Showing posts with label deniece watkins smith. Show all posts
Showing posts with label deniece watkins smith. Show all posts
Saturday, January 21, 2012
Tax crackdown happening now
I heard this week from a friend/client who received a tax bill just recently saying, "We're sorry, but we didn't assess your property improvements you did in 2009. You'll have to pay us retroactive taxes owed since then and will see them on your next tax bill." Serious property tax crack down coming.
Sunday, August 7, 2011
Debt Ceiling and Real Estate - Brandon Knapp of RPM Mortgage
After months of political grumbling back and forth, the Debt Ceiling was finally raised and the country took a step - albeit a small one - towards lowering our enormous budget deficit.
With the political stalemate behind us, it's time to focus on how the Debt Ceiling deal will impact Bonds and home loan rates.
First, shortly after the deal was announced, Fitch Ratings and Moody's both reaffirmed the United States' AAA rating, citing that the Debt Ceiling agreement virtually removes any threat of default. That was Bond friendly news and helped Bonds and home loan rates improve. But the ratings agencies did leave the door open for a future downgrade depending on how the debt and budget negotiations continue in the future. So the Debt Ceiling may be raised, but the issue of debt and credit ratings is far from over.
Beyond that, the deficit reduction program agreed to in the deal should help strengthen the value of US debt, because there will be less spending. At the same time, less government spending will also weigh on Gross Domestic Product (GDP). And just last month, we saw how weak the GDP already is when the 2nd Quarter GDP came in well below expectations and at the slowest growth rate in 2 years. Additionally, the 1st Quarter GDP was revised sharply lower than it was previously reported. Remember, a weak GDP would make Stocks LESS attractive and Bonds MORE attractive - as Bonds generally perform better during sluggish economic times.
Bottom line… be careful what you wish for. When rates moved sharply higher this past winter, it was due largely to the Fed's second round of Quantitative Easing (QE2). When that ended, the prevailing wisdom was that the only way rates could come back down to levels anywhere near where they were on the eve of QE2 was if the economy "endured more pain." That sure is what we are seeing of late as growing economic uncertainty, persistently high unemployment and rising consumer pessimism is helping Bonds move higher and trade within an earshot of the best levels - ever!
Though Bonds and home loan rates look very attractive right now, we can't be complacent and think rates will stay low or go even lower still. As fast as prices have moved higher, things can change in a heartbeat if the economy starts to see some good news.
And, although there isn't much, there is some good news out there. For example, the most recent reports for Housing Starts and Building Permits were both reported better than expected. While this is only one number and one number doesn't make a trend, this is a good figure, and I will be watching closely for follow through in future readings.
Click here for full article
With the political stalemate behind us, it's time to focus on how the Debt Ceiling deal will impact Bonds and home loan rates.
First, shortly after the deal was announced, Fitch Ratings and Moody's both reaffirmed the United States' AAA rating, citing that the Debt Ceiling agreement virtually removes any threat of default. That was Bond friendly news and helped Bonds and home loan rates improve. But the ratings agencies did leave the door open for a future downgrade depending on how the debt and budget negotiations continue in the future. So the Debt Ceiling may be raised, but the issue of debt and credit ratings is far from over.
Beyond that, the deficit reduction program agreed to in the deal should help strengthen the value of US debt, because there will be less spending. At the same time, less government spending will also weigh on Gross Domestic Product (GDP). And just last month, we saw how weak the GDP already is when the 2nd Quarter GDP came in well below expectations and at the slowest growth rate in 2 years. Additionally, the 1st Quarter GDP was revised sharply lower than it was previously reported. Remember, a weak GDP would make Stocks LESS attractive and Bonds MORE attractive - as Bonds generally perform better during sluggish economic times.
Bottom line… be careful what you wish for. When rates moved sharply higher this past winter, it was due largely to the Fed's second round of Quantitative Easing (QE2). When that ended, the prevailing wisdom was that the only way rates could come back down to levels anywhere near where they were on the eve of QE2 was if the economy "endured more pain." That sure is what we are seeing of late as growing economic uncertainty, persistently high unemployment and rising consumer pessimism is helping Bonds move higher and trade within an earshot of the best levels - ever!
Though Bonds and home loan rates look very attractive right now, we can't be complacent and think rates will stay low or go even lower still. As fast as prices have moved higher, things can change in a heartbeat if the economy starts to see some good news.
And, although there isn't much, there is some good news out there. For example, the most recent reports for Housing Starts and Building Permits were both reported better than expected. While this is only one number and one number doesn't make a trend, this is a good figure, and I will be watching closely for follow through in future readings.
Click here for full article
Los Altos Real Estate Market Snapshot 8/7/2011
by Deniece Watkins Smith, Realtor, ePro, SRES, Previews Specialist
There are thirty-one homes that closed escrow in the past month in Los Altos.
Sixteen sold over their asking price.
Seven had lowered their asking price before they sold.
