Category: Berkshire Hathaway HomeServices

Do Your Part To Conserve Water – Lawn Rebate Programs

Do Your Part….

As I drive around looking at all the beautiful listings coming on the market – I can’t help to notice who is and who is not doing their part for the drought.

I know a green lawn is a beautiful thing. But not during the drought. Check out Bay Area Water Supply & Conservation Agency for their “Lawn Be Gone” rebate program. They are offering rebates from $1.00 – $4.00 a SqFt to remove your lawn! Check out the details, rules and restrictions below.

http://bawsca.org/conservation/lawn-be-gone/

And if you’re thinking of selling your home this season, look into drought tolerant plants – now that’s a beautiful thing! Green homes and thoughtful landscaping is always a plus!

Even if you are not a homeowner, we can all do our part. Shorter showers, using gray water to water our plants, collecting rain water (when and if it rains again) and taking the time to turn off the faucet when washing dishes or brushing our teeth helps. Each drop counts. So please – do you part.

(PS . Check online for other county and city rebate programs going on now!)

Remember to follow our Blog at: https://therealestatebeat.wordpress.com/

Got Questions? – The Caton Team is here to help.  

Email Sabrina & Susan at: Info@TheCatonTeam.com

Call us at: 650-568-5522

Want Real Estate Info on the Go? Download our FREE Real Estate App:  http://thecatonteam.com/mobileapp

Visit our Website at:   http://thecatonteam.com/

VISIT OUR INSTAGRAM PAGE: http://instagram.com/thecatonteam

Visit us on Facebook:   http://www.facebook.com/pages/Sabrina-Susan-The-Caton-Team-Realtors/294970377834

Yelp us at: http://www.yelp.com/biz/the-caton-team-realtors-sabrina-caton-and-susan-caton-redwood-city

Or Yelp me: http://www.yelp.com/user_details_thanx?userid=gpbsls-_RLpPiE9bv3Zygw

Connect with us professionally at LinkedIn: http://www.linkedin.com/profile/view?id=6588013&trk=tab_pro

Please enjoy my personal journey through homeownership at:

http://ajourneythroughhomeownership.wordpress.com

Thanks for reading – Sabrina

The Caton Team – Susan & Sabrina – A Family of Realtors

Berkshire Hathaway HomeServices – Drysdale Properties

Sabrina BRE# 01413526 / Susan BRE #01238225 / Team BRE# 70000218/ Office BRE #01499008

How to Lose a Bidding War (but Also How to Win One)

As much as I enjoy writing blog content – I enjoy sharing articles that are well written and pertinent. Please enjoy this article – and I’ve added my two cents in

italics.

How to Lose a Bidding War (but Also How to Win One)

It’s prime home buying and selling season, and if you’re looking to buy in an area with low inventory and high demand, you’re probably going to run face-first into a bidding war. After the housing crunch of 2008, they certainly went away for a while, but now a recent study has found bidding wars are back in force.

 

So here’s the question for buyers: Do you know how to handle a bidding war, or are you going to let that dream home get away? Here are all the things you can do wrong—so you know how to do it right.

 

Fail to realize you’re in a bidding war

 

A surefire way to lose a bidding war is to not realize there’s going to be one. So, how do you know?

First thing’s first: Know where you’re shopping. If you’re in one of the following markets—some of the hottest in the country, viewed two to seven times more often on our site than the national average—chances are, there’s going to be a bidding war:

Even if you’re not in one of those regions, the housing market remains tight nationwide (too many buyers, not enough inventory). So, observe your surroundings. How many people are at the open house?

“If it feels as though you’re at Grand Central Station at rush hour, chances are there will be a multiple-offers situation,” says Victoria Vinokur, an estate broker at Halstead Property in New York City.

Finally, if you’ve made an offer and your agent tells you they’ve heard of higher bids, “you now know you have competition,” says Susan MacDonald of Daniel Gale Sotheby’s International Realty in Garden City, NY.

 

On the San Francisco Bay Area – we are experience a severe housing shortage coupled with high demand. You can bet your bottom dollar if you are trying to buy property right now – you will be up against multiple offers.

Be completely disorganized 

Sellers want your offer to come in a crisp, easy-to-read package, not in a mis-autocorrected Snapchat. When you know you’re in a bidding war, says Vinokur, get answers to these questions:

  • Is there a deadline to submit offers?
  • Is there a specific offer format the seller wants to see?
  • Are there any other factors that might be important to the seller? Do he want a quick closing or a delayed one? Noncontingent financing offers? Does the seller want to stay in or rent the home until he can find another home (also known as a rent-back agreement)?

 

Now this is where The Caton Team comes in. We are proactive Realtors. So once a client tells us they are interested in a property – we pick up the phone and call the Sellers Agent. I ask the above questions and more. When possible, I get the disclosure package so my buyers can read them before we write an offer and therefore write a stronger offer knowing the condition of the property. Price is important – do not get me wrong – however a great offers encompasses more than just price. So The Caton Team makes sure to find out the sellers’ needs and wants and how our clients can fulfill them and find a happy medium.

Not asking these questions is a good way to get your offer rejected. You also want to know what the seller is looking for and if it lines up with what you’re willing to do.

“Have a clean, correct, and easily legible offer packet, with a pre-approval letter or proof of funds,” said Sepehr Niakin, a broker who owns CondoBlackBook.com in Miami. Add a cover letter, and don’t be afraid to get personal.

