Posted on 30 September 2009 by Vicki Moore
With millions of homeowners forced to consider short sale or foreclosure, loan modification has become big business. Requesting San Mateo County lower your property taxes is one thing – a thing you can do yourself – loan modification is not a do-it-yourself project. You need an expert. And so-called experts have jumped on the bandwagon to offer their services.
The California State Bar Association has had enough. They’re so fed up that they’ve publicly announced the names of some attorneys under investigation.
The California Association of Realtors reports, “These attorneys have allegedly taken fees for promised services, but failed to perform those services or even communicate with their clients who face the possible loss of their homes. Their non-attorney staff may also be under investigation for unlawfully practicing law.”
“Scam artists may intentionally associate or affiliate themselves with attorneys in an attempt to lend credence to their fraudulent schemes.”
While you may need expert advice, you don’t need another problem to deal with so be sure to get the right expert on your side.
Thanks for reading the San Mateo Real Estate Blog.
I love comments. So please leave one!
Vicki Moore, Realtor
Alain Pinel Realtors, specializing in San Mateo, CA Real Estate.
Need real estate help?
Contact me at 650.888.9268 or Vicki[@]CallVicki.com.
Pictures of San Mateo County
Popularity: 2% [?]
Posted on 29 September 2009 by Vicki Moore
Posted on 24 September 2009 by Vicki Moore
Filoli
Your FICO
There’s a lot you should know about your FICO score when you’re getting ready to buy a house – like not to cancel any unused credit cards – but that’s another story a mortgage broker should probably write.
This question came up at an office meeting: How does a short sale effect your FICO? Well, like a lot of crazy things going on in the market right now, we’re not quite sure.
But here’s a good guess…
Short Sale FICO Damage
If you are involved in a short sale your credit score will take an 80-149 point hit. The exact figure most likely depends on the rest of your credit.
You should be able to purchase a home again in about two years.
I’m very curious to see what’s going to happen to the market and how it will be dealt with when all those folks – millions? – who short sold their house want to get back into the market.
Foreclosure FICO Cut
If your property goes all the way to foreclosure your credit score will see a 150-240 point hit.
Five years seems to be the consensus on the time it’ll take for you to be approved for a home loan.
So?
This info isn’t meant to judge, encourage or discourage any decisions about how to proceed. It’s just more information to consider when making a decision that’s appropriate for you.
Thanks for reading the San Mateo Real Estate Blog.
I love comments. So please leave one!
Vicki Moore, Realtor
Alain Pinel Realtors, specializing in San Mateo, CA Real Estate.
Need real estate help?
Contact me at 650.888.9268 or Vicki[@]CallVicki.com.
Pictures of San Mateo County
Popularity: unranked [?]
Posted on 21 September 2009 by Vicki Moore
Posted on 16 September 2009 by Vicki Moore
Redwood City Salsa Festival
2nd Annual Redwood City Salsa Festival
Saturday, September 26, 2009
12-8pm
Downtown Redwood City
Be sure to stop by to say hi to my buddy Donna – Achieve Laser Engraving. She’ll have inspiration stones, insult pebbles and bitch stones. You can also get your tile or stones personalized for your friends and home!
Popularity: 3% [?]
Posted on 15 September 2009 by Vicki Moore
San Mateo Real Estate In August
Six months’ inventory marks the differentiation between a buyers’ and sellers’ market. Looking at August, Woodside is the only city that’s over the swing to reach into a buyers’ market.
