With the pending change in loan limits from $417 to $625 many changes to our market place should occur. The first positive outcome will be the increase in being able to purchase a higher value of real estate at a lower overall interest rate cost. Currently the max amount at the best interest rate is $417 K with the difference in rate at almost 1.00 to 1.25 %. The current way a buyer would need a combination 1st and 2nd with a overall higher rate due to the extra cost of the 2nd mortgage.
Archive for January, 2008
LOAN LIMITS TO CHANGE SOON……$625 K
January 29, 200810 EASY STEPS FOR THE SUCCESSFUL RENTAL OF YOUR INCOME PROPERTY
January 26, 200810 EASY STEPS FOR THE SUCCESSFUL RENTAL OF YOUR INCOME PROPERTY:
1) Survey your local apartment market usually a two to four mile radius. To determine rental price, similar amenities and security deposit requirement.
2) Prepare your add or post on a popular internet medium. Be concise use bullets points, describe amenities and any obstacles but always be creative when differentiating your property and use pictures as a visual aid. Example (a Palo Alto Property may be close to the Margarite/Stanford transits bus.)
3) Always post a showing time with a request for a confirmation for the appointment. This call then prompts a dialog for other requirements. Such as application criteria, credit check cost and money required for first time Move-In. This criteria must be consistent for every applicant.
4) Confirm their move in date requirement and your desired move in date to avoid a waste of either’s party time in moving forward with the rental.
5) Have your vendors set up to paint, clean and carpet clean. HAVE YOUR UNIT LOOK AND FEEL SPOTLESS.
6) Inexpensive Sagging Items go a long way in presenting a comfortable living experience
7) Always make sure that carports and exterior building look as clean as the inside of the rental unit. Set a higher standard for first time impressions.
When the prospective resident calls to confirm the appointment, Make sure that they have driven by during the day and in the evening to confirm they like the area.
9) Once they have invested their time and still want to see the inside of the unit, the probability is high that they will rent the unit.
10) Talk and inquire about additional local area institutions that will post your add for free and leverage your time in your local market to help you find a qualified resident.
BY USING THESE SIMPLE STEPS CONSITENLLY WE HAVE BEEN VERY SUCCESSFUL IN RENTING IN BOTH THE PENINSULA AND SOUTH BAY APARTMENT RENTAL MARKETS.
Funny Thing At My open House ……
January 19, 2008Neighbor brings her dog with her to a Open House. By the way Denise Shanahan abuot a really funny time she was running late to a open House.
Tony has a very interesting story about an Insurance Agent showing up
All the stories are actual true situations taht most of us agents go through at our open houses!!
THE UNIQUE NIGHT LIFE IN LOS GATOS
January 15, 2008My favorite part of the Los Gatos City sorround the festive park at the end of town. This litlle charming city at the base of the mountains is quaint and fun visit.
The main street is lined with retail shopping stores. The top of many of theses stores has some of the best restaurants in the San Jose area.
From Limousine’s to serious Motorcycle Bikers can be found on any given night.
This is a can’t miss stop for day time or night life experiences !!
INVESTORS ANTICIPATING FUTURE CUTS IN KEY INTEREST RATES
January 11, 2008It appears that the Investment Market for 2008 will be heating up in a hurry. With the Fed Chairman’s recent comments he suggested that key rates will be declining due to some negative fluctuations in the economy. With these potential cuts in rates this should make more properties in the multi-family arena more affordable.
It many respects it should also be an incentive for more investors to list their properties for sale. 1-4 units financing should be affected immediately due to the conforming loan amounts associated with these investments.
10 TOP REAL ESTATE PREDICTIONS FOR 2008
January 4, 20081. NO SHORT SALES IN 2008
2.PROPERTIES FOR SALE WILL HAVE MULTIPLE LISTINGS
3.REAL ESTATE COMMISSIONS WILL INCREASE DUE TOO A SHORTAGE OF REAL ESTATE AGENTS
4. INTEREST RATES WILL DROP TO NEW RECORD LOWS.
5. BABY BOOMERS WILL RELY ON REAL ESTATE AGENTS FOR ALL OF THEIR RESEARCH QUESTIONS ON MARKET ACTIVITY.
