Real Estate’s Top 10 Hits from 2012

A video preview of The Intero Insider:

 

By Gino Blefari, President & CEO, Intero Real Estate Services, Inc.

The end of the year is upon us. It’s been a good ride! Following is a rundown of the top 10 stories in real estate that made our list this year:

1. Home prices pick up. Home prices have been on an upward trek this year, fueled by strong demand, low interest rates and constrained supply in many markets. The most recent report year-end from Lender Processing Services showed a 3.6% increase in the home price index from a year ago. We expect the story to continue this way next year.

2. Foreclosures take a tumble. Total foreclosure inventory has fallen 9% this year, according to the latest report from CoreLogic, a good indicator of improving conditions. The number of foreclosures completed in October slipped to 58,000 from 77,000 in September and 70,000 a year ago.

3. Stellar year for Silicon Valley. We were fortunate enough to have some of the strongest housing markets in the country in 2012. In particular, Los Altos, Palo Alto and Burlingame showed the strongest comebacks this year with home prices just several percentage points away from peak levels in 2008, according to DataQuick. We expect this to continue in 2013 as our tech-fueled economy continues to flourish.

4. Housing in with Millennials. Many have speculated that the Millennial generation – 18 to 34 year olds – don’t have the voracious appetite for homeownership that previous generations have had. A recent survey showed differently as 72% of young adults said owning a home was part of their personal dream, and 43% are already homeowners.

5. Bidding wars back in vogue. The tight inventory across markets has created multiple bidding situations for buyers once again. This has been good for sellers, but obviously frustrating for buyers. The indirect effect of course will be good, though. Multiple bids help to push prices up, which can
help pull homeowners off the fence and get more sellers back in the market next year.

6. Borrowers more creditworthy. After the recession hit, lending standards tightened up considerably, which made it difficult for folks with credit problems to get home loans. The good news out of this has been that apparently borrowers got the message, and have improved their situations. Borrower creditworthiness in 2012 reached the highest in 12 years.

7. Mortgage interest deduction remains a hot issue. As Congress struggles to reduce the national debt, tax break programs are constantly on the table for potential cuts or eradication. The Mortgage interest deduction has been no exception. So far, with help from housing industry lobbyists like the National Association of Realtors, we’ve staved off any cuts. But we’re likely to hear more on this next year.

8. Interest rates at unbelievable lows. Rock-bottom interest rates have enabled a ton of refinance activity this year. Average rates on a 30-year fixed-rate mortgage will end the year below 4%. The Federal Reserve has indicated they’ll continue to keep short-term rates low, which means we’ll continue to see attractive rates for mortgage borrowers next year.

9. The “underwater” story improves. Throughout the recession and recovery, we’ve heard endless stories about the number of homeowners across the country that are underwater, or owe more on their mortgages than their homes are worth. The issue is significant when we talk about housing recovery because underwater owners often can’t sell and absent that option, markets have already started seeing problems with lack of available inventory to new buyers. The good news, though, is that it’s gotten a lot better this year.

10. Dealing with housing data conflict. Even a light tread through housing news can often lead you confused. Conflicting headlines are a regular thing. It’s important to understand the context around the data, the sources and how to interpret its impact or lack thereof on your own personal housing decisions.

There you have it. Overall, 2012 has been a great turning point in housing. We look forward to bringing more commentary and context to the discussion next year.

Happy New Year!

A New Year’s Eve Song

What are YOU doing on New Year’s Eve?

 

 

 

Merry Christmas 2012

Have a happy blessed day, wherever you are, whatever you’re doing.

 

 

 

 

What a Night!

 

Not a mainstream carol, but catchy – don’t you think so?

 

 

Another Holiday Song for You

 

The Dean Martin version!

 

A Holiday Song for You

Christmas Carol Infographic

Last Minute Christmas Shopping Assistance

Homewonership Rocks

Don’t Rock the Boat! Keep the Mortgage Interest Deduction

Congress, as part of negotiations on avoiding the “Fiscal Cliff,” has made direct references to “closing loopholes” and “limiting deductions” as a way to raise revenues. Clearly, the mortgage interest deduction is high on this list of revenue raisers.

Losing the Mortgage interest deduction will disproportionately affect the middle class because a larger proportion of the middle class takes the deduction. In California 89% of those who took the mortgage interest deduction earned less than $200,000. Losing the deduction would cost the average California taxpayer over $3,900.



