Good morning Morgan Hill!!! This morning I say up in bed and had a few thoughts flash across my feeble brain. I wanted to share the thoughts because as home buyers, sellers or professional Realtors and real estate agents for that matter I think they may be applicable.
Being positive goes a long way in this exercise, and if you think it and believe it, then anything is possible:
1. 2010 will be the best year yet and I will be at the top of my game and achieve my goals (which of course infers that you all have a plan with goals for the year).
2. Everything happens through people. It has been my experience that if we are open and communicating with people around us they will help us achieve our goals. It may even be the person you least expect that introduces you to a "rainmaker" that changes your life. Be engaged.
3. Create relationships (a little take-off on #2) - Depending on what your industry or job description (sales, marketing, technical, etc.) take the time to build relationships. So many times I have seen people engage a client, perform their duties, slam dunk the deal and then they are never to be seen again. Build relationships. Relationships lead to long, sustanible paths that benefit everyone. Deals lead to an empty pipeline in search of the next deal. Ask yourself this: Do you want to make a sale or build a business? If you want to build your business, then start building relationships.
4. Everything happens when in Motion: People that get up out of bed, get the blood flowing and get in the game succeed. Motion causes action, reaction, waves, tremors in the force and people take notice. If you are up working, honing your skills and becoming the master of your craft people will see it, talk about it and utilize it. What better way to be found than by someone telling them how hard you work and how knowledgeable you are? Sure beats standing on your own soap box and singining your own praises. Think about it.
That was it for this morning. Nothing earth shattering, but certainly things worth considering. I wish you all the most amazing and prosperous 2010. Change your mindset, change your life!!!
Will
Tuesday, December 29, 2009
Friday, December 25, 2009
Debtor's Dilemma: Pay the Mortgage or Walk Away
In Down Real-Estate Market, Homeowners Are Deciding to Abandon Their Loan Obligations Even if They Can Afford the Payments
By JAMES R. HAGERTY and NICK TIMIRAOS (Wall Street Journal)
For full article and pictures click this link: http://online.wsj.com/article/SB126100260600594531.html?mod=WSJ_hpp_LEFTTopStories
PHOENIX -- Should I stay or should I go? That is the question more Americans are asking as the housing market continues to drag.
In good times, it would have been unthinkable to stop paying the mortgage. But for Derek Figg, a 30-year-old software engineer, it now seems like the best option.
Mr. Figg felt trapped in a home he bought two years ago in the Phoenix suburb of Tempe for $340,000. He still owes about $318,000 but figures the home's value has dropped to $230,000 or less. After agonizing over the pros and cons, he decided recently to stop making loan payments, even though he can afford them.
Mr. Figg plans to rent an apartment nearby, saving about $700 a month.
Strategic Defaults by State
View Interactive
See data on "strategic defaults" -- homeowners who choose to default on their mortgage even though they could still afford to pay it.
More interactive graphics and photos A growing number of people in Arizona, California, Florida and Nevada, where home prices have plunged, are considering what is known as a "strategic default," walking away from their mortgages not out of necessity but because they believe it is in their best financial interests.
A standard mortgage-loan document reads, "I promise to pay" the amount borrowed plus interest, and some people say that promise should remain good even if it is no longer convenient.
George Brenkert, a professor of business ethics at Georgetown University, says borrowers who can pay -- and weren't deceived by the lender about the nature of the loan -- have a moral responsibility to keep paying. It would be disastrous for the economy if Americans concluded they were free to walk away from such commitments, he says.
Discuss the Ethics
Developments: Is Walking Away FromYour Mortgage Immoral?
Walking away isn't risk-free. A foreclosure stays on a consumer's credit record for seven years and can send a credit score (based on a scale of 300 to 850) plunging by as much as 160 points, according to Fair Isaac Corp., which provides tools for analyzing credit records. A lower credit score means auto and other loans are likely to come with much higher interest rates, and credit card issuers may charge more interest or refuse to issue a card.
In addition, many states give lenders varying degrees of scope to seize bank deposits, cars or other assets of people who default on mortgages.