The average days on market are twenty-three.
Average length of escrow is thirty-two.
Currently, the average price received is 100.005% of asking price. Specifically, average asking price was $1,656,419 and average sale price was $1,665,760.
Follow more Los Altos statistics on my facebook page here:
my facebook page here.
There are thirty-one homes that closed escrow in the past month in Los Altos.
Sixteen sold over their asking price.
Seven had lowered their asking price before they sold.
The average days on market are twenty-three.
Average length of escrow is thirty-two.
Currently, the average price received is 100.005% of asking price. Specifically, average asking price was $1,656,419 and average sale price was $1,665,760.
Follow more Los Altos statistics on my facebook page here:
my facebook page here.
Sunday, May 15, 2011
Cash Buyers, High-End Sales, Local Market Strength
by Deniece Watkins Smith
Realtor, ePro, SRES
Coldwell Banker, Los Altos
www.dsoldit.com
Six out of twenty-one homes in Los Altos that have closed escrow in the past month have closed over their asking price. Twelve out of thirty-two homes in Mountain View that have closed escrow in the past month have closed over their asking price.
Realtor, ePro, SRES
Coldwell Banker, Los Altos
www.dsoldit.com
Six out of twenty-one homes in Los Altos that have closed escrow in the past month have closed over their asking price. Twelve out of thirty-two homes in Mountain View that have closed escrow in the past month have closed over their asking price.
When we hear news on TV about real estate it's mostly for the entire bay area, state, or even nation. Real estate is extremely localized and only local real estate news can tell you what's happening in your area.
For approximately three months now, we have been in a very active, multiple offer market. Approximately one-third of all primary residences are being purchased with 100% cash. Approximately one-fourth of all second homes are being purchased 100% cash. Usually, when the cash buyers are out in force is when the "investors" believe the bottom of the market has been reached.
Thirty-one homes from Sartoga to Atherton have closed escrow over four million dollars. Those are the ones actually reported on the MLS. Some (like Yuri Milner's Los Altos Hills property rumored to have sold for $100 million) have closed without ever being reported to the MLS. For a long time the high-end market was completely dormant. Since February of this year that market has woken up.
It is my opinion that when the high end market starts up and is active, it is an indication that company leaders are confident in the economy and should, in-turn, be an indicator of hiring in the near future.
It is my opinion that when the high end market starts up and is active, it is an indication that company leaders are confident in the economy and should, in-turn, be an indicator of hiring in the near future.
So we have a great start to Spring of 2011 as far as Silicon Valley real estate goes. Let's hope the ball keeps on rolling!
Friday, February 11, 2011
Cash buyers lift housing
from the Wall Street JournalBuyers in markets around the U.S. are snapping up homes in all-cash deals, betting that prices are at or near bottom and breathing life into some of the nation’s most battered housing markets.
Monday, January 24, 2011
Brandon Knapp's Market Update Jan 24, 2010
In This Issue...  |
 |
| Last Week in Review: The US Dollar has dropped. Find out why and what it could mean to home loan rates! Forecast for the Week: A full load of economic reports hits the markets. Read what they are and why they matter. View: How much can you deduct for driving? Discover what’s changed...and how you can benefit! Read Entire Article |
Friday, January 21, 2011
When Mortgage Rate Locks Expire
By LYNNLEY BROWNING
Published: January 6, 2011
A lock-in agreement — also called a rate lock or rate commitment — protects against sudden spikes in interest rates by freezing the terms of a loan while it is being processed, which could ultimately save a borrower tens of thousands of dollars in interest costs over the life of the loan.
Read Entire Article
Fewer default notices issued in Santa Clara, San Mateo counties
Posted: 01/18/2011 06:49:57 PM PST
Updated: 01/19/2011 10:07:30 AM PST
Lenders issued fewer default notices to homeowners in Santa Clara and San Mateo counties last year, marking the first year-to-year decline since the foreclosure crisis erupted in 2007, according to a report issued Tuesday by a private tracking service.
Read entire article
California median home prices dip in December
Posted: 01/21/2011 12:37:40 PM PST
Updated: 01/21/2011 12:43:28 PM PST
LOS ANGELES -- California's median home price declined nearly 4 percent last month to $254,000 from $264,000 in December 2009, as low-priced foreclosures and other distressed properties continued to dominate the market.
Read entire article
Biz Break: For California's real estate market, hope or despair?
Posted: 01/21/2011 01:19:10 PM PST
Updated: 01/21/2011 01:26:38 PM PST
Today: Los Altos, Cupertino and Los Gatos were among the state's 10 most expensive communities last month by median home price, and Santa Cruz and Gilroy were among the 10 with the biggest price gains. Plus: Google tries to block "webspam." And: Silicon Valley's jobless rate falls
Read Entire Article
Tuesday, January 11, 2011
Allstate sues Countrywide over toxic investments
NEW YORK -- Allstate has filed a federal lawsuit against Countrywide Financial over $700 million in toxic mortgage-backed securities that the insurer bought beginning in 2005, only to see their value decline rapidly.