“Write a letter to the owners stating why you love the home,” Vinokur said. Make no mistake: This should not be a lighthearted letter—it should be well-written and sincere.

An effective cover letter should include these things:

  • An introduction complimenting the seller’s property
  • A second paragraph describing what you’re like—your job (a good one, we hope!), your family, your interests.
  • The third paragraph should describe how you envision your future in the property. For example: “We hope you will accept us—we would love to raise our kids here.”

 

We call the Offer Letter part of our Home Buyer toolbox. And ask each buyer to write on for each home they offer on. The power of a personal letter can move mountains and sometimes make the difference between an accepted offer or an overlooked one.

Part of each offer we present, The Caton Team always ensures the offer is well written, properly completed (after all it is a legally binding contact), pre-approval letter, proof of funds and a letter from the buyer along with a letter from The Caton team is attached. When at all possible we present the offer directly to the Seller and their Realtor. However, these days most offers are emailed in – so we also write an email letter outlining the offer and our clients strengths.

 

Make a lowball offer that doesn’t stand out 

 

In a hot market, don’t lowball to see if the seller will entertain your offer (that’s for the off-season). When crafting your bid, make it a strong figure—and make it a number that might stand out.

“Most offers will be in round numbers, so stand out by going to the next highest number with a 1 or a 6 at the end of it,” says Brian Horan, a broker with Home Buyers Marketing II in Los Angeles.

 

A lowball offer in this market screams one thing – the buyer is not serious, not working in reality and is wasting everyone’s time (ok that’s three things – but you get my point). The Caton Team will prepare a Comparative Market Analysis before we write the offer – so our buying clients can write their strongest offer and know what to expect.

 

Don’t sweeten the pot

 

When you’re competing with multiple offers, you have to come prepared. If you can pay with cash, that’s a huge plus—our experts agree it’s one of the best ways to win. But not everyone can do that. Get pre-approved so the seller knows you’re serious. If that’s not enough, sweeten the pot.

“Pay with cash if possible; if not, consider increasing the amount of your down payment,” said Sharon Voss, president of the Orlando Regional Realtor® Association.

You can also put down some substantial earnest money—“1% or greater,” says Lera Lasater Lee, a Realtor® with Briggs Freeman Sotheby’s International Realty in Dallas.

If you’re still dead-set on getting that home, you can also offer to pay the seller’s closing costs.

 

Cash is king – but not all of us have cash. Don’t let this sway you. A well-written offer, with a solid down payment, strong / competitive terms and supporting documentation is hard pressed to be overlooked. If you can swing more than 20% down, this will set you apart. And we always encourage our buyers to write a 3% earnest money deposit (the maximum protected in the contract).  Offering to pay the closings costs helps too – and part of those fees are possible tax write-offs.  Not bad..

 

Lose sight of your limits

 

It’s a fine line to walk, though––sweetening the pot can be helpful, but be careful not to get caught up in a buying frenzy. If you overpay for the house, did you really win? Take a step back and figure out a limit on how much you want to pay for that property.

You can go about this in two ways:

  • Make your best offer upfront, pre-emptively assuming you won’t have a chance to make another, Voss says.
  • Go with an escalation clause, which details how much you’re willing to outbid another offer up to a certain limit, says Niakin. For example, you make an offer of $400,000 with a cap of $425,000, offering to outbid the last bidder by $5,000 increments until it reaches $425,000. (You’ll also want to get a lawyer to word the clause correctly.)

“This is only recommended if the buyer really wants the property and is willing to lay all their cards on a table when they know there will be multiple, very motivated buyers making offers,” Niakin said.

 

It is very important for a buyer to know their financial life before they start the buying process. Just because the bank has approved your for X – doesn’t mean X fits your lifestyle. So each buyer needs a budget and needs to know their maximum comfort level. 

Rarely is a buyer going to get a second chance in this market. So writing your best offer, with no chance of a counter is the best mindset. In regards to the escalation clause – we’ve seen this, we’ve done this – but always with a Real Estate attorney present. In Realtor jargon – these are known as sharp offers.

Put in a bid, then skip town

Now is not the time to head to the Bahamas. If you really want that home, you should stick around until you know whether your offer fell through or was accepted.

“Don’t go out of town or be otherwise inaccessible to your Realtor during a bidding war,” says Voss. “Be prepared to make decisions very quickly and respond very quickly to questions about your offer.”

 

If you are planning a vacation – let your Realtor know when and then plan on stepping out of the buyer ring until you return. There is very little time in the midst of real estate negotiations and you could lose out on a home if you are not available to respond quickly.

 

Drag your feet to the closing

 

Sellers like to close fast. When you’re in a multiple-offer situation, it’s best to make an offer with few contingencies. That can mean forgoing repairs or added appliances and furniture.

An appraisal contingency is debatable if you’re paying with cash—if you really know your area and are confident it will appraise right, you might decide to waive it—but be sure to ask your agent. One thing you don’t want to do is skip the inspection contingency.

No matter what, be quick about it.

“Tighten up your timelines,” Niakin said. “Instead of 15 days, make it seven or 10 days. If you run into some issue, you can always ask for an extension later.”

 

Thankfully most sellers in the San Francisco Bay Area provide upfront disclosures packages that include a recent Home, Pest and Roof Inspection. In our market, we are seeing no contingencies. Which can be scary – but note – no property contingency doesn’t mean you cannot have your own inspections – you can!  However they are not contingent to the sale. Unless new material information is discovered (IE. Previously undisclosed defects arise.  You do have an opportunity to discuss this with the seller and have a short time frame to do so.)  Sound scary? That is why The Caton Team is by your side each step of the way. We will provide the disclosures to you, answer your questions and advise you how to tackle each offer.  Each home presents its own opportunities and issues – so each situation is different.  