August Year to Year 2009 – 2006
|
2009 |
2008 |
2007 |
2006 |
| Atherton |
3.7 |
14 |
2.9 |
2.9 |
| Belmont |
1 |
3.8 |
1.9 |
1.1 |
| Brisbane |
2.6 |
5.5 |
1.7 |
11 |
| Burlingame |
2.2 |
2.1 |
3.1 |
2.7 |
| Colma |
3 |
4 |
4 |
1 |
| Daly City |
1 |
1.96 |
10.7 |
2.4 |
| El Granada |
2.7 |
2.7 |
5 |
3.7 |
| Foster City |
2 |
1.2 |
2 |
1.2 |
| Half Moon Bay |
3.6 |
3.8 |
12 |
4.7 |
| Hillsborough |
2.8 |
4.1 |
2.6 |
3.1 |
| La Honda |
4 |
6.5 |
6 |
3 |
| Loma Mar |
1 |
3 |
2 |
4 |
| Menlo Park |
2.2 |
4.1 |
2.8 |
3.5 |
| Millbrae |
2.2 |
2 |
3.3 |
2.9 |
| Montara |
3.5 |
10 |
5.3 |
11 |
| Moss Beach |
3.7 |
2.4 |
5 |
5 |
| Pacifica |
1 |
2.97 |
4.7 |
3 |
| Pescadero |
2.5 |
10 |
4.3 |
6.5 |
| Portola Valley |
3.1 |
10.5 |
2.8 |
9 |
| Redwood City |
1.2 |
2.9 |
4.4 |
1.8 |
| Redwood Shores |
3.2 |
0 |
1.8 |
4 |
| San Bruno |
1 |
1.7 |
7 |
1.6 |
| San Carlos |
1.8 |
1.8 |
1.9 |
1.6 |
| San Gregorio |
2 |
2 |
2 |
3 |
| San Mateo |
1 |
2.4 |
3.4 |
1.9 |
| South San Francisco |
1 |
1.98 |
7.7 |
2.8 |
| Woodside |
13 |
8.6 |
5.9 |
7.7 |
Month to Month 2009
Looking at the month to month inventory levels, there was a peak of houses on the market in March and April. Inventory has declined in all but a few cities like Colma, San Gregorio, and Woodside.
Foster City has seen a dramatic drop in inventory from 10 months’ to 2. What does that mean? Less to choose from; likely that houses are selling more quickly. Whether or not they’re selling for more money requires more research. That’ll have to be for another post.
Montara dropped from 16 months’ to 3.5. The Coast has been hit hard by this market. Price adjustments and long days on the market is a common sight. It’s just my interpretation, but it seems to me that The Coast is the first place to see the effects of a declining market and the last area to recover.
|
January |
February |
March |
April |
May |
June |
July |
August |
| Atherton |
25 |
18 |
8.6 |
10.8 |
4.6 |
2.8 |
3.4 |
3.7 |
| Belmont |
3 |
2 |
2.3 |
2 |
1.5 |
1.7 |
1.4 |
1 |
| Brisbane |
2 |
6 |
5 |
3 |
5 |
3 |
4.3 |
2.6 |
| Burlingame |
3.6 |
4 |
3 |
1.6 |
1.9 |
1.6 |
2 |
2.2 |
| Colma |
6 |
1 |
2.5 |
1 |
1 |
1 |
1 |
3 |
| Daly City |
1.3 |
1 |
1 |
1 |
1 |
1 |
1 |
1 |
| East Palo Alto |
1.3 |
1.6 |
1.4 |
2.4 |
1 |
1 |
1 |
1 |
| El Granada |
5 |
31 |
11 |
9 |
6 |
3.6 |
2.8 |
2.7 |
| Foster City |
6.5 |
10.7 |
10 |
2.8 |
2 |
1.5 |
1.4 |
2 |
| Half Moon Bay |
7.6 |
11 |
7.5 |
16 |
6 |
7.9 |
5.5 |
3.6 |
| Hillsborough |
7.7 |
12.8 |
5.9 |
5.9 |
4.3 |
4.7 |
5.9 |
2.8 |
| La Honda |
8 |
5 |
3.7 |
6 |
4.7 |
6 |
5.5 |
4 |
| Loma Mar |
1 |
1 |
1 |
0 |
1 |
1 |
0 |
1 |
| Menlo Park |
3.5 |
3.4 |
4 |
1.9 |
1.7 |
1.8 |
2.9 |
2.2 |
| Millbrae |
5.9 |
9.5 |
3 |
1.6 |
1.2 |
2.3 |
2 |
2.2 |
| Montara |
18 |
17 |
16 |
4.5 |
3.6 |
3.4 |
4.3 |
3.5 |
| Moss Beach |
10 |
16 |
7 |
5.5 |
12 |
4.5 |
5 |
3.7 |
| Pacifica |
2.8 |
2.8 |
1.9 |
1.3 |
1 |
1 |
1 |
1 |
| Pescadero |
8 |
4 |
5 |
2 |
3 |
3 |
2 |
2.5 |
| Portola Valley |
11 |
3.8 |
3.4 |
