Down Payment Assistance Programs…

The California Association of Realtors has a wealth of information for buyers and sellers – not just us Realtors.  I thought I would pass along the Consumer Page – for the most important link in any buyers life – DOWN PAYMENT ASSISTANCE PROGRAMS!  Yes, you read the correctly – down payment assistance.  Not every area has programs, and of course you must qualify.  However, I posted the online search to my Facebook page – so please feel free to click on:

https://www.facebook.com/TheCatonTeam

And of course, when you need a Realtor – please call the Caton Team!

Buying or selling a home is one of the most important transactions a person will ever make in his or her lifetime.  Nothing less than a qualified, trained professional should be entrusted to assist in that process.  This site is dedicated to educating consumers about the intricacies of buying and selling a home, and how a REALTOR® can help:

First-Time Home Buyer? Here’s What You Should Know About Your Appraisal


Home ownership is the ultimate dream for many in the United States, but going through it for the first time can be a daunting process. First-time home buyers often misunderstand one of the key components of the home buying process: the appraisal. It is one of the most important tools to ensure buyers pay a fair and equitable price for the property they purchase.

To learn more, read this financial education article in the Huffinton Post, by David S. Bunton, President of the Appraisal Foundation.

 

The California Down Payment Resource Directory

The California Down Payment Resource Directory is a powerful search tool that identifies current down payment assistance programs in communities throughout California. Buyers can search by city or address for public- and private-funded assistance programs including FHA/VA, HUD, affordable fixed-rate mortgages, rehab loans, and more. Start your search for down payment assistance now!

http://www.car.org/aboutus/forconsumers/downpaymentresource/

 

Homeowner Legislative Facts
REALTORS® don’t just help you navigate the home buying and selling process.  They also are tireless advocates for homeowners, buyers and sellers in the legislative process.  Please see our newly presented website, Homeowner Legislative Facts, to learn about some of the many policy issues now being considered in Washington D.C. and Sacramento, which we monitor on your behalf.

 

Residential Energy Audit Program

The California REALTOR®’S Energy Audit Program (R.E.A.P.) provides up to a $250 rebate on a Home Energy Rating System (HERS) home energy audit conducted by a certified HERS rater. To qualify for the R.E.A.P., applicants must purchase a home between Oct. 1, 2013 and Dec. 31, 2014, conduct a HERS home energy audit of the home before the close of escrow (as part of the Energy Efficient Mortgage) or no later than 60 days after the close of escrow, and they must use a California REALTOR® in the transaction (referrals do not qualify). The program applies only to primary single family residences purchased in California. Learn more about R.E.A.P..

 

I read this article at: http://www.car.org/aboutus/forconsumers/#

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

Email Sabrina & Susan at: Info@TheCatonTeam.com

Call us at: 650-568-5522

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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

Wire Fraud on the Rise in Real Estate

The newest tactic for online scams is wire transfer fraud.  These scammers are hacking into Realtor emails and lying in wait till it’s time to close escrow.  At that moment, they send a FAKE email that looks legit instructing clients to transfer their closing funds to another account.  The Realtors are unaware the email has been sent unless the client asks.  If the client just believes the email and changes their wire instructions – they have sent their hard earned money to the scammers and will never see those funds again.

It is incredibly frightening for myself, a professional Realtor to think that my email could be hacked and faked and money stolen.

If at any point an email seems fishy, pick up the phone and call your Realtor or call your Escrow Officer to double check the wire instructions.

Wire Instructions come directly from the Escrow Officer – not the Realtor.  Most Escrow Officers will call the client to get the information OR the wire instructions are completed at the time the loan documents are signed, in person with the client and Escrow Officer face to face.

This day in age, technology is King but nothing beats face to face interaction – especially for the largest purchase of your life.  No Realtor provides Wire Transfer Information.  Wire Instructions are part of the Escrow Process and will come directly from the Escrow Officers.

I try my best to keep my clients safe.  I hope no one experiences this!  For more information click on the link below from the National Association of Realtors.

I read this article at: http://www.realtormag.realtor.org/news-and-commentary/briefs/article/voice-for-real-estate?om_rid=AACmlZ&om_mid=_BXDP9rB9MJqMbl&om_ntype=BTNMonthly

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

 

 

The Numbers Are In: Yup, 2016 Is Off to a Good Start in Home Sales

My two cents – As the 1st quarter comes to an end – we sit on bated breath on what the future will bring in our Bay Area Real Estate Market.  I have to say – the drop in the stock market has had a huge impact on buyer confidence and cash flow.  I’ve even noticed a few price reductions on a select properties that haven’t sold in the first two weeks as expected.  Could it be the market is shifting?  Are sellers going to have to be a bit more realistic when pricing their homes?  Are buyers going to anti-up there offers as they did last year?  My biggest surprise has come from the rental market.  I’ve been tracking several properties and many have rented for UNDER their original asking price.  Which I have to say – is nice to see since our rental prices have skyrocketed and the word “affordability” is the forefront on concern.  