What you can do to help:

Call Congress. First and foremost, we are urging the public to get involved by calling Congress to ask that the mortgage interest deduction be preserved. The public may reach Congress by calling 202-224-3121 begin_of_the_skype_highlighting 202-224-3121 FREE end_of_the_skype_highlighting. The Capitol switchboard operator will help callers identify their member of Congress and connect them.

The public can reach Congress by calling (202) 224-3121 begin_of_the_skype_highlighting (202) 224-3121 FREE end_of_the_skype_highlighting
Monday-Friday from 9 a.m. – 6 p.m., Eastern Time.

Get the word out. Many people seem to be blissfully unaware that their mortgage interest deduction is in danger. Please do the following to make sure that the message spreads.

1. Forward this message to your family, friends and clients.
2. Post this information on your personal and office websites and blogs.
3. Share this information on Facebook and urge others to share it as well.
4. Tweet about it on Twitter and urge others to retweet. Use the hashtag: #keepthemid.
5. Link to the following web page: www.KeepTheMID.com . This site has information about contacting Congress, more information on the MID and links to articles.
6. As you see new information and articles, share these on all your social networking sites.

Here’s some recent news and commentary on the mortgage interest deduction and fiscal cliff negotiations:
Editorial by Ben Stein
President Obama’s comments on the MID
OTUS story on the MID
Editorial in the Santa Cruz Sentinel
Marin Journal story about the MID

Tax Break Expires, and other Real Estate News from CNN

Home sellers, who sell through the short-sale process currently don’t have to pay federal taxes on the amount of debt that is forgiven because of a bailout-era law knows as the Mortgage Relief Act. That act is set to expire December 31^st and unless it is extended, taxpayers will be taxed on that relief. According to RealtyTrac, the average amount of debt that is forgiven in a short sale is $95,000. See CNN video and article.

Holiday Cleaning: Tips for a Guest-Ready Home

Cleaning and guests are on our mind this week. We’ve been getting ready for week-end holiday guests. My family, the Murphey Sisters, plus some of the kids, are coming to visit starting tomorrow, and will stay through Sunday. We have lots of fund things planned and I’m really looking forward to the visit, but getting ready has been hard work. Here’s some tips for you if you, too, expect holiday guests. —Susan

How deep do you go when cleaning for holiday guests? There are some who take it to the extreme — but you can have a clean home without going overboard. If you think wiping down countertops and fluffing a few pillows in advance of the guest onslaught will land you on Santa’s “nice” list this holiday season, check that list twice. You can bring your home to sparkling guest-readiness without going overboard. A few of these tips will keep your home merry, bright, and clean:

• Scrub your entryway. Wipe down your front door, give the doormat a good shake, and make sure dust and dirt haven’t collected on floors and furniture legs. These are the first things guests will see when they arrive, so keeping them clean will guarantee a good first impression.
• Focus on the kitchen. People tend to gather around the food during the holidays, so make sure your kitchen looks and smells nice. Don’t forget to dust the light fixtures and flush sink drains with boiling water.
• Whatever you do, don’t neglect the loo. Don’t just wipe surfaces; break out the stiff-bristled brush and scouring powder to really scrub things clean.
• Sniff out bad smells. If you clean your home and something still doesn’t smell quite right, brew some coffee. The aroma will cover it up.
• Give your garbage disposal some love, considering how much it will “consume” this season. To cut down on odors, chop up a whole lemon — rind and all — and let the disposal gobble it up. Throw in ice cubes to sharpen the blades.
• Make sure you can see the guests coming. Keep windows clean and streak-free on the cheap with an easy mixture of vinegar and water in a spray bottle. Wipe down windows with a reusable microfiber cloth.
• With all your holiday cooking, stovetops and ovens are bound to get dirty. Baking soda and water make a simple scouring solution that can scrub off that baked-on gunk.

By: Courtney Craig at HouseLogic

DoorBot: The Wi-Fi Enabled “Smart” Doorbell

We really like this product – for our house, and for yours. It’s the first “crowdsourcing” product we’ve ever considered for an investment. Watch the video, read about it, then let us know what you think.

Wouldn’t it be cool if your doorbell could also show you who’s at the door? And wouldn’t it be even cooler if it sent the video of who’s at the door to your iPad or other mobile device?

