Bay Area Real Estate Sales.com Newsletter

June 2007

 

IN THIS ISSUE:

 

Marin Home Sales Statistics

Bay Area Home Sales Drop, Prices Up

What Did Your Neighbors’ House Sell For?

Foreclosure Rescue Scams On The Rise

How To Remove Dog Scratches In Wood Floors

What Do Liz’s Clients Say?

What Is Liz Up To These Days?

Fast Facts

 

MARIN HOME SALES STATISTICS

 

It’s hard to believe that the year is just about half over. Summer solstice (the longest day-light day of the year) was just last week. I hope that you and your family are having a wonderful 2007 so far and are enjoying the start of summer.

 

The median price for single-family, re-sale homes in Marin County fell 0.2% in May from the record set in April. This is 10.1% higher than last May. The average price fell 4.2% from April, up 15.4% year-over-year. Sales of single-family homes were up 13.2% from April, an increase of 16.5% year-over-year.

 

The median price for condos rose 6.4% to $584,500, a year-over-year gain of 9.8%. The average price gained 7.4% to $635,377, up 4.5% compared to May 2006. Condo sales were up 42.9% from April, and were up 3.4% year-over-year.

 

These statistics show how many homes are available for sale in Marin, and of those how many are currently in contract (either pending or contingent. For the 9^th month in a row, the Marin overall real estate market is in a “Buyers Market.”

 

As always, it’s important to view the individual city and price range stats for more details:

 

Although the overall market shows that it’s a “Buyers Market’: Fairfax and Greenbrae are in a “Sellers Market,” and Larkspur and Mll Valley are in a “Balanced Market.” The remainder Marin towns are all in varying levels of “Buyers Markets.” It is very interesting that homes priced from $750,000 to $1.5M are all hovering very close to a Balanced Market.

 

My take on the current market: The real estate market is very hard to generalize. It is a market made up of many micro markets. For complete information on a particular neighborhood or for an evaluation of your home's worth, call me.

If I can help you devise a strategy, just let me know.

 

I think that the general consensus among agents currently is that there is a lack of inventory. Interest rates have been very good and there are buyers ready to purchase homes, but there is still a lack of homes that are finished and priced correctly. Multiple offers are becoming commonplace again, especially in popular walk-to-town areas like: Mill valley, Larkspur, Fairfax San Anselmo and San Rafael.

 

If you are looking to purchase a home, it’s important that you be ready with a pre-approval letter so that you can be ready if the home that fits your requirements comes on the market. Buyers once again have to forgo some of their “must-haves” and make compromises for what they are looking for.

 

MY ADVICE?

 

For buyers, the same as last month: prime property is selling quickly and, in many instances, with multiple offers. Buyers need to be prepared to make an offer immediately on prime property. That means you need to have a loan in place. For more information about buying in a multiple offer situation, call me.

 

For sellers, where your home is, the condition and what segment of the market it's in, entry-level, move-up or million plus, are the determining factors in whether or not you will be able to sell your home quickly and for a good price. Demand in the entry-level market has fallen, which will impact the move-up market. The million dollar plus market is pretty much immune to the sub-prime mortgage tightening.

 

The real estate market is very hard to generalize. It is a market made up of many micro markets. For complete information on a particular neighborhood or for an evaluation of your home's worth, call me. If I can help you devise a strategy, call or click the buying or selling link in the menu above.

 

I’m always searching for ways to bring my clients and readers more local real estate statistics. I’m pleased to announce the launch of my new Marin home Sales Statistics page. To view, go to: Marin Real Estate Statistics.

 

If you know of anyone who would like to receive this monthly newsletter or is thinking of either buying or selling a home please let me know. I’d love your referrals!

 

 

 

 

 

 

 

 

 

FREE…..You can search for Marin listings directly on BayAreaRealEstateSales.com: Search for Homes

 

Back to top

 

BAY AREA HOME SALES DROP, PRICES UP

June 14, 2007

 

La Jolla, CA.----Bay Area homes continued to sell at their slowest pace in 12 years last month, as the median sales price edged up to a new peak, a real estate information service reported.