What will this mean for our market?  We’ll have to see.

I’d love to know your thoughts too!  Enjoy this article by Realtor.com

 

The Numbers Are In: Yup, 2016 Is Off to a Good Start in Home Sales

 

We may be on the verge of spring, but housing and economic reports work on a bit of a lag time. We’ve only just gotten the major data reports for January, and it’s giving us a clear-eyed view of how the real estate market is measuring up this year.

And yeah, things are looking good.

Job creation—arguably the most important factor in housing demand—is moving apace. January saw 151,000 jobs created. That level of employment growth is below 2015’s monthly average, but unemployment is now near 10-year lows and is in line with the current macro forecast from the National Association of Realtors® (NAR). This level of employment growth should translate into the 3% growth in housing sales we are expecting for the year.

Speaking of sales, January’s existing home sales report did not disappoint. Even though sales are taking longer to close, due to the implementation of new disclosure and closing forms and procedures, the pace grew 0.4% in January from December. Granted, that’s not a lot, but analysts had been expecting a decline. And from January 2015 to January 2016, existing hom The increase in sales is resulting in continued tighter-than-tight supply—measured by NAR to be four months in January.  For you non-economists out there, that metric measures the number of months it would take to sell the current inventory of available homes, at the current pace. Got it? Six to seven months’ worth of homes on the market is considered normal; four months is cray-cray.

This is driving prices higher and encouraging consumers who hope to buy this year to get started as soon as possible.

January’s new home sales and new home construction remained consistent with the pace of activity of the last several months. Still, the level of new construction still represents solid year-over-year growth, especially in single-family homes. The most encouraging sign: The median price of new homes is finally declining, as a result of the fact that builders are offering more affordable homes.

Finally, the most timely readings we can pass on come from our own observations at realtor.com that confirm that demand is growing rapidly at the start of the year, resulting in an acceleration in inventory movement that we typically do not see until March or April.

OK, not everything is rainbows and unicorns. The biggest negative trend impacting potential demand relates to the January and February declines in stock values, which have taken a toll on consumer confidence. But, even that negative trend has a silver lining: Mortgage rates are now substantially lower. The average 30-year conforming rate has stabilized at under 3.7%, giving buyers almost 5% more buying power than they had at the end of 2015, and strengthening their ability to meet the debt-to-income ratio requirement for a loan.

Net-net, pent-up demand appears stronger than any weakness caused by the financial markets. And the lower rates are encouraging would-be buyers to act sooner rather than later. With this strong start, 2016 should indeed see growth, but the biggest constraint will be the tight supply.

 

I read this article at: http://www.realtor.com/news/trends/2016-off-to-good-start-home-sales/

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/

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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

 

Cooling Ahead for High-End San Francisco Real Estate

The hottest topic these days is affordability and where the market is going.  I am at the edge of my seat watching the real estate market and wisely advising my clients.  This article touches on the high end of San Francisco Real Estate sales.  The million dollar range is still widely active for the few listings available.  I too am curious where this market is going.  And open to hear your thoughts.  

 

Cooling ahead for high-end San Francisco real estate

Nina Hatvany has worked for 25 years in San Francisco as a real estate agent concentrating on the high end of the market. Today, as a result of a reeling stock market and concerns about global economic stability and growth, the conversation with well-heeled clients has turned decidedly more cautious.

“I have a number of buyers who are just more hesitant,” Hatvany told CNBC. “They look and they talk and then they start arguing with me about the slow IPO market and overvalued unicorns. I feel like I have to argue with them about how nice the house is.”

As technology stocks slide — the Nasdaq is down 15 percent this year — and private tech valuations suffer, real estate brokers say the feverish clamor for high-end homes in San Francisco has quieted.

“Somebody who might have pulled the trigger at $5 million last year now might be a bit more cautious,” said Josh McAdam, a top producing real estate agent with Pacific Union in San Francisco. “It’s not the same environment.”

McAdam is quick to note that demand remains strong for homes selling in the $1 million range. But the high-end residences in the City by the Bay, if they are to attract buyers, now need to boast all the right finishes, he says.

For example, McAdam said only one home in the tony neighborhood of Noe Valley last year sold for over $5 million. The year before, he says a handful of homes sold in that price range and a couple even above $5 million.

