Opening Doors in Berkeley

How Much Do Real Estate Agents Make?

This Chart Shows the Average Berkeley Agent Pay for 2009

Real Estate Sales Agent - Berkeley, CA 94705

10th% 25th% 75th% 90th% $40,296 $41,182 $53,622 $64,061 10th% 25th% 75th% 90th% $42,945 $46,206 $58,371 $66,186 Benefit Median Amount % of Total Base Salary $42,156 59.9% Bonuses $7,631 10.8% Social Security $3,809 5.4% 401k / 403b $1,792 2.5% Disability $498 0.7% Healthcare $5,722 8.1% Pension $2,290 3.3% Time Off $6,511 9.2% Total $70,409 100%

Source: HR Reported data as of December  2009

Rehab Loans on Fixers Available in Berkeley

Purchase and Rehab All in One FHA Loan!

Your clients love the house. Except for the leaky pipes. Or the holes in the wall. Or maybe the kitchen is too small. For the house that's almost perfect, we have the perfect solution. Our Renovation Mortgage, a mortgage and home improvement loan all in one.

• Remodel the kitchen or bath
• Replace a leaky roof
• Update electrical wiring, plumbing, or heating systems
• Put in new flooring, carpeting, or tiling
• Plus much more!

This program offers the unique features that make FHA loans excellent financing solutions in today's market.

• Purchase or refinance
• FHA adown payment (3.5%)
• Flexible credit qualifying

Trust a 203k specialist to handle this complex mortgage!

Brad Stoddard from Prospect Mortgage reminded me of a great FHA Loan product that is available for rehab projects. The interest rates are somewhat higher, but at fixer prices, it can be worth it to secure the property and then refinance after the work has been completed.

Brad Stoddard (510) 316-7495 brad.stoddard@prospectmtg.com

Looking for a Deal? Make sure you are prepared with a mortgage pre-approval

Buyers are asking me whether a pre-approval is really necessary and what information they need to gather together to get pre-approved. For buyers ready to get into this active spring market the answer to the first question is Yes! Yes! Yes!

And to the second, the paperwork involved in getting a loan approval has grown, as the loan climate has tightened. It's not really more than a full doc loan ever was, but people that applied for their last mortgage in the early 2000's may have had the experienced that not as much was required. Don't take it personally!

Here's what you need:

· Copy of driver’s licenses.

· Last two pay-stubs.

· 2007 & 2008 W-2’s.

· 2007 & 2008 Federal tax returns with all schedules.

· Last two monthly statements, or the most recent quarterly statement, for your savings, brokerage, and retirement accounts. (Including all pages.)

Association of Realtors~~Renting vs. Buying in 2009

According to research by the National Association of Realtors, 2009 might be the most affordable year to buy a home in decades. I am working with several buyers looking for homes in the $250,000 to $350,000 range and there are Berkeley and Bay Area homes to look at. They need some work, but buyers are realizing their long held ambitions of home ownership!



Open the PDF
rent_vs_buy_analysis_03-2009.pdf

Teeny Tiny Berkeley Cottage

This was once the Home of Bernard Maybeck's Packard

He designed and had it built when La Loma was still a country lane and he could drive up into the front door, which are now connecting French doors.

It is the perfect size for a pied-a-terre, a secret hideaway where you unplug your laptop and turn off your mobile phone. Be sure to bring a stack of your favorite books, your French press, Peets coffee, and your enough firewood to waste away an afternoon or two.

The Grubb Company Promotes Green Real Estate

The National Association of Realtors is (finally) Going Green!

I've been pleasantly surprised to discover that my new brokerage, The GRUBB Company promotes Green Real Estate with it's agents and clients. Our Broker, John Karney is a marine biologist by training and is well founded in the science of global warming. Coming from a scientific background, he is wary of Green-Washing and I felt myself heaving a sigh of relief when I saw the intelligence with which the topic of "Green Real Estate" has been addressed in our office.

The new Green Certification offered by NAR is a big step in the right direction for creating awareness with Realtors and I am looking forward to adding that certification to my Build it Green designation.