Mortgage rates: Average on 30-year fixed loans rises to 4.86 percent
NEW YORK -- The average rate on 30-year fixed mortgages rose this week to the highest level in seven months, reflecting higher yields on long-term Treasurys.
Court rules against Wells Fargo U.S. Bancorp in foreclosure case
BOSTON -- The highest court in Massachusetts ruled against U.S. Bancorp and Wells Fargo on Friday in a widely watched mortgage foreclosure case that could have serious implications for the nation's largest banks.
Monday, January 10, 2011
Brandon Knapp's Market Update Jan 10, 2010
| In This Issue |
|
| Last Week in Review: The labor market continues to improve, and while that’s good news for our economy, what does it mean for home loan rates? Forecast for the Week: Very impactful reports are in store for the week ahead - including a look at inflation, retail sales, and how American consumers are feeling these days. View: Breaking news... you won’t need to sweat the dreaded April 15th date this year. Find out why below. Read full story here |
Friday, November 19, 2010
Silicon Valley home sales plunge, but median price edges higher
By Frank Michael Russell, San Jose Mercury News
Posted: 11/18/2010 09:47:09 AM PST
Updated: 11/18/2010 12:33:50 PM PST
Home sales in Silicon Valley plunged in October from a year earlier, but the median price for a resale house in Santa Clara County was up 2.3 percent to $562,500, MDA DataQuick reported this morning.
The number of single-family homes that changed hands in October was down 27.3 percent to 1,303, the San Diego real estate research firm reported in an e-mail. The drop in Santa Clara County reflected the market throughout the Bay Area, where sales for an October were at their second-slowest pace in more than two decades.
"Part of what we're seeing is the hangover effect from the expired homebuyer tax credits, which spurred many to buy in the first half of the year. But that effect is fading," DataQuick President John Walsh said in the news release.
"Now the real hurdles to more normal sales levels are the lack of meaningful job growth and the concerns many potential buyers have about job security and the overall economy. It's why ultralow mortgage rates, alone, haven't turned things around," Walsh said.
Resale condo sales were down 25.9 percent from a year earlier in Santa Clara County, and the median price dropped 4.5 percent to $320,000.
For all homes -- new and resale, houses and condos -- sales in the valley dropped 29.3 percent. The median price was up 0.5 percent to $502,500.
For all transactions throughout the Bay Area, sales were down 22.8 percent, and the median price dropped 1.8 percent to $383,000.
Friday, November 12, 2010
Cashin Realtors bought by Coldwell Banker
Posted: 11/12/2010 06:40:42 AM PST
Updated: 11/12/2010 06:40:44 AM PST
Cashin Realtors, a high-end brokerage on the Peninsula, is being acquired by Coldwell Banker for undisclosed terms, the latest in a two-decades-long string of acquisitions by the larger firm.
The deal was announced Thursday morning at a meeting with Cashin's managers and agents.
Cashin, headquartered in Menlo Park, has 270 real estate agents in seven offices in San Mateo County and did more than $1 billion in sales during the past 12 months.
It will be folded into Coldwell Banker's Northern California operations, which now include more than 3,500 sales associates in 60 offices from Monterey to Lake Tahoe.
Rick Turley, president of CB, said there are no immediate plans for any consolidation.
Emmett J. "Skip" Cashin III, who founded the Peninsula brokerage in 1995, said in a statement that Coldwell Banker's "robust marketing platform and referral network," as well its national profile, made it "the right choice."
Coldwell Banker has been acquiring Northern California brokerages since the early 1990s. Among its major acquisitions were Fox & Carskadon, TRI, Contempo, Del Monte Realty, Cornish & Carey Residential and Pacific Preferred Properties.
"The beauty of this is all of our current Coldwell Banker offices are culturally a blend of all that was great about those former companies," Turley said. "That's really what Coldwell Banker is in the Bay Area."
Cashin will continue in an advisory role with Coldwell Banker.
Chuck Alloo, Cashin's CEO and co-founder, will continue in a senior management role.
Coldwell Banker is part of the national real estate company NRT.
Saturday, November 6, 2010
Wide variation seen in mortgage servicers’ performance
Data suggest a wide variation in how well the firms handle such things as dealing with delinquent homeowners and negotiating loan modifications.
From the Los Angeles Times
Mortgage Bankers push housing recovery to 2012
Last week, the nation’s mortgage bankers released a report saying that they expect the housing market to continue limping along into next year. Things could pick up, they say, in 2012.
From the Wall Street Journal
Should you refinance if you’re over 50?
With interest rates near record lows, refinancing has never looked so tempting – especially for people nearing retirement, who’d love some extra cash to pad their diminished savings. But for homeowners over 50, there’s more to consider than just a lower rate.
Read the full story
From Smart Money
Read the full story
From Smart Money
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