Lose your sense of perspective 

 

Above all else, keep a clear head.

“Don’t be emotional; set a threshold price and don’t be upset if you lose,” Vinokur said.

“Get your ducks in a row before entering the home purchase process,” Lee echoed. “Don’t be afraid to walk away.”

 

This article had great advice that I do follow with my own clients. We always say – offer your best price and if you do not get the house – you know they other fella paid too much!

If you have any real estate questions or concerns or would like to share your two cents please feel free to email us, or comment below.

 

I read this article at: http://www.realtor.com/advice/how-to-win-a-bidding-war-on-your-dream-house/?identityID=9851214&MID=2015_0403_WeeklyNL&RID=353497822&cid=eml-2015-0403-WeeklyNL-blog_1_lose_bidding_war-RDC_buy

Remember to follow our Blog at: https://therealestatebeat.wordpress.com/

Got Questions? – The Caton Team is here to help.  

Email Sabrina & Susan at: Info@TheCatonTeam.com

Call us at: 650-568-5522

Want Real Estate Info on the Go? Download our FREE Real Estate App:  http://thecatonteam.com/mobileapp

Visit our Website at:   http://thecatonteam.com/

VISIT OUR INSTAGRAM PAGE: http://instagram.com/thecatonteam

Visit us on Facebook:   http://www.facebook.com/pages/Sabrina-Susan-The-Caton-Team-Realtors/294970377834

Yelp us at: http://www.yelp.com/biz/the-caton-team-realtors-sabrina-caton-and-susan-caton-redwood-city

Or Yelp me: http://www.yelp.com/user_details_thanx?userid=gpbsls-_RLpPiE9bv3Zygw

Connect with us professionally at LinkedIn: http://www.linkedin.com/profile/view?id=6588013&trk=tab_pro

Please enjoy my personal journey through homeownership at:

http://ajourneythroughhomeownership.wordpress.com

 

Thanks for reading – Sabrina

The Caton Team – Susan & Sabrina – A Family of Realtors

Berkshire Hathaway HomeServices – Drysdale Properties

Sabrina BRE# 01413526 / Susan BRE #01238225 / Team BRE# 70000218/ Office BRE #01499008

 

FHA mortgage insurance premiums – going down

Earlier this year, President Obama announced that HUD will lower its FHA mortgage insurance premiums by 50 basis points, from 1.35 percent to .85 percent, effective Jan. 26.  This move will make it easier for hundreds of thousands of home buyers to get a mortgage and provide greater access to homeownership for historically underserved groups and credit-worthy families.  On a $300,000 loan, that could mean a savings of $1,500 a year.

 

The annual mortgage insurance premium for most FHA transactions has been reduced. What does this mean for you?

· Monthly savings: borrowers can purchase a home with the lowest possible total monthly mortgage payment. For those with an LTV greater than 95% or high credit scores, FHA financing will provide a lower total monthly mortgage payment than conventional loans with private mortgage insurance.

· Repeat homebuyers are eligible for high LTV financing: conventional loans with private mortgage insurance restrict LTVs greater than 95% to first-time homebuyers. Alternatively, FHA financing is available for first-time homebuyers and repeat principal-residence purchasers with LTVs up to 96.5%.

· Qualify more buyers : A lower total monthly mortgage payment results in a lower DTI ratio, potentially allowing more borrowers to qualify for mortgage financing.

· Afford more home: You may be able to purchase a more expensive property without increasing their total monthly mortgage payment.

· Refinance savings: Clients who have recently purchased a home with FHA financing may be eligible to refinance their mortgage and lower their total monthly mortgage payment for immediate savings.

 

This is great news for homebuyers!   Call us for more information!

 

Remember to follow our Blog at: https://therealestatebeat.wordpress.com/

Got Questions? – The Caton Team is here to help.  

Email Sabrina & Susan at: Info@TheCatonTeam.com

Call us at: 650-568-5522

Want Real Estate Info on the Go? Download our FREE Real Estate App:  http://thecatonteam.com/mobileapp

Visit our Website at:   http://thecatonteam.com/

VISIT OUR NEW INSTAGRAM PAGE: http://instagram.com/thecatonteam

Visit us on Facebook:   http://www.facebook.com/pages/Sabrina-Susan-The-Caton-Team-Realtors/294970377834

Yelp us at: http://www.yelp.com/biz/the-caton-team-realtors-sabrina-caton-and-susan-caton-redwood-city

Or Yelp me: http://www.yelp.com/user_details_thanx?userid=gpbsls-_RLpPiE9bv3Zygw

Connect with us professionally at LinkedIn: http://www.linkedin.com/profile/view?id=6588013&trk=tab_pro

Please enjoy my personal journey through homeownership at:

http://ajourneythroughhomeownership.wordpress.com

Thanks for reading – Sabrina

The Caton Team – Susan & Sabrina – A Family of Realtors

Berkshire Hathaway HomeServices – Drysdale Properties

Sabrina BRE# 01413526 / Susan BRE #01238225 / Team BRE# 70000218/ Office BRE #01499008

 

California Homebuyer’s Rejoice as Mortgage Rates Continue to Drop

California Homebuyer’s Rejoice as Mortgage Rates Continue to Drop in February

 

Though many experts once predicted mortgage rates around 5% at the beginning of 2015, these forecasts have once again been defied this month. Thanks to concerns over slowing foreign economies, among other economic factors, mortgage rates have continued to drop – an encouraging change for buyers and the newest indication that business will continue to blossom in 2015.