Even so, in neighborhoods with high concentrations of foreclosures, "it's going to be really difficult to prevent a cascade effect" as one strategic default emboldens others to take that drastic step, says Paola Sapienza, a professor of finance at Northwestern University. A study by researchers at Northwestern and the University of Chicago found that as many as one in four defaults may be strategic.
Driving this phenomenon is the rising number of households that are deeply "under water," owing much more than the current value of their homes. First American CoreLogic, a real-estate information company, estimates that 5.3 million U.S. households have mortgage balances at least 20% higher than their homes' value, and 2.2 million of those households are at least 50% under water. The problem is concentrated in Arizona, California, Florida, Michigan and Nevada.
Josh Cotner, who owns an insurance agency, says his mortgage balance is about $100,000 more than the market value of his home in Gilbert, Ariz. Mr. Cotner could rent a bigger home nearby for $600 a month, far below the $1,655 he now pays on his mortgage, home insurance and property tax. He says he recently stopped making mortgage payments because his lender wouldn't help him reduce the principal on his loan under a federal program in which he believes he is qualified to participate. Given the sometimes lengthy legal process of foreclosure, he may be able to stay in the home for at least another nine months without making any payments.
Banks warn they may get tough with strategic defaulters by pursuing legal claims on a borrower's other assets. "We will try to reduce people's payments if they have a hardship," says Thomas Kelly, a spokesman for J.P. Morgan Chase & Co. "But we have a financial responsibility to get people to pay what they owe if they can afford it."
Steven Olson, a loan officer and roof installer in Roseville, Minn., defaulted in 2007 on a plot of land in Florida he had bought as an investment. "I thought I could move on with my life," he says. But the lender, RBC Bank, a subsidiary of Royal Bank of Canada, sued him, seeking to make him pay more than $400,000 to the bank to cover its losses on the loan. Mr. Olson has hired a Florida lawyer, Roy Oppenheim, to resist the claim. An RBC spokesman declined to comment.
States where lenders generally can pursue such legal claims include Florida and Nevada but not California and Arizona, where laws generally prohibit lenders from pursuing other assets of mortgage borrowers. A new Nevada law will protect many borrowers from these judgments if they bought a home for their own use after Sept. 30, 2009.
Another risk for defaulters is that banks could sell the rights to pursue claims to collection agencies or other firms, which could then dun the borrowers for up to 20 years after a foreclosure. Such threats appear to deter some borrowers. A recent study from the Federal Reserve Bank of Richmond found that under-water borrowers were 20% more likely to default in a state where mortgage lenders can't pursue claims on other assets than in those where they can.
Journal Community
Vote: How much of your home's value do you owe on your mortgage? Brent White, an associate law professor at the University of Arizona who has written about this issue, says homeowners should make the decision on whether to keep paying based on their own interests, "unclouded by unnecessary guilt or shame." He says borrowers can take a cue from lenders that "ruthlessly seek to maximize profits or minimize losses irrespective of concerns of morality or social responsibility."
But it isn't just a matter of the borrower's personal interest, says John Courson, chief executive of the Mortgage Bankers Association, a trade group. Defaults hurt neighborhoods by lowering property values, he says, adding: "What about the message they will send to their family and their kids and their friends?"
From the Archives
Confessions of an Underwater Homeowner American Dream 2: Default, Then Rent In Mesa, another suburb of Phoenix, low prices are helping to draw buyers who may walk away from other homes. Christina Delapp bought a house out of foreclosure in July for $49,000 in cash. She says she will stop paying the mortgage on another home she still owns in Tempe if she can't sell in the next few months for more than the $312,000 that she owes.
Ms. Delapp, who has been jobless for 18 months, says that the new home is part of her survival strategy. "I feel very fortunate," she says. "Regardless of what happens to my credit, we've managed to put together the best safety plan that I possibly could."
Mr. Figg says that deciding to default on his loan was "the toughest decision I ever made." He worried that if he ever loses his job he would be marooned in a home that he couldn't sell for enough to pay off his loan, limiting his ability to find work in other parts of the country: "I couldn't move up. I couldn't move down. I couldn't move out of the city. It was a very claustrophobic situation."
