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2005-12-05T16:11:00.000-08:00

Tuesda Tour

2005-10-24T11:22:00.000-07:00

Tour Hotlist:

There are 175 properties to see in all of area 9 tomorrow, but which are worth your time?

That depends on what your looking for and how much you can afford. If you don’t know, talk to a qualified realtor and qualified mortgage broker. Out of all of those, there are a few that should be worth your time:
118 Gates, a single family home for $660,000.
25 Bronte, a single family home for $669,000.
and a lot of decent places available in the Mission.

Thanks for reading, "Organic Realtor Michelle" Stephens

Tip of the week
One way to help save gas is to keep your tire property inflated. This can improve your gas mileage by more than 3%!

Tuesday Tour Prep

2005-10-24T10:06:00.000-07:00

Tour Hotlist:

There are 175 properties to see in all of area 9 tomorrow, but which are worth your time?

That depends on what your looking for and how much you can afford. If you don’t know, talk to a qualified realtor and qualified mortgage broker. Out of all of those, there are a few that should be worth your time:

118 Gates, a single family home for $660,000.
25 Bronte, a single family home for $669,000.
and a lot of decent places available in the Mission.

Thanks for reading, "Organic Realtor Michelle" Stephens

Tip of the week
One way to help save gas is to keep your tire property inflated. This can improve your gas mileage by more than 3%!

Mid-week report

2005-09-01T12:49:00.000-07:00

Loan Rates quoted this week:
Long-term rates are up slightly this week by an eighth, with a 30 year fixed at 5.75% and short-term rates are up by an eighth with a 7/1 adjustable rate mortgage at 5.625%. There is a new product out there that gives buyers the opportunity to benefit from an interest only loan for 10 years, and then it converts to a 30-year fixed loan, giving you 40 years to pay off the loan. Rates are probably going to drop due to the market pressure, so it’s a great time to lock a loan.

These rates are presented to me by Guarantee Mortgage at my weekly company meetings.

Market Update
There’s many new listings this week! The new listings have hit the market. We have yet to see what impact the increased supply will have on prices. I anticipate it will not impact prices immediately. I anticipate such pressure will not significantly impact prices until next year, when interest rates are due to rise.

Coming to a block near you:
527 Day Street – single family home, 2+br/2ba, parking, $TBD1200 Rhode Island #4 – condo, 2br/1ba, parking, $460,000921 Buena Vista – TIC, 1br/1ba, $399,000354 Bright – single family home, 2br/1ba, parking, $599,0001867 Oakdale – single family home, 3+br/1ba, parking, $479,000107 Jarboe – single family home, 2br/2ba, parking, $699,000201 Berkeley Way – single family home, 4+br/2.5ba, parking, $879,000

Seller’s question of the week…

How important are property photos to selling my house?

A picture’s worth a thousand words. Your home is a product, and it is my job to sell it. Just like any other product, it is vital to market your home properly to get you the best price and buyer. Pictures are an important piece of the marketing of property. While it’s not necessary to hire a professional photographer, it is important that your agent have some know-how. That’s why hiring an experienced agent is important.

Choose your realtor wisely. If you need help, call me (mobile: 415.637.1898).

Buyer’s Question of the week…

Is there anything other than price I can do to get my offer accepted?

It depends on the seller, but it’s true, money talks.

That being said, if you can afford to meet the price the comparable sales indicate is appropriate, there are a number of other ways you can best leverage your offer. Your agent should research the sellers’ situation extensively so you have the information you need to position yourself appropriately. You should not only explore the most affordable way to finance the purchase, but also consider which is the most secure financing option, because the sellers will look at your financing after they look at the price.

Hiring an agent who is experienced and respected is vital to positioning yourself competitively. If you need help, call me (mobile: 415.637.1898).

In closing…
All hell has broken loose in the areas affected by Katrina. Please, donate what funds you can. For donation opportunities, see my post from August 31 “Help survivors of Katrina”.

But what about us? It’s a selfish question to ask, but this seems like the appropriate time to ask it. We live in earthquake country and how many of us are prepared? Do you have a plan? Do you have an emergency preparedness kit? Do you know what to do in case of an earthquake?
Hind-sight is 20/20. Let us learn from what the survivors are suffering and be prepared. Watch this blog for the necessary information to prepare for an emergency, or just email me for the information.

Thanks for reading,
"Organic Realtor Michelle" Stephens

Tip of the week
Visit www.stopjunkmail.org for on-line guidance and a kit explaining the simple steps you can take to reduce junk mail. Our earth will appreciate it!

