The Wilkas Group » Selling a Home

What Do I Need To Do To List My House? Foster City CA

lenorewilkas — Fri, 12 Aug 2011 08:15:17 +0000

Yesterday I talked about what inspections you can expect to pay for when you list your house in Foster City, San Mateo, Burlingame or Hillsborough. Actually, any where in San Mateo County, for that matter. Once those inspections are done, and any work completed that might be needed, you’ve only begun the process.

Next comes the inside of your home.

If you’ve lived in your home for a few years then it will need to be painted. If you’ve used dark decorator colors, I advise you to paint them out with a more neutral color pallet. Trim should be done in white and either paint all rooms a soft tones or warm tones. Better Homes & Gardens has these examples to share with you.

Warm color pallet

Cool color pallet

How’s your kitchen? Are your cabinets in need of a pick up? Is the wood in good shape? If the wood is good, but the handles aren’t, replace them. If the wood needs work, paint the cabinets and put new handles in place. New handles can do an amazing job of refreshing a kitchen and bathroom, too. How about your appliances? Do they match? You can go to appliance stores and buy a package of new appliances for around $2000. This includes a stove, dishwasher, microwave/vent, and refrigerator. Buyers expect appliances will be left so give them new ones. You’ll get your money back, believe me.

Now comes staging. This can be done with a professional Stager, with your Agent’s help, or on your own if you’re a clever decorator. Honestly, I suggest you hire the stager. They can bring their expertise and rearrange your own furnishing for a modest amount of money, sometimes as low as $400. If you need help because your furniture won’t work, furnishing a house or several rooms is the best way to go. Costs can be everywhere on this but figure about $2500 for the first month and then additional costs after that. But, Stager prices do vary according to what they do and where you are so talk to several before settling on the one you want.

Curb Appeal.

Finally, if you have a house, how the exterior of your house looks is critical. Do you need to repaint? If you don’t need to paint the entire exterior do paint your trim and front door. Just doing those two things will give your home a huge pick-me-up. The front door is the most important door in your house so make it bright and inviting. Hang a wreath at the door, have potted plants in front and it says “Welcome!”.

Your yard and how it looks is as important as how the inside looks. A Stager can often make suggestions on perk up the yard. If you have grass, water it, feed it and mow it. Plant fresh flowers around the yard, put mulch in open areas where you don’t have plants to give a finished look. If you have fruit trees, keep the ripe fruit picked up off the ground. Don’t forget to look at the condition of any fencing you may have, too . Is is in need of repair? Now’s the time to fix it.

How much should I expect to spend before my house is listed?

It’s really difficult to give an accurate amount on costs since the size of the home, and the amount of work needed dictates cost. If you’re in a condo or townhouse, generally it’s interior work that gets done and that’s means paint, refinishing of floors, cleaning carpets, etc needs to be done. Costs can run from $3000 to the sky’s the limit. Whether you use professional painters or you’re a DIY person, costs vary. Are you refinishing floors? Get a professional to do them. Paint? DIY if you’re able.

Own a house? Exterior painting and/or interior painting can run up to $15,000. Landscaping, if it’s only cleaning up and planting new plants will cost a relatively a small amount.

Just remember, curb appeal is important and your home only gets one first impression. I’ve pulled up to a house and had clients tell me they will not go in because they don’t like how it looks. You don’t want that to happen in today’s market. If your home presents well, you will get your price,or very close to it.

The Final word.

Expect to spend between$1000 and $25,000, on average. This includes inspections and needed primping to make your home beautiful.

Here’s what’s for sale in San Mateo.

Showing properties 1 - 35 of 75. See more city of San Mateo real estate.
(all data current as of 2/11/2012)

