Sharing My Local Expertise

A few weeks, Intero CEO Gino Blefari posted an article on the Intero Insider blog entitled “Need directions? Ask a Realtor.” In this post, Gino describes the vast knowledge many Realtors have to share regarding the local communities we serve. He goes on to say:

I’m always amazed at the amount of local community knowledge a typical Realtor has. If you need to know about the local preschool situation, where to get the best cup of coffee within earshot of a specific address, where to get free Internet while you enjoy a hot beverage or quick lunch, and where the best morning bun in town is served, ask a Realtor. Seriously.

But many times you wouldn’t know this as a home buyer or seller while out shopping for a Realtor. It seems that

many agents’ marketing materials don’t seem to get this point across – that not only is this agent a master at closing sales in a particular neighborhood or area, he’s also an expert at all things local. He knows the right plumbers, contractors, inspectors, landscapers, cleaning services, florists, and interior decorators. You name it.

I think it’s time agents get the recognition they deserve as neighborhood connoisseurs, specialists, experts. Sure, you want an agent with an impeccable track record of selling houses in your area or area of interest. You want a master negotiator, a well respected and well connected professional. But you also want someone who’s going to be able to either tell you exactly what it’s like to live somewhere, how close life’s essentials are, and so forth or connect you directly with the people who can answer those questions.

I personally couldn’t agree more with Gino’s emphasis on the importance of being able to share this local expertise with clients. Whether it’s regarding the local schools, finding a reliable contractor, or getting recommendations on the best restaurants in town, I pride myself in being able to assist my clients, friends, and neighbors with all of these things. Now, I’ve partnered with AmericanTowns (a wonderful site to find and share local events, things to do, and more), serving as their Los Altos Real Estate Expert and contributing to the Los Altos Answer Book. Through the Answer Book, I will be sharing my knowledge about our community with interested folks across the globe, covering various topics concerning our community and the resources, businesses, programs, and people that make it unique.

 

Silicon Valley Market Update: December 2011 and the Year in Review

Well, December (and 2011 as a whole) has come to close and we are already heading into the second month of 2012 in just one more day. 2012 has proven to be quite a busy year thus far–in spite of low inventory across the board, I’ve got plenty of eager buyers. But before we move any further into the new year, I thought it would be best to take a look at the local real estate statistics for last month (December 2o11) and for the year overall.

As you can see in the graph below, I’ve compiled the data on the median sale price and number of closed sales for single family homes in the communities of Cupertino, Los Altos, Los Altos Hills, Mountain View, Palo Alto, Santa Clara, Saratoga, and Sunnyvale for December 2011.

Silicon Valley real estate statistics for December 2011. Information contained in this graphic is deemed reliable but not guaranteed.

In terms of looking at how we fared in all of 2011, I have compiled the average sales and closed sales volume for both single family homes and townhomes/condominiums in Cupertino, Los Altos, Los Altos Hills, Mountain View, Palo Alto, Santa Clara, Saratoga, and Sunnyvale. For reference, I have also included the equivalent data from 2010.

A comparison of the average sales price and close sales volume (in dollars) in 2010 and 2011 for select Silicon Valley cities. Information contained in this graphic is deemed reliable but not guaranteed.

As always, if you would like an update on the market for an area not listed above or a detailed market analysis for your home, get in touch with me.

 

Silicon Valley Market Update: October and November 2011

With 2011 coming to a close very soon, let’s take this time to reflect on the performance of the local Silicon Valley market for both October and November. Below you will find the statistics for the cities of Cupertino, Los Altos, Los Altos Hills, Mountain View, Palo Alto, Santa Clara, Saratoga, and Sunnyvale for each of these months, comparing the median sales price and number of closed sales of single family homes for each of these communities. 

Silicon Valley real estate statistics for October 2011. Information contained in this graphic is deemed reliable but not guaranteed.

Silicon Valley real estate statistics for November 2011. Information contained in this graphic is deemed reliable but not guaranteed.

As always, if you would like an update on the market for an area not listed above or a detailed market analysis for your home, get in touch with me.

 

Intero Night at Patchen Christmas Tree Farms

 

Intero Weekender: Halloween 2011

Happy Halloween, readers! With All Hallow’s Eve approaching this Monday, there are plenty of spooktacular events to partake in throughout the Bay Area. Take a look at this week’s edition of the Intero Weekender below for details of what’s going on.

Also, don’t forget about the Intero Foundation’s Free eWaste Recycling Day this Saturday, October 29, 2011 from 9am to 3pm at our office on 496 First Street in Los Altos. Click here for a complete list of items that can be recycled at the event. All proceeds raised from the recycling benefit the work of the Intero Foundation in our local community.

 

Intero Insider: New Initiative Looks Again to Refinancing

This week, Intero President & CEO Gino Blefari offers his analysis of the changes coming to President Obama’s Home Affordable Refinance Program (HARP). Here’s what he had to say:

The buzz in housing economics this week is all about Obama’s revamped home-loan refinancing program and the hope that it will help hundreds of thousands of underwater homeowners. The new program makes significant changes to the original HARP program – viewed as a total failure by most critics because it was supposed to help “millions” of borrowers, but only helped 894,000 to date.

HARP stands for the Home Affordable Refinance Program. It was rolled out in 2009 to help borrowers who owed more on their homes than their current value, enabling them to refinance and take advantage of lower interest rates, which would lower their housing costs and ease their financial burden.