Help survivors of Katrina

2005-08-31T16:36:00.000-07:00

I hate to say it, but I've been glued to the tv watching stories about survivors of Katrina. This is going to be a long haul, but they need our help starting now. My company will match 50% of the funds that I raise. If you'd like to donate, please contact me. Starting now, I'm offering to match up to $500 of donations I receive.

Or go directly to:
www.redcross.org at 800.435.7669
www.secondharvest.org at 800.344.8070

Prepare for Sunday!

2005-08-27T11:08:00.000-07:00

As your area nine specialist, I can tell you there's quite a bit to choose from tomorrow. There's a nice condo available in one of my favorite locations at 199 Tiffany Ave. #301, open 2-4p. I'm a sucker for lofts and another one in the Mission that caught my eye is 2501 Harrison #9; it has a nice, and unusual, layout!

In keeping with my loft fetish, I'd check out 701 Pennsylvania #101 on Potrero. Again, another nicely designed loft. Of course, I then have to mention a possible "good deal" opportunity at 1643 18th St. Nice building, nice loft and it's been available too long for the sellers not to be a little negotiable.

Bernal has a number of homes to choose from, and one or two nice TICs. I really liked the building at 306+ Montcalm, but there's only one unit left.

Now, in Soma and South Beach, there's always a number of properties to choose from, each a little different from the other. I'm a fan of the new luxury developments. That's awful, huh?! Why? Ease of living. Sad it doesn't fit with my values. (or pocket book. Yikes!)

It's reported that rates are down again. Good news? Bad news? It's bittersweet. These low rates keep the housing market HOT! More competition, but better loan rates.

Finally, more in line with my values, the Chronicle reported on the value of shopping salvage. There are a number of local salvage sites. Check out www.socketsite.com for a more detailed summary of this earth-friendly way to be patriotic and consume!

Pardon me, but I'm tech challenged. I have the Sunday Open House section in pdf, but don't know how to load it here. So, I'll email it to you if you send me a comment.

Mid-week report

2005-08-26T10:21:00.000-07:00

Loan Rates quoted this week:

Long-term rates are down again this week by another eighth, with a 30 year fixed at 5.625 and short-term rates are down too, by about a ¼ with a 7/1 adjustable rate mortgage at 5.5%.

These rates are presented to me by Guarantee Mortgage at my weekly company meetings.

Market Update

Labor Day Excitement!

The new listings are starting to trickle onto the market. Although most Sellers are waiting until after Labor Day to put their home on the market, a few are starting to trickle down early. We realtors anticipate almost a flood of available properties that first week of September. What impact will this have? We realtors expect it will still be competitive for Buyers, but it seems supply is rising to meet demand, which will eventually apply downward pressure on our favorite, …PRICES! But not tomorrow, or next week, or maybe not even by next month. Don’t hold your breathe, yet.

Sellers Question of the week…

Do I need to get an inspection before I sell my property?

In the Bay Area, it is common to provide a buyer with a pest inspection with the disclosures. This is negotiable, though. There’s nothing that says Sellers have to do anything other than fill out the standard disclosure forms. However, is it advisable? I think so, if for no other reason than it is standard practice now. You don’t want Buyers to have any suspicions about your property; and not getting an inspection would appear “suspicious” to some. It’s a small cost and does show some good will toward Buyers, which seems missing in the strong Sellers’ market we’ve had of late.

Choose your inspector wisely. If you need help, call me (mobile: 415.637.1898).

Buyer’s Question of the week…

I’m in contract on a TIC. Now what?

The next step is to meet with all the buyers.

During this meeting, you will have an opportunity to decide if these are people you want to “get into bed” with. Do you trust them to pay their mortgage? Do you want them as neighbors? Do you see yourself successfully navigating the sometimes agonizingly long process of condo conversion? Not only will you be asking these questions of yourself, but your soon-to-be TIC partners will be asking themselves the same thing.

Be prepared; do your research. If you need help, call me (mobile: 415.637.1898).

In closing…

Please, email me your questions at Michelle@FordRealEstate.com. Or post a comment to this blog. I will update this 3x/week, unless I don't. ;-)
Also, I’m always looking for referrals, so if you’ve done business, any kind of business, with someone you like, please let me know who they are, even if that's you!

Beginning within, Organic Realtor Michelle Stephens

Tip of the week

Check out www.DoNotCall.gov, because you’re mobile number is about to be released to telemarketing companies. I wonder...if we all dislike telemarketers, who are they marketing to? What realm will marketing explore next?

