Forget Foreclosures California has Bigger Problems
Forces much more powerful than the subprime meltdown and the explosion of foreclosures are threatening the health of the California housing market.
The other day at a presentation by the California Association of Realtors, I heard Guv Hutchinson (head legal eagle for the association) make a statement that could be interpreted to mean that a significant number of homes in California may never be able to be sold.
It seems that there are three situations that require a seller to disclose to a buyer certain information that may scare the buyer away from the deal.
One is that someone has died in the house within the last three years.
Another is that the house has been a "meth-lab."
The third situation that requires disclosure is that the house is haunted.
That's right, if the house has ghosts, the seller must inform the buyer of such. Of course, no buyer in their right mind is going to buy a haunted house to live in, which brings us to the fact that more than 14% of homes in California are know to be haunted.
To prove it, I've taken a few pictures from one neighborhood which seems to be seriously infected with ghosts.
If you're looking for a good deal on a house, now is the time to buy - while the sellers have to disclose the presence of ghosts on the property. This fact will surely help drive the price down.
Somthing to consider before all the decorations are put away untill next Halloween!
How do you determine when the real estate market will make the turn and head up?
We talk to buyers every week that are hoping to win the real estate lotto. They want the best possible deal they can get on their dream home (Who can blame them?). But, many of them are hoping to hit the lotto. Their fear and/or obsession with buying their home at the bottom of the market may cost them the house they desire at a really good price.
We explain that interest rates are still at historic lows; that sellers are motivated and the selection of homes is fantastic, but - "when will the market hit bottom?" - they ask.
I'll tell you when the market will hit bottom - right before it starts heading back up. You'll know this in hindsight because no one can tell you the day and the hour that the market will turn and home prices will start climbing again; inventory will drop; and multiple offers will start flying in.
If you are looking for that perfect combination of forces that signal a good buying opportunity for a home - look no further than today.
We just dropped off the keys to some clients for their first home. They got a good deal and a good interest rate. The house they purchased would not have lasted another day on the market, two back up offers came in after theirs was accepted. They considered a second counter-offer, but took our advice and signed the deal.
They are extremely happy. They're not at all concerned about when the market will turn, they are living in their new home now. In hindsight, I think they will find that they timed everything just right.
My opinion, buyers have about four weeks left to get the house they want into escrow before things change. It won't be a big change, but it won't be in the buyer's favor either.
When choosing to sell or buy real estate in the dynamic and beautiful San Ramon Valley area of California, the first and smartest move is to call on the services of a REALTOR®. Why? Because not all agents or real estate associates are in the same category. You should buy or sell that prime property with the help of only those licensees who are members of the NATIONAL ASSOCIATION OF REALTORS® (NAR).
Sellers have found that REALTORS® are most helpful regarding key factors in marketing their property at the best price, with quick results and with a minimum of aggravation and wasted time:
Your REALTOR® can give you up-to-date information on what is happening in San Ramon's marketplace and the price, financing, terms and condition of comparable properties.
Your REALTOR® markets your property on a network to other real estate agents and to the public. More than 50% of real estate sales are cooperative sales; that is, a real estate agent other than yours brings in the buyer. Your REALTOR® acts as the marketing coordinator.
Your REALTOR® can give you tips that will significantly enhance your chances of a speedy, profitable sale. These may come in the form of cosmetic suggestions or advice on styling the house for prospective buyers, disbursing information about your property to real estate agents through a Multiple Listing Service or other cooperative marketing networks. They show your home by holding caravans, or open houses, for agents. Furthermore, The REALTOR® Code of Ethics requires them to use cooperative relationships when such relationships benefit their clients.
Your REALTOR® will know when, where and how to advertise your property in cost-saving ways. For example, they know there is a misconception that “advertising sells real estate.” However, the NAR studies show that 82% of real estate sales are the result of agent contacts through previous clients, referrals, friends, family and personal contacts.
Your REALTOR® will prescreen and accompany qualified prospects through your property, so you won’t feel as though strangers are invading your home.
Your REALTOR® can help evaluate every buyer's proposal without compromising your marketing position. Your REALTOR® can help you write a legally binding agreement that will be more likely to make it through the process. The REALTOR® will help you to avoid pitfalls during the process of appraisals, inspections and financing.
Your REALTOR® can help close the sale of your home. Between the initial sales agreement and closing (or settlement), surprises may arise. For example, unexpected repairs may be required to obtain financing or should a cloud in the title be discovered. The required paperwork alone is overwhelming for most sellers. Your REALTOR® is the best person to objectively help you settle these issues and move the transaction to a closing.
A savvy seller will start the ball rolling by going into action with a REALTOR® as a reliable teammates.
Dean Guadagni has been following all of the shenanigans, low-lifes and heartbreaks in the 1031 Exchange industry for about 6 months now. His continued vigilance to this topic has earned him a spot on this Friday's Nightly News.
It's 5:35pm here at Harper Team Blogging Central.
And Now for this Friday's Nightly News: If you are thinking of a 1031 Exchange or are already involved in one, we recommend hot-footing it over to Dean's Guide. Dean is doing a great public service in covering the 1031 Exchange industry. It's not pretty, but it is information you need.
Thanks Dean. Keep up the good work.
Dean likes to dance when he's not fighting grime. We caught him on the hidden camera in our studio.
Forget Foreclosures California has Bigger Problems
It seems that there are three situations that require a seller to disclose to a buyer certain information that may scare the buyer away from the deal. 
To prove it, I've taken a few pictures from one neighborhood which seems to be seriously infected with ghosts.
How do you determine when the real estate market will make the turn and head up? 
When choosing to sell or buy real estate in the dynamic and beautiful San Ramon Valley area of California, the first and smartest move is to call on the services of a REALTOR®. Why? Because not all agents or real estate associates are in the same category. You should buy or sell that prime property with the help of only those licensees who are members of the NATIONAL ASSOCIATION OF REALTORS® (NAR).