Burlingame Real Estate - The Wilkas Group » san mateo county real estate

Dealing with a Home Disaster in San Mateo County with Less Stress

lenorewilkas — Fri, 18 May 2012 15:31:14 +0000

Living in San Mateo County you think that your home is a place for safety and security and a refuge from the stresses of life. However, if disaster strikes your home, you may need a little know-how to get through the process of filing an insurance claim. You will be surprised at the amount of time consumed with this process. Obviously, one of your key concerns will be the costs involved with the restoration of your home in regards to what your homeowner’s insurance may cover, so now’s a good time to talk to your insurance agent about being sure you are fully covered for fire or earthquake losses. Some cities in San Mateo County have neighborhoods that considered flood areas, so be sure to investigate flood insurance if you don’t already have it.

The process for filing a huge claim is enormous even with the help of an adjuster from your insurance company, but you may find that turning to an additional public adjuster for aid in documenting your insurance claim can be very helpful. A public adjuster works independently from your insurance company and can evaluate your home and damage and coverage to determine the best means of reporting your loss. They can also be sure your insurance company is being fair with your claim.

Here are some steps to follow when hiring a public adjuster:

Only interview and hire an adjuster who is licensed and ask about their level of experience.
Make sure you speak directly to the adjuster who will be evaluating your loss each time you call regarding your property, to lessen the risks of misunderstandings.
Question the adjuster’s experience and credentials and call past client referrals and ask for details. Your adjuster should be willing and able to supply you with this information easily.
Double check that the adjuster you are working with is local and will work with any contractors you want to hire, if necessary. Ask if they will help you in calculating living expenses, if applicable, or just with damage estimation.
Educate yourself. Since public adjusters work on contingency fees ranging from 5% to 15% of the insurance proceeds, it is wise to negotiate these fees and have them defined in a signed contract.

If you want to learn more about Public Adjustors, click here. One of the first things you should do today, before any disaster strikes, is take a home inventory. This can become overwhelming unless you use some of the free sites that allow you to take that inventory and save it. Here are several options for you to look at and take advantage of. Know Your Stuff. What You Own gives you a program to download to your own computer. All My Things is another site to go to. These are free to use and should something happen to your home, you’ll be very happy to know you’d done this and kept the data safe for retrieval. By retrieval, I mean storing it in the cloud where it can be accessed from any computer, any where

Real estate prices in San Mateo county have begun a huge recovery and you need to know what you own and protect it before it’s too late and you wish you’d done that. These tips only take a few minutes of your time to implement. Don’t wait

How’s the Market? Burlingame CA May 2012

lenorewilkas — Mon, 14 May 2012 17:47:49 +0000

If you are in the market to buy a home in Burlingame you are keenly aware that the market has become red hot in some price ranges. We are seeing multiple offers pushing prices well above the list price and these are appraising, too, so the banks are in line with what’s happening in Burlingame. The average days on the market, which is how long it takes for a house to sell has dropped. Prices are rising and the market is shifting from a Buyer’s market to one that is close to even. Here’s the data for you to read.

90-day stats for Single Family properties in BURLINGAME, CA94010 as of May 18, 2012
Median List Price:	$1,325,283	Average List Price:	$1,484,446
Total Inventory:	50	Price per Square Foot:	$620
Average Home Size:	2,054	Median Lot Size:	6,393
Average # Beds:	3.57	Average # Baths:	2.80
Homes Absorbed:	6	Newly Listed:	7
Days on Market:	89	Average Age:	62

The Median price for Burlingame homes has risen over the past year. This chart, below, shows you both the weekly changes (in black) and the quarterly changes (in orange). Week by week changes can be affected by little or no sales or many sales. The 90 day changes are more realistic to view trends.

Inventory, the number of homes for sale at any one time, