Local Wineries Show Their Stuff

It's Passport Week-end here in Gilroy. Many local wineries are on the ticket. Hope to see you out and about tasting our award-winning local wineries.

Make Sure Your Rental Security Deposit Is Safe

For those of you considering moving out of your rental, securing your security deposit can be a make-it-or-break it moment for your finances, as you will most likely need a security deposit for wherever you’re headed. Unfortunately, many renters never see their security deposit again. Recently, Rent.com surveyed 1,000 U.S. renters, and the results were startling:

More than a quarter (26 percent) of all renters have lost their security deposit at some point

37 percent of men and 44 percent of 18-24 year olds said they did not get their deposits back because they moved out early

More women (9 percent than men (3 percent) lost a deposit due to pet damage

36 percent of renters who did not get their deposits back said the landlord gave no explanation. This is likely illegal although tenant/landlord laws vary by state but according to several state law sites (ag.ny.gov, ca.gov, oag.state.tx.us, illinoisattorneygeneral.gov, mass.gov) the landlord must return the deposit less any lawful deduction.

If you’re renting, review the following tips—provided by rent.com–for maintaining your apartment and your relationship with your landlord:

• “It’s better to beg forgiveness than ask for permission” does not apply here. When renting, it is always best to get written permission from your landlord before doing any renovations, changing paint color, etc.
• Read your lease. Many renters miss the specific guidelines laid out by their landlord regarding the return of their deposit. A list should be made and agreed upon regarding the conditions of the apartment at the end of the lease BEFORE you sign it.
• Snap a photo. It’s always a good idea to take some photos of the apartment when you first move in. Make sure they are time/date-stamped! Then repeat the process on move out day. This way pre-existing damage is documented and the blame cannot fall on you!
• Be reasonable and your landlord might be too. There is no guarantee that a landlord will negotiate you breaking your lease but maybe there is a compromise that can be met. For instance, you could help find a replacement tenant, agree to pay rent for an additional number of months or until a new tenant is found.

Why Higher Interest Rates Aren’t Scary

 

 

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

To be clear: no one is advocating for higher interest rates. But we’re about to venture down a path of thinking about what the world looks like with rates that will be higher than the lows we’ve come to expect these past few years.

In today’s market, borrowers with 5% interest rates are running to refinance – and saving thousands of dollars in the process. When put in historical context, this is astonishing. Many of us have worked through markets with double-digit rates in decades past. 3.75% on a long-term mortgage did not exist.

But experience shows us markets are cyclical. There is a bottom. We all know it’s coming. And although the Fed hasn’t indicated it will sharply raise the key short-term rates that are tied to
mortgages any time soon, it will raise those rates at some point as the economy improves.
Maybe that’s not such a scary thing.

An article in CNNMoney this week argues why higher mortgage rates will help the housing
market rather than hurt it.

I think it depends on the market you’re talking about – as with all things real estate, generalizations are rarely unflappable.
But mortgage rates indeed have been rising – the latest average on the 30-year fixed was 3.63%, the highest its been since the week of August 23, according to Freddie Mac. Let’s think about what that means for current markets.

In many markets, recovery over the last year has turned to growth mode. In Silicon Valley, many of our local markets are already back at peak pre-recession levels. What’s driving it? Job growth and demand.

Sure, low rates have been great. But they’re not the sole driver.

In our markets and others including Washington, D.C. and several other California markets, the bigger obstacle would be in supply. There just aren’t enough homes on the market to serve new buyers or spur move-up activity from existing owners.

Upward movement in interest rates may actually incite even more demand in these markets as buyers start to feel pressure to move quickly. In these cases, higher rates may actually be an incentive that fuels market activity and growth.

We’ll find out soon enough how higher rates will impact our markets. In the meantime, if your credit is good it’s still incredibly cheap to borrow money for housing. If you want to take advantage, it’s time to get moving.

How To Prepare Your Home For The Photo Shoot

You’ve heard it before, you only have one chance to make a first impression. A prospective buyers 1st, 2nd and sometimes 3rd impression of your home is online, so the photos taken of your home really set the tone for your sale. The photos need to rock and should always showcase your home in the best light possible. No matter how picture perfect your house might look to you, you should consider the following tips before having your home photographed:



Home Exterior – walk across the street to your neighbor’s house and take a look at your home. Do you like what you see?

1. Remove cars from the driveway, front of house and garage.
2. Hide recycling and trash receptacles, garden tools and hoses.
3. Have lawn cut, mulched and add flowers if weather permits; remove dead anything.
4. Have windows washed and remove screens if possible.
5. Power wash walkways, patios, siding if necessary.
6. Neatly arrange patio furniture, uncover barbecue so scene is set.

Home Interior – take your time and go room to room to enhance the look and feel of each room.

1. Replace all burned out light bulbs.
2. Clean and neaten all closets including removal of all items from the floor.
3. Set the scene in each room by arranging furniture and accessories; remove excess (you may need a stager) to make rooms look open and large. Remember less is more!
4. Have carpets cleaned and/or stretched if needed. Replace capret if needed.
5. Touch up paint.
6. Remove excess art and photos, but not all. You are living in the house after all!
7. Clean off counters in kitchen and baths; add fresh looking towel sets to bathrooms.
8. Make sure all beds are made, clothing and personal items are put away neatly.

What have you noticed at open houses you have visited? What did you notice that left you with a negative feeling? Be sure to take care of that in your own home.