Eva Bradley's Blog

In my opinion, this is a step in the right direction, taken by Fannie Mae.  I can only hope that other lenders will follow this.  It will help homeowners to stay in their homes after the foreclosure and at the same time it will stabilize neighborhoods and keep homes in better shape.

Read the full story here: http://bit.ly/bxVq9

My husband and I live on the outskirt of Tracy, in midst of country properties. Most of the homes are sitting here on one to two acres, so homes are pretty far set from each other.  Our neighborhood is very quite, rarely any chance to talk to anyone. 

It was a Thursday afternoon, garbage pick up day. My husband, John, is a cautious and alert guy, receptive to any changes. As he was coming home from work noticed that our only neighbor on the right side, a retired gentleman who lived alone, still had his garbage tote out front, which was unusual.  He always took care of it right after the garbage truck left, but not on this day. 

John pulled the tote into the drive way, not sure where he supposed to put it.  He was thinking that there is something not right; maybe our neighbor got sick, or he is gone for a few days, or who knows what.  

As he was getting closer to the entrance, our neighbor opened his front door and asked my husband why he does this.  My dear husband replied:  it was so out of routine for him to leave the garbage can outside, that John got worried, thinking perhaps something wasn’t right.  The man was obviously so surprised, he couldn’t find words right away.  He was thanking John for being such a caring neighbor and said that he would have never thought anyone is looking out for him.  Right there he made a promise to pay more attention to us and the surrounding neighbors from now on.

 Folks, you never know what will happen in the future; you may need such caring action form your neighbor or you may not.  Nevertheless, neighbors are important, not only because they might help you some day, but because they are the ones, along with you, who are shaping your neighborhoods to be desirable and giving value to your homes and to the area where you live.   So, when next time one of the homes around you will be listed for sale, the Realtor can, with good conscience, write it into the marketing “Located in a Very Nice, Established Neighborhood” without hesitance, because it will be the truth.

Homeowners win big with extension and expansion of federal tax credit

The U.S. House of Representatives today voted 403 to 12 to extend and expand the home buyer tax credit.  The bill passed the U.S. Senate late yesterday and now will go to President Obama for his signature, where it is expected to be signed this week.

The tax credit will be extended through April 30, 2010, with a 60-day extension if a binding contract is in place prior to the deadline.  First-time home buyers will continue to receive a tax credit of up to $8,000, while existing homeowners will receive a credit of up to $6,500.  Existing homeowners will be eligible for the $6,500 if they have lived in their current residences for at least five years.  The bill also will increase the qualifying income limits from $75,000 for single tax filers and $150,000 for joint filers to $125,000 and $225,000, respectively.  The purchase price of the home is capped at $800,000.

Under additional provisions in the bill, taxpayers can claim the credit on purchases completed in 2010 on their 2009 income tax returns. The bill maintains the provision that home buyers do not have to repay the credit, provided the home remains their primary residence for 36 months after purchase, and waives this requirement for active duty military personnel who move due to a military order.

 For weeks, the CALIFORNIA ASSOCIATION OF REALTORS (C.A.R and its members have urged Congress and the U.S. Senate to extend and expand this crucial piece of legislation.

 Nationwide, more than 1.4 million first-time home buyers were given the opportunity to become homeowners as a result of the Federal Tax Credit for First-time Home Buyers.  According to C.A.R. research, nearly 40 percent of first-time home buyers surveyed said they would not have purchased a home without the federal tax credit, and approximately 70 percent said the tax credit was “the most important” or a “very important” factor in their decision to buy a home. 

To read stories about the extension and expansion of this valuable home-buying incentive, please visit the following:

Aid for jobless, homebuyers clears Congress
To read the full story, please click here. 

 Congress Extends Jobless Benefits, Home-Buyer Credit
To read the full story, please click here. 

Congress passes bill extending unemployment insurance, home buyer tax credit
To read the full story, please click here.

Check out my November Newsletter; it contains many real estate related, useful information and good housekeeping tips. Please feel free to comment on the issues, or ask questions.

Tracy Real Estate market is waiting for the “shadow inventory “, a release of some of the already foreclosed homes.  As of today, November 3rd, there are 189 active homes for sale in Tracy and surrounding areas.  That is a combined number of REO”s, “normal” and short sale listings. 

In Tracy and surrounding areas we have sold 139 homes in the Month of October.  These sold homes were an average of 43 days on the market before selling.  The average listing price was $236,718 and the average sales price was $243,393.  As we see multiple offers on many of the homes listed, the offers coming in were over the asking price. 

As most homes are selling for more than they were listed for, it seems that the appraisers have their hands full with appraising the homes for the value. This is mostly do to the fact that the appraisers’ evaluation is based on homes that have been sold recently in the same neighborhood.  Many deals fell through because the value could not be justified by the recent sales on record.  As a result, many buyers are asked to pay out of pocket to make up the difference. 

Those buyers, who have been qualified for an FHA loan, have little chance to a fair shot to get an acceptance on their offer.  Many buyers are coming in with cash at hand.  Others are frustrated with this market and giving up on buying all together.  In general, this is a buyers market, home prices are favorable, interest rates are still low, many people who are ready to buy homes…. but we don’t have enough homes to sell. Go figure.

Click here to see a daily interest rate lock advisory.