Well, the future is almost here. DoorBot is a new wi-fi enabled doorbell camera which does exactly that. From the website:

“DoorBot is a simple, yet powerful wireless doorbell that streams live video and audio of your front door directly to your smartphone or tablet. Simply install DoorBot, download the free app and you’re ready to go. Now, anytime you have a visitor you’ll not only be able to see them, but you’ll be able to talk with them as well. DoorBot is the perfect device because of the peace of mind you get while away from home, and the convenience you get while in it. DoorBot brings your front door to you — wherever you may be.”

Now, DoorBot isn’t actually on the market yet, but if the manufacturers get funding through pre-orders, the device will be manufactured and shipped to buyers. The inventor is using “Christie Street,” a website which helps inventors bring their products to market through crowdsourced funding.

Check out DoorBot for yourself:
https://secure.christiestreet.com/products/doorbot

Local News Monday

Here’s what’s happening in and around Gilroy for Team Patereau this week as we all gear up for the coming holidays.

Old City Hall is open again. In case you haven’t heard, the Station 55 crew including Fran and Bobby Beaudet have opened a restaurant there. The offerings are “California Coastal Cuisine” and they are open for lunch and dinner. Team Patereau is going to try to get over there this week. We may squeeze in a lunch, but for sure we’ll stop in on Thursday (date night!).

Holiday shopping discounts and bargains are everywhere. Team Patereau is going to get started on our shopping this week. We try to keep our holiday festivities to about two weeks. That way we are able to keep up our energy and enthusiasm for a wonderful time of year. House is decorated inside and out, with the exception of the tree. That doesn’t go up until next week.


Speaking of festivities, Susan’s family is scheduled to arrive on Friday, for a fun-filled pre-holiday week-end. The Murphey Sisters are gathering and have plans for taking in the lights at Gilroy Gardens on Saturday night, and shopping at the outlets every chance we get.

Buying a home during the holidays

Once Thanksgiving is over, there is a perception that the real estate world starts to wind down for the holidays and doesn’t usually reawaken until after New Year’s. But potential home buyers who are prepared to close in today’s competitive market may want to keep house hunting while everyone else is waiting for spring. Here’s Lily Leung from U T San Diego’s take on the situation:

• REALTORS® especially recommend that serious home buyers continue shopping if they have repeatedly lost out on deals because of a limited and continually decreasing supply of homes. Buying intensity typically cools down at the start of fall through early January, which could increase the odds for those with more patience.

• Would-be buyers historically have bowed out during the winter season because they are overwhelmed by holiday spending and commitments. There’s also the aversion of moving in the middle of a school year. Consumer interest typically picks back up again in the New Year and peaks in the spring.

• Certain buyers may be well-served to buy during the winter because of sellers who must move for various reasons including a job change or transfer or the possible sunsetting of the Mortgage Forgiveness Debt Relief Act, which lets certain home sellers get tax relief on mortgage debt forgiven by lenders. The possible expiration has pushed home sellers to list and short sell their homes before year’s end.

Foreclosures Tumble Significantly

 

By Gino Blefari, President & CEO, Intero Real Estate Services, Inc

Even as things have improved vastly in the housing resale market this year – both in terms of sales activity and prices – foreclosures have remained a concern. Generally, the foreclosure situation has
improved steadily over the last year, but with so many properties to go through and so many local markets suffering, it’s been slow.

This week, we got news of the state of foreclosures as we near the end of the year. And it’s
looking good. The number of foreclosures completed in October slipped to 58,000 from 77,000 in September and 70,000 a year ago, according to the latest report from CoreLogic.

In addition, CoreLogic reports that fewer properties were in the foreclosure process in October – an indicator of the months to come. About 1.3 million homes were in some stage of foreclosure in October, down 1.3% from September, and accounting for about 3.2% of all mortgages.
The total foreclosure inventory has fallen 9% this year.

For comparison, CoreLogic reports that in the years before the housing market collapse,
2000-2006, an average 21,000 foreclosures were completed in a month. And in total, there have been about 3.9 million foreclosures since September 2008, when the financial crisis kicked into high gear.
Foreclosure activity is spread across the country, but five states accounted for nearly half of all
completed foreclosures in the last 12 months: California, Florida, Michigan, Texas and Georgia.
The five states with the highest foreclosure inventory as a percentage of all mortgaged homes were: Florida with 11.1%, New Jersey with 7.7%, New York with 5.3%, Illinois with 5%, and Nevada with 4.8%.

It appears 2012 was the big turnaround year for foreclosures. As the resale market continues its pickup next year, we’ll likely see even larger drops in the percentage of foreclosures that make up all mortgaged homes. We see the light!

