Serena Russell ~ Bay Area Real Estate Specialist

With fabulous interest rates, an amazing variety of once-in-a-lifetime home purchase opportunities,  -your timing is spectacular! In fact, the fundamentals that typically lead the home building industry out of a slowdown are already in place – so now is the best time ever to buy the home of your dreams!

Rates are still near historic lows:

You can take advantage of some of the lowest interest rates in 40 years. Many  lenders are  offering programs with low rates still available.

Over the long term home ownership has traditionally been a rewarding investment.

There are great benefits for buying now!

* Mortgage interest and real estate taxes are deductible.
* Capital gains can be rolled into future homes and may even be tax-free.
* Below-market financing is available.
* A wide range of loan programs is available.

The economy is still improving, and you have more choices than ever before.
When you choose me as your agent,  you’re choosing my unsurpassed reputation and  deep commitment to your needs.  My goal is to  make the home of your dreams a reality!

When a lender makes a decision about a mortgage application, they consider two basic factors: your ability and willingness to repay the loan.

Ability to repay the mortgage is determined by verifying your current employment and analyzing your total income. Lenders prefer for you to have been employed at the same place for at least two years, or at least be in the same line of work for a few years. Your proposed monthly payment will be compared to your monthly gross income and your monthly credit payments to see how much you can afford. Read the rest of this entry »

Known for years as the Caribbean’s most exciting vacation destination, the island has now been discovered by upscale real estate buyers and is fast developing into one of the world’s most prestigious locations to own a residence.

History

Diamonds! Emeralds! Any kind of precious metal in any shape or quantity… St. Maarten’s jewelry shops are amongst the most competitive in the world and line Philipsburg’s fabulous Frontstreet. Prices are amazingly low and quality is up to international standards, with several of the larger stores having service centers in the US.

As a matter of fact, the jewelry shopping opportunities are so incredible that they attract experienced buyers to return over and over again to the island for the sole purposes of further bargain hunting. Every square mile of St. Maarten is tax free and duty free. No duty is paid on any goods coming in or going out. But that’s just the half of it. Luxury items cost up to 50% less than in other countries, which is why cruise ships and travelers from around the world leave   with oodles of jewelry, fashion, leather goods, cosmetics, electronics, perfume, crystal, fine art and other items of good taste. And all along Front Street in Philipsburg, as well as down every side street, prices are quoted in US dollars.

Almost all brands and designers are to be found. The well informed sales personal will be able to guide visitors to purchases they will not regret, especially once they have their merchandise independently appraised back home.

If you are knowledgable about jewelry and you are browsing on Frontstreet, you will notice that the prices on most pieces are up to 50% below US retail – once you get the final quote from the sales person. Obviously, such enormous savings can’t be expected from world-class, brand-name timepieces, but you will still be able to get a ‘best deal’.

On this island, your limits are the sky in one direction and the bottom of the sea in the other – for on St. Maarten there are no limits other than the boundaries of nature itself. You can sail the same 12-meter yacht that won the America’s Cup. You can motor a giant cat along the mythical line separating the Atlantic Ocean from the Caribbean Sea. You can venture out for giant marlin aboard any one of the charters available year-round. Or you can climb Mount Concordia, the historic site where the French and Dutch settlers agreed that the people of St. Maarten/St. Martin should coexist in a cooperative manner. From the ordinary to the extraordinary, the possibilities are limitless. Read the rest of this entry »

Many buyers, especially first-timers, hope to purchase a foreclosed property at a bargain price.  While purchasing a foreclosed home can be a wise choice for some buyers, it is important that buyers understand the differences in buying at different stages of foreclosure and be prepared to take on the challenges typically associated with each.

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There are three basic stages of foreclosure in California: Pre-foreclosure, trustee’s sale, and repossession, often called an REO or real estate owned by the bank.

Pre-foreclosure homes are in the foreclosure process, but have not yet been auctioned.  Owners of pre-foreclosed homes often try to sell the properties because they are “underwater,” meaning they owe more on the mortgage than the home currently is worth.  Many homeowners attempt to sell via short sale, where the lender must agree to accept less than the amount owed on the mortgage.  Buying at this stage of foreclosure often is a complicated and slow process. However, buyers of pre-foreclosed properties often are given the opportunity to inspect the home prior to purchasing, whereas this is not always the case when buying at other stages of foreclosures.