$1,198,000 : 623 Maple St, San Mateo

3 beds, 3 full baths

Home size: 2,310 sq ft

Lot size: 5,568 sq ft
$1,800,000 : 519 Nevada Av, San Mateo

4 beds, 3 full baths

Home size: 2,730 sq ft

Lot size: 7,200 sq ft
$349,000 : 1758 Shoreview Av, San Mateo

2 beds, 1 full bath

Home size: 820 sq ft

Lot size: 6,100 sq ft
$525,000 : 3502 Martin Dr, San Mateo

2 beds, 1 full bath

Home size: 1,000 sq ft

Lot size: 6,790 sq ft
$478,000 : 1654 Wolfe Dr, San Mateo

4 beds, 2 full baths

Home size: 1,540 sq ft

Lot size: 5,300 sq ft
$399,000 : 1668 Taylor St, San Mateo

3 beds, 1 full bath

Home size: 1,190 sq ft

Lot size: 5,356 sq ft
$1,695,000 : 424 Sonora Dr, San Mateo

3 beds, 3 full baths

Home size: 2,390 sq ft

Lot size: 5,200 sq ft
$595,000 : 124 31st Av, San Mateo

2 beds, 1 full bath

Home size: 1,000 sq ft

Lot size: 5,720 sq ft
$549,000 : 1317 Claudia Av, San Mateo

3 beds, 2 full, 1 part baths

Home size: 1,670 sq ft

Lot size: 6,000 sq ft
$550,000 : 1709 Royal Av, San Mateo

3 beds, 2 full baths

Home size: 1,080 sq ft

Lot size: 6,426 sq ft
$1,399,000 : 431 Iowa Dr, San Mateo

3 beds, 2 full baths

Home size: 1,660 sq ft

Lot size: 6,600 sq ft
$559,900 : 508 Rand St, San Mateo

3 beds, 2 full baths

Home size: 1,420 sq ft

Lot size: 6,250 sq ft
$1,075,000 : 316 26th Av, San Mateo

4 beds, 2 full, 1 part baths

Home size: 2,180 sq ft

Lot size: 6,250 sq ft
$568,888 : 1855 Maxine Av, San Mateo

3 beds, 3 full baths

Home size: 1,500 sq ft

Lot size: 5,500 sq ft
$349,000 : 1409 Young St, San Mateo

2 beds, 2 full baths

Home size: 1,130 sq ft

Lot size: 6,100 sq ft
$997,000 : 775 Edgewood Rd, San Mateo

2 beds, 2 full baths

Home size: 1,369 sq ft

Lot size: 8,125 sq ft
$825,000 : 3985 Oneill Dr, San Mateo

5 beds, 3 full baths

Home size: 2,320 sq ft

Lot size: 5,000 sq ft
$1,648,000 : 1696 Lexington Av, San Mateo

5 beds, 4 full baths

Home size: 3,790 sq ft

Lot size: 7,700 sq ft
$599,900 : 3980 Oneill Dr, San Mateo

3 beds, 2 full baths

Home size: 1,750 sq ft

Lot size: 5,000 sq ft
$374,900 : 149 N Delaware St, San Mateo

2 beds, 1 full bath

Home size: 1,040 sq ft

Lot size: 5,750 sq ft
$524,900 : 177 Mclellan Av, San Mateo

3 beds, 1 full bath

Home size: 1,360 sq ft

Lot size: 6,250 sq ft
$379,000 : 28 Prague St, San Mateo

2 beds, 1 full bath

Home size: 930 sq ft

Lot size: 5,000 sq ft
$999,800 : 3045 Greenoak Ct, San Mateo

3 beds, 2 full baths

Home size: 1,826 sq ft

Lot size: 7,000 sq ft
$409,000 : 1216 S Norfolk St, San Mateo

4 beds, 2 full baths

Home size: 1,470 sq ft

Lot size: 5,000 sq ft
$447,500 : 1403 Bradley Ct, San Mateo

4 beds, 2 full baths

Home size: 970 sq ft

Lot size: 4,160 sq ft
$750,000 : 404 W 38th Av, San Mateo

3 beds, 2 full, 1 part baths

Home size: 1,800 sq ft

Lot size: 5,336 sq ft
$390,900 : 1297 Pershing Av, San Mateo

3 beds, 2 full baths

Home size: 1,360 sq ft

Lot size: 5,890 sq ft
$675,000 : 20 Grand Bl, San Mateo

2 beds, 1 full, 1 part baths

Home size: 1,070 sq ft

Lot size: 3,404 sq ft
$722,200 : 1740 Roberta Dr, San Mateo

3 beds, 2 full baths

Home size: 1,380 sq ft

Lot size: 9,300 sq ft
$399,000 : 1502 Mefferd Av, San Mateo

3 beds, 1 full bath

Home size: 1,310 sq ft

Lot size: 5,200 sq ft
$899,000 : 1616 Toyon Ct, San Mateo

3 beds, 2 full, 1 part baths

Home size: 2,310 sq ft

Lot size: 3,638 sq ft
$779,999 : 1665 Wellesley Av, San Mateo

4 beds, 3 full baths

Home size: 2,270 sq ft

Lot size: 5,750 sq ft
$1,275,000 : 41 Lakewood Ci, San Mateo

4 beds, 3 full baths

Home size: 2,730 sq ft

Lot size: 10,125 sq ft
$1,138,888 : 3904 Fernwood St, San Mateo

4 beds, 3 full baths

Home size: 2,430 sq ft

Lot size: 5,800 sq ft
$519,000 : 1601 Noe Av, San Mateo

3 beds, 2 full baths

Home size: 1,080 sq ft

Lot size: 5,500 sq ft

Listing information deemed reliable but not guaranteed. Read full disclaimer.

There’s more to listing a house then signing the paperwork: Foster City CA

lenorewilkas — Wed, 10 Aug 2011 16:45:17 +0000

Congratulations! You’ve listed your house. Now what else should you know, that you don’t?