Hatvany confirms the same trends. In the second quarter of last year, her firm said, 18 homes sold in San Francisco for $6 million or higher. That number dropped to nine in the fourth quarter.

One question: Will the more cautious tone now defining the ultra-high-end of the market spread to other price points?

Christopher Palmer — an associate professor at the Haas School of Business at the University of California, Berkeley, who specializes in the housing markets — said the biggest threat to price appreciation is a downturn in tech because so much of the Bay Area economy is reliant on the sector.

“Tech stocks have taken a beating in the past few months, and every time there is a stock market correction, people start to wonder if the spigot of capital that has fueled so much Bay Area growth is about to be turned off,” Palmer said.

Analysts at Fitch raise another concern, arguing that home prices in San Francisco have “risen to a level unsupportable by area income.” Fitch reports that home prices set a record last year and are now more than 60 percent above the post-crisis low of 2012.

Fitch estimates that the city’s current home prices are 16 percent overvalued relative to economic fundamentals.

Still, though home prices may fall in San Francisco, Palmer said a wave of mortgage defaults or foreclosures is extremely unlikely.

He notes that the average jumbo mortgage borrower in San Francisco had a nearly 40 percent down payment, implying that homeowners enjoy a lot of flexibility to navigate price declines before being underwater.

Palmer also highlights a benefit of decreasing home prices: “To many prospective homebuyers in the Bay Area, this is great news,” he said. “There is a substantial amount of young families that would appreciate a slowdown in appreciation to be able to get into a home.”

I read this article at: http://www.cnbc.com/2016/02/12/cooling-ahead-for-high-end-san-francisco-real-estate.html

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

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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

 

5 Staging Mistakes – Great Article from Trulia

5 Staging Mistakes Sellers Think Are Awesome —and How to Change Their Minds

 

Nowhere in life is the old adage that beauty is in the eye of the beholder truer than in real estate. One woman’s dream home might be a mid-century modern, Mad Men styled contemporary, while another’s includes all the gingerbread charm of a classic Victorian. But when it comes to prepping a home to be viewed and (fingers crossed!) sold, there is both art and science to staging a home before its listed to maximize its appeal to the broadest number of target buyers.

The challenge is this: staging is an investment, one every seller can’t afford to make (although studies have shown professionally staged homes sell faster and for more than non-staged counterparts). So many sellers take it on as a do-it-yourself project which, like all DIY home improvement projects, can be fantastic or, mmm, not—depending on the approach, skill, and resources of the ‘self’ who does it.

Here are a few common scenarios in which sellers think their staging is awesome and buyers, well, beg to differ. Plus, check out the tactful things agents can say to help get sellers back on track:

Love these tips? Share this helpful handout with clients.

  1. The sellers used beat up or ugly furnishings and decor.

Great staging—DIY or professional—includes choosing furniture that shows the home off in its best light, and positioning the furnishings optimally, too. Sometimes this can be done using certain pieces of the seller’s furniture. Other times, furniture must be rented or otherwise obtained. One area in which budget-minded sellers like to save money on staging is by finding cheaper alternatives than renting new furniture from a staging company or store.

In this era of Craigslist, eBay, Freecycle, estate sales and other peer-to-peer online stores and trading sites, there is an abundance of access to used furniture at great prices. I have no bone to pick with the smart sellers who use these tools to replace their own furniture with something that is in better condition, more attractive or a smaller scale than their own, so as to highlight how much space their home truly offers. That said, using old, floral sofas from Craigslist’s Free Section, unattractive thrift store ‘artwork’ or even their own truly worn out, old furniture is a recurring reason buyers cite for focusing on how bad the staging is vs. the house itself.

What’s worse, the furnishings a seller might think was THE BEST BARGAIN EVER might actually give the nice home a worn-down, unkempt feel to the buyers who come to see it.

How to help your sellers: Have a consistent message throughout the process of staging. Clean and simple typically highlight a space. Before letting sellers go to town on the staging, show them examples of a beautifully staged home and one that’s not so great. The visual examples can help get your message across better than simply talking it through.

  1. They created distracting themes and scenes.

My friend Barb Schwarz is the head of the International Home Staging Professionals Association; she defines staging as ‘preparing a home for sale so the buyer can mentally move in.’ The goal is for buyers to visualize the new-and-improved versions of their lives that the home will help them realize, so some pro stagers will set up objects to communicate the lifestyle activities that a home facilitates. It’s not bizarre to see a breakfast table and chairs on the patio of a home with lovely views, a crib and baby gear-vignette in a small room suitable for a nursery, or a popcorn maker and recliners to show off a media room’s theater-readiness.