New Posting Schedule

2005-08-25T21:45:00.000-07:00

Due to a recent request, I'm going to try a new posting schedule: Mondays, Wednesdays and Saturdays.

Mondays will allow me to discuss what happened during Sunday open houses; Wednesdays will allow me to share company-wide experiences; Saturday will allow me to help you prepare for Sunday!

See you soon!

Saturday, August 13, 2005

2005-08-13T15:41:00.000-07:00

Loan Rates quoted this week: Long-term rates are down this week by about an eighth, with a 30 year fixed at 5.75 and short-term rates are up by about a ½ with a 7/1 adjustable rate mortgage rate at 5.75%.

These rates are presented to me by Guarantee Mortgage at my weekly company meetings.

Market Update
Summer doldrums! There are still many buyers looking, but not as many properties to choose from. At this point, many sellers are waiting until after Labor Day to put their home on the market. It seems in addition to summer slowing down the market, buyers are being more selective. At best, the market is spotty, with some properties languishing and others being snapped up quickly at well over the asking.

Sellers Question of the week…

What is the standard commission rate and how negotiable is it?

In the Bay Area, the “standard” commission rate is 6%. However, this is definitely very negotiable, depending on the amount of work that will be required of your agent. As a rule, I work for 5%, because I know what I’m doing and most properties don’t require any “special” marketing. However, every once in a while, one of my listings will require extra attention, at which point I often increase my rate to 5.5% or even 6%. Bottom line, everything in real estate is negotiable. If you want help, call me.

Buyer’s Question of the week…

What is a TIC? What are the unique concerns associated with buying a TIC?

TIC stands for tenants in common. This is a form of ownership of real estate. It is most similar to buying a condo, in that you own part, but not all, of a multi-unit building. The main difference is with a TIC, all the owners of units in the building are on one loan. This is why TIC ownership is risky, because if your neighbor doesn’t pay their portion of the mortgage, the mortgage may not get paid and all owners are at risk financially. One way to limit this liability is to invest in a TIC agreement. These agreements, in addition to addressing most issues in common ownership situations, address how to handle an owner who cannot pay their portion of the mortgage.

The advantage to TIC ownership is the ability to find an affordable unit to purchase in our hot San Francisco market. Additionally, often owners of TIC units can convert their building into condos, which instantly provides the owners with equity. However, the rules governing conversion of TIC units into condos are changing frequently which impacts the feasibility of condo conversion. Some rules make condo conversion impossible. For the most current rules and regulations, please contact me directly.

In closing…

Please, email me your questions at Michelle@FordRealEstate.com.

Or post a comment to this blog. I will update this blog weekly, unless I don't. ;-)

Also, I’m always looking for referrals, so if you’ve done business, any kind of business, with someone you like, please let me know who they are, even if that's you!

Beginning within, "Realtor Michelle" Stephens

Tip of the week

Spilled red wine? Try using salt to soak it up. Just sprinkle enough salt on the spill to cover it and leave stand until dry. For more information, email me.

Saturday, June 18, 2005

2005-06-18T19:31:00.000-07:00

My apologies! I am out of town so my next posting will be Wednesday, June 22. Thanks for your patience.

Welcome! June 9th, 2005.

2005-06-09T14:38:00.000-07:00

Loan Rates quoted this week:

30 year fixed is 5.75%; 7/1 adjustable rate is 5.25%

These rates are presented to me by Guarantee Mortgage at my weekly company meetings

Market Update

The market is changing. That’s all any of us know for certain. The rest is speculation.

The market seems fickle right now. Some places are getting mad offers. Others are getting none. Some are getting a couple, but the ones they do get really count. Seems like everything is still going over the asking. Does it have to? Well, that’s up to the buyers. If the feel they can win the offer by not bidding crazily, then no, properties don’t have to go dramatically over the asking.

This will eventually lead to a change in the asking price. I am already starting to see that.

As more and more agents see offer dates come and go, pricing will be adjusted to compensate for the lack of dramatic overbids. We’re being instructed to list only as low as the seller is will to accept an offer. Used to be we would under list the property to allow enough room for the dramatic overbids. I believe those times are ending. Too many offer dates have come and gone with no offers.

Sellers Question of the week

How do I estimate a list price for my home?