2.8 |
5.5 |
3.4 |
5.5 |
3.1 |
| Redwood City |
3.3 |
2.5 |
2.4 |
2.3 |
1.8 |
1.5 |
1.5 |
1.2 |
| Redwood Shores |
4.7 |
9 |
6 |
2 |
3 |
2.3 |
3.3 |
3.2 |
| San Bruno |
1.6 |
1.4 |
1.5 |
1 |
1 |
1 |
1 |
1 |
| San Carlos |
3.8 |
2.3 |
2.8 |
2 |
2.2 |
1.6 |
1.9 |
1.8 |
| San Gregorio |
2 |
2 |
1 |
2 |
3 |
1 |
1 |
2 |
| San Mateo |
2.9 |
3 |
2 |
2 |
1.6 |
1.3 |
1.3 |
1 |
| South San Francisco |
2.5 |
1.7 |
1.4 |
1 |
1 |
1 |
1 |
1 |
| Woodside |
16 |
6.8 |
7.3 |
7 |
7.6 |
6.8 |
9.3 |
13 |
Absorption Rates
The absorption rate is a quick way to see if the number of homes for sale in San Mateo County is going up or down. It’s just one of the statistics used to evaluate pricing.
What you’re looking at is how many months’ inventory there is on the market. The assumption is that it will take X number of months for all of the houses currently on the market to sell. More inventory = longer to sell.
You can also see if the area is a buyer or a sellers’ market. The National Association of Realtors defines a balanced market as one is which there is 6 months of inventory. More than 6 months, it’s a buyers’ market; less is a sellers’ market.
You
Interested in a particular area? Want to know what the stats say? Comment below or shoot me an email at Vicki[@]CallVicki.com
Popularity: 2% [?]
Posted on 07 September 2009 by Vicki Moore
Let’s Go To Rumi
The other day my friend Melissa say’s let’s go to Rumi. My only question: It isn’t Thai, is it? (I just don’t like it.) I know. I know. You’re saying WTH?!?
Melissa starts talking about Open Table. She’s even got a check for $20 that paid for her dinner!
By making reservations through Open Table to any of the 125 restaurants on the Peninsula, you gain points. Those points translate into dollars. Joining is free so check it out and let me know how it works for you.
And Rumi? It’s in San Carlos and it’s really, really good.
Popularity: unranked [?]
Posted on 03 September 2009 by Vicki Moore
photo credit
Time’s Running Out
Time to get in on the first time buyer credit of up to $8000 is running out – and fast.
The credit is available to December 1st – with restrictions: You have to own the house by then.
Let’s count…once your offer has been accepted it’ll take at least 30 days – without complications – and in this market there are none of those – to get the keys. You’ve got six to seven weeks to find a house, write an offer, get it accepted. Whew!
The Market Reacts
San Mateo County’s market is showing that time’s running out. If you’re in the 500k +/- first time buyer price range – like a whole lot of other people – inventory is lowwwww.
Let’s look at the cities where we’d find entry level prices:
|
Homes Available |
| Pacifica |
2 |
| Daly City |
28 |
| South San Francisco |
11 |
| San Mateo |
9 |
| Redwood City |
19 |
It’s Time
As the time ticks by, more buyers will jump in tightening inventory even more. If you’ve been on the fence about what to do, it’s time to make a decision.
Popularity: unranked [?]