By moving to an apartment, Mr. Figg expects to lower his costs by about $700 a month. He plans to put that into his savings account and says he is willing to rent for the next five years or so.
Lenders are guilty of having "manipulated" the housing market during the boom by accepting dubious appraisals, Mr. Figg says. "When I weighed everything," he says, "I was able to sleep at night."
Write to James R. Hagerty at bob.hagerty@wsj.com and Nick Timiraos at nick.timiraos@wsj.com
Printed in The Wall Street Journal, page A22
By JAMES R. HAGERTY and NICK TIMIRAOS (Wall Street Journal)
For full article and pictures click this link: http://online.wsj.com/article/SB126100260600594531.html?mod=WSJ_hpp_LEFTTopStories
PHOENIX -- Should I stay or should I go? That is the question more Americans are asking as the housing market continues to drag.
In good times, it would have been unthinkable to stop paying the mortgage. But for Derek Figg, a 30-year-old software engineer, it now seems like the best option.
Mr. Figg felt trapped in a home he bought two years ago in the Phoenix suburb of Tempe for $340,000. He still owes about $318,000 but figures the home's value has dropped to $230,000 or less. After agonizing over the pros and cons, he decided recently to stop making loan payments, even though he can afford them.
Mr. Figg plans to rent an apartment nearby, saving about $700 a month.
Strategic Defaults by State
View Interactive
See data on "strategic defaults" -- homeowners who choose to default on their mortgage even though they could still afford to pay it.
More interactive graphics and photos A growing number of people in Arizona, California, Florida and Nevada, where home prices have plunged, are considering what is known as a "strategic default," walking away from their mortgages not out of necessity but because they believe it is in their best financial interests.
A standard mortgage-loan document reads, "I promise to pay" the amount borrowed plus interest, and some people say that promise should remain good even if it is no longer convenient.
George Brenkert, a professor of business ethics at Georgetown University, says borrowers who can pay -- and weren't deceived by the lender about the nature of the loan -- have a moral responsibility to keep paying. It would be disastrous for the economy if Americans concluded they were free to walk away from such commitments, he says.
Discuss the Ethics
Developments: Is Walking Away FromYour Mortgage Immoral?
Walking away isn't risk-free. A foreclosure stays on a consumer's credit record for seven years and can send a credit score (based on a scale of 300 to 850) plunging by as much as 160 points, according to Fair Isaac Corp., which provides tools for analyzing credit records. A lower credit score means auto and other loans are likely to come with much higher interest rates, and credit card issuers may charge more interest or refuse to issue a card.
In addition, many states give lenders varying degrees of scope to seize bank deposits, cars or other assets of people who default on mortgages.
Even so, in neighborhoods with high concentrations of foreclosures, "it's going to be really difficult to prevent a cascade effect" as one strategic default emboldens others to take that drastic step, says Paola Sapienza, a professor of finance at Northwestern University. A study by researchers at Northwestern and the University of Chicago found that as many as one in four defaults may be strategic.
Driving this phenomenon is the rising number of households that are deeply "under water," owing much more than the current value of their homes. First American CoreLogic, a real-estate information company, estimates that 5.3 million U.S. households have mortgage balances at least 20% higher than their homes' value, and 2.2 million of those households are at least 50% under water. The problem is concentrated in Arizona, California, Florida, Michigan and Nevada.
Josh Cotner, who owns an insurance agency, says his mortgage balance is about $100,000 more than the market value of his home in Gilbert, Ariz. Mr. Cotner could rent a bigger home nearby for $600 a month, far below the $1,655 he now pays on his mortgage, home insurance and property tax. He says he recently stopped making mortgage payments because his lender wouldn't help him reduce the principal on his loan under a federal program in which he believes he is qualified to participate. Given the sometimes lengthy legal process of foreclosure, he may be able to stay in the home for at least another nine months without making any payments.