There has been an emphasis in green building of consumerism. Just replace that old thing with the new, new green technology. This is great when we are talking toilets and refrigerators, but I just want to point out replacement should not always be the first line in our green arsenal.

Shopping, remodeling, new foundations... none of them are as green as doing nothing, but they might be safer and more beautiful!

Being green can take a lot of research, so don't let yourself get Green-Washed!

The Buyers Are Out in Rockridge!

Think the market has slowed down for the holidays?

Think again!
My listing at 51st was advertised for the Open House from 2-4:30 and the agent holding it open didn't get out of there until after 6:00pm!

The news about the possible first-time homebuyer mortgage rates of 4.5% is bringing out swarms of buyers. If you have been on the fence about listing your home, this could potentially change your thinking! Call to find out more about the program and for my list of qualified mortgage brokers!

Nicole

Eight Questions Your REALTOR Needs to Ask

In selling your home, your Realtor needs to understand your expectations, concerns and interests. A real estate partnership must be based on clearly understanding your needs and it really helps to get everything out on the table before the listings is signed. Let your Realtor know:

1. Why are you considering the sale of your property at this time?

2. What transactional time frame are you most comfortable with? Is there a definite time by which your property should be sold? When do you need to be in your new home?

3. Will you remain in this area or will you be relocating? (If remaining in this area, may I provide you with expertise in the acquisition of another property? If moving out of the area, may I provide you with relocation assistance?)

4. Are there any other individuals who will be involved in your property sale decision (e.g., other family members, attorney, or financial advisor)? May I have your permission to meet and/or speak with them at the appropriate time?

5. When was the last time you sold a home?

6. Reflecting on prior real estate selling experiences (comparable to this transaction), please describe the most positive aspects of those experiences. In addition, please share any unsatisfactory experiences that you hope to avoid this time.

7. Do you have any questions, problems, or concerns about the sale process in general that you wish to discuss?

8. What are your expectations of me as your real estate professional? What specific services and support to you look forward to receiving?

Selling in a Buyer's Market for Berkeley and Oakland--Tip #2

Seller's Error #2:

Listing Price Too High!

Listing your home for more than it is worth will most likely result in a sale price far below what you would have received if you correctly priced you home in the first place. Overpriced homes are missed by buyers until the price is reduced because buyers shop by price range. There may be a perception by buyers that your listing is stale. Stale listings can develop a stigma, for absolutely no reason!

Realtors prefer showing properly priced homes and may use your home to close buyers on another lower priced listing.

Keeping in mind that 96 percent of all homes are sold by Realtors. Attracting Realtors to your home is important.

Longer list times also cost you more mortgage interest, property taxes, insurance, and the carrying costs associated home ownership. Not to mention added stress!

Sellers are responsible for setting the price and price determines market time. Overpricing will increase the length of time it takes to sell your home.

Partnering with the right Realtor will get your home sold!

More Modern Berkeley, CA Homes

Every Detail

of this Berkeley Home was refinished, polished or replaced with a long lasting sustainable material. The home has private decks and indoor/outdoor space bringing the hillside views into your kitchen and living spaces.

Homebuyer's Handbook for Berkeley and Oakland

HOME BUYER’S HANDBOOK

Arm yourself with information!
My first job as your REALTOR is to educate you on the process of buying your home. I have prepared this packet to help explain the entire process from your loan pre-approval, to making an offer, acceptance of your offer, property inspections and contingency removal and finally to closing escrow and handing over your new house keys.

It’s all about you!
I will create an experience of home buying that is fun, joyful, and as stress-free as possible. Your transaction should feel seamless, from our first meeting, to the closing of your escrow. It is my job to support you in achieving your goals, without rushing you or making you feel pressed. At the same time, if I think you are missing out on something, I will let you know in the most specific way possible, and arm you with comparable sales and statistics to help you make your decision.

What’s next for you?
I commit to listening and finding you the right home, at the right price for your budget, with the best possible terms. I am your advocate!