In our area it is customary for the seller to take care of certain things prior to the property hitting the market. These things include the property inspection and the pest inspection. If either of these inspections bring up any major issues the seller will generally take care of them . Sometimes the inspections suggest additional inspections by other professionals are needed. Having those inspections done is a good idea even if you don’t choose to make the repairs. These additional inspections might include a roof inspection, chimney inspection, or foundation inspection which is common in parts of Foster City.

You need to budget for those costs and what they cost depends on the size of your home. Generally figure between $300 and $2000 for the property inspection and $150 to $600 for the pest inspection. If you can pay at the time of service, you’ll receive a discount but you can pay through your escrow at the closing of the sale of your home.

If you live in a condo you won’t need a pest inspection as your Home Owner’s Association is responsible for pests. If you live in a townhouse, it will depend on whether you live in a townhouse-style condominium or a PUD (Planned Unit Development) when you own the land under your unit.

Today’s buyers expect a house to be in almost perfect condition.

If it is in picture perfect condition buyers are willing to pay top dollar for it. If it isn’t, be prepared to negotiate with a buyer who’s going to offer much lower than you hoped to see. If you don’t want to make any repairs to the home you can have an As-Is listing which is very common in trust sales. If you have done your inspections and the found all known issues it’s a little easier to get away with an As-Is listing today. Do then expect to price lower than the market. If you wonder why, reread the first sentence of this paragraph.

You must disclose everything about your home.

One of the biggest reasons we recommend to a seller to have all inspections done before we list the home on the MLS is to help you fill out all of the required paperwork you have. There are forms that have multiple pages of check boxes asking questions about your home, your neighborhood, and anything else you might know. You must answer everything completely. One can never over disclose about their property. The law is clear about that so don’t withhold information about your neighbor’s murder, or loud dog, or noisy buses. If someone died in your home within the past 3 years you must disclose this.

The Disclosure Package that your Agent gives you is for your benefit as well as your buyer’s. A buyer can come after a seller who has willfully not disclosed information about their home once it’s discovered. There is no statue of limitations here. Be honest. Take you time. Be complete.

If you’re beginning to worry about all of these costs remember one thing, there’s an ROI in taking care of everything before your home hits the MLS. You will get a higher price which should cover your expenses. Friday I’ll talk about what other expenses you need to be prepared for when you list your home.

Here’s what’s for sale in Foster City.

Showing properties 1 - 7 of 7. See more city of Foster City real estate.
(all data current as of 2/11/2012)

$1,179,000 : 269 Avocet Ct, Foster City

5 beds, 3 full baths

Home size: 2,690 sq ft

Lot size: 6,630 sq ft
$869,000 : 632 Matsonia Dr, Foster City

4 beds, 2 full baths

Home size: 1,760 sq ft

Lot size: 5,320 sq ft
$999,990 : 850 Gull Av, Foster City

4 beds, 2 full, 1 part baths

Home size: 2,160 sq ft

Lot size: 5,320 sq ft
$1,529,000 : 1001 Monterey Av, Foster City

3 beds, 2 full, 1 part baths

Home size: 2,170 sq ft

Lot size: 8,540 sq ft
$975,000 : 54 Port Royal Av, Foster City

3 beds, 2 full, 1 part baths

Home size: 1,890 sq ft

Lot size: 6,798 sq ft
$1,189,000 : 760 Coronado Ln, Foster City

3 beds, 2 full baths

Home size: 2,110 sq ft

Lot size: 4,857 sq ft
$849,000 : 921 Swan St, Foster City

5 beds, 3 full baths

Home size: 2,540 sq ft

Lot size: 5,700 sq ft

Listing information deemed reliable but not guaranteed. Read full disclaimer.