Banks warn they may get tough with strategic defaulters by pursuing legal claims on a borrower's other assets. "We will try to reduce people's payments if they have a hardship," says Thomas Kelly, a spokesman for J.P. Morgan Chase & Co. "But we have a financial responsibility to get people to pay what they owe if they can afford it."
Steven Olson, a loan officer and roof installer in Roseville, Minn., defaulted in 2007 on a plot of land in Florida he had bought as an investment. "I thought I could move on with my life," he says. But the lender, RBC Bank, a subsidiary of Royal Bank of Canada, sued him, seeking to make him pay more than $400,000 to the bank to cover its losses on the loan. Mr. Olson has hired a Florida lawyer, Roy Oppenheim, to resist the claim. An RBC spokesman declined to comment.
States where lenders generally can pursue such legal claims include Florida and Nevada but not California and Arizona, where laws generally prohibit lenders from pursuing other assets of mortgage borrowers. A new Nevada law will protect many borrowers from these judgments if they bought a home for their own use after Sept. 30, 2009.
Another risk for defaulters is that banks could sell the rights to pursue claims to collection agencies or other firms, which could then dun the borrowers for up to 20 years after a foreclosure. Such threats appear to deter some borrowers. A recent study from the Federal Reserve Bank of Richmond found that under-water borrowers were 20% more likely to default in a state where mortgage lenders can't pursue claims on other assets than in those where they can.
Journal Community
Vote: How much of your home's value do you owe on your mortgage? Brent White, an associate law professor at the University of Arizona who has written about this issue, says homeowners should make the decision on whether to keep paying based on their own interests, "unclouded by unnecessary guilt or shame." He says borrowers can take a cue from lenders that "ruthlessly seek to maximize profits or minimize losses irrespective of concerns of morality or social responsibility."
But it isn't just a matter of the borrower's personal interest, says John Courson, chief executive of the Mortgage Bankers Association, a trade group. Defaults hurt neighborhoods by lowering property values, he says, adding: "What about the message they will send to their family and their kids and their friends?"
From the Archives
Confessions of an Underwater Homeowner American Dream 2: Default, Then Rent In Mesa, another suburb of Phoenix, low prices are helping to draw buyers who may walk away from other homes. Christina Delapp bought a house out of foreclosure in July for $49,000 in cash. She says she will stop paying the mortgage on another home she still owns in Tempe if she can't sell in the next few months for more than the $312,000 that she owes.
Ms. Delapp, who has been jobless for 18 months, says that the new home is part of her survival strategy. "I feel very fortunate," she says. "Regardless of what happens to my credit, we've managed to put together the best safety plan that I possibly could."
Mr. Figg says that deciding to default on his loan was "the toughest decision I ever made." He worried that if he ever loses his job he would be marooned in a home that he couldn't sell for enough to pay off his loan, limiting his ability to find work in other parts of the country: "I couldn't move up. I couldn't move down. I couldn't move out of the city. It was a very claustrophobic situation."
By moving to an apartment, Mr. Figg expects to lower his costs by about $700 a month. He plans to put that into his savings account and says he is willing to rent for the next five years or so.
Lenders are guilty of having "manipulated" the housing market during the boom by accepting dubious appraisals, Mr. Figg says. "When I weighed everything," he says, "I was able to sleep at night."
Write to James R. Hagerty at bob.hagerty@wsj.com and Nick Timiraos at nick.timiraos@wsj.com
Printed in The Wall Street Journal, page A22
Thursday, December 24, 2009
Christmas Eve in Morgan Hill
Hello Everyone, it is the day before Christmas and everyone is bustling about the town of Morgan Hill doing their last minute Christmas shopping and errands. It is a cool but sunny day and it feels like Christmas. My two boys are electric with anticipation of the big day. I am leaving the real estate office and going to spend some much needed time with my family. We all need to keep that balance in life, even Realtors. Besides, tonight is Christmas Eve and that means (in our family) you get to open one gift before the Big Guy in Red flies in late to deliver the rest of the presents. Always a fun time...though tough to get the kids to bed after.
Merry Christmas and God Bless.
