I’ve Found New Home. Now It’s Your Turn… April 18, 2008

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For Sale By Owner Homes in Davis, CA … Things to Think About March 20, 2008

Do you really need a Realtor to help you sell your home?

The short answer, of course, is no.

Certainly one can buy a “for sale by owner” sign and hope for the best. And, nowadays a good “Dummies” book from the library will have all the necessary paperwork you need in the State of California. And, if you’re really clever, it should only take you a few days to figure these out.

However,  a real estate agent can help you understand everything you need to know about the home selling process. And a good one can translate it into language that actually sounds like plain English.

Real estate transactions are one of the biggest financial dealings of most people’s lifetime. Today, most home sales in Davis, CA usually exceed $450,000.

If you had a $450,000 income tax problem, would you attempt to deal with it without the help of a certified professional accountant? If you had a $450,000 legal question, would you deal with it without the help of an attorney? Considering the small upside cost and the large downside risk, it would be wise to work with a professional when you are selling a home.

If you’re still not convinced of the value of a real estate agent, here are more reasons to use one:  

Think About It

• When selling your home, your REALTOR can give you up-to-date information on what is happening in the marketplace as well as the price, financing, terms and condition of competing properties. These are key factors in getting your property sold at the best price, quickly and with minimum hassle.
  
• A good Realtor is also an objective observer. She can recommend repairs or cosmetic work that will significantly enhance the saleability of your property.
  
• Your realtor markets your property to other real estate agents and the public. In many markets across the country, over half of real estate sales are cooperative sales; that is, a real estate agent other than yours brings in the buyer.
  Your agent acts as the marketing coordinator, distributing information about your property to other real estate agents through a Multiple Listing Service (MLS) or other cooperative marketing networks, open houses for agents, etc.  While you, most likely have another full time job.
  
• Your realtor will know when, where and how to advertise your property. There is a misconception that advertising sells real estate. NAR studies show that 82% of real estate sales are the result of agent contacts through previous clients, referrals, friends, family and personal contacts. This is especially true of Coldwell Banker agents in Davis.
  
• It’s one thing to get into escrow… it’s altogether another matter to get that escrow closed. During the course of escrow issues may arise. For example, unexpected repairs might be required to obtain financing or a title problem is discovered. The required paperwork alone is overwhelming for most sellers. But a good real estate agent is the best person to objectively help you resolve these issues and move the transaction to closing.  

If you, or someone you know is considering selling a property on their own, call me, Carmen Isais, first. I can offer an objective opinion as to what that properties pitfalls might be. At the very least you are left you are left with a little extra knowledge. And information is never a bad thing. Hope to hear from you! 530.601.1003.

Five Ways to Save Money to Buy a Home March 20, 2008

Posted by Carmen Isais 

1. I know everyone suggests it… now is the time to do it. Set aside a fixed amount every month  from your paycheck. If you know you’re the type to be easily tempted, have your employment automatically deduct a certain percentage from your paycheck and have it deposited in a separate account. Use a special interest-bearing savings account to buy a home. Choose an account where withdrawals  are minimally allowed. But take note of the interest rate! Calculate your interest earnings beforehand.
   
2. Declutter your home and garage. Why? When you make room in your life for those things you want, you tend to find out what it is you really need. Moving out your old belongings helps to put things in perspective.  Getting rid of that old bread-maker machinethat was used just twice might stop you from purchasing the food dehydrator that will sit and collect dust. If you have the urge to shop, take that money you would have spent and put it in your bank account. At the end of the month, take a look at the balance and then decide whether or not to make the purchase.

3. Dine in. Yes, yes…. you deserve a night out. But, more than that you deserve a financial future worth having. Home ownership is always a step in the right direction. Cutting down on controllable extras, such as eating out, entertainment and gifts, can put more than a few pennies in you piggy bank.
4. Pay down your credit cards. Not only will lowering your income to debt ratio help your credit score, it will also allow you to save that money you would have spent on interest.
5. Tell a friend. And tell family too. Tell anyone who will listen that you are saving up to buy a home. Not only could the have good advice to share, you might end up with a down-payment gift for Christmas instead of fruitcake.

Conforming Jumbo Rates, Something to Think About March 14, 2008

Posted by Carmen Isais
Written by Steve Goldstein

First Northern is a direct Freddie lender meaning we have a direct channel for information on the new Conforming Jumbo programs – in fact we have multiple channels due to our correspondent relationships with other Freddie and Fannie lenders. Some brokers may not have full access to rates and pricing yet, but here at FNB we’re ready to do business with you. Now.
Following are today’s rates for 30yr fixed rates loans:

•  
• Owner-occupied: 6.875%, to 85% LTV with PMI + 700 fico, to 70% with 660 fico.
• Investment: 7.375%, to 55% LTV with 660 fico.
  (APR varies. 5yr, 15yr and interest-only terms also available.)