According to the latest report from Freddie Mac, the average fixed rate on a 30-year loan dropped to 3.58% in the first week of February, marking the first time since May 23, 2013 that the average rate for a 30-year fixed loan reached below 3.6%.

Similarly, the fixed rate on a 15-year loan dropped to 2.92% – down from 2.98% the week before. Likewise, the starting rate on a hybrid loan – those that become adjustable after five years – dropped the same week.

While mortgage rates have reached their lowest point in over 20 months, it should be noted that these rates are far below their historic levels. In February of 1982, for example, rates were as high as 17.6% for a 30-year fixed loan, according to Freddie Mac. In February 2007 – the beginning of the subprime mortgage meltdown – the average rate on a 30-year fixed loan was at 6.29%

According to Len Keifer, Freddie Mac’s Chief Economist, buyers or those trying to refinance their home need not worry about rates rapidly increasing, as recent economic reports have indicated the economy is still not strong enough to trigger inflation.

“Pending home sales were weaker than expected,” he said. “Moreover, real [economic] growth for the fourth quarter was 2.6% and the Institute for Supply Management reported slower growth in manufacturing last month, both missing market consensus forecasts.”

I read this article at: http://re-insider.com/2015/02/12/california-homebuyers-rejoice-as-mortgage-rates-continue-to-drop-in-february/

Remember to follow our Blog at: https://therealestatebeat.wordpress.com/

Got Questions? – The Caton Team is here to help.  

Email Sabrina & Susan at: Info@TheCatonTeam.com

Call us at: 650-568-5522

Want Real Estate Info on the Go? Download our FREE Real Estate App:  http://thecatonteam.com/mobileapp

Visit our Website at:   http://thecatonteam.com/

VISIT OUR NEW INSTAGRAM PAGE: http://instagram.com/thecatonteam

Visit us on Facebook:   http://www.facebook.com/pages/Sabrina-Susan-The-Caton-Team-Realtors/294970377834

Yelp us at: http://www.yelp.com/biz/the-caton-team-realtors-sabrina-caton-and-susan-caton-redwood-city

Or Yelp me: http://www.yelp.com/user_details_thanx?userid=gpbsls-_RLpPiE9bv3Zygw

Connect with us professionally at LinkedIn: http://www.linkedin.com/profile/view?id=6588013&trk=tab_pro

Please enjoy my personal journey through homeownership at:

http://ajourneythroughhomeownership.wordpress.com

 

Thanks for reading – Sabrina

The Caton Team – Susan & Sabrina – A Family of Realtors

Berkshire Hathaway HomeServices – Drysdale Properties

Sabrina BRE# 01413526 / Susan BRE #01238225 / Team BRE# 70000218/ Office BRE #01499008

 

 

Economic Momentum Drives Consumers’ Optimism Toward Housing Market

Though I am posting this article in March – I am sitting here reading it in February and I have to say I more than agree.  The holiday season is always a slow time of the market – however this January I was surprised at the volume of buyers out there house hunting and in droves!  Our listings all received multiples offers and sold for well over list price.  The open houses in January were packed and they have’t slowed down through February either.  I don’t expect demand to slow down in the Bay Area through the Spring.  So if you are thinking about buying Real Estate this year – give us a call or an email so we can educate you on what it takes to buy on the San Francisco Peninsula.  If you are thinking of selling your home this year – call us ASAP to be ready to take advantage of the best time to come on the market. – Sabrina 650-568-5522 /sabrina_caton@yahoo.com

 

Economic Momentum Drives Consumers’ Optimism Toward Housing Market

Author: Tory Barringer

After suffering a setback in December, American attitudes toward the housing market recovered last month, with more consumers saying it is a good time to get off the sidelines.

Sixty-seven percent of American adults responding to Fannie Mae’s January National Housing Survey said now is a good time to buy a home, the company reported Monday, while 44 percent said now is a good time to sell. Both figures are up from December, when positive responses were at 64 percent and 40 percent, respectively.

Doug Duncan, SVP and chief economist at Fannie Mae, said the country’s current economic momentum played a role in January’s more upbeat views of the housing market.

“Consumers are as positive about their personal finances at the start of 2015 as they have been since we launched the National Housing Survey in 2010, and this optimism seems to be spilling over into housing market attitudes,” Duncan said. “Consumers are more optimistic about the environment both for buying and for selling a home today, and the share who plan to own on their next move has jumped back up, reversing a three-month trend toward renting.”

The share of respondents in Fannie Mae’s survey who said their household income is “significantly higher” than it was a year ago climbed 4 percentage points to a survey high of 29 percent, the company reported. Looking ahead, 48 percent said they expect their finances to improve in the next year, also a survey high.

Overall, 44 percent of Americans said they believe the economy is on the right track, an increase of 3 percentage points and only five points less than those saying the economy is headed the wrong way (49 percent).

That optimism spurred 66 percent of those surveyed to say they would buy a home if they had to move, a jump from 61 percent at the end of 2014. The share of those who would rent, meanwhile, slipped after three months of gains, falling to 29 percent.

“Overall, these are good signs to start off 2015 and are consistent with our expectation that strengthening employment and economic activity will boost the speed of the housing recovery,” Duncan said.