Merry Christmas and God Bless.
Wednesday, December 23, 2009
A Great Day
It was an amazing day at the Alain Pinel Realtors office in Morgan Hill. Everyone was working hard...BUT, we all took time in the office to share some love, stories of gifts being given during the Holiday Season and shared some amazing home cooked goodies. I have the greatest job in the world and get to share it with some of the best people, friends and Realtors in Morgan Hill.
I realize Thanksgiving has passes and that Christmas is upon us, but I am truly thankful for all I have during this time. Thank you all for making my life better!!!
I realize Thanksgiving has passes and that Christmas is upon us, but I am truly thankful for all I have during this time. Thank you all for making my life better!!!
California Real Estate Sales Numbers - November 2009
Well here is the latest overview from the California Association of Realtors (http://www.car.org/) Great information when understanding the market whether in Morgan Hill or elsewhere in California. It is shaping up for a great start to 2010!!! Merry Christmas everybody.
Will
For release:
Tuesday, Dec. 22, 2009
C.A.R. reports November home sales increased 4.7 percent; median home price increased 5.8 percent
Quick Facts:
·Existing, single-family home sales increased 4.7 percent in November to a seasonally adjusted rate
of 536,720 units on an annualized basis.
· The statewide median price of an existing single-family home increased 2.4 percent in November to
$304,520 compared with October 2009.
· C.A.R.’s Unsold Inventory Index fell to 4.5 months in November, compared with 7.1 months in
November 2008.
LOS ANGELES (Dec. 22) – Home sales increased 4.7 percent in November in California compared with the same period a year ago, while the median price of an existing home rose 5.8 percent, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today.
“First-time buyers continued to drive the market in November, as many opened escrow to take advantage of the federal tax credit prior to its original Nov. 30 expiration,” said C.A.R. President Steve Goddard. “The extension and expansion of the tax credit until April 30, 2010, along with low interest rates, should continue to positively impact the market in coming months.
“Efforts by lenders and the government to assist homeowners at risk of foreclosure have led to fewer homes available for sale, and an increase in the state’s median home price. California’s median home price increased year over year in November for the first time since August 2007,” added Goddard.
Closed escrow sales of existing, single-family detached homes in California totaled 536,720 in November at a seasonally adjusted annualized rate, according to information collected by C.A.R. from more than 90 local REALTOR® associations statewide. Statewide home resale activity increased 4.7 percent from the revised 512,840 sales pace recorded in November 2008. Sales in November 2009 decreased 4.6 percent compared with the previous month.
The statewide sales figure represents what the total number of homes sold during 2009 would be if sales maintained the November pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.
The median price of an existing, single-family detached home in California during November 2009 was $304,520, a 5.8 percent increase from the revised $287,880 median for November 2008, C.A.R. reported. The November 2009 median price rose 2.4 percent compared with October’s $297,500 median price.
“With sales bottoming out more than two years ago, and the median home price reaching its trough in February 2009, California remains ahead of the nation in market recovery,” said C.A.R. Vice President and Chief Economist Leslie-Appleton-Young. “The median price for most regions hit bottom during the first half of the year, and the statewide median home price now is nearly $60,000 higher than its lowest point in the current cycle.
“California home buyers have responded to the much-improved affordability over the last several months,” she said. “Despite November’s uptick in the median home price, affordability in the state remains near historic highs.”
Highlights of C.A.R.’s resale housing figures for November 2009:
C.A.R.’s Unsold Inventory Index for existing, single-family detached homes in November 2009 was 4.5 months, compared with 7.1 months (revised) for the same period a year ago. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.
Thirty-year fixed-mortgage interest rates averaged 4.88 percent during November 2009, compared with 6.09 percent in November 2008, according to Freddie Mac. Adjustable-mortgage interest rates averaged 4.41 percent in November 2009, compared with 5.26 percent in November 2008.
The median number of days it took to sell a single-family home was 33.1 days in November 2009, compared with 44.4 days (revised) for the same period a year ago.