Remember, with a loan at the new Conforming Jumbo limit:  20% down payment + $580,000 loan = $725,000 purchase price.

Spring is here, let’s get the party started.

Steve Goldstein

Licensed Mortgage Specialist
530-297-3909
First Northern Bank — Real Estate Lending Department
624 2nd Street  (next to the historic Varsity Theater)
Davis, CA  95616

What Good Therapists and Great Realtors Have in Common March 11, 2008

Posted by Carmen Isais

Recently I received a call from a close friend who was having what he called a “dysfunctional relationship” with his therapist. After listening to the details I was amazed at how unprofessional some of the therapist’s conduct was… not just as a practitioner in the mental health field, but as a business owner, which is essentially what any independent contractor is.

It occurred to me then, that the fatal mistakes my friend’s therapist was making were the same blunders I’ve seen made by those in my own field. And following that logic, the makings of a good therapist were probably the same qualities a great agent should possess. So, both when head shrinking and house hunting, here’s a short list of things to look for, or more specifically, what good therapists and great realtors have in common.

They’re good listeners.
Seems like a given, perhaps, but not listening ears are created equal. Certainly, just about anyone can develop a knack for seeming interested in a conversation, but are they really engaged enough to pick up on small details? It is in the small details that you most learn about your client’s the needs and wants. Oftentimes, clients aren’t exactly sure what they are looking for, but a good listener can hone in on key pieces of information and, like a jigsaw, piece together a picture for them that makes sense and is recognizable.
They are empathetic.
Not all moves are easy to make. Death, illness, job-loss and divorce are realities of life. Sometimes individuals in these situations are highly motivated to move forward. But, more often than not people are depleted of energy, stuck in the ugliness of that moment’s reality, or overcome with grief. Working with families under these circumstances can be a lot to take on and requires not just patience but understanding.

They are looking out for your best interest. No, I mean really looking out for your best interest.
Simply put, good professionals in any field are honest and must always put their client’s best interest before their own. Example: Just as a therapist is unlikely to treat one member of a couple in conjunction to the couple as a whole, in marriage counseling, so too should Realtors be careful not to “double end” both sides of a transaction. What is good for the couple, might not be good for the individual. What is good for the buyer is not always good seller and vice versa. There might be expections to the rule… but I’m not convinced.
They know how to set boundaries.
Easier said than done. But really, the job of both therapists and Realtors is to give information and empower, but ultimately allow and encourage their clients to make the best choices possible for themselves. I think in both professions one must resist the instinct to rush in as a caretaker. I know in my line of work at least, I have had to say, “that is outside the job description.” Knowing when to say “no” is not always a natural talent. But, developing this gift is necessary for longevity. A burned out caretaker is useless.  And besides, if a professional can’t negotiate his or her own time and interest, how will they possibly be able to handle yours?

What exactly is a short sale. And do we have many short sales in Davis, California? February 27, 2008

Posted by Carmen Isais

A short sale is, simply put, the sale of a home where the proceeds of the sale are less than the amount still owed on the house. Say a home has a fair market value of $400,000, but the amount owed on the property is $475,000…. should that house go to market the current owners wouldn’t receive enough money from the sale of the home to cover the indebtedness and would therefore be “short” the cash to pay the bank.But, what about Davis short sales? Where are they?By large, the short sales and foreclosed properties we have in Yolo county are predominately in the cities of Woodland and West Sacramento. Why this is, is perhaps a matter for debate. In general I can safely say it boils down to resources, both financial and otherwise. I have out of state clients, for instance, who purchased Davis property less than three years ago when the California real estate market was at an all time high. This home was purchased for a child who attends U.C. Davis, but now he has graduated and has moved to Oregon. The Davis home is now vacant and they want to sell. The home was originally purchased for almost $600,000. But, today the property might only resell in the high $400,000.

I break this news to them, and while they are disappointed, they decide to wait. Why? Simply put, they can afford to. The cost to them and their credit outweighs the financial burden of carry two mortgages. This sort of luxury is not very common and in any other case they family would be forced to sell via a short sale.

Now, the above is hardly a thorough explanation of what is happening in the Northern California short sale market, but instead serves as an example of why Davis real estate investing is different.

Do we see short sales in Davis? Yes, in any market short sales and foreclosures occur everywhere. But, due to the very small numbers of these type home sales in Davis, we are unlikely to see Davis home auctions and the like. In real numbers, there were a total of 13 short sales and foreclosed property for sale in Davis last year.

While notices of defaults due occur more often, these situations are usually quickly remedied by a traditional home sale or by the owner’s outside resources.

I receive weekly updated lists of served notices of defaults in Davis, Woodland, and the surrounding area. If you, or someone you know, is interested in learning more about short sales, foreclosures or NOD’s, don’t hesitate in contacting me directly at 530.601.1003.