Occasionally, though, these scenes and vignettes can go rogue, creating borderline bizarre scenarios that distract and detract more than they help.

A beach scene (ball, umbrella and all) in a midwestern bedroom, a lively Parisian mural and Eiffel tower replica in a California condo and bizarre collections (taxidermy, anyone?) are all real-life examples of staging scenes that have done more harm than good.

  1. The house is neither clean nor clutter-free.

For various reasons, some homes just take time to sell. And if a client is living in a home that is on the market for long, it can be challenging to ensure it is perfectly pristine at all times, meaning every single time a buyer enters it. And it doesn’t take a truly filthy house to turn a buyer’s impression of a home from awesome to awful. The little messes that a family accumulates through daily living can be perceived by buyers as distracting at best—disgusting, at worst.

If the home is well staged, do not underestimate the power of piles of clothes, mail, paperwork, dishes or kids’ toys to deactivate the home-selling power of all the hard work and money that went into preparing the property in the first place.

How to help your sellers: Make sure your clients understand that you know how challenging this situation can be. Empathize with them, but also consider working out a referral coupon or discount with a local cleaning service. A weekly cleaning during the 30-60 day showing period, especially with a generous discount, can be well worth the cost, and show sellers that you get it, and you’re on their side.

  1. There are glaring gaps.

Sometimes a home’s staging leaves a glaring gap, an elephant in the room house, so to speak. This often happens when sellers run out of time and money to prepare a place, but it can be avoided through smart advance planning and budgeting for the pre-listing property preparation.

How to help your sellers:

  • Rooms—Listen, I personally live in a house that is beautiful everywhere until you poke your head into my young adult son’s room. So I can relate to these sellers. This situation might be okay to live with, but it’s a real home staging fail for a property that’s on the market. Remind sellers not to let there be one or two rooms that it looks like the stager—or house cleaner—missed. And this goes for the garage, closets, cupboards and drawers, too. Buyers like to look inside these areas to see how much space they have—if they are crammed full of junk, it creates the impression that the house lacks storage and order.
  • Exterior vs. interior—Some homes have amazing curb appeal, but look like they’ve been run over roughshod on the inside. And the opposite is true: some look like Martha Stewart handled the inside and junk man extraordinaire Fred Sanford was in charge of the yard. Neither of these is ideal. Again, here a visual tour can help. Make note of the most budget-friendly or simple-to-do projects that may be able to help remedy any eyesores.
  • Multi-sensory gaps—If a home is beautiful to the eye but smells bad, is strangely hot or cold, or has a noise issue (think: neighbors’ music, freeway noise or strange in-house creaks or whirrs), buyers might appreciate the visuals but fixate on the multi-sensory challenges. Especially if there are pets, sellers may need a gut check on whether your home is smelly—sellers might be so used to it, that they can’t sense it anymore. Here, honesty is the best policy. If you have a super smelly property and don’t want to offend the seller, you may want to consider bringing in a stager for a consultation (use someone who you have a good relationship with and often send referrals to). After they look around, have them write notes for the seller. The third party perspective can help get the point across without causing tension within your client/agent relationship.
  1. The seller lacked a neutral, expert eye.

Home decorating and home staging are two different things. When an owner decorates a home, they customize it with your specific tastes, preferences and aesthetics in mind. When staging it, the goal is to neutralize the home’s look and feel so it appeals to more buyers and doesn’t have turn-off potential.
Schwarz puts it this way: ‘Decorating a home is personalizing it. Staging a home is depersonalizing it.’

I cannot count the number of beautifully decorated homes I’ve seen where the seller must have thought they needed to do zero staging, and where the seller was simply wrong. Their very personal tastes in Elvis quilt art, red lacquer furnishings or sewing machine collections had been beautifully executed for them, but also were so highly personal, so very specific that it was near-impossible for a buyer to envision their own lives or families or homes or activities taking place in that space.

This is one reason I—and every agent should—encourage even sellers who are on a tight budget and can’t afford pro staging and sellers whose homes that have been beautifully decorated to at least have a home staging consultation with their agent and a professional stager. These pros can call out little ‘edits’ (furniture or decor items you should remove) and give advice about what buyers love and hate to see in a home that clients might be able to execute yourself at a surprisingly low cost.

Tell us! What is one the biggest staging missteps you have seen (or made!)?

 

I read this article at: http://www.trulia.com/pro/sellers/5-staging-mistakes-sellers-think-awesome-change-mind/

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/ 01499008