Environmental Issues

It seems that we hear a lot about environmental concerns these days. Much of it is simply the result of a greater awareness than in the past. And even though there isn’t anything to be concerned with in most homes, there are still a number of potential home environmental issues that buyers should be aware of. When buying a home, these issues should be addressed by the NHD Report, (Natural Hazard Disclosure) if they apply.

• Water quality is probably the most common concern and the one most often tested for. Typically, a basic water quality test will check pH, water hardness, the presence of fluoride, sodium, iron and manganese, plus bacteria such as E-coli. Additionally, water may be tested for the presence of lead or arsenic.
• Lead based paint in homes built before 1978, may be present. Generally, if the lead based paint is in good condition, not cracking or peeling, it is not a hazard. If the condition is hazardous, the paint will either need to be removed or sealed in such a manner as to eliminate the hazard.
• Radon is another common environmental concern with the home is. Radon is a radioactive gas that comes from the natural decay of uranium in the soil. Pretty much all homes have some radon present; tests can determine if the level present is higher than what is considered safe. If the level is too high, a radon reduction system will need to be installed.
• Asbestos was used in many types of insulation and other building materials in older homes built more than 30 years ago. If the asbestos is releasing fibers into the air, it needs to be removed or repaired by a professional contractor specializing in asbestos cleanup. But, if the asbestos material is in good repair, and not releasing fibers, it poses no hazard and can be left alone.

If you are buying a property that was built more then 30 years ago, without a Realtor’s assistance, make sure the seller will provide you these disclosures to you.

This came just a minute ago from Cliff Cooler, the CEO of Central Valley Association of Realtors:

ADVANCE FEES FOR LOAN MODIFICATIONS NOW PROHIBITTED

“On October 11, 2009, Governor Schwarzenegger signed Senate Bill 94 (Calderon), and the legislation took effect immediately upon his signature. Thus, California law now prohibits any person, including real estate licenses and attorneys, from demanding or collecting an advance fee from a consumer for loan modification or mortgage loan forbearance services affecting 1 – 4 unit residential dwellings.”

Unfortunately, this came just a little too late for some homeowners, who already paid thousands of dollars modifying their loan, but it never got done…

Real estate in Tracy is moving along; we have a shortage on available homes.  Demand is high, many buyers need homes, not enough to choose from.  Interest rates remain very low. We are seeing multiple offers on all reasonably priced homes. Home prices are slightly higher. This is a good indicator that we are in need for new listings.

Take a look at the statistics:

As of October 7, we have a 192 active listings.

From September 27th to October 3rd, the number of homes changed status to “Sale Pending” was 48.

Since October 1st we have 18 homes Sold in and around Tracy.  See chart below.

Please, ckeck out this monthly publication; it contains relevant information not only about mortgages and real estate in general, but good house keeping tips and other useful information as well. Please check out my October Newsletter.

If you have something in mind that could be included in the next month’s publication, please feel free to let me know about it.  I would be glad to insert it for you.

Once again, on September 10th of this year, Dennis Stewart with Realty World NCA gathered the agents who signed up for the prestiges Eagle course. The first week was all about getting used to each other and to Dennis’ rules.   Our assignments for the fourth week were to write an article about the Eagles. Instead of writing about the course, I decided that maybe it would be a good idea to introduce the group members individually as I see them.

 Meet the “Magnificent ourteen”:

Sue Langdon, she has to be the first not only because she is my broker, but also because Sue is one of the nicest people you can ever hope to meet.  Sue has her challenges to keep up with the ever evolving technology, but giving an extra effort to learn it.

Jennifer West: Jennifer is a very busy lady, her phone never stops ringing and she takes care of fifteen different things all at the same time, but you would never notice, because she always has a minute to listen to us. I don’t know how she does it…

Sharon Camilleri: Sharon always keeps a cool head and looking at things in a most logical way.

Susan Wilson: Susan never seems to run out of questions, which is a good thing, because that is how one can learn.

Debbie Rouhtier:  Although, Debbie’s challenge is to get up early in the morning, she almost always manages to come to the meetings on time.

Chiquita Redmond:  Chiquita looks, speaks and behaves as professional as one can be

Tony Sanchez: Tony has the most colorful personality; he makes jokes about everybody and everything

Sandy Frits: Sandy is the helping hand for Tony…..but she doesn’t seem to mind.  Sandy is always smiling, always friendly – great attitude.

Steve Davis: Steve is an admirable person with an admirable family…sends out emails to everybody.

Randy Elliott: Randy’s jokes and funny remarks are coming to him so naturally and easy, along with many good ideas.

Cameron Riegel: Cameron is the tallest man in the room, friendly and very professional.

Darryl Manson: the quite guy…Darryl knows more than what he makes us believe he does.

Yulanda Ong: she has a really nice personality. Yulanda brings goodies for everybody, which is very much appreciated  

Oh, and me, Eva Bradley: eager to apply all the new technology that Realty World provides, to differentiate us and helps us rise above all the other real estate companies.

Well, here we all are, learning to spread our wings, as young eagles do.  Hopefully, by the end of this course, we all will be soaring in the skies and looking at our business from a total different perspective.  We all owe a big thank you to Dennis Stewart and a big thanks to Realty World NCA to help us reach and supersede our performances as Realtors® and to provide the highest level of customer service our clients deserve.