 

I read this article at: http://dsnews.com/news/02-09-2015/economic-momentum-drives-consumers-optimism-toward-housing-market?utm_source=DS+Weekly&utm_campaign=a98b7ac983-DS_Weekly&utm_medium=email&utm_term=0_cc3ebd2b74-a98b7ac983-175410313

Remember to follow our Blog at: https://therealestatebeat.wordpress.com/

Got Questions? – The Caton Team is here to help.  

Email Sabrina & Susan at: Info@TheCatonTeam.com

Call us at: 650-568-5522

Want Real Estate Info on the Go? Download our FREE Real Estate App:  http://thecatonteam.com/mobileapp

Visit our Website at:   http://thecatonteam.com/

VISIT OUR NEW INSTAGRAM PAGE: http://instagram.com/thecatonteam

Visit us on Facebook:   http://www.facebook.com/pages/Sabrina-Susan-The-Caton-Team-Realtors/294970377834

Yelp us at: http://www.yelp.com/biz/the-caton-team-realtors-sabrina-caton-and-susan-caton-redwood-city

Or Yelp me: http://www.yelp.com/user_details_thanx?userid=gpbsls-_RLpPiE9bv3Zygw

Connect with us professionally at LinkedIn: http://www.linkedin.com/profile/view?id=6588013&trk=tab_pro

Please enjoy my personal journey through homeownership at:

http://ajourneythroughhomeownership.wordpress.com

Thanks for reading – Sabrina

The Caton Team – Susan & Sabrina – A Family of Realtors

Berkshire Hathaway HomeServices – Drysdale Properties

Sabrina BRE# 01413526 / Susan BRE #01238225 / Team BRE# 70000218/ Office BRE #01499008

 

Home Sales Off to a Bumpy Start in 2015

Home Sales Off to a Bumpy Start in 2015

DAILY REAL ESTATE NEWS |

Existing-home sales dropped in January to the lowest rate in nine months, according to the National Association of REALTORS®’ latest housing report. All regions across the country saw declines in sales in January, with the Northeast and West posting the largest losses.

Still, the pace of sales was higher than a year ago – at a 4.82 million seasonally adjusted annual rate remains up 3.2 percent compared to a year ago.

“January housing data can be volatile because of seasonal influences, but low housing supply and the ongoing rise in home prices above the pace of inflation appeared to slow sales, despite interest rates remaining near historic lows,” says Lawrence Yun, NAR’s chief economist. “REALTORS® are reporting that low rates are attracting potential buyers, but the lack of new and affordable listings is leading some to delay decisions.”

5 Stats to Gauge the Market

Here’s a closer look at where the housing market stands, based on NAR’s existing-home sales report for January.

  1. Inventory: Total housing inventory at the end of January rose 0.5 percent to 1.87 million existing homes available but sale. Unsold inventory is at a 4.7-month supply at the current sales pace.
  2. Home prices: The median existing-home price for all housing types was $199,600 – 6.2 percent above year ago levels. “Although sales cooled in January, home prices continued solid year-over-year growth,” Yun notes. “The labor market and economy are markedly improved compared to a year ago, which supports stronger buyer demand. The big test for housing will be the impact on affordability once rates rise.”
  3. Distressed sales: Foreclosures and short sales comprised 11 percent of sales in January, down 15 percent from a year ago. Broken out, 8 percent of sales in January were from foreclosures and 3 percent were short sales. The average discount that a foreclosure sold at was 15 percent below market value, while short sales were discounted, on average, 12 percent.
  4. Days on the market: Properties tended to stay on the market slightly longer in January – 69 days compared to 66 days in December. Short sales remained on the market the longest at a median of 128 days, while foreclosures tended to sell in 63 days. Overall, 30 percent of homes sold in January were on the market for less than a month.
  5. Cash sales: All-cash sales made up 27 percent of transactions in January, down from 33 percent a year ago. Individual investors, who account for the bulk of cash sales, purchased 17 percent of homes in January, below the 20 percent in January 2014.

Regional Breakdown

Here’s a closer look at existing-home sales in January across the country:

  • Northeast: existing-home sales dropped 6 percent to an annual rate of 630,000. Sales are 3.3 percent above a year ago. Median price: $247,800, up 2.7 percent from a year ago
  • Midwest: existing-home sales fell 2.7 percent to an annual level of 1.08 million in January. Sales are still 0.9 percent above January 2014 levels. Median price: $151,300, up 8.2 percent from a year ago
  • South: existing-home sales dropped 4.6 percent to an annual rate of 2.07 million in January, but are still 5.6 percent above year ago levels. Median price: $171,900, up 7.4 percent from a year ago
  • West: existing-home sales fell 7.1 percent to an annual rate of 1.04 million in January, but are still 1 percent above a year ago. Median price: $291,800, up 7.2 percent from a year ago.

 

Allow me to add my 2 cents.  On the San Francisco Peninsula – we are experience a HUGE demand for housing.  We actually are having a housing shortage with the volume of people who work on the peninsula and expect to live on the peninsula.  As a result we have seen rental prices soar through the roof!  I can’t even believe I used to rent a two bedroom apartment in 1996 for under $1000 in SAN CARLOS!  Now – a 2 bedroom apartment is going for close to $2500-$3500 A MONTH!  And the East Bay is rapidly capturing our displaced employees – have you seen the bridges these days during commute hours?  Redwood City is one of the few communities that has actually built housing and they are going for a premium.  So if you want to call San Mateo or Santa Clara County home – it’s best you start saving your money and get into the market sooner than later.  The Caton Team is here to help you every step of the way.  Call or email me anytime.