The second basic stage of foreclosure is the public auction at a trustee’s or foreclosure sale.  Homes in this stage often are well priced, but also come with challenges to buy.  These homes may not be available for inspection and buyers may later discover the property needs numerous repairs.  As a result, many of the homes at auction are purchased by investors and contractors who have experience working with homes needing numerous repairs, or taken back as REO by the foreclosing lenders.

If a home does not sell to a third party at the trustee’s auction, the bank takes the property–the final stage of the foreclosure process. Although homes in this stage typically do not offer buyers the best prices, buyers generally can perform a thorough inspection of the property prior to closing.

For more information see this link:

As a seller you might want to know how to prepare your home for sale.  Here are a few tips, which do not take a lot of time and effort, but will go a long way in helping you get the best possible price.  You don’t need to remodel or put expensive gadgets in your home.   A few simple changes will make your home appear more appealing without having to spend a lot of money, in some cases no money at all.

Firstly, keep in mind the kind of market it is.  In a buyer’s market chances are there will be lots of first time buyers looking at your home.  Most first time buyers expect a move-in ready home for the lowest possible price they can afford.  It might appear that these FTBs (first time buyers) have a somewhat unrealistic view, and this is to be expected. After all they are starting out without much previous experience to rely on.

Here is how you can wow buyers with some easy fixes:

Improve your landscaping. Curb appeal is crucial to a good first impression, so make sure your home’s lawn is immaculate. Mow the lawn, prune the bushes, and weed the garden and plant flowers.

Give your front door a fresh coat of paint to make it inviting.

Replace house numbers with new ones that are larger and can be seen from the street.

Clutter:  Can’t say enough about this.  You are going to move eventually, so why not pack up all the items that are on shelves and counters, except the very essential items you need daily.  Get some boxes from the local pet store, and pack away all the items on counters.  Label and put these boxes in the garage in a neat stack.

Buyers tend to get distracted by knickknacks, photos, extra furniture and other personal items, and miss out on the best features of the home.

Give the house a thorough cleaning to make it shine.

Make the mirrors sparkle, and clean the window glass, so the view is not streaky.

The outside should be clean.  You can pressure wash the home’s siding and this will give it a fresh look and get rid of cobwebs and dirt.  Mow the lawn.

Fix major defects like broken window glass, holes in walls or floors and peeling paint.

Fix leaky roofs or old stains on ceilings.  A wet spot or large stain on the ceiling in any room could discourage buyers.  Don’t forget to clean the fan blades.

You can also clean the rugs and draperies to give the home a fresh smell and feel.   Wipe down the blind slats and window ledges.

Finally, if you have pets, now is the time to hide the litter box and spray air neutralizer throughout your home. Open up the windows for a time and let fresh air into the home, especially if it’s been sealed up for the winter.

When showing the home, fill it with inviting smells by putting out fresh flowers and baking a batch of cookies.

Now go ahead get started!  You can change your home from ‘HOME FOR SALE” TO ‘SOLD’ .
For more tips on how to prepare your home for market contact Serena for a free consultation.

Are you looking to find a great deal ( like everyone else).  Have you thought to owner occupied a triplex or fourplex   so that you can positive cash flow?  Have also thought about collecting steady rental income?  Are you wondering what is the best investment for with positive cash flow, and in a decent area?

There are a lot of options for foreclosed properties in th4e bay area.  These homes are typically listed on the MLS as REO properties.

Foreclosures often times have various issues with deferred maintenance and typically need some level of work. If you are looking to rent these properties out are you aware of the rent control ordinances in that area?

I would also suggest that you speak with a lender if you have not already to discuss financing and the options available. It will be important to have your finances in place before submitting an offer.