First, let’s look at the changes:

• Some fees will be reduced or eliminated
• No more 125% loan-to-value ratio cap
• Streamlines refinancing process by eliminating appraisals and extensive underwriting requirements for most borrowers, as long as they are current on their mortgage payments
• Encourages shorting the mortgage term
• Program now extended to December 31, 2013

What hasn’t changed:

• The program is only open to borrowers whose mortgages are owned by Fannie Mae or Freddie Mac.
• Borrowers must be current on their mortgage payments to be eligible. (So this program really is not for homeowners facing foreclosure, but rather aims to stop people from walking away from their underwater mortgages.)

Why refinancing?

Officials estimate that changes to the program will save the average eligible family about $2,500 every year – the equivalent of a substantial tax cut. They anticipate the number of people enrolled will double as a result of the revamp.

A lot of folks have criticized the administration’s refinance efforts through HARP because the number of borrowers it has helped pales in comparison to those in need. Five million homes have been lost to foreclosure and another 3.5 million foreclosures are anticipated over the next two years, according to Moody’s analyst Mark Zandi. And analysts peg the number of homeowners who owe more on their mortgages than the current market value at 15 million.

The reality, though, is that there’s only so much the government can do to help the underwater situation without completely devaluing the mortgage securities market. A mortgage is a contract by which a borrower agrees to pay under specific terms. The government can’t just rewrite all these contracts. This is why you see efforts that are met with little fanfare. But we have to remember that one program isn’t going to completely fix all of housing’s problems.

Will these changes make a difference? I say every home saved from foreclosure – whether it’s an owner walking away or an owner who can’t pay his mortgage anymore – will make a small difference in some way. That’s one less foreclosure on the books and one more family that stays in their home, and there’s something to be said for that.

 

Intero Weekender: October 14-16

If you’re looking for something fun to do over what looks to be a nice, warm–albeit cooler than it was earlier this week–weekend, check out the Intero Weekender below! There’s plenty going on throughout the South Bay and Peninsula, including Oktoberfest celebrations in both Campbell and Redwood City!

 

Silicon Valley Market Update: September 2011

As we make our way through October, it’s time to take a step back and look at how the real estate market fared last month. As I am sure you can tell when comparing to previous months, I have decided to change things up and thought we could try a new format for the Market Update to help makes things a little more visually appealing. As you can see in the graph below, I’ve compiled the data on the number of closed sales and the median sale price for single family homes in the communities of Cupertino, Los Altos, Los Altos Hills, Mountain View, Palo Alto, Santa Clara, Saratoga, and Sunnyvale for September 2011.

Silicon Valley real estate statistics for September 2011. Information contained in this graphic is deemed reliable but not guaranteed.

As always, if you would like an update on the market for an area not listed above or a detailed market analysis for your home, get in touch with me.

 

Intero Weekender: September 23-25

If you’re looking for something fun to do this weekend, check out the weekly Intero Weekender below! There’s plenty going on throughout the South Bay and Peninsula…

 

Intero Insider: Can Refinancing Save the Day?

This week we have Intero President & CEO Gino Blefari examining President Obama’s idea of helping homeowners save money through expanding programs to assist them with refinancing their mortgages:

We haven’t heard much from President Obama this summer on the housing market – other than ideas for fixing the Fannie Mae/Freddie Mac problem. He’s certainly had a lot of other things to deal with. But he ended the silence in his speech on jobs last week when he said that he’s looking to broaden U.S. homeowners’ access to mortgage refinancing as a way to get more money back in their pockets.

This wasn’t terribly exciting to hear since we’ve already seen some pretty big failed attempts at “refinancing” away the housing problem. In fact, the real housing news in the President’s speech was the $447 billion jobs package itself. We all know that jobs are the real answer to cleaning up the national housing recession.

Still, Obama believes that by broadening refinancing, the average family can save more than $2,000 a year – a much-needed boost for many. In fact, with average rates on long-term fixed-rate mortgages at ridiculously low levels – 4.12% on a 30-year fixed last week – refinancing does seem like a great option for the economy. So, what is the problem? Why aren’t millions of people already refinancing their loans? Why does the government even need to create a special refinancing program?

The problem has been that even with rates as low as they are, many homeowners have been shut out of refinancing because they either have shoddy credit histories or owe more on their original mortgage than their home is worth. What the government is trying to do now is remove these and other barriers. White House officials said in news reports on the topic that the U.S. Treasury was in talks with Fannie Mae, Freddie Mac and the Federal Housing Finance Agency about ways to open up refinancing.

The problem with simply removing these barriers to refinancing is that it could cause investors in the mortgage market to lose billions of dollars. Some also say it could put Fannie and Freddie at greater financial risk. It will come down to weighing cost versus benefit: Will that extra $2,000 per year for the average homeowner be enough to save him? And is that worth turning off many more investors who will lose much more than that?

The administration hasn’t released any specifics of how a new refinancing program would work or how it would affect the mortgage industry. But they expect to begin releasing details over the next several weeks.

Refinancing is a great idea and a great privilege to those homeowners for whom it makes sense. But, at some point in this plan, I hope we see more scrutiny of the overall benefit of a government-supported program to help the overall housing economy. We have real problems in the national housing market that affect real people; I’d hate to see it continue to be just another political platform to stand on.