Sabrina

650.568.5522 or sabrina_caton@yahoo.com

I read this article at: http://realtormag.realtor.org/daily-news/2015/02/24/home-sales-bumpy-start-in-2015?om_rid=AACmlZ&om_mid=_BU7P7wB8-lmizw&om_ntype=RMODaily

Remember to follow our Blog at: https://therealestatebeat.wordpress.com/

Got Questions? – The Caton Team is here to help.  

Email Sabrina & Susan at: Info@TheCatonTeam.com

Call us at: 650-568-5522

Want Real Estate Info on the Go? Download our FREE Real Estate App:  http://thecatonteam.com/mobileapp

Visit our Website at:   http://thecatonteam.com/

VISIT OUR NEW INSTAGRAM PAGE: http://instagram.com/thecatonteam

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Yelp us at: http://www.yelp.com/biz/the-caton-team-realtors-sabrina-caton-and-susan-caton-redwood-city

Or Yelp me: http://www.yelp.com/user_details_thanx?userid=gpbsls-_RLpPiE9bv3Zygw

Connect with us professionally at LinkedIn: http://www.linkedin.com/profile/view?id=6588013&trk=tab_pro

Please enjoy my personal journey through homeownership at:

http://ajourneythroughhomeownership.wordpress.com

Thanks for reading – Sabrina

The Caton Team – Susan & Sabrina – A Family of Realtors

Berkshire Hathaway HomeServices – Drysdale Properties

Sabrina BRE# 01413526 / Susan BRE #01238225 / Team BRE# 70000218/ Office BRE #01499008

 

Why Homebuyers Need to Act Now

Wow – the article below really stuck a chord with me  – as I just heard one of my buyers “wants to wait”.  I cringe when I hear that – because in my 11 years in this business, and Susan’s 16 years – “waiting” has got our clients no where!

Well, let me rephrase that – those who were able to get back into the market after stepping out – ended up spending more money on less house.  Point Blank – end of story.  I kid you not.  Some of them are still looking and it isn’t getting any easier.  Now maybe the few would couldn’t buy before the financial crises did great “waiting” by buying afterwards – but those folks are far and few between and those days are long behind us.  We have exceeded our pre-bust prices – by far!  And with the way our market has fully recovered, with amazing demand we have for housing on the San Francisco Peninsula and the lack of inventory – waiting means paying more money for less house.  And in some cases not even a house – but a condo or townhouse – or nothing at all.

There is a phrase in Real Estate we use.  Don’t wait and buy real estate – buy real estate and wait!  Once you own your home, you will gain equity as the market continues to climb.  Now I know so many buyers, myself included, that would like to see prices come down a bit – for affordability factors.  However, that’s not likely to happen here on the San Francisco Peninsula.  Do you know how many new office spaces are being built or planed to be built here?  I do.  And it is a lot.  And where are these people going to live?  If you want to rent a place these days – get ready to fork over at least $2000 for a one bedroom apartment if not a studio!  And why waste a good $2000 on rent when a person could easily afford a mortgage payment and actually earn some equity so that you can buy a larger house down the road.

The first home you buy will never be perfect, nice enough, or big enough.  But buy investing in a home – since we all need to live somewhere – a buyer will earn equity that will in turn get them into a better home down the road.  In the long run, you earn more money buying and holding real estate than the stock market or that saving account.

It breaks my heart to hear when person looses steam while trying to buy a home.  Our Bay Area real estate market is very competitive.  Always has, always will.  However, The Caton Team knows how to maneuver through it and have had great success with our buyers who take our sage advice, consider the facts, review our numbers and give it their all.

If you have questions regarding buying or selling – we are here to help – call or email me any time.

Sabrina

650-568-5522

sabrina_Caton@yahoo.com

 

Now for the article…

 

Why Homebuyers Need to Act Now

 

DAILY REAL ESTATE NEWS

 

Home buyers need to move fast if they want to spend less, notes Jonathan Smoke, chief economist at realtor.com® in commentary at the site.

“Delayed purchases will only result in higher monthly mortgage payments as prices and rates rise,” Smoke writes. Realtor.com® is forecasting that affordability may decline as much as 10 percent over the year.

The Federal Reserve continues to remind the financial markets that it plans to raise its target federal funds rate this year, which will cause mortgage rates to rise. Many economists are predicting 30-year fixed-rate mortgages to average near 5 percent by the end of the year.

For now, mortgage rates are near historical lows for homebuyers and home owners who can take advantage. Freddie Mac reported last week that the 30-year fixed-rate mortgage averaged 3.66 percent (last year at this time it averaged 4.32 percent), and 15-year fixed-rate mortgages averaged 2.98 percent (a year ago, it averaged 3.40 percent).

“Right now, the Fed is using the word ‘patient’ to describe its approach to picking the time to raise the target rate,” Smoke notes. “However, when the Fed ‘loses patience,’ rates will go up at least 20 to 40 basis points in anticipation of the target rate officially going up. … So, buyers beware: The clock on these low mortgage rates may be ticking.”

Source: “2015: Buy Now, Before the Fed’s Patience Ends,” realtor.com® (Jan. 30, 2015)

 

I read this article at: http://realtormag.realtor.org/daily-news/2015/02/04/why-homebuyers-need-act-now?om_rid=AACmlZ&om_mid=_BU0pLgB8-LaaY2&om_ntype=RMODaily

Remember to follow our Blog at: https://therealestatebeat.wordpress.com/

Got Questions? – The Caton Team is here to help.  