We’re Moving! Now What? Burlingame CA

lenorewilkas — Fri, 15 Jul 2011 16:33:27 +0000

Congratulations on the purchase of your new home! Now, for the next challenge: moving. I’ve talked about how to go through all of your “stuff” and pare things down over the years so do a search for my tips. Hold that last Garage Sale for your final clearance and sell, sell, sell everything.

Next comes your move. Are you packing yourself or are the professionals doing it for you? If you’re doing it yourself, the following is a list of materials you’ll need. Moving companies and overnight mail businesses can furnish these, as well as specialized items including wardrobe boxes for clothing and heavy-duty boxes for china and other breakables. Liquor and computer stores also are good sources for sturdy boxes. Craigslist is a great resource for moving boxes, too.

Start collecting the following materials:

Boxes of all sizes
Plastic bags
Non-shredded newspapers
Packing tape
Markers
Bubble wrap
Tissues paper
Industrial Shrink Wrap

A few guidelines on How to Pack:

Cushion the bottom and sides of boxes first
Packed items should not exceed 30 pounds
When packing, go room by room it will make unpacking easier
Begin your packing as early in the
moving process as you can it will take longer than you think at a time
when you’ll be busy with many other concerns
Label all boxes by item and where in your new home they should be placed
Pack heavy items in smaller boxes and lighter items in larger boxes
Thoroughly wrap your breakables in
newsprint paper, paper towels or clothing, placing them in dresser
drawers, containers with lids, large cans, etc.
Fill your refrigerator and washer and dryer with clothes, linens and other light objects
Tape cords underneath all electrical appliances
Don’t tape furniture, doors and
drawers, as tape can cause damage; instead, use rope, elastic or long
strips of fabric to secure furniture
If you have children, let them feel they are a part of the process by helping them pack their toys

Finally, it’s moving day…

Fill one box with moving-day essentials like paper plates, a coffee maker and coffee, hand tools and extension cords, a bucket, rags, soaps and paper towels. You may also want to set aside a few days’ worth of clothing, food and other essentials you’ll need prior to arriving at your new home and prior to unpacking. Make sure there is a big, bright label telling the movers to Load Last and Unload First on it. Hopefully they will. Off will come all of your essentials for easy access in your new home.

Here’s what’s for sale in Burlingame right now:

Showing properties 1 - 30 of 34. See more city of Burlingame real estate.
(all data current as of 2/11/2012)