 

A total of 8,080 new and resale houses and condos were sold in the nine-county Bay Area in May. That was up 8.5 percent from 7,447 in April, and down 18.7 percent from 9,935 for May a year ago, according to DataQuick Information Systems.

Sales have decreased on a year-over-year basis the last 28 months. Last month's sales count was the lowest for any May since 6,615 homes were sold in 1995. The strongest May in DataQuick's statistics, which go back to 1988, was in 2004 when 13,567 homes were sold. The May average is 10,186.

 

"It's likely a lot of potential buyers have been sitting on the fence. There may be an uptick in sales now because mortgage interest rates have been trending up the past few weeks, and they'll want to get in before rates go up further. Prices seem to be holding steady in most neighborhoods. It's easier to buy a home if you don't think it's going to go down in value," said Marshall Prentice, DataQuick president.

 

The median price paid for a Bay Area home increased last month to $660,000, a new peak. That was up 0.2 percent from $659,000 for the month before, and up 3.4 percent from $638,000 for May last year. The prior peak was in June of last year at $648,000. The median has increased the last four months, in part because sales of lower-cost homes have dropped more than sales in other categories.

Source: DQnews.com

 

WHAT DID YOUR NEIGHBORS’ HOUSE SELL FOR?

 

Are you Curious to know what the Median home price is in your neighborhood?

 

 

The Neighborhood Homes Sold listing is a weekly reader feature of the Sunday San Francisco Chronicle. The data posted here is typically recorded a few months after the property officially sold. This is the public data available in the published tax records. The home addresses, sales price, number of bedrooms, square footage and the year the homes were built are based on information supplied from Bay Area counties' property transaction records which, in some cases, may not be complete.
Previous editions of Neighborhood Homes Sold

Click on the following links to see what price homes sold for in your neighborhood:

06/24/07 June 24 Marin Home Sales

06/10/07 June 10 Marin Home Sales

06/03/07 June 3 Marin Home Sales

05/27/07 May 27 Marin Home Sales

 

FORECLOSURE RESCUE SCAMS ON THE RISE

By: Tom Kelly

 

Are the usual suspects returning to mortgage-related scams as a result of the subprime lending fallout? Does the practice of illegal "foreclosure rescue" operations extend even into the second-home market?

It always seems that when a large group of consumers are in trouble with their home finances, bad guys are around to help the unsuspecting homeowner dig their hole a little deeper. The latest attempt at the age-old practice of equity skimming is foreclosure rescue where scammers peruse county records to find properties that are facing foreclosure for nonpayment of mortgages or taxes.

"Foreclosure rescue scams have overtaken illegal property flipping as the most common scam; however, illegal property flipping is still a problem," said Rebecca Jacobsen, Washington state assistant attorney general.

Two months ago, the attorney general's office settled a foreclosure rescue case against three Washington-based businesses and their owners accused of taking unfair advantage of homeowners facing foreclosure. Unlike consumers who had fallen behind on their mortgages, these homeowners were targeted because they were in arrears on their property taxes.

"They (the defendants) told property owners that they would solve their foreclosure problems," said Rob McKenna, Washington state attorney general. "But often, their real intent was to let the property go to auction and take any excess proceeds from the sale -- money that would have gone to the property owner if the defendants hadn't 'helped' them."

Under the settlement reached and filed in King County Superior Court, Tacoma, Wash.-based Fiscal Dynamics Inc. and Cumulative LLC, along with Seattle-based Northwest Assets, denied the state's allegations but agreed to pay a total of $290,000 in consumer restitution. Two individuals -- Walt Scamehorn, who owns Fiscal Dynamics and Cumulative, and E. Arliss Morgan, who owns Northwest Assets -- also denied the allegations but agreed to the settlement terms.

