Serena Russell ~ Bay Area Real Estate Specialist

Buyers getting discouraged about competing with multiple offers should not hesitate to put in their best offer.  Oftentimes, a deal will fall through and you might be considered as the next best option.  Keep your minds open to the possibilities.  If you don’t take the step forward, you may not get very farther in the race.

Having said this might get you thinking about where is all this coming from.  Well it’s coming from actual experiences with real life clients who are in the running every day.  What are today’s buyer’s facing?  How do they cope?  How are they responding to the market?  Is the tax credit the cause of the sudden frenzy?  Could be. But then it might just be the lower levels of inventory in the market too.

YOUR FIRST STEPS:

Most importantly make sure you have a letter from your lender, in writing, ready to submit with your purchase offer. Some lenders may require more than a couple days to get back to you with this important letter.

Contact your agent or Realtor, for the latest properties coming on the market, so you don’t lose out on seeing these great buys as soon as they become available.

Best of luck to you in finding your home.

Dear buyer.

Are you aware of the trends happening in the market?  Buyer frenzy has begun!  What does this mean?

There are fewer homes and more buyers looking for homes. But don’t be discouraged  if you are a buyer.  The market still has plenty of inventory. It’s important to choose a good Realtor, who will help you write a strong offer.  Your Realtor shoul ed be willing to work with you and understand your specific needs.  Make sure you complete your home buyers questionnaire.  This will assist you in deciding on property features, location, and much more.

In today’s marketplace, you may have to try again and again to get your offer accepted; this should not discourage you.  I guarantee it will be a learning experience. 

Inventory is lower than before, and demand is increasing for the good properties.
What do you consider is a ‘good’ property versus a not so good one? Do you know the difference?

Prices are rising and many properties are being sold within the first week of lisiting.   If you found a home you liked very much, then chances are there is competition for that home. Competition can result in   multiple offer situations. Be patient.  Keep your focus looking forward and be willing to move on if at first you don’t succeed.

My advice is to consult with your favorite Real estate professional today.  Developing a long-term relationship with a REALTOR® is the best way to ensure you will be well armed and informed when making your housing decisions.

The President’s Week rush is over, the snow conditions are pristine, and the deals are great. Come get some time on the mountains doing your best Shaun White, Lindsay Vonn and Bode Miller imitations. We have a great selection of vacation rentals for you to kick your shoes off and get ready for another day of activites in beautiful Lake Tahoe.

Bring your friends and family out and explore every mountain around the South Shore. As of Sunday, February 21st, Kirkwood Mountain Resort recorded a base depth of 11 feet, Heavenly Mountain Resort with a base depth of 5 feet and Sierra at Tahoe has a base depth of 6 feet. For the non-skiiers/riders take in the beautiful views at lake level while sipping a cocktail at one of the areas nicest restaurants and bars.

So don’t let this winter pass you by! Like many locals say “take a snow day!” Come up this Friday and stay through the weekend.

YOU CAN RENT THIS COSY CABIN FOR ONLY $149 NIGHT.  Popular with families and small groups.

Check out pictures on the website. :

www.laketahoecabin.homestead.com

SCHEDULE OF EVENTS IN SOUTH SHORE:

February 25, 2010

Chris Berry Trio @ BLU NightClub in Mont Bleu

(Vocals, Mbira, percussion)

February 27, 2010

Joan Jett and The Blackhearts @ Harrahs

March 6, 2010

Rick Springfield @ Harrahs

March 7-March 14, 2010

Lake Tahoe WinterFest Gay and Lesbian Ski Week

Nightly Showtimes

Carnival Cabaret (Wednesdays – Sundays 8pm)

Golden Cabaret Showroom

@ Horizon Casino

Are you feeling frustrated from searching the Internet, browsing day after day on sites that seem to go no-where.? Do you need a certain city, school district, or neighborhood? How many bedrooms or baths do you need? How soon are you available to go see these properties?

Not every agent is a member of the MLS. If you work with a Realtor, who is a member of the MLS you can receive free listings of available properties.

A Realtor will help you find properties that have all the features you want, and that will meet your needs.

Once you make a commitment to finding your home, you will have many more questions. You need to find a  Realtor, who is  willing to work with you and set aside the time to locate only those  properties that meet your needs specifically. Some properties are REOs others are short sales. Do you know the difference? Only a Realtor can make the appointments to show these properties.

To obtain a current list of available properties, Read the rest of this entry »

WASHINGTON — In proposing a one-year, $33 billion tax credit for small businesses, the Obama administration is simultaneously seeking to stimulate hiring by reducing payroll taxes and to turn its attention to a constituency that has historically been associated with Republicans.

Hours after the Commerce Department announced that economic growth had picked up at the end of last year, President Obama visited a machine plant in Baltimore on Friday to promote the plan, which would give companies a tax credit of up to $5,000 for each new hire and reimburse them for Social Security taxes if they expand their payrolls. The credit is capped at $500,000 for each employer.

“Now is the perfect time for this kind of incentive because the economy is growing, but businesses are still hesitant to start hiring again,” Mr. Obama said at the Chesapeake Machine Company, which makes custom industrial equipment.

　This is the break you’ve been waiting for. Take advantage of these special tax credits and call your real estate professional to get you moving in the right direction.

An owner-occupier is a person who lives in a house that he or she owns. Owner-occupancy is therefore also called home ownership. The home of the owner-occupier can range from condominums, apartments, to housing cooperatives. The immovable property, which includes the home and the land it sits upon, is known as the real estate.