Regional MLS sales and price information are contained in the tables that accompany this press release. Regional sales data are not adjusted to account for seasonal factors that can influence home sales. The MLS median price and sales data for detached homes are generated from a survey of more than 90 associations of REALTORS® throughout the state. MLS median price and sales data for condominiums are based on a survey of more than 60 associations. The median price for both detached homes and condominiums represents closed escrow sales.
In a separate report covering more localized statistics generated by C.A.R. and DataQuick Information Systems, 102 of the 362 cities and communities reporting showed an increase in their respective median home prices from a year ago. DataQuick statistics are based on county records data rather than MLS information. DataQuick Information Systems is a subsidiary of Vancouver-based MacDonald Dettwiler and Associates. (The lists are generated for incorporated cities with a minimum of 30 recorded sales in the month.)
Note: Large changes in local median home prices typically indicate both local home price appreciation, and often, large shifts in the composition of housing market activity. Some of the variations in median home prices for November may be exaggerated due to compositional changes in housing demand. The DataQuick tables listing median home prices in California cities and counties are accessible through C.A.R. Online at
http://www.car.org/marketdata/historicalprices/2009medianprices/nov2009medianprices/.
Statewide, the 10 cities with the highest median home prices in California during November 2009 were: Los Altos, $1,475,000; Palo Alto, $1,222,500; Los Gatos, $1,166,500; Manhattan Beach, $1,163,500; Laguna Beach, $1,035,000; Newport Beach, $1,021,000; Cupertino, $985,000; Danville, $815,000; Santa Monica, $807,500; and Santa Barbara, $749,000.
Statewide, the cities with the greatest median home price increases in November 2009 compared with the same period a year ago were: Cupertino, 37.8 percent; Poway, 35.8 percent; Morgan Hill, 33.2 percent; Lake Forest, 25.6 percent; Atwater, 24.4 percent; San Rafael, 23.8 percent; Atascadero, 22 percent; Vista, 21.2 percent; Tulare, 19.8 percent; Fountain Valley, 18 percent.
Leading the way...® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States, with more than 163,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.
Source: CALIFORNIA ASSOCIATION OF REALTORS®
Will
For release:
Tuesday, Dec. 22, 2009
C.A.R. reports November home sales increased 4.7 percent; median home price increased 5.8 percent
Quick Facts:
·Existing, single-family home sales increased 4.7 percent in November to a seasonally adjusted rate
of 536,720 units on an annualized basis.
· The statewide median price of an existing single-family home increased 2.4 percent in November to
$304,520 compared with October 2009.
· C.A.R.’s Unsold Inventory Index fell to 4.5 months in November, compared with 7.1 months in
November 2008.
LOS ANGELES (Dec. 22) – Home sales increased 4.7 percent in November in California compared with the same period a year ago, while the median price of an existing home rose 5.8 percent, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today.
“First-time buyers continued to drive the market in November, as many opened escrow to take advantage of the federal tax credit prior to its original Nov. 30 expiration,” said C.A.R. President Steve Goddard. “The extension and expansion of the tax credit until April 30, 2010, along with low interest rates, should continue to positively impact the market in coming months.
“Efforts by lenders and the government to assist homeowners at risk of foreclosure have led to fewer homes available for sale, and an increase in the state’s median home price. California’s median home price increased year over year in November for the first time since August 2007,” added Goddard.
Closed escrow sales of existing, single-family detached homes in California totaled 536,720 in November at a seasonally adjusted annualized rate, according to information collected by C.A.R. from more than 90 local REALTOR® associations statewide. Statewide home resale activity increased 4.7 percent from the revised 512,840 sales pace recorded in November 2008. Sales in November 2009 decreased 4.6 percent compared with the previous month.
The statewide sales figure represents what the total number of homes sold during 2009 would be if sales maintained the November pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.
The median price of an existing, single-family detached home in California during November 2009 was $304,520, a 5.8 percent increase from the revised $287,880 median for November 2008, C.A.R. reported. The November 2009 median price rose 2.4 percent compared with October’s $297,500 median price.