Email Sabrina & Susan at: Info@TheCatonTeam.com

Call us at: 650-568-5522

Want Real Estate Info on the Go? Download our FREE Real Estate App:  http://thecatonteam.com/mobileapp

Visit our Website at:   http://thecatonteam.com/

VISIT OUR NEW INSTAGRAM PAGE: http://instagram.com/thecatonteam

Visit us on Facebook:   http://www.facebook.com/pages/Sabrina-Susan-The-Caton-Team-Realtors/294970377834

Yelp us at: http://www.yelp.com/biz/the-caton-team-realtors-sabrina-caton-and-susan-caton-redwood-city

Or Yelp me: http://www.yelp.com/user_details_thanx?userid=gpbsls-_RLpPiE9bv3Zygw

Connect with us professionally at LinkedIn: http://www.linkedin.com/profile/view?id=6588013&trk=tab_pro

Please enjoy my personal journey through homeownership at:

http://ajourneythroughhomeownership.wordpress.com

Thanks for reading – Sabrina

The Caton Team – Susan & Sabrina – A Family of Realtors

Berkshire Hathaway HomeServices – Drysdale Properties

Sabrina BRE# 01413526 / Susan BRE #01238225 / Team BRE# 70000218/ Office BRE #01499008

 

 

Happy Valentines Day From The Caton Team – a Family of Realtors

The Caton Team wanted to take a moment and wish you all a very Happy Valentines Day!

We love our career as full-time Realtors.  Helping buyers and sellers connect on the San Francisco Peninsula is a dream come true.

So this Valentines Day – spend it with the one you love, spend it with your family and spend your money wisely.  Real Estate is a wonderful investment in the future and much less fattening than chocolate.

Curious if buying or selling is right for you right now?  The Caton Team is happy to sit down with you and discuss your options.  After all, we love what we do.

 

What can the Caton Team do for you?  Call or email us!

 

Remember to follow our Blog at: https://therealestatebeat.wordpress.com/

Got Questions? – The Caton Team is here to help.  

Email Sabrina & Susan at: Info@TheCatonTeam.com

Call us at: 650-568-5522

Want Real Estate Info on the Go? Download our FREE Real Estate App:  http://thecatonteam.com/mobileapp

Visit our Website at:   http://thecatonteam.com/

VISIT OUR NEW INSTAGRAM PAGE: http://instagram.com/thecatonteam

Visit us on Facebook:   http://www.facebook.com/pages/Sabrina-Susan-The-Caton-Team-Realtors/294970377834

Yelp us at: http://www.yelp.com/biz/the-caton-team-realtors-sabrina-caton-and-susan-caton-redwood-city

Or Yelp me: http://www.yelp.com/user_details_thanx?userid=gpbsls-_RLpPiE9bv3Zygw

Connect with us professionally at LinkedIn: http://www.linkedin.com/profile/view?id=6588013&trk=tab_pro

Please enjoy my personal journey through homeownership at:

http://ajourneythroughhomeownership.wordpress.com

Thanks for reading – Sabrina

The Caton Team – Susan & Sabrina – A Family of Realtors

Berkshire Hathaway HomeServices – Drysdale Properties

Sabrina BRE# 01413526 / Susan BRE #01238225 / Team BRE #70000218/ Office BRE #01499008

Are You Better Off Fixing Your Current Home or Buying a New Home?

Are You Better Off Fixing Your Current Home or Buying a New Home?

 

If you are unsure whether to renovate your home or buy a new home – The Caton Team is more than happy to prepare a custom Comparable Market Analysis of your home to determine it’s market value, how much you could sell it for and the cost of selling your home. We would also show you options on where you could buy your next home and the cost of doing so. Because in Real Estate- knowledge is power. And with over 27 years of combined local San Francisco Bay Area real estate experience – let us share our knowledge with you – so you can make the best decision for you and your family. Enjoy this article – Sabrina

 

By Sandy Flores, Broker

Santa Ana College, Community Services Program

There is neither a specific answer nor one size fits all! There are plenty of considerations to review. First of all, your financial ability and market demands are some of the factors to survey before deciding if it’s wiser to find a new dream home or fix your current home.

Before considering renovating your existing home, take an inventory of your home’s physical current condition, and deal with contractors for renovation costs. Major home renovations bring stress, unexpected complications and budget overruns. Depending on the age of your current home, you may also have to jump through additional hoops to meet newer building code requirements.

Purchasing a new home could actually cost you less monthly than renovating your home depending on its age, and types of renovations you’re considering. If you intend on financing renovation costs, find out how much you will be adding to your existing mortgage, home equity loan or line of credit versus obtaining a new home mortgage.

Keep in mind that even if you renovate your older home, in a future buyer’s eyes, it’s still an older home.

It is a good idea to have a sense of the market activity in your neighborhood to consider trading up or renovating your current home. The main purpose of home renovations is primarily to increase your home’s enjoyment. While you may be able to recoup some or most of the costs during the home’s sale, there are no guarantees.

I read this article at: http://re-insider.com/2014/11/18/are-you-better-off-fixing-your-current-home-or-buying-a-new-home/

Remember to follow our Blog at: https://therealestatebeat.wordpress.com/

Got Questions? – The Caton Team is here to help.  