Some homes are constructed by the owners with the intent to occupy. Many are inherited. A large number are purchased, either as new homes from a real-estate developer, or as an existing home from a previous landlord or owner-occupier.

Property Investment

Good Home vs. The Fixer-Upper

There are several types of properties today. However, most homeowners are undecided in terms of purchasing a new property or a fixer-upper property. Other than finding an agent and a lender, you need to decide on the type of property you want to get. Some find it better to purchase a new property. However, there are also those who find it more convenient to purchase a fixer-upper home. Read the rest of this entry »

When you apply for a home loan, a lender is required to provide what’s know as a mortgage good faith estimate, often abbreviated as GFE, to you within three days or less.

Although the good faith estimate should be accurate, lenders aren’t necessarily legally bound to their GFEs. However, most lenders try to honor good faith estimates as closely as possible in order to avoid developing a bad reputation with customers.

The GFE should cover closing costs and the amount of cash the borrower needs to close on the agreement. It should also detail which if any prepaid expenses must be handled and the average monthly payment the borrower will have to countenance to keep up with the loan. Therefore, the mortgage good faith estimate should give you a fairly good idea of what you will ultimately have to pay.

INVESTOR’S PARADISE!

Did you know that there are pockets of areas within the bay area, that are simply overflowing with investment properties?  Have you considered buying a rental ?  In today’s market, many investors are buying up the deals, refurbishing them for a very reasonable cost, then re-selling or renting them out for future gain.

If  you are a property owner already, it is much easier to purchase rental property.  I can’t give you all the details in one message, but it’s sufficient to say I’ve done it and so I speak from experience.  I highly recommend working with a Realtor who has property management experience (like myself) and who also has the knowledge to assist you with your purchase or sale of your rental property.

So where are these wonderful properties that you can grab up?  Well, like I said, they are scattered all throughout the MLS in every city; a couple of major metropolitan areas stand out in particular for investment opportunity.  Oakland for one, is the third largest rental property community in the U.S.

On the city’s website, you can find  recent  Market Updates on

Residential Housing.  According to the 2009 National Apartment Index conducted by Marcus & Millichap Research Services, Oakland ranks as the 6th best market in the nation.¹

Similarly, Oakland is named  as the 3rd best city for apartment investing in the United States .

2009 Forecast

• Average Asking Rent: $1,449
• Vacancy: 6.4%

Source: Marcus & Millichap Research Service, 2009 National Apartment Report.

Fueled by low interest rates and affordable prices relative to other Bay Area cities, Oakland’s residential real estate market continues to see upward pressure on sale prices. With poor prospects in the sputtering stock market, many Bay Area families are investing in real estate.

• Median Home Price: $230,500

Many people have lost money in their retirement funds, and other financial investments.  One client of mine turned into a savvy investor after he looked at his half yearly prospectus and discovered that most of his allocations had negative balances!  When was the last time a bank paid out a decent rate of interest?  What are CDs paying today?  My investor decided it was not about time he took charge of his finances. He decided to take his funds out of a low interest bearing account and start the equity building process by investing in real estate instead.

This time we’re going to take your little wad of cash and begin the process of deciding where to invest it.

Stocks have a long term capital gain tax rate of 15%. You can also offset your stock gains by your losses. But check out real estate tax breaks: you can deduct mortgage interest and property taxes; you can claim the first $500,000 of profit from your home’s sale tax free, and there are also rental and commercial property tax breaks available such as deductions on maintenance and repair expenses on rentals, depreciation, property wear and tear. Note however that there are tax implications for unloading rental and commercial property.

When bad news comes out of the housing market, skittish potential buyers opt to wait for the market to bottom out. And since they have to live somewhere, these would-be buyers rent.

Much like a buyers’ market in the residential sector, the best renters’ markets occur where supply is abundant, price growth is flat and renters can get the best value for their dollar.

Oakland, at No. 10, is California’s fifth city in the Top 10 markets expecting the most rental cost growth this year.

What types of things would a new homeowner be concerned about when inspecting a roof?

Conditions such as light surface mildew (fungus) buildup on the roofing, slight granule loss, uneven/irregular coloring,(shingle shading), and similar relatively superficial conditions generally do not affect roof function. Maintain/ repair as desired. Heavy mildew/fungus buildup may indicate an ongoing moisture concern that can lead to more serious problems.Roof Drainage -

Normal roof design criteria allows for only limited water ponding on a roof for short periods after rainfall. If ponding is substantial, or the roof/roofing is damaged, remedial measures should be implemented.Roof Flashings/Seal -

Initial or recurring roof leakage is often due to inadequate or damaged flashing. All flashings should be checked periodically or if leakage occurs. Repair or seal as needed.Roof Staining/Algae -

Minor amounts of algae often occur on certain type roofs and/or on roofs in heavily wooded or shaded areas. Roof Systems -

The watertightness of a roofing system is dependent on the proper installation of the roofing material and underlayment, its physical condition, and the proper function of all flashings (metal or other membrane installed at protrusions through the roof, such as vent pipes, skylights and valleys). Splash Blocks/Extensions -

To minimize water ponding at the foundation and the potential for interior water penetration, downspoutRoofer Opinion -

Obtain the roof manufacturer’s and/or a qualified roofer’s opinions as to roof conditions and, if necessary, remedial needs and associated costs, prior to closing.