$1,749,500 : 2827 Hillside Dr, Burlingame

3 beds, 4 full baths

Home size: 2,990 sq ft

Lot size: 12,096 sq ft
$879,000 : 209 Channing Rd, Burlingame

2 beds, 1 full bath

Home size: 1,620 sq ft

Lot size: 5,750 sq ft
$1,295,000 : 1138 Douglas Av, Burlingame

3 beds, 2 full baths

Home size: 1,500 sq ft

Lot size: 5,544 sq ft
$2,550,000 : 3066 Hillside Dr, Burlingame

4 beds, 4 full baths

Home size: 4,200 sq ft

Lot size: 10,640 sq ft
$1,595,000 : 2673 Martinez Dr, Burlingame

4 beds, 3 full baths

Home size: 2,100 sq ft

Lot size: 11,650 sq ft
$799,000 : 418 Dwight Rd, Burlingame

2 beds, 1 full bath

Home size: 1,140 sq ft

Lot size: 5,000 sq ft
$999,950 : 1248 Capuchino Av, Burlingame

3 beds, 3 full baths

Home size: 1,897 sq ft

Lot size: 6,000 sq ft
$1,295,000 : 1512 Ralston Av, Burlingame

3 beds, 1 full, 1 part baths

Home size: 1,990 sq ft

Lot size: 7,896 sq ft
$2,120,000 : 1506 Vancouver Av, Burlingame

5 beds, 4 full, 1 part baths

Home size: 3,000 sq ft

Lot size: 6,000 sq ft
$1,199,000 : 1785 Hunt Dr, Burlingame

4 beds, 3 full baths

Home size: 2,200 sq ft

Lot size: 10,730 sq ft
$1,995,000 : 1612 Ralston Av, Burlingame

4 beds, 3 full baths

Home size: 2,803 sq ft

Lot size: 8,050 sq ft
$699,000 : 1532 Barroilhet Av, Burlingame

2 beds, 1 full bath

Home size: 1,000 sq ft

Lot size: 3,100 sq ft
$1,675,000 : 1407 Montero Av, Burlingame

4 beds, 3 full baths

Home size: 2,615 sq ft

Lot size: 6,100 sq ft
$1,458,000 : 1551 Los Montes Dr, Burlingame

3 beds, 2 full baths

Home size: 2,800 sq ft

Lot size: 8,052 sq ft
$1,158,888 : 1500 Alturas Dr, Burlingame

3 beds, 2 full baths

Home size: 1,590 sq ft

Lot size: 9,000 sq ft
$1,298,000 : 2928 Hillside Dr, Burlingame

3 beds, 2 full, 1 part baths

Home size: 1,825 sq ft

Lot size: 6,900 sq ft
$2,800,000 : 16 Davis Ct, Burlingame

5 beds, 4 full baths

Home size: 5,000 sq ft

Lot size: 31,000 sq ft
$1,949,000 : 10 Tiptoe Ln, Burlingame

5 beds, 3 full baths

Home size: 3,260 sq ft

Lot size: 25,375 sq ft
$2,575,000 : 1116 Drake Av, Burlingame

5 beds, 4 full, 1 part baths

Home size: 3,065 sq ft

Lot size: 7,560 sq ft
$618,888 : 1493 Oak Grove Av, Burlingame

2 beds, 1 full bath

Home size: 1,190 sq ft

Lot size: 4,280 sq ft
$733,000 : 1491 Oak Grove Av, Burlingame

2 beds, 2 full baths

Home size: 1,300 sq ft

Lot size: 4,360 sq ft
$2,850,000 : 3004 Hillside Dr, Burlingame

5 beds, 4 full, 1 part baths

Home size: 4,500 sq ft

Lot size: 11,250 sq ft
$1,595,000 : 1361 Vancouver Av, Burlingame

4 beds, 3 full baths

Home size: 1,830 sq ft

Lot size: 6,000 sq ft
$1,778,000 : 2417 Hale Dr, Burlingame

4 beds, 3 full, 1 part baths

Home size: 2,640 sq ft

Lot size: 4,950 sq ft
$1,899,000 : 1465 Drake Av, Burlingame

4 beds, 4 full baths

Home size: 2,718 sq ft

Lot size: 6,000 sq ft
$3,499,943 : 5 La Strada Ct, Burlingame

6 beds, 4 full, 1 part baths

Home size: 6,325 sq ft

Lot size: 11,778 sq ft
$639,000 : 104 Peninsula Av, Burlingame

4 beds, 3 full baths

Home size: 2,030 sq ft

Lot size: 5,136 sq ft
$1,895,000 : 165 Tiptoe Ln, Burlingame

4 beds, 3 full baths

Home size: 3,880 sq ft

Lot size: 14,747 sq ft
$1,299,000 : 1530 La Mesa Dr, Burlingame

3 beds, 2 full baths

Home size: 1,640 sq ft

Lot size: 12,829 sq ft
$2,195,000 : 23 Tiara Ct, Burlingame

5 beds, 5 full, 1 part baths

Home size: 3,940 sq ft

Lot size: 12,911 sq ft

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Only 65 Days Left to Qualify for the $8000 Tax Credit – San Mateo CA

lenorewilkas — Tue, 23 Feb 2010 15:03:10 +0000

There are exactly 65 days left to qualify for the $8000 First Time Buyer’s Credit. You must be in contract by April 30,2010 and close escrow by June 30th. You can buy a home up to $800,000 and have an income as high as $225,000 for a couple or $125,000 for a single person. We have homes to show you, so why aren’t you looking? Seriously. This price range is hot, hot, hot and we are seeing multiple offers once again, which means you must be out looking every weekend and writing offers.

Uncle Sam has even gifted move-up buyers. If you purchased your first home five or more years ago, you too, can qualify for a tax credit of $6500 or 10% of the purchase price of the new home. If you own a condo this is your opportunity for FREE MONEY by moving into a larger home. What are you waiting for? We have people who want to buy your condo and you can go out looking for a house.

