Foreclosed properties:
#: 403                           245                             98                      253  1.6 months supply!
Median:    $274,900   DOM  65                                          
Short-Sales:
#: 455                           336                             22                      63    7.22 months supply!
Median:    $299,900    DOM 142                                         
Conclusions:
Year over year
'07 Sales 220   08 Sales  457  +71% This is a BIG number! Better than July of 2008!
'07 Median Price:$434500  '08 Median Price: $310,00  -31%  Expected considering the nature of the sales makeup!
August … (0 comments)

sonomacountyrealestate: Sonoma County Market Update - 01/23/08 03:57 AM
The credit crunch which began in late September has hammered our sales by 50% over the past 4 months. December Sales were the weakest in years accounting for only 183 transactionc closed. Couple this with the recent unsettled financial markets and we've got prime-time fence sitters!! The refinance market is kicking up a gear but we'll see how many applications pass the acid test of EQUITY. Many homeowners who purchase production housing in the newer housing communities on Santa Rosa's west side and all about the county, have seen prices slide dramatcially. Most of our short-sales and REO (real estate owned) … (0 comments)

 
Michael Kelly, CDPE,CIPS,CRS,SRES (The Kelly-Norman Team Keller Williams RE)

Michael Kelly

CDPE,CIPS,CRS,SRES

Santa Rosa, CA

More about me…

The Kelly-Norman Team Keller Williams RE

Address: 120 Stony Point Road, Suite 140, Santa Rosa, CA, 95401

Office: (707) 206-4507

Mobile: (707) 322-8503

Email Me

Happenings in the wide, wonderful world of the Wine Country and the real estate market contained herein.


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