This is your realtor’s job. To verify their recommendation, you look at what we call “comps”. This is short for “comparables”, the recent sales in your neighborhood that are most similar to your property. The fun of this process in San Francisco is that we have a dynamic market, which is in constant flux. Additionally, no property is just like the next, making the process more like comparing apples to pineapples, than to apples. Ah, but that’s what keeps it interesting for me!

Buyer’s Question of the week

What price home can I afford to buy?

This depends on how much your gross earnings are and how much your debt is.

This question is most accurately answered by a mortgage broker, for this is the same calculation lenders use to qualify you. The basic concept is the lender does not think you should spend more than about 1/3 of your gross income (pre-tax income) on your mortgage. Email me for the spreadsheet to calculate this. Excellent question. One of the most common I receive.

In closing…

Please, email me your questions at Michelle@FordRealEstate.com. Or post a comment to this blog. I will update this blog every Thursday, unless I don't. ;-) Also, I’m always looking for referrals, so if you’ve done business, any kind of business, with someone you like, please let me know who they are, even if that's you! Also, check out my other blog at www.potrerohill411.blogspot.com.

Come meet me at my booth at the Pride Festival, this month on either Saturday or Sunday, June 25th & 25th. Mention my blog for a special treat.

Beginning within,
"Realtor Michelle" Stephens

Tip of the week

Need to get that crayon mark off the wall? Try brushing with Colgate toothpaste.

Under new management

2005-06-03T15:08:00.000-07:00

Welcome!

I'm looking forward to a conversation with my neighbors on the Hill. However, I still need to finalize my posting. Check back with me Monday when I'll be sharing all of my insights for sellers and buyers about todays real estate market!

Begin Within

Is the market softening?

2005-05-16T10:28:00.000-07:00

That seems to be the most asked question this weekend. While hosting my open house at 604 Wisconsin Street, many buyers asked me my opinion of the market. As an agent in San Francisco for over 10 years, I have a good feel for the game. It's still competitive. Lots of people, lots of money.

What I have seen is that buyers are being more discerning. People aren't just buying anything for whatever price it takes, rather they're being more cautious. If buyers are uncertain of the property, they are holding off. Several times recently I've seen nice properties not get any offers until after their asking date. However, in the end, they are still selling with multiple offers and for over the asking price.

There are, as always, "bargains" out there, if you know where to look. Ask me and I'll tell you what I know of. Or, if you're curious about a particular property, ask me and I'll tell you what I know.

Talk to you soon.

Live simple so that others may simply live.

Interest Rates

2005-03-25T10:28:00.000-08:00

Interest rates are on the rise. It is anticipated that we will be up a whole point by the end of 2005. What does the industry think this means?

Some think that sellers will hold off moving out and up. The thinking is that with their current mortgage at 5%, why move into a mortgage at 7% or higher? So we may see inventory drop, again. This would create another situation of high demand and low inventory, meaning high sales prices.

What are your thoughts?

Looking forward to hearing from you,
Michelle Stephens

Save money on your refinance

2005-03-21T13:29:00.000-08:00

The news is that one of the national title companies has created a new title product. This product is specifically for owners who are refinancing. The title company saves money because this is not a "new" purchase, and they have decided to pass that savings on to you. Contact me for more information and title company contact information.

Quote of the month: "I would rather have a mind opened by wonder than one closed by belief" -- Jerry Spence

Increasing inventory, but the market is still hot!

2005-03-13T18:24:00.000-08:00

In recent days we have seen a dramatic increase in San Francisco's inventory and minor increase in interest rates. Does this mean the market is softening for buyers? At this point, all signs point to "no" at least in the short-run. Although supply has increased, the demand continues to outpace small increases in inventory and likely buyers don't seem phased by minor adjustments in interest rates.

On Friday, NPR's Marketplace reported findings from a London-based study on housing and rental trends in major UK and US cities. The report suggested that renting may be a better financial investment than buying, at least for the next few years. As we have heard in recent months, many economists believe that current housing prices are not sustainable, and the bubble will burst, or at least deflate. However, most buyers I've spoken with at open houses fear that San Francisco's market will run as high as New York's and London's and will ultimately become unaffordable for anyone but millionaires. They feel that if they don't get in now, they will never be able to afford to own in the city. The truth is, no one knows what will happen to the market.... all we can do is watch and pay attention!

Notably, the leading economist said that she recently had her house valued because she sees this as a great time to sell! In San Francisco, this is doubly true. We haven't seen outbidding and dramatic over-asking prices like this ever, not even during the dot-com boom years. If you've ever thought of escaping urban life for Portland or more affordable points east, now might the right time, at least from a financial standpoint.