“With sales bottoming out more than two years ago, and the median home price reaching its trough in February 2009, California remains ahead of the nation in market recovery,” said C.A.R. Vice President and Chief Economist Leslie-Appleton-Young. “The median price for most regions hit bottom during the first half of the year, and the statewide median home price now is nearly $60,000 higher than its lowest point in the current cycle.
“California home buyers have responded to the much-improved affordability over the last several months,” she said. “Despite November’s uptick in the median home price, affordability in the state remains near historic highs.”
Highlights of C.A.R.’s resale housing figures for November 2009:
C.A.R.’s Unsold Inventory Index for existing, single-family detached homes in November 2009 was 4.5 months, compared with 7.1 months (revised) for the same period a year ago. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.
Thirty-year fixed-mortgage interest rates averaged 4.88 percent during November 2009, compared with 6.09 percent in November 2008, according to Freddie Mac. Adjustable-mortgage interest rates averaged 4.41 percent in November 2009, compared with 5.26 percent in November 2008.
The median number of days it took to sell a single-family home was 33.1 days in November 2009, compared with 44.4 days (revised) for the same period a year ago.
Regional MLS sales and price information are contained in the tables that accompany this press release. Regional sales data are not adjusted to account for seasonal factors that can influence home sales. The MLS median price and sales data for detached homes are generated from a survey of more than 90 associations of REALTORS® throughout the state. MLS median price and sales data for condominiums are based on a survey of more than 60 associations. The median price for both detached homes and condominiums represents closed escrow sales.
In a separate report covering more localized statistics generated by C.A.R. and DataQuick Information Systems, 102 of the 362 cities and communities reporting showed an increase in their respective median home prices from a year ago. DataQuick statistics are based on county records data rather than MLS information. DataQuick Information Systems is a subsidiary of Vancouver-based MacDonald Dettwiler and Associates. (The lists are generated for incorporated cities with a minimum of 30 recorded sales in the month.)
Note: Large changes in local median home prices typically indicate both local home price appreciation, and often, large shifts in the composition of housing market activity. Some of the variations in median home prices for November may be exaggerated due to compositional changes in housing demand. The DataQuick tables listing median home prices in California cities and counties are accessible through C.A.R. Online at
http://www.car.org/marketdata/historicalprices/2009medianprices/nov2009medianprices/.
Statewide, the 10 cities with the highest median home prices in California during November 2009 were: Los Altos, $1,475,000; Palo Alto, $1,222,500; Los Gatos, $1,166,500; Manhattan Beach, $1,163,500; Laguna Beach, $1,035,000; Newport Beach, $1,021,000; Cupertino, $985,000; Danville, $815,000; Santa Monica, $807,500; and Santa Barbara, $749,000.
Statewide, the cities with the greatest median home price increases in November 2009 compared with the same period a year ago were: Cupertino, 37.8 percent; Poway, 35.8 percent; Morgan Hill, 33.2 percent; Lake Forest, 25.6 percent; Atwater, 24.4 percent; San Rafael, 23.8 percent; Atascadero, 22 percent; Vista, 21.2 percent; Tulare, 19.8 percent; Fountain Valley, 18 percent.
Leading the way...® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States, with more than 163,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.
Source: CALIFORNIA ASSOCIATION OF REALTORS®
Tuesday, December 22, 2009
Real Estate Forms Change - Be Ready Morgan Hill
Good afternoon Morgan Hill enthusiasts,
I just wanted to keep everyone updated on some of the "in process" items the California Association of Realtors (http://www.car.org/) has in the works. Specifically CAR is in the process of making revisions to the Residential Purchase Agreement (CAR Form RPA-CA) or what buyer and sellers may refer to as the real estate contract. The changes are geared at making the contract more clear and easier to read and understand by both consumers and Realtors alike.
Additionally, CAR is reviewing proposed changes to real estate document regarding wood destroying pests (CAR Form WPA) and an FHA/VA Addendum, as well as a couple of other important pieces of the real estate transaction process.