Email Sabrina & Susan at: Info@TheCatonTeam.com

Call us at: 650-568-5522

Want Real Estate Info on the Go? Download our FREE Real Estate App:  http://thecatonteam.com/mobileapp

Visit our Website at:   http://thecatonteam.com/

VISIT OUR NEW INSTAGRAM PAGE: http://instagram.com/thecatonteam

Visit us on Facebook:   http://www.facebook.com/pages/Sabrina-Susan-The-Caton-Team-Realtors/294970377834

Yelp us at: http://www.yelp.com/biz/the-caton-team-realtors-sabrina-caton-and-susan-caton-redwood-city

Or Yelp me: http://www.yelp.com/user_details_thanx?userid=gpbsls-_RLpPiE9bv3Zygw

Connect with us professionally at LinkedIn: http://www.linkedin.com/profile/view?id=6588013&trk=tab_pro

Please enjoy my personal journey through homeownership at:

http://ajourneythroughhomeownership.wordpress.com

Thanks for reading – Sabrina

The Caton Team – Susan & Sabrina – A Family of Realtors

Sabrina BRE# 01413526 / Susan BRE #01238225 / Team BRE#70000218/ 01499008

 

Going Solo: Home Buying Tips for One

Going Solo: Home Buying Tips for One

The stereotypical picture of the happy home buyer includes kids and/or a spouse. But plenty of singletons take the home buying plunge as well.

Homeownership can offer benefits at any stage of life. But there are things you might consider if you’re single and buying a home for yourself.

Do some research on home buying

This is good advice for anyone thinking of home ownership for the first time, or someone moving to a new market—perhaps even after relocating for a job.

Talk to friends or acquaintances about their home buying experiences. Get recommendations and advice, on everything from neighborhoods to REALTORS®.

Borrow books, search for information online, attend seminars and look at the various lenders and the programs they offer.

Know what you want when home buying

Condos and townhouses are popular for singles, who don’t need all the room of a house, and appreciate the lower mortgage and heightened security. Smaller properties may also mean less upkeep––a timesaver if otherwise it would be just you doing all the mowing, painting and other chores.

But don’t hesitate to ponder the future.

If you’re planning to stay in an area for years, would your new place have room to include additions to your life? A studio might be all you need now, but if you could afford a one-bedroom, perhaps that’s an investment in the future worth making.

Going into your search with definite ideas about exactly what you want will help keep you from buying more house than you have the time—or inclination—to handle solo.

Resale value

You might not have kids, but a home in a good school district might retain its value better than a home near a lesser school. The same goes for recreation areas.

On the flip side, if you live in a heated market and aren’t worried about school districts, you might find your money goes farther in an area where parents aren’t angling for the right schools: you might get more square footage, modern upgrades, or maybe a lower price point.

Condos and townhouses might feel right for your lifestyle, but they also may not hold their resale value, depending on the market.

Privacy and security

If you’re single, it’s likely your privacy and safety feature high on your list of needs for home buying.

The type of things to look for could include these priorities:

  • A neighborhood with a low crime rate
  • A home with an alarm system
  • A fenced-in yard
  • Secure windows and doors
  • An attached garage accessible from inside your home with an electronic door

For example, condos often offer a high level of security, such as gated entrances, a concierge and underground parking.

Financial strategy for home buying

Developing a detailed financial strategy will assist you in your home purchase decision.

It should include an assessment of your existing and potential financial worth, information about your financial and associated lifestyle goals, and how your home purchase will meet your goals to fit within your financial capabilities.

Your budget will need to take account of expenses such as mortgage repayments, property taxes, insurance premiums, household bills, utility bills and maintenance costs.

Should something happen to your income—a job loss, an injury—you’ll want to consider how to keep paying the bills if you don’t have a partner’s income to help.

Just remember to take it slowly and consider all the relevant factors before proceeding with home buying.

 

The Caton Team loves working with first time buyers or those venturing off on their own.  We are patient and are happy to take each step with you on the journey to becoming a home owner.  Let The Caton Team know how we can help you!

 

I read this article at: http://www.realtor.com/advice/going-solo-home-buying-tips-for-one/?cid=eml-2014-09-bob-blog_6_buying_solo-blogs_buy&MID=2014_09_BoB_2013&RID=9851214

Remember to follow our Blog at: https://therealestatebeat.wordpress.com/

Got Questions? – The Caton Team is here to help.  

Email Sabrina & Susan at: Info@TheCatonTeam.com

Call us at: 650-568-5522 Office: 650-365-9200

Want Real Estate Info on the Go? Download our FREE Real Estate App:  http://thecatonteam.com/mobileapp

Visit our Website at:   http://thecatonteam.com/

VISIT OUR NEW INSTAGRAM PAGE: http://instagram.com/thecatonteam

Visit us on Facebook:   http://www.facebook.com/pages/Sabrina-Susan-The-Caton-Team-Realtors/294970377834

Yelp us at: http://www.yelp.com/biz/the-caton-team-realtors-sabrina-caton-and-susan-caton-redwood-city

Or Yelp me: http://www.yelp.com/user_details_thanx?userid=gpbsls-_RLpPiE9bv3Zygw

Connect with us professionally at LinkedIn: http://www.linkedin.com/profile/view?id=6588013&trk=tab_pro

Please enjoy my personal journey through homeownership at:

http://ajourneythroughhomeownership.wordpress.com

Thanks for reading – Sabrina

The Caton Team – Susan & Sabrina – A Family of Realtors

Sabrina BRE# 01413526 / Susan BRE #01238225 / Team BRE#70000218/ Office BRE# 0149900