Click Here for Free Homebuyer's Handbook BuyersHandbook.PDF

In Contract? Get inspection Protection! Get Your Berkeley/Oakland Home Ready For the Buyer's Home Inspection

Tips for Sellers Getting Ready for a Home Inspection

1. Have all utilities / electrical / gas / water / pilot lights of heating systems / water heater / gas stove - ranges turned on which will make the process go smoothly. ( Inspector does not turn on utilities and ignite pilot lights. )

2. Have all light fixtures operating with bulbs in them!

3. All crawl and attic areas should be open and accessible with lights on. If an area is not accessible, please advise the Inspector at the beginning of the inspection!

4. Have HVAC systems cleaned and serviced prior to inspection. Install new filters or clean the washable types.

5. Have full access to HVAC sytems in garage or attic and access to water heaters.(Inspector does not move personal property)
6. Any slow drainage in plumbing fixtures should be cleaned or corrected prior to inspection! (In most cases drain cleaner will resolve the problem.)

7. All systems and appliances should be operable by using designated controls. All utilities like water, pilot lights of gas stoves and water heaters should be operational. "GFCI Outlets", etc... should be corrected prior to inspection.

8. Unlock all doorways and have garage door operator available. Remember security systems ARE NOT part of the inspection and should be deactivated during the inspection.
9. Have any obvious things like, "the gutters filled with leaves" cleaned prior to the inspection.

10. All pets, etc., should be restrained so the Inspector can freely move around the house.

Look into East Bay, Oakland and Berkeley Bank Owned Properties

Recently I've been talking about some of the reasons that I think it is a good time to buy. Most people people are still waiting, trying to “time the market.” This is due in part to scary news about the economy coming out every day.

One thing I do know about real estate is that if you would like to be a homeowner, plan to stay in your home for 5-7 years and can afford to make a down payment, it is almost always a good time to buy in the East Bay.

Our local market doesn’t deteriorate in the way other over-saturated markets across the country do. Within this longer time frame real estate remains a good investment.

A colleague of mine just got her clients into a bank-owned property in a decent neighborhood for under $300,000. The home needs some love, but is about $175,000 under the current neighborhood value for that type of home.
If her clients put in $75,000 right away, she is still $100,000 ahead of the game. These are the kind of opportunities that are out there for motivated buyers who want to live in their homes.

Inman News Blog Confirms Older California Homes Sell for More

February 15, 2008 from the Inman News Blog

I thought this item was interesting because my "market analysis" is UNSCIENTIFIC in the extreme... I have been discussing anecdotal sales that have gone higher than expected on well preserved older homes. Interesting that the facts bear this out.

Older homes command higher prices in California

Age apparently has its advantages in California's real estate market. The median price of resale homes in the state is well above that of new homes, which is counter to the national trend.

The National Association of Realtors reported that the U.S. median price of resale homes was $218,900 in 2007, 11.3 percent below the median new-home price of $246,900 in 2007.

But in California, the median price of single-family detached resale homes was $558,100 in 2007, or 28.3 percent higher than the median single-family new-home price of $434,900. For the month of December, the median resale price of single-family homes in the state was 19.2 percent higher than the median price of single-family new homes.

Ara K. Hovnanian, president and CEO for builder Hovnanian Enterprises, referred to this "backwards" trend last year, as builders have dropped prices and sweetened incentives in an effort to kick sales into gear during this severe slowdown.

Early Spring, Berkeley-Oakland Real Estate Market

I call it "The Conversation."

It's a difficult one in this market.

How much do you think this property X______ will sell for?

The media has the home-buying consumer looking for blood in the water. Sellers are hesitating to put prized properties on the market.

The fact is, there isn't much "inventory" in our neighborhoods. I showed a moderate home on the Oakland-Berkeley border in the $900,000 range last week. The listing was active that morning when I pulled it up. My client liked the home and planned to show her husband that weekend. When I got back to the office and called the listing agent later that day, she told me that she had received seven offers. The accepted offer was "solid" and over the asking price.

So much for homes sitting on the market and going for less than asking... Buyers are hoping that it is their turn to benefit from the market, but in fact, the market is balanced. It is not a true buyer's market in our neighborhood in this price range.

A stronger buyer's market exists in price ranges under $600,000, but even there, the best properties are still receiving lots of attention from buyers.

In this “weird” market the best advice is to be flexible, open and not too emotional over each home. There is another one coming down the pike.