How much did that house sell for? (July 19th - 25th)

With school beginning earlier, it seems summer vacations have been rescheduled from August to June and July, causing an earlier summer slowdown in the market. But what we've been watching has shown itself to be temporary as desirable homes continue to receive very strong interest and multiple offers. Have you been thinking about selling your house? Buyers are out in droves, could yours be the house to set a new high-price in your neighborhood?

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Coming Soon (Sunday) to a San Francisco Chronicle Near You

Yours truly will be featured for the fifth time in the San Francisco Chronicle's Real Estate Sound Off where the following will likely be edited down to fit in the space allotted. But just for you, here's my full thoughts on paying off your mortgage versus refinancing.

 When considering how to approach the mortgage on your home there are a few things to consider: How long do you plan to live there? What kind of loan do you have and how does it fit into your long term plans? How much equity do you have in the property? What is your interest rate compared to current rates?

Because of the lending fiasco of the early and mid-2000’s many people think that refinancing their home means pulling money out, but that’s not always the case. If your interest rate is higher than the current rates for a comparable loan, why not refinance and reduce your interest rate? As long as the fees to do so don’t outweigh the long-term benefit there’s no reason not to keep more money in your pocket each month. If your plans changed and the length of time you will stay in your home has lengthened (or shortened) making a different loan a better fit for your new plan, talk to a mortgage broker to see if there are ways to lower your monthly payment or restructure your loan for greater long-term stability.

If you decide to pull some money out of your home, carefully consider what that money is going to be put toward. Will you use it to do home improvements and increase the overall value of your home? Like reinvesting dividends, that could be a good use of your money. Finally, if you plan to spend some of your equity but are happy with your loan, consider a home equity line of credit which will preserve your primary loan and won’t draw on your equity until you actually spend the money.

How much did that house sell for? (Jan. 12th-18th)

Despite the craziness of the holiday season, mid-December buyers managed to eek out a couple deals here and there. Overall, the trend continues to go up, up, up.

How to refer the right Realtor

With somewhere around 185,000 licensed Realtors in California, you can almost throw a shoe and hit one of us (but please don't). Given that number, the odds are that you personally have a Realtor or two (or five) in your circle. We've all been trained from day one to ask our friends and family for their referrals, but when you know more than one good real estate agent, how do you choose which to refer your friend to? Do you refer them to anyone, or do you end up keeping quiet to avoid causing offense? Here's a simple solution: base your referral on best fit.

Let's look at it from another perspective. Your favorite restaurant is a little Mediterranean place in your neighborhood. You have friends visiting from out of town who ask for a restaurant recommendation, but you know they don't like Mediterranean food. Would you still refer them to your favorite restaurant because you believe it's the best? Hopefully not, you'd be setting them up for disappointment and they might not ask you for another restaurant recommendation. In the same light, you wouldn't recommend a professional to a friend if you know they wouldn't work well together.

In your pool of real estate professionals you know a person's style and personality. Real estate is a personal profession; people invite us into their homes and lives so we can best assist them. Because we spend a lot of time with our clients, the right client-professional fit is important for a successful working relationship and a satisfied client. So when you have the opportunity to refer one of your denizens of Realtor friends to another friend, family member, or acquaintance, consider who would be the best fit.

Other things to consider when referring a Realtor:

Are they a full time professional, or is this a part-time gig?

What is their communication style?

How experienced are they in the industry?

Do they specialize in the target area?

Pragmatics of referring:

People are busy. With the permission of the person who needs help, pass their contact information on to the real estate professional to whom you're referring them. Let us remember to call them so they can focus on other things.

How much did that house sell for? (Leaving 2015, Entering 2016 Data)

The closing sales data for 2015 reflects the busy-ness of the market I've been touting throughout the holidays. Through an informal poll in my office the feelings for what's coming in 2016 are split between prices somewhat leveling or continuing to rise. No one has a crystal ball to accurately predict market nuances or fluctuations, however based on the minimal impact of the recent rate increase and the strength of the holiday market, my guess is that 2016 will be another very strong year for Bay Area real estate. The market is starved for listings, so if you've been thinking about selling, now is the time to start planning and preparing so you can take full advantage of the current surplus of ready and able buyers. Contact me today to make the most of the market.

How much did that house sell for?

The volume of closings are down for the week with 36% selling for more than $100k over asking price. In the next couple weeks you can expect similarly reduced closings as we head into the new year anticipating new inventory.

The spring market is the time when new inventory bursts on the market, when the flowers are blooming, the skies are more blue than grey, and the market is primed and ready for movement. This used to happen in late February or early March, however in 2015 we saw the "spring" market begin in late January. I don't think we'll have to wait even that long to see an influx of inventory hit the market in 2016.

As I've mentioned in previous posts, this holiday season has been unseasonably hot with copious buyers competing for dwindling inventory. Those buyers will still be here come spring, in addition to those who sat out the holidays.

If you're thinking about moving in 2016, now is the time to get started making that happen. Don't wait. They say luck is where preparation meets opportunity, set yourself up for a lucky 2016 by calling me now to get your ball rolling before the ball drops for new year's.

How much did that house sell for?

Just Sold! Home for the Holidays

Open House List for Tomorrow, Sunday, September 27

Open House List - Today, Saturday, September 26th