The clock is ticking every minute of every hour of every day. Uncle Sam is giving away cash. This is money you can use to furnish your new home, or off-set your current tax bill if you want to file an amended return for 2009. We have forms for this, so ask us and we can email them off to you.

There is a catch on this credit, as you would expect. You’ll need to remain in this house for 36 months before selling or you’ll have to pay the credit back. That’s fair. If you file for one of these credits, be prepared for a possible IRS audit to verify that you qualified for the credit. This is part of new anti-fraud rules and the IRS has already identified over 100,000 returns with potentially fraudulent home buyer credits from last year alone. You will need to attach a properly executed real estate settlement sheet to your tax return to show proof to the IRS. Your Realtor and Lender can help you with this.

Tick-Tock. Tick-Tock. Tick-Tock. The Wilkas Group is here to help you but you need to move on it. Your lost time can not be replaced. There are only 65 days, 1560 hours, 93,600 minutes left to do this.

It’s Crystal Ball Time – What’s the Market Doing in the San Mateo CA area?

lenorewilkas — Tue, 26 Jan 2010 23:18:44 +0000

Last week I took additional course work on short sales. We don’t really anticipate seeing many foreclosures this year because the banks are beginning to work with their customers to stave them off. This year will see short sales. The Alt-A loans are almost all gone and now what will be coming up are some loans that should affect our market. The people who purchased homes in the mid to late 2000′s and who took out ARMs of 5 or 7 years are going to see them resetting this year. If they reset now, they’ll reset for lower then the original rate for the first year only. Should they reset once the Fed plays around with interest rates, then who knows how they’ll reset so they might be higher. How do I know this? Take a look at this great chart from Credit Suisse. We are currently in month 36 where the arrow is. You can figure it from there, that we anticipate seeing a peak number of short sales by the end of the summer, September to be exact.

If you are one of the multitude of homeowners sitting with this kind of mortgage you have a couple of choices. First, refinance it immediately. Second, if you are unable to do so, get your home ready for resale and get it on the market this spring. Yes, it will be under water, and yes you will need to go through the process of applying for a loan modification with your lender. If you are denied, as most appear to be, ask for a short sale and find a Realtor with suitable experience and training to help you. We are CDPE trained and SFR trained. These are the Cadillac of certifications for short sales. Do not wait to sell, get ready to do it this spring because there will be much competition for short sales.

Another consideration for you. If you sell you home in a short sale, you can buy a new one within 90 days using a conforming FHA loan. This means you will be in a home around $900,000 and there are many to select from in our area. You may have to swallow your pride in reducing your home size and location but at least you can still own a home without the tax ramifications of a foreclosure.

Do you want more information on how to do this? We’re here to answer your questions so go here for more help.

Year-end Look at Foster City CA Market

lenorewilkas — Sat, 02 Jan 2010 09:56:55 +0000

Foster City, like San Mateo, offers a good selection of single family houses for sale as well as condos and townhouses. I’ll start with the single family houses to show you what the market has been like. Over all Foster City is the healthiest market in our area. Prices are up and we’re seeing that there were 2 months where prices exceeded the list price. This is something we haven’t seen in several years. Foster City sits in a perfect location for commutes to bio-tech or hi-tech, east bay or the City. Schools are tops, there are loads and loads of parks for families to utilize and they do, too. It’s a planned community with apartments, condos, townhouses and single family houses. The waterways snake through the city and boating is a big pass time.

Like our other communities last year didn’t see a lot of sales, even after the banks opened up their lending and gave out loans rather than moths, but prices have been pretty good. There haven’t been a lot of short sales or REO’s, yet. We know there will be some, but not sure how many. Foster City is one of the few places one can buy entry level, and move up within the community. If you are thinking about buying a short sale or REO in order to get to Foster City from somewhere else, you need experienced agents working these tricky deals. The Wilkas Group is experienced and trained in the nuances of short sales and bank owned sales. Whether you are buying or selling we know how to help you achieve your real estate needs.

Year-end Look at Burlingame CA Market

lenorewilkas — Fri, 01 Jan 2010 05:52:07 +0000

During 2009, Burlingame’s market was down all year but not dramatically so. Because Burlingame is a high-end market, it was really struggling the first half of the year with of the difficulty for buyer’s to get loans. Unless you had cash you had a hard time finding a lender who would write a jumbo-jumbo loan. As the chart shows below, you can see when this changed in May, and by July we saw the market heat up with 23 sales. The same number sold in September, too. But don’t get too excited about this because there are still many more houses for sale then selling making Burlingame a Buyer’s market.