And in related news, a bit of relief for impacted families:

Fannie Mae and Freddie Mac each announced their moratorium dates, halting evictions on foreclosure properties during the holiday season so that families can stay in their homes until after the new year. Fannie Mae’s moratorium applies to single-family and 2- to 4-unit properties and runs from Dec. 19, 2012 through Jan. 2, 2013. Freddie Mac’s eviction moratorium starts Dec. 17 and runs through Jan. 2.

Homes are Selling Like Hotcakes

Shifting Gears in Today's Real Estate Market

Real estate transactions aren’t like they used to be 20 years ago. Or 10 years ago. Or even 3 years ago. Today’s sellers often list their property slightly under the current market value, which encourages interest and activity and brings in multiple offers, many times over list price, and many time over the current market value. It’s a strategy that can be used on certain properties.

Conversely, today’s buyers need to make offers at list price or over, depending on the property and their Realtor’s advice. Buyers aren’t at all comfortable doing that. Sometimes they fire the agent who suggest an over-list-price offer and head out to find an agent who will do it their way. We’ve had that happen. That couple still doesn’t own a home, and they’re thinking about firing the second agent.

This article, about conditions in Washington, D.C., reflects conditions right here in Gilroy, and the surrounding area. Read the article, and know that if you are selling or buying, you have to go by the current conditions, which your local Realtor will know. Trust them.

Home Prices Trending Up; Mortgage Rates Hit New Lows

By Gino Blefari, President & CEO, Intero Real Estate Services, Inc.

What better end to the year could housing ask for? Home sales and prices are up on average across markets. Inventory is low, but housing starts are up. Mortgage rates remain at rock bottom – and the Fed said at its meeting this month that it doesn’t anticipate raising rates any time soon.

The stars have aligned. The door to recovery is now wide open.

The September Home Price Index tracked by Lender Processing Services showed a 3.6% year-over-year increase since last September. In addition, the index rose 4.9% since the beginning of the year.
California and New York led the states with a 0.4% month-over-month increase, and Washington, D.C. led metros with a 0.6% increase from August. The largest monthly increases in the home price index took place in Arizona, Washington, D.C., Georgia, Delaware and Maryland, with Arizona holding the largest year-to-date increase at 14.4% since January.

In mortgage rates, we continue to see fantastic borrowing rates for home buyers. Average rates on a 30-year fixed-rate mortgage hit a new low of 3.31% last week, and average rates on a 15-year fixed-rate mortgage also hit a new record low of 2.63%, Freddie Mac said in its latest weekly report.

In its quest to use monetary policy to help the recovery, the Federal Reserve board indicated at its
November meeting that it would not be raising rates in the foreseeable future. In fact, Fed Chairman Ben Bernanke suggested that the Fed will keep trying to push down long-term interest rates through
2013.

As we enter 2013, inventory will be of concern in many markets that have struggled to keep up with demand. But things will be looking up next year in most markets. In fact, Daren Bloomquist of RealtyTrac said at a housing symposium in San Francisco this month that underwater homeowners are more likely to sell as prices rise next year, which will help inventory levels.

At the same symposium, Ken Rosen, an economics professor at UC Berkeley, declared housing is in recovery mode now and through next year, though he’s not anticipating a boom in sales.

Things to watch next year will be jobs and income levels, both of which have the strongest impact on housing than any other indicator.

The forecast, overall, is looking optimistic for real estate. Some markets, like ours here in Silicon Valley are already enjoying near-peak activity and pricing. Others are just starting to pull themselves up. Either way, 2013 is going to be a solid year for housing.

Getting Ready to Sell Your Home - Tip #3

Remove Clutter

This is the hardest thing for most people to do because they are emotionally attached to everything in the house. After years of living in the same home, clutter collects in such a way that may not be evident to the homeowner. However, it does affect the way buyers see the home, even if you do not realize it. Clutter collects on shelves, counter tops, drawers, closets, garages, attics, and basements.
Take a step back and pretend you are a buyer. Let a friend help point out areas of clutter. Let your agent help you, too.


Kitchen Clutter

The kitchen is a good place to start removing clutter, because it is an easy place to start. First, get everything off the counters. Everything. Even the toaster. Put the toaster in a cabinet and take it out when you use it. Find a place where you can store everything in cabinets and drawers. Of course, you may notice that you do not have cabinet space to put everything. Clean them out. The dishes, pots and pans that rarely get used? Put them in a box and put that box in storage, too.