If you are looking to purchase or sell property in Morgan Hill, Gilroy or any other location in California speak with a professional Realtor who is knowledgeable and can help guide you through these documents. If you are a licensed real estate professional you should familiarize yourself with these changes so you can be prepared and add value when working with your clients.
Happy Holidays from the Morgan Hill Realtor blog!!!!
I just wanted to keep everyone updated on some of the "in process" items the California Association of Realtors (http://www.car.org/) has in the works. Specifically CAR is in the process of making revisions to the Residential Purchase Agreement (CAR Form RPA-CA) or what buyer and sellers may refer to as the real estate contract. The changes are geared at making the contract more clear and easier to read and understand by both consumers and Realtors alike.
Additionally, CAR is reviewing proposed changes to real estate document regarding wood destroying pests (CAR Form WPA) and an FHA/VA Addendum, as well as a couple of other important pieces of the real estate transaction process.
If you are looking to purchase or sell property in Morgan Hill, Gilroy or any other location in California speak with a professional Realtor who is knowledgeable and can help guide you through these documents. If you are a licensed real estate professional you should familiarize yourself with these changes so you can be prepared and add value when working with your clients.
Happy Holidays from the Morgan Hill Realtor blog!!!!
Merry Christmas Morgan Hill
It was a beautiful nautical twilight this morning in Morgan Hill with visibility as far as the eye could see. As I prepared for my day at the ole real estate office I couldn't help but think of how blessed we are. We live in Morgan Hill, a great community with great people and a wonderful sense of civic pride. The people of the town are what make the Holidays special. Christmas in Morgan Hill is like no other place on earth. The warmth that I have received from my Realtors, local shopkeepers and even those who stop in at the real estate office in an attempt to sell something has been tremendous.
I merely wanted to share my thoughts and have others realize how thankful I am to be spending Christmas here at home in Morgan Hill.
Merry Christmas Everybody!!!
I merely wanted to share my thoughts and have others realize how thankful I am to be spending Christmas here at home in Morgan Hill.
Merry Christmas Everybody!!!
Monday, December 21, 2009
An Overview of Morgan Hill and Morgan Hill Real Estate
Here is an overview of what the Morgan Hill, CA area has to offer. The purpose of this post is to give you an idea of the amenities and lifestyle I have come to love. I hope you enjoy it.
Morgan Hill
Located in the southern part of Santa Clara County, Morgan Hill’s beautiful hillsides, peaceful atmosphere and wonderful climate have made the town one of the most desirable and fastest growing communities in the Bay Area. Originally populated by ranchers, farmers and orchardists, the city has evolved into a bedroom community for the high-tech professionals of the Silicon Valley. Property choices are almost endless, from condos and suburban homes to country estates and ranches. In the heart of the city is Morgan Hill’s vibrant downtown, home to a wide variety of eateries and shops. Annual events, including the Poppy Jasper Film Festival and Mushroom Mardi Gras, evoke a strong sense of community within Morgan Hill and are attended by locals and tourists alike. The tranquil environment of the town, coupled with its outstanding climate and location, have made it a wonderful place to live.
If you have any questions or require more information while making a home purchasing or selling decision in Morgan Hill or surrounding areas please feel free to send me a note!! Happy Hunting!!
Morgan Hill
Located in the southern part of Santa Clara County, Morgan Hill’s beautiful hillsides, peaceful atmosphere and wonderful climate have made the town one of the most desirable and fastest growing communities in the Bay Area. Originally populated by ranchers, farmers and orchardists, the city has evolved into a bedroom community for the high-tech professionals of the Silicon Valley. Property choices are almost endless, from condos and suburban homes to country estates and ranches. In the heart of the city is Morgan Hill’s vibrant downtown, home to a wide variety of eateries and shops. Annual events, including the Poppy Jasper Film Festival and Mushroom Mardi Gras, evoke a strong sense of community within Morgan Hill and are attended by locals and tourists alike. The tranquil environment of the town, coupled with its outstanding climate and location, have made it a wonderful place to live.
If you have any questions or require more information while making a home purchasing or selling decision in Morgan Hill or surrounding areas please feel free to send me a note!! Happy Hunting!!
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