The money will be used to provide refunds to consumers who would have received proceeds from the sales of their homes or land had the defendants not diverted the proceeds for their own use. Based on current information, more than 100 consumers may be entitled to receive restitution.

Foreclosure rescue scams have made national news the past month in Massachusetts, Colorado and New Jersey.

According to the Massachusetts Attorney General's office, the defendants in its case not only obtained the title to the homeowners' residences but also stripped most of the homes' equity though inflated mortgages, false fees for fictitious services and false certifications by closing attorneys. In certain cases, the defendants resold the homes amongst themselves, thereby extracting any remaining equity.

While some second homes in Colorado have been selling at a significant loss, rescue scams typically strike only single-property owners.

"Many times people who have second homes are more sophisticated and understand that foreclosure rescue operators are offering something too good to be true," Jacobsen said. "The typical target that we are seeing are people with no other assets who really are in a desperate situation."

Tom DiMercurio, a veteran of 37 years in the foreclosure business, agrees with Jacobsen about the second-home market.

"Some of the wealthy people in this country are looking at the $2 million vacation house they visit two or three times a year," DiMercurio said. "Many have put them on the market and will not get out of them what they put into them, but they don't draw the rescue plans you are talking about.

"Obviously, the very rich never worry about anything, but there were instant millionaires a couple of years ago who paid cash for expensive homes who now wished they hadn't."

According to Jacobsen, consumers who think they are being scammed should not sign anything until they get the documents looked at by a neutral party. They should contact the Consumer Protection Division of the Attorney General's Office or their lender for suggestions on who would be an appropriate neutral party to review the documents.

If someone offers to bail you out, do your best to make sure they aren't simply tossing more water into your sinking boat. Law enforcement officials believe most of the people offering the help are out to help you sink. love the guarantee.

 

 

FREE…..You can search for Marin listings directly on BayAreaRealEstateSales.com: Search for Homes

 

HOW TO REMOVE MINOR DOG SCRATCHES IN WOOD FLOORS

 

Q: My dog's nails have left minor scratches in my wood floors. Is there any way to repair this without complete refinishing? --Judith K., via e-mail.

 

A: If the scratches are not all the way through the finish and into the wood below, there are a couple of things you can try:

1. Sand the scratched area with 0000-grade steel wool to blend the scratch into the surrounding area.

2. Use a very small brush and apply a small amount of polyurethane just to the scratch itself -- keep it off the surrounding area as much as possible. Many hardwood floor companies also offer polyurethane scratch repair kits.

3. Rub a small amount of paste wax directly into the scratch, using a clean, soft rag. Let the wax dry, then buff the area around the scratch. If you have dark-colored floors, use a dark paste wax that's formulated for darker woods.

4. Use a color-putty stick in a color that matches the floor. Rub it lightly into the scratch, then let it dry.

5. Try one of the commercial scratch removers available that work primarily by filling in the scratched area and eliminating the reflected light from that area, making the scratch seem to disappear.

All of the products you need are available at most home centers, paint stores or retailers of flooring-related products. Try the repair in an unobtrusive spot such as a closet before tackling more obvious areas. If the scratch is through the finish and into the wood beneath, you need to have the area sanded and recoated. However, many hardwood floor contractors can sand and coat just a portion of the floor, so it still may not be necessary to do the entire floor.

 

 

WHAT DO LIZ’S CLIENTS SAY?

 

“Liz has redefined the concept of customer service for me. She offered me information and assistance from the moment she met me at an Open House, even though I wasn't yet in the market. She sold me exactly the house I had dreamed about. She is still assisting me, even after my new home closed escrow! Her thorough and excellent guidance about all issues related to my new property is above and beyond any other real estate experience I have had in my 40 years as a buyer and as a seller of homes in Marin. Liz is a keeper!”

-Virginia Saunders, Novato

 

WHAT IS LIZ UP TO THESE DAYS?