Homebuyers will open all your cabinets and drawers, especially in the kitchen. They want to be sure there is enough room for their “stuff.” If your kitchen cabinets, pantries, and drawers look jammed full, it sends a negative message to the buyer and does not promote an image of plentiful storage space. The best way to do that is to have as much “empty space” as possible.

For that reason, if you have a “junk drawer,” get rid of the junk. If you have a rarely used crock pot, put it in storage. Do this with every cabinet and drawer. Create open space.

If you have a large amount of foodstuffs crammed into the shelves or pantry, begin using them – especially canned goods. Canned goods are heavy and you don’t want to be lugging them to a new house, anyway – or paying a mover to do so. Let what you have on the shelves determine your menus and use up as much as you can.

Beneath the sink is very critical, too. Make sure the area beneath the sink is as empty as possible, removing all extra cleaning supplies. You should scrub the area down as well, and determine if there are any tell-tale signs of water leaks that may cause a homebuyer to hesitate in buying your home.

Closet Clutter

Closets are great for accumulating clutter, though you may not think of it as clutter. We are talking about extra clothes and shoes – things you rarely wear but cannot bear to be without. Do without these items for a couple of months by putting them in a box, because these items can make your closets look “crammed full.” Sometimes there are shoeboxes full of “stuff” or other accumulated personal items, too.

Furniture Clutter

Many people have too much furniture in certain rooms – not too much for your own personal living needs – but too much to give the illusion of space that a homebuyer would like to see. You may want to tour some builders’ models to see how they place furniture in the model homes. Observe how they place furniture in the models so you get some ideas on what to remove and what to leave in your house.

Storage Area Clutter

Basements, garages, attics, and sheds accumulate not only clutter, but junk. These areas should be as empty as possible so that buyers can imagine what they would do with the space. Remove anything that is not essential and take it to the storage area. Or have a garage sale.


Team Patereau will be happy to walk through your home and let you know the areas you need to give your attention to before we put up the “For Sale” sign. Contact us – we’re anxious to hear from you.

Getting Ready to Sell Your Home – Tip #3

Remove Clutter

This is the hardest thing for most people to do because they are emotionally attached to everything in the house. After years of living in the same home, clutter collects in such a way that may not be evident to the homeowner. However, it does affect the way buyers see the home, even if you do not realize it. Clutter collects on shelves, counter tops, drawers, closets, garages, attics, and basements.
Take a step back and pretend you are a buyer. Let a friend help point out areas of clutter. Let your agent help you, too.
Kitchen Clutter
The kitchen is a good place to start removing clutter, because it is an easy place to start. First, get everything off the counters. Everything. Even the toaster. Put the toaster in a cabinet and take it out when you use it. Find a place where you can store everything in cabinets and drawers. Of course, you may notice that you do not have cabinet space to put everything. Clean them out. The dishes, pots and pans that rarely get used? Put them in a box and put that box in storage, too.
Homebuyers will open all your cabinets and drawers, especially in the kitchen. They want to be sure there is enough room for their “stuff.” If your kitchen cabinets, pantries, and drawers look jammed full, it sends a negative message to the buyer and does not promote an image of plentiful storage space. The best way to do that is to have as much “empty space” as possible.
For that reason, if you have a “junk drawer,” get rid of the junk. If you have a rarely used crock pot, put it in storage. Do this with every cabinet and drawer. Create open space.
If you have a large amount of foodstuffs crammed into the shelves or pantry, begin using them – especially canned goods. Canned goods are heavy and you don’t want to be lugging them to a new house, anyway – or paying a mover to do so. Let what you have on the shelves determine your menus and use up as much as you can.
Beneath the sink is very critical, too. Make sure the area beneath the sink is as empty as possible, removing all extra cleaning supplies. You should scrub the area down as well, and determine if there are any tell-tale signs of water leaks that may cause a homebuyer to hesitate in buying your home.
Closet Clutter
Closets are great for accumulating clutter, though you may not think of it as clutter. We are talking about extra clothes and shoes – things you rarely wear but cannot bear to be without. Do without these items for a couple of months by putting them in a box, because these items can make your closets look “crammed full.” Sometimes there are shoeboxes full of “stuff” or other accumulated personal items, too.
Furniture Clutter
Many people have too much furniture in certain rooms – not too much for your own personal living needs – but too much to give the illusion of space that a homebuyer would like to see. You may want to tour some builders’ models to see how they place furniture in the model homes. Observe how they place furniture in the models so you get some ideas on what to remove and what to leave in your house.
Storage Area Clutter
Basements, garages, attics, and sheds accumulate not only clutter, but junk. These areas should be as empty as possible so that buyers can imagine what they would do with the space. Remove anything that is not essential and take it to the storage area. Or have a garage sale.
Team Patereau will be happy to walk through your home and let you know the areas you need to give your attention to before we put up the “For Sale” sign. Contact us – we’re anxious to hear from you.