Looking at the numbers you can see the Median price of the houses for sale is still higher than the median sold price. Seller’s are just not ready to accept that prices have dropped so we are seeing listings with prices higher then we’d expect, but this is Burlingame and people want to live in Burlingame for it’s schools, location and charm. We expect to see short sales and REO’s to come in 2010 in Burlingame and if you’re hoping to buy or need to sell because of this, then you need an agent who is experienced in this kind of sale. The Wilkas Group is trained and has had experience with both short sales and bank owned sales. Do not use an agent who will learn on your transaction. There are too many issues that come up during the escrow to allow a person learning the system. Use an expert like the Wilkas Group.

Year-end Look at San Mateo CA Market

lenorewilkas — Fri, 01 Jan 2010 02:31:12 +0000

I am a full believer that pictures say more than words do. I just ran a report to see how the market has been in San Mateo for single family and condo/townhouses this past year. San Mateo has about 90,000 people living in it making it the second largest city in the county. Prices run from entry level condos and houses into many millions of dollars for a huge house. In the early part of the year past, the banks would not lend to anyone trying to buy a house that required what they like to call a jumbo-jumbo loan, the high end of the market tanked. After arm twisting by the Fed and the administration in Washington DC, the banking wallets opened up and we began to see these loans offered once again. This made the high end of the market warm up and we saw some action.

We’re looking first at single family houses sold between November 2008 and November 2009. Sorry, I won’t have the December data until next week so if you’d like to see it let me know and I’ll get it to you. The end of 2008 and into first quarter we were still seeing bank owned sales. They have diminished since then. We see some, but not a huge amount any longer. Does that mean they are gone from San Mateo? Doubtful. We all anticipate seeing many more short sales and bank owned (REO’s) in 2010. The Wilkas Group is prepared to help all of our clients with this kind of a market having taken specialized training to be able to guide both buyer’s and seller’s through the many different things that bank’s require. If you want to buy a short sale or REO, use an agent who understands how to navigate through the process.

2009 San Mateo CA single family houses for sale vs. median sold

What are we seeing here? The number of houses sold really didn’t change much for most of the early part of the year, because of the loan situation. FHA loans were the loan of choice for most people through the first half of the year. From mid-year though, we began to see the market warm up. The drop in November could be because of the usual decline of demand at year’s end when seller’s often remove their house from the market until the new year, and buyer’s are thinking about the holidays.

Let look at the Condo-Townhouse market in San Mateo.

One would expect to see more sales of condos as most of them are entry level purchases but many former condo buyers were able to buy a single family house this past year. What is interesting is that prices didn’t drop as dramatically in San Mateo as they did in other cities in the State. This shows some of the uniqueness of our County.

There is still a huge disparity in the number of condos and townhouses for sale verses those sold. It’s a strong buyer’s market for condos and many are very affordable. The number of sales has been pretty consistent all year long. There are many condos to select from as you can clearly see by the number for sale.

San Mateo Thanks Congress! First Time Buyer Tax Credit Extended

lenorewilkas — Fri, 06 Nov 2009 01:52:31 +0000

Today, the U.S. House of Representatives voted 403 to 12 to extend and expand the home buyer tax credit. The bill passed the U.S. Senate late yesterday and now will go to President Obama for his signature, where it is expected to be signed this week.

The tax credit will be extended through April 30, 2010, with a 60-day extension if a binding contract is in place prior to the deadline. First-time home buyers will continue to receive a tax credit of up to $8,000, while existing homeowners will receive a credit of up to $6,500. Existing homeowners will be eligible for the $6,500 if they have lived in their current residences for at least five years. The bill also will increase the qualifying income limits from $75,000 for single tax filers and $150,000 for joint filers to $125,000 and $225,000, respectively. The purchase price of the home is capped at $800,000.

Under additional provisions in the bill, taxpayers can claim the credit on purchases completed in 2010 on their 2009 income tax returns. The bill maintains the provision that home buyers do not have to repay the credit, provided the home remains their primary residence for 36 months after purchase, and waives this requirement for active duty military personnel who move due to a military order.