Where to Eat – Café Méditerranée February 21, 2008

Posted by Carmen Isais
“I never met a falafel I didn’t like. ”

With time, my dear friends, you will learn that I love to eat. Greek, Chinese, Thai… you name it, I can suggest the restaurant. And as luck would have it I happily sell real estate in the city of Davis, CA where there are good meals a-plenty.

Want to go Greek? Try the quite Café Méditerranée on D street between first and second. Even if you’re just looking for a quick snack you won’t go wrong. My favorite here? Can you say, “Lemon Cake?”

Café Méditerranée
113 D Street
Davis, CA
530. 759.7007

The Grass is Always Greener? February 16, 2008

 Posted by Carmen Isais

While our neighbors in Woodland, and West Sacramento have not been as fortunate, the Davis real estate market has yet to see many foreclosures. Last year, nearby areas saw REOs in the hundreds, but Davis had a whopping 13 REO’s and short sales combined in 2007. Why the Davis real estate market is different is the topic of another blog entry.

Today,  I’m more interested in this curious new small business that, due to the large number of vacant, bank owned properties is ever in demand– Grass Painting.

Banks aren’t in the business of property management. The homes owned by them are usually managed by the Realtors who have them listed. And while I have been known to clean up a clients yard prior to listing, regular lawn maintenance is not within the scope of in this realtor’s job description.

For a fee of $200 to $700, Always Green Grass Painting Service in Sacramento will visit your home or business and put the green back into your turf. The company states that the paint used is non-toxic and environmentally friendly.

Or for you do-it-yourself types there is GrassBGreen, that sells all the supplies you need to give your lawn the makeover that will turn your neighbors green with envy. Sorry, I couldn’t help myself.

Top Ten Reasons to Call Yolo County Country Living, “Home”. February 6, 2008

Posted by Carmen Isais 

This top ten list came across my desk from the good people at Realtor Magazine, and I thought it odd that California country living wouldn’t have at least made favorable mention.

According to the Progressive Farmer, the top 10 best places to live in rural America are:

1. Kent County, Md.  Sales of development rights keep sprawl at bay
2. Ellis County, Kan.  A coalition has revitalized economic vitality.
3. Livingston County, Mo.  Emphasis on regional marketing has made the area more  livable.
4. Obion County, Tenn.  Agriculture and industry have formed a great partnership.
5. Columbia County, Pa.  Located near New York, New Jersey, and Philadelphia, this area has focused on preserving farming for generations.
6. Wexford County, Mich.  Christmas tree production and tourism has overtaken lumber and general farming to help this area flourish.
7. Fayette County, Texas.  This area remains prime cattle ranching country.
8. Coffee County, Ala.  Between boll weevils and tornados, this territory has been tested and comes out a winner.
9. Gilchrist County, Fla. This area is hard-pressed by sprawl, but its land restrictions have so far kept out developers.
10. La Plata County, Colo.  This county has successfully educated urban locals about the importance of locally grown food.

Boll wevils and tornadoes?  If lack of infestation and catastrophic weather make up the criteria for good country living, then sorry Coffee County, Alabama… I hope you have something else going for you.

Speaking locally, here are my top ten reasons to buy and live in Yolo county country property.

1. Full Belly Farm: From CSA produce boxes to hoe downs, this Certified Organic farm located in Guinda and has a lot to offer.
2. U.C. Davis University: With extension centers, learning exchanges and an annual and Picnic Day, this university extends learning opportunities to the community at large.
3.  Yolo County Airport: Small planes can go from here to south of the border. How fantastic is that?
4. Davis Bike Club: For all you riders out there.
5.  Yolo Wool Mill: For those of you who, like me, rather stay home and knit than ride… aside from processing wool, the Yolo Wool Mill sells yarn and wool directly to the public.
6. The Woodland Opera House: Community Theater on a historic stage.
7. The Mondavi Center: Top of the line performing arts center. Save yourself a trip to San Francisco and enjoy.
8. Yolo County Wineries: Yes, we have them!  Why travel to Napa when you can indulge at home?
9. Cache Creek Lavender Festival:A celebration of all thing lavender.
10. Whole Earth Festival: Held at U.C. Davis, a weekend of music, progressive info and tons of tie-dye. Try and top that Coffee County, Alabama.

Roe Building Open House February 1, 2008

Posted by Carmen Isais

After much ado, the good people at the Roe Building are ready to open house.

Mixed-use buildings are becoming more popular in urban areas. Individuals are not only interested in living and working in this concept building, but, developers I am currently working with are also eager to create something unique and dynamic.

So, to take at look at what Urban living looks like at the Roe Building, come visit the open house this Friday evening, Februray 8th from 4:oo-6:00 pm.

Or, if that date doesn’t work for you, call me for a private showing at 530.601.1003.