This entry was posted in Homeowner, Selling, Uncategorized on November 26, 2012 by TeamPatereau. Edit

Getting Ready to Sell Your Home – Tip #2

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Ugly faucets really turn off potential buyers. Leaking, water-marked and stained faucets, faucets with crystal acrylic knobs in the bathroom look cheap and can be hard to use. Replace them with a faucet and handle set that matches the existing fixture’s configuration (centerset or widespread) and meets the standard of the Americans with Disabilities Act with flipper- or lever-style handles. Polished-chrome finish will cost you the least and still be durable. Plus, the National Kitchen & Bath Association says that the finish is enjoying a surge in popularity over brushed or satin finishes.
Team Patereau will be happy to walk through your home and let you know the areas you need to give your attention to before we put up the “For Sale” sign. Contact us – we’re anxious to hear from you.

This entry was posted in Uncategorized on November 25, 2012 by TeamPatereau. Edit

Shopping Local Today

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This entry was posted in Holiday, Local on November 24, 2012 by TeamPatereau. Edit

Thanksgiving Greeting

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We’re thankful for you!

Team Patereau – Susan & Rick

This entry was posted in Holiday, thanksgiving, Whimsy on November 21, 2012 by TeamPatereau. Edit

Pre-Thanksgiving DIY Week-End Checklist

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You have time this week-end to get prepared for the big Thanksgiving holiday coming up. Here’s a checklist for you to go over to make sure everything is working in and around your house so you and your guests will fully enjoy the holiday.
We particularly like these helpful ideas:

• If you must deep-fry your turkey, do it outside.
• Place a plunger next to your toilet to avoid embarrassing your guests who have to ask you for one.

Thanksgiving pre-preparation pays off!

This entry was posted in Family, Holiday, thanksgiving on November 17, 2012 by TeamPatereau. Edit

Ellen does Real Estate

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Ellen DeGeneres is funny. Real Estate is fun, but not necessarily funny. Until Ellen does Real Estate.

This entry was posted in Selling, Whimsy on November 16, 2012 by TeamPatereau. Edit

Real Estate Trifecta

November 12, 2012

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Thank You Veterans

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Half of our Team, the Rick half, is a veteran. He was in the Marine Corp from 1965 to 1969, and served 13 months in Vietnam. Thank you Rick. And thank you to ALL Veterans everywhere.

posted by the other half of the team, Susan

This entry was posted in Uncategorized on November 11, 2012 by TeamPatereau. Edit

Listings Wanted

November 9, 2012

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Getting Ready to Sell Your Home – Tip #1

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Thinking about what to do to your house to get it ready to sell? Here’s one of the things that Buyers really hate, and that Sellers can remedy before putting their house on the market that won’t break the bank, but will dramatically improve the sell-ability: Popcorn ceilings.
If you’ve lived with a popcorn ceiling, you know that it accumulates dirt, defies cleaning and is impossible to paint. Worse, if your home was built prior to the mid-1980s, it may contain asbestos.
Removal is a messy and laborious process, with or without asbestos. The material must be wetted down and scraped and the underlying wallboard wiped clean. Once the popcorn is gone, the ceiling is usually repaired with joint compound, textured and painted. Even if there’s no asbestos, you probably should hire a drywall or painting contractor for the job.
Before you tackle this job or any others, contact us. Team Patereau will gladly tour your home and make suggestions about what needs to be done, and what not to worry about in the current market. We’d love to hear from you.

This entry was posted in Uncategorized on November 7, 2012 by TeamPatereau. Edit

Susan & Rick

Team Patereau, partners in Real Estate and life.

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Getting Ready to Sell Your Home - Tip #2

Ugly faucets really turn off potential buyers. Leaking, water-marked and stained faucets, faucets with crystal acrylic knobs in the bathroom look cheap and can be hard to use. Replace them with a faucet and handle set that matches the existing fixture’s configuration (centerset or widespread) and meets the standard of the Americans with Disabilities Act with flipper- or lever-style handles. Polished-chrome finish will cost you the least and still be durable. Plus, the National Kitchen & Bath Association says that the finish is enjoying a surge in popularity over brushed or satin finishes.