What does this mean for you? If you are a first time buyer that $8000 tax credit can help off-set your closing costs. If you are a current home owner in a house that is squeezed for space, you can get a tax credit of $6500 to move into a larger house. Everyone wins here if you don’t wait too long to do this. Yes, this is coming at the end of the year making it more difficult to find a good house with fewer available to choose from, but if you’re serious about making a move and have owned that current house for 5 years, call us and we’ll walk you through what you need to do.

Five Easy Landscaping ROI’s For Your Home: Foster City, CA

lenorewilkas — Mon, 19 Oct 2009 06:11:26 +0000

Just about every homeowner wants to improve their home so that it shows its best to the world. Well, maybe not everyone, but most normal people do. I was in an unnamed North County city while out on Broker’s tour and I happened to drive down a street that looked like no one took any pride in ownership of their homes. And, I mean NO ONE! It looked like a slum but a slum with homes worth $600,000 to $700,000 if these houses were in good shape. It got me to thinking about what must go into someones mind when they just stop taking care of their property. The front landscaping turns to weeds, trees and shrubs die and the place looks, well it looks like a slum. I just don’t get why people have no pride of ownership when a house is the single most expensive investment anyone is likely to make in their lifetime.

So what are the five easiest ROI in landscaping your home?

1. Lawn.

This is the first, and easiest, ROI in landscaping your house. If it’s dead, pull it out, and either seed or roll out a carpet of sod (instant gratification, believe me). The investment on this can be as little as a weekend of labor in rototilling the dead lawn, adding top soil, leveling it smooth and spreading seed. Then water daily and watch it sprout. Or, if you want to spend a little more money, rototilling, adding top soil, leveling it smooth and rolling out the sod. Late Fall is a great time to do this because Mother Nature will do the watering for you.

2. Trees and Shrubs.

Having too many on a lot is as bad as not having any at all. We all like to see a couple of trees, especially the shade variety if one has a western exposure. If you have a lot with too many trees planted too close together, get one or more of them out. That is easier said than done, believe me, since I have had a yard like that in my lifetime. I often wonder what the people were thinking planting 3 trees within four feet of each other. They weren’t thinking, and probably knew they weren’t going to be living there when the trees matured and were entangled into each other! Here’s how to remove the dead trees and shrubs on your own and save money. If it’s a big tree, many cities in our County have heritage tree ordinances and you must get permission to remove trees, even dead ones. They often require that you plant a new tree in place of the old one, but you may chose where to plant it on your lot. Double check with City Hall before removing those trees, just to be safe.

3. Flowers.

We all like to see color in a garden and flowers marching along side a entry walkway are welcoming. Take an afternoon and plant some. Don’t plant them too close to each other, and allow for space to grow. Plant bulbs in the winter so you have spring flowers. Plant fall flowers for color into winter. We are very lucky to have a climate that gives us 12 months of flowers and plants, so talk to the nursery about what’s flowering each season and plant a little of each for year round color.

4. Bark.

When you see a home that has been staged go on the market, inevitability the yard has fresh bark (or mulch) spread in the garden. This inhibits weeds, covers blank spots by filling in the earth between plants, and just finishes off the look. it’s a true do-it-yourself project and takes only a little bit of time to spread the mulch around your garden. Voliá!

5. Fencing.

If your fence is falling down by all means fix it. If you are going to ask a lot of money for your home, the least you can do is fix the fence. If you have neighbors surrounding your property you can ask them to split the cost as it’s a benefit to them as much as one to you. If they don’t want to do that, bite the bullet and fix it yourself. You’ll be happy that you did, and it will enhance your property values.

That’s it. The top five things you can do to enhance your home and see an ROI on the investment of money and time. Take a look at this house now. It has curb appeal and makes someone want to go inside to see the rest of the house. No one wants to see a dump, unless it is a fire sale, and even then many won’t go inside to look because they make an assumption that the inside looks as bad as the outside. Keep that in mind when you’re doing your yard work. There really is a pay back when you have a nice looking yard.

Getting back to my drive down the North County street. There was one house there that stood out from the rest so I lied about there not being any nice homes there. It was painted. It was inviting. It had neat landscaping. And, it was For Sale. But, I did not stop to look at it because of the neighboring houses. I could not show a client the best house a the block of slum houses. I can’t do it. And now you know why.

Check Out Some Homes Currently For Sale In This Area

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