 

For those of you who follow the progress of Liz’s micro preemie daughter, she is up to 21 pounds, and is a very active toddler. She is keeping Liz and her husband on the go, walking all over the place. She has been wearing eye glasses now for about 3 months and we’ve started seeing a lot more social interaction. She has the most beautiful smile – we’ve waited well over a year to see it! Unfortunately, she is still not eating anything orally, nor vocalizing much, due to her parlayed vocal chord. (Liz’s daughter is a surviving micro-preemie twin who was born at almost 26 weeks gestation, weighing just 1.5 pounds. She spent over 4 months in the NICU, and has had heart, eye and stomach surgeries to date. Currently Kaitlyn is 100% fed via feeding tube)

 

Liz McCarthy Recently took on the position of Vice President of Membership for the Marin Chapter of Women Council of Realtors (WCR). WCR is a network of successful REALTORS® empowering women to exercise their potential as entrepreneurs and industry leaders. Liz still updates her blog as often as time permits: http://lizmccarthy.blogspot.com/

 

Liz has also closed well over $7,000,000 in Marin real estate transactions so far this year and it’s only halfway through 2007.

 

If you would like to have Liz help you sell your Marin home or help you find a home, or you know of someone that could benefit from her services, just send her an email: liz@BayAreaRealEstateSales.com or give her a call: 415-250-4929

 

“High-Touch through High-Tech”: Did you know that Liz McCarthy is ePro Internet Certified by the National Association of Realtors and that 70 percent of home buyers today use the internet in their home search? Why are you still working with a Realtor who isn’t a technology expert?

 

What this means to you:

 

Home Buyers: Liz is an expert in helping save you time by using the internet, email and other technology resources to help save your valuable time and money. She knows how busy you are!

Home Sellers: Liz will hire a professional photographer and market your home extensively on the internet: a personal property website (see www.417Greenfield.com or www.50milland.com for samples), she will post your home on over 50 websites.

 

Back to top

 

FAST FACTS

 

Marin median SFR + condo price– May 07: $880,000 2006: $864,000 [Source: BAREIS]

Marin average SFR + condo price-: May 07: $1,240,000; 2006: $1,089,129 [Source: BAREIS]

Marin median SFR home price – May 07: $1,035,000; 2006: $956,000 [Source: BAREIS]

Marin median condo price – May 07: $584,000; 2006: $548,000 [Source: BAREIS]

 

Calif. median home price –Apr 07: $597,640 [Source: C.A.R.]

Calif. highest median home price Apr 07: Santa Barbara So. Coast $1,475,000 [Source: C.A.R.]

Calif. lowest median home price by C.A.R. region Apr 07: High Desert $317,420 [Source: C.A.R.]

Calif. First-time Buyer Affordability Index – 1st Quarter 07: 25 percent [Source: C.A.R.]

 

Mortgage rates - week ending 6/21/07: (Source: Freddie Mac)

·          30-yr. fixed: 6.69%; Fees/points: 0.5%

·          15-yr. fixed: 6.37%; Fees/points: 0.5%

·          1-yr. adjustable: 5.75%; Fees/points: 0.7% (as of 6/14/07)

 

Some interesting links:

Free on-line audio books: www.librivox.org

Virtual Garden Planning: http://www.bbc.co.uk/gardening/design/virtualgarden_index.shtml

 

FREE…..You can search for Marin listings directly on BayAreaRealEstateSales.com: Search for Homes

 

Be sure to check out all the other great content & features of my website:

www.BayAreaRealEstateSales.com

 

The Bay Area Real Estate Newsletter is provided to you by:

 

Liz McCarthy

“High-Touch through “High-Tech”

Real Estate Broker, e-PRO certified

Vision Real Estate

Liz@BayAreaRealEstateSales.com

415-250-4929

 

Is this email going into your junk folder? If so, add Liz@BayAreaRealEstateSales.com to your address book to ensure that all future BayAreaRealEstateSales.com emails appear in your mailbox.

 

Spam Free Guarantee

We do not share, sell or rent our mailing list and we do not place pop-up ads on your computer.