Team Patereau will be happy to walk through your home and let you know the areas you need to give your attention to before we put up the “For Sale” sign. Contact us – we’re anxious to hear

It's My Job

Showed a house in San Juan Bautista today. Dated, needs some work, but priced right. No chance for our clients because they are FHA and there will be multiple offers, probably over list price on this one. Agent didn’t respond to calls, but she was probably shopping or enjoying the day-after-the-holiday by relaxing away from work. Anyhoo…..no sale here today. We’ll keep looking for these clients. The really want to buy, and we’ll find somethinng.

Shopping Local Today

Thanksgiving Greeting

 

We’re thankful for you!

 

Team Patereau – Susan & Rick

Pre-Thanksgiving Week-End DIY Checklist

 

You have time this week-end to get prepared for the big Thanksgiving holiday coming up. Here's a checklist for you to go over to make sure everything is working in and around your house so you and your guests will fully enjoy the holiday. We particularly like these helpful ideas:

• If you must deep-fry your turkey, do it outside.
• Place a plunger next to your toilet to avoid embarrassing your guests who have to ask you for one.

Thanksgiving pre-preparation pays off!

 

Ellen Does Real Estate

Ellen DeGeneres is funny. Real Estate is fun, but not necessarily funny. Until Ellen does Real Estate.

 

Real Estate Trifecta

Thank You Veterans

Half of our Team, the Rick half, is a veteran. He was in the Marine Corp from 1965 to 1969, and served 13 months in Vietnam. Thank you Rick. And thank you to ALL Veterans everywhere.

posted by the other half of the team, Susan

Listings Wanted

Getting Ready to Sell Your Home – Tip #1

Thinking about what to do to your house to get it ready to sell? Here’s one of the things that Buyers really hate, and that Sellers can remedy before putting their house on the market that won’t break the bank, but will dramatically improve the sell-ability: Popcorn ceilings.

If you’ve lived with a popcorn ceiling, you know that it accumulates dirt, defies cleaning and is impossible to paint. Worse, if your home was built prior to the mid-1980s, it may contain asbestos.

Removal is a messy and laborious process, with or without asbestos. The material must be wetted down and scraped and the underlying wallboard wiped clean. Once the popcorn is gone, the ceiling is usually repaired with joint compound, textured and painted. Even if there’s no asbestos, you probably should hire a drywall or painting contractor for the job.

Before you tackle this job or any others, contact us. Team Patereau will gladly tour your home and make suggestions about what needs to be done, and what not to worry about in the current market. We’d love to hear from you.

Facts About Taxes for Sellers

Vote Today

Today is voting day for me. Working on filling out my mail-in ballot and plan to get it in the mail tonight with today’s postmark. I’ve decided on most things. Trying to be thoughtful and informed on things I haven’t been able to decide about yet. The ballot is long and the issues are complicated. Voting feels like a “Job” right now.

The other half of Team Patereau has his voting booklet in hand and has marked his choices. He always goes to the voting booth to cast his ballot so he’ll be there bright and early tomorrow morning.

In this partnership we often cancel out each other’s votes. That doesn’t prevent either of us from voting!

Open House Today

Need to get this great house rented. 4 bedrooms, 3 bathrooms, includes refrigerator, washer & dryer. $2,385/month. 2 pets allowed. Come by and take a look: 9274 Calle Del Rey, Gilroy.

Time Change Week-End

The good news is that many clocks reset themselves nowadays. It’s a great life!

Recovery for Former Homeowners

The recent San Jose Mercury News article about foreclosure victims buying again is good news all around. As we all know, Americans want to be homeowners. And they want to own a home so much that they forget about the pain and sadness their last experience caused. So, for many, just three years later they are ready with their down-payment and their moving boxes, and they’re saying, “Let’s do it again!”

Fortunately, there are ways to accomplish home-ownership for these people with the help of the government backed programs like FHA. Read the article, and if you’re ready to be a homeowner again, contact us and we’ll get you on your way.

Household Formation and New Home Sales Both Running Strong

By Gino Blefari
President & CEO
Intero Real Estate Services, Inc.

Two of the most interesting housing indicators to hit the news in the last week were an uptick in new home sales and a discussion about the rise in household formation.
Let’s look at household formation first.

First, what is it? Essentially it’s when a person or group of people forms a household. It’s significant in housing because the market needs households in order to create demand for both home purchases and rentals.

