5 Tips To Improve Your Odds in a Multiple Offer Situation

“Multiple offers?  I thought we were in a Buyer’s Market?”  Well, it certainly IS a great time to buy in that we are seeing interest rates that are still at historical lows coupled with housing prices that are more affordable.  But on the other hand, here in the San Francisco & Peninsula area, we are seeing an increasing number of multiple offer situations.  For example, on the last home my clients submitted an offer for, there were 26 (yes TWENTY-SIX!) offers, all of which were put in within the home’s first two weeks on the market!  Whatever the reasons for this, it’s become clear that if a home is well priced or below market value, there’s a good possibility that prospective home buyers will find themselves in a multiple offer situation.  Here are five tips to help make your offer stronger:

Mortgage Protection Program for First-Time Homebuyers!!

Great news for California home buyers!  As if the $8000 tax credit, historically low interest rates, and affordable home prices were not enough, the California Association of Realtors Housing Affordability Fund (C.A.R.H.A.F.) is making the pot even sweeter by offering a mortgage protection program for first-time home buyers.  Wow!  

Back in January, I posted a blog on my personal blogsite (http://budurl.com/5vpd) about the Hyundai Assurance Program (if you lose your job or have another hardship within 12 months, you can give your new car back) and commented that it would be an interesting idea if we could have the same sort of thing for buying homes.  The basic idea – buy a new home, and if you lose your job, you can give the home back without penalty.  Well, it seems that someone out there was reading my blog…okay, maybe not, but this new program is not too far from the same line of thinking.  So what does it entail exactly?

Real Estate May Be Rebounding in SF!

Just wanted to share a link to a video article from CBS5 posted on March 11th.  This talks about the possibility that we may be looking to a rebound in the real estate market within San Francisco.  This doesn’t surprise me, considering that every time I go to show homes or visit an open house in the city, there are many people walking through.  I’ve even had instances previewing a home and being stopped by potential buyers with a request to show it to them.  Anyway, it’s great news that we need to get out there to offset all the negative news that’s out there.

Here’s the link:  http://cbs5.com/video/?id=47401@kpix.dayport.com

A REAL Home Buyer Tax Credit!

A homebuyer tax credit is one of 10 key provisions of the American Recovery and Reinvestment Act signed into law Feb. 17, 2009.  This is different from the previous tax credit, primarily because it does not require repayment unless someone sells their home within 3 years.  Although I doubt that this would be the sole reason for someone to go out and purchase a home, it’s still a great incentive for those who are still somewhat “on the fence.”  This tax credit can be applied to 2008 or 2009 taxes, and the purchase must be completed before December 1, 2009.  In addition, the maximum is $8000 (if your income qualifies) or up to 10% of the purchase price, which means that you can get the full $8000 credit as long as your home costs $80,000 or more.  For those of us here in the SF Bay Area, that’s not a problem at all!  So, if you needed another reason to buy, besides the fact that home prices and interest rates are low, here it is!

Be sure to talk to a tax professional to make sure that this tax credit would be a good option for you.  For a chart detailing the main features of this credit, go to:  http://tinyurl.com/aw4fye.

Pregnant & Buying a Home?

I learned something new today that I thought I would pass on to others. If one of the buyers is on maternity leave, there are some lenders who will not count that person’s income when it comes to qualifying for a loan. The apparent rationale is that there is a probability that after having a baby, the mother might end up not returning to work and hence, will not have that income any more to help pay for the mortgage. Just something to keep in mind if you (or a client) are getting ready to have a baby and buy a home around the same time. Not sure if this applies to all areas and lenders, so be sure to check with your loan agent or mortgage broker.

The Real Estate Market is…BUSY!!

As soon as anyone knows I’m in real estate, one of the first questions they ask is, “So, how’s the market?”  People are surprised when I tell them it’s actually been pretty busy.  In particular, home buyers are seeing the opportunities that are available to them.  Mortgage rates are at historical lows and home prices have become much more affordable, which is especially good news here in the San Francisco Peninsula area.  FHA & VA loans are making a comeback, as they provide ways for people to purchase a home with low or no down payment.  The federal government is providing a $7500 tax credit/loan for first-time home buyers.  If now is not a good time to buy, I don’t know what is.  One sure sign of this – the sales board in our real estate office (the list of sales that have entered escrow) is almost full for the month of January already!  If you’ve been thinking about buying a home, don’t wait until it’s too late!  If you’re thinking to sell yoru home, just make sure to price it right – the buyers ARE out there!

San Mateo HS Presents Peter Pan

San Mateo High School will be performing the classic musical, Peter Pan, from January 30 – February 8, 2009. Friday & Saturday performances are at 8pm; Sunday matinees are at 2 p.m.

It’s the unforgettable story of the boy who wouldn’t grow up–full of flying, singing, dancing, and adventure, with Peter, Wendy, Michael, John, Tiger Lily, the Lost Boys, and, of course, Captain Hook. The score contains many memorable classics, including I Gotta Crow, Neverland, and I’m Flying.

Tickets are $10 for children, students, and seniors, and $15 for adults. You can purchase tickets at www.smhsdrama.org/buy.htm, or at (650) 558-2375. More information is available at www.smhsdrama.org. Performances are at the San Mateo Performing Arts Center at 600 N. Delaware, in San Mateo.

We hope you’ll come to a performance–and help spread the word to others in our community.

A Historic Occasion

Some people in our office got together this morning to watch the Inauguration of Barack Obama.  The brokers even postponed our scheduled 9am meeting, so that no one would miss this historic occasion.  I won’t write much here but just wanted to express my own sense of great pride and gratitude for our country.  Whatever the flaws and difficulties, the fact that in a period of about 60 years, this country has progressed to the point of being able to elect our first African American president is incredible.  Especially with all of the uncertainty and anxiety about the economy and the troubles throughout the world, it’s wonderful to have a moment to pause, give thanks and renew our hope.

Is Your Agent a Twit?

Recently, many people in our office have been learning more and more about social networking sites, such as twitter, Facebook, LinkedIn, FriendFeed…you get the idea.  One of the questions I hear often is, “How is twitter going to help me get more business?  What good does it do to let people know what I had for breakfast?”  The basic answer for this is that this is just another way to make more contacts, put ourselves in front of more people, and hopefully become known as the “real estate experts” in our area.  But another question comes to mind: “How do my clients benefit from the fact that I’m on twitter and other such sites?”  Here are some reasons why it might be beneficial to you to have an agent actively engaged in social networking on-line:

Millbrae Teen Center Fundraiser at Thai Stick

The Thai Stick and the Millbrae Recreation Department have teamed up for a fundraiser to benefit the Millbrae Teen Center. The Thai Stick has generously offered to donate 100% of all proceeds to the Teen Center. On Tuesday, January 20th from 5-10pm, grab your family, friends, and neighbors and gather for a great dinner to benefit the youth of Millbrae!

http://www.ci.millbrae.ca.us/index.aspx?recordid=71&page=24