Some things for you to consider: Read the rest of this entry »

Why buying a duplex -tri or fourplex makes sense today, multifamily dwellings are more affordable than SFR
Most people buy their single-family house, live in it as their primary residence, and then consider buying their first investment property. For those that are flexible and motivated I suggest Read the rest of this entry »

Have you had a dream of owning your very own Vacation-Home  but it was never the right time before.  Now that prices have fallen many second home buyers are considering the purchase of a vacation home property.

Recently,NAR’s 2010 Investment and Vacation Home Buyers Survey, covering existing- and new-home transactions in 2009, shows vacation-home sales rose 7.9% to 553,000 last year from 513,000 in 2008, while investment-home sales fell 15.9% to 940,000 in 2009 from 1.12 million in 2008. Primary residence sales rose 7.1% to 4.04 million in 2009 from 3.77 million in 2008.

Now is the time to make that   lifestyle choice you’ve wanted. Most vacation homeowners say they  intend to use the property for vacations or as a family retreat.

Your investment buyers can also generate some   rental income, but you have the option of selecting who you want to rent to.  One  in four vacation-home buyers plan to rent their properties to others, while one in five investment buyers plan to use their homes for vacations or as a family retreat. However, 26% of vacation-home buyers and 8% of investment buyers intend to use the property as a primary residence in the future NAR says.

Make sure you select a real estate agent experienced in second home purchases.  They do not have to be from the area in which you plan to buy, but they should have some prior experience with vacation home purchase & ental management.

Adventure in OLD SAN JUAN.

Today is our second day it Puerto Rico.  We spent the day in the historic area of Old San Juan.

For such a small town, Old San Juan  is packed with information, history, shopping, music, dining and fun! The famous (and not so famous) historical sites in Old San Juan include Fort El Morro, Fort San Cristobal, Museum Casa Blanca, and the Princess Walk. Here one can really get a feel for what life was like during the times of the Spanish rule over the island. Old San Juan’s plazas, mainly Plaza De Armas and Plaza Colon, are usually filled with local vendors, music, food, children playing, and sometimes demonstrations of sports or community plays and theatre.

Calle San Francisco and Calle Fortaleza are the main shopping streets, which boast many jewelry ad souvenir shops, and Calle Cristo contains most of the designer label outlet stores, including Coach, Guess and Ralph Loren.

Though some of the other areas are popular with tourists, booking a hotel right in Old San Juan allows for the best opportunity to explore feel the history of San Juan. 

Whether you take a cab ride or walk the leisurely streets, you will notice ,” the narrow alleys, colonial architecture, and old shuttered buildings of Old San Juan  seem warm and inviting.  In fact, there are about 400 restored buildings from the 16th and 17th centuries in this area.  Walk through the parks…..take a jaunt up to the El Morro.  This old fort from the 17th and 18th centuries looms above the harbor in defense of the old city.  It sports turrets, dungeons, towers and tunnels. 

For other fun, there is an incredible art scene in Old San Juan. Many galleries (including the National Gallery in the cultural building off Calle Norzagaray) that present amazing pieces. One can find many art exhibits in restaurants and unexpected places as well. 

 While in Old San Juan, treat yourself to the best it has to offer!

If you are looking for more tropical relaxation, there are many good beaches within the Old San Juan area, but the city does not have a beach itself. A  quick bus ride can bring you to the beautiful beaches of Condado, Ocean Park, and Isla Verde.  For more relaxation and stress relief, check out the Zen Spa on Ricento Sur, and the Om Spa on Calle Tetuan. Both offer great deals on massages, facials and nail services.

Some people ask “Is it a BUYER’S MARKET now?”

It  feels more like a “BANKERS MARKET” as they are calling all the shots.

THE GOOD NEWS:  If you are a CASH Buyer, you have some great leverage right now!

If you are getting FINANCING, the RATES are still VERY LOW.  Just be prepared to give your loan officer everything they ask for quickly… income info, tax info, jewelry, first born… ok just kidding, but the tax and income info is crucial.

Inventory is way down in some areas.  The condo complexes that normally have 20-30 listings, now have none.  This is a good indication that the market is changing.

Yes, and it’s still a buyer’s market for the most part……………but it’s also leveling off so now is the time to buy.   As always, I am happy to help you in any way I can.

Have a great month of May & look forward to an even warmer June.