The Census Bureau tracks this number and not surprisingly found over the last 4-5 years that more college graduates and young adults either moved back in with their parents to wait out a tough economic climate or never left, which stifled household formation.

But, according to the Census Bureau and an analysis by Zelman and Associates, household formation is trending upward once again, thanks in part to Millennials who are moving out of their parents’ houses.

Obviously, young people moving out, forming households and starting their lives is good news for the economy and especially the housing market. It doesn’t mean folks are jumping straight from mom and dad’s basement to their first home purchase, but it’s an important step in the recovery engine.

New home sales

The other good piece of news this week was the rise in new home sales, which last month jumped to the highest level in more than two years. In its latest release, the Commerce Department said that new home sales were up 5.7% in September to a seasonally adjusted annual rate of 389,000. That’s up from 368,000 in August and the highest rate since April 2010, when the federal homebuyer tax credit boosted sales.

Further, sales have risen 27.1% in the last year, the strongest yearly gain since February.

Strong growth in new home sales is an important indicator as it can help to spur more new construction, which some markets dealing with constrained inventory really need right now.

In addition, new home construction has the potential to create more jobs and boost economic growth. Another win for housing.

As we start to approach the end-of-year holiday season, we can feel pretty good about the state of the recovery and how things may fare in 2013.

Happy Halloween

Haunted House Info

 

The two economists at Turlia, including Jed Kolko, the head economist, have lot of time on their hands, so this Halloween season they did extensive research, evaluation and calculation bout haunted houses and exactly where most of them are located. It’s a fun article, but it also may make you wonder if it might really be true.

The Interest Rate Story

Hot At The Top

Here’s a post from Alain Pinel, Sr. Vice President / Managing Officer at Intero Real Estate Services, Inc. We occassionally post information Alain provides about the Luxury Real Estate Market. Not everyone will be able to take action in this area but it’s interesting information.
Susan & Rick



The high end is going strong. Thank you. Nice to see that it is, again, the locomotive pulling the market and driving prices in the right direction. When I make such a statement, I realize that some readers in much of the country must be questioning my sanity. After all, in most areas, it is not the high end but affordability and a shrinking portion of the distressed sales relative to the entire market which are the key factors of the business momentum we have been observing all year.

So let me define “high end.” The expression, in my vocabulary, does not mean the top 10 or 20% of the price pyramid in any market area. It means only the top luxury tier of ONLY those towns or districts all over the US which are commonly recognized and referred to as “high end markets”. I.O.W., the location defines the high end, not just the price point. To be sure, those upscale locations are not many on the map.

The luxury market has been very slow to come alive this year. Today, it is vibrant. Hopefully nobody in Washington is going to make waves and mess up with this long awaited momentum.
A friend of mine, Jurgen Weller, was reminding me that the low cost of mortgage money has a lot to do with the high end resurgence; at least as much as its beneficial impact in all price segments. True, although at the top end of the market, cash is king. Traditional financing is seldom used. Too bad in a way, since it is always smart to leverage other people’s money rather than dig into our own cash register.

Jurgen’s point is as follows: the cost of financing a million dollar over 30 years has dropped $571,000 since 2008, only four years ago! Enough, as he puts it, to send two kids to Harvard Business School for 4 years and keep some change to feed them when they come home. Of course, by then, the parents would be long gone since I have yet to see a human being who would live in a house long enough to fully amortize the loan!

In any case, sales in the multimillion dollar range are going up, up and up. In the most exclusive areas, the incremental improvement at the top far exceeds the price and unit sales improvement registered over the first 9 months in a lower price range. In fact, the higher you go on the price ladder, the higher the jump relative to the same period of last year.

Take a look at pricey San Mateo County in the hot Silicon Valley:

• From 1 to 3M, sales are up 12.5% and the average sale price is up 1.8%

• From 3 to 5M, sales are up 14% and the Avg SP is up 2.8%

• Over $5M, sales are up…29% and the Avg SP is up…25.6%! And those stats only pertain to what is actually reported through the MLS; it could be even more dramatic since, as we know, easily a third of the luxury listings escape the MLS and are listed, known, shown and sold by the local market top guns.

I like what I am seeing in the high end. When it’s good at that level, it’s good or getting better underneath. Please join me in keeping our fingers crossed and insure that the wind will be with us next year and beyond.

By Alain Pinel
Sr. Vice President / Managing Officer
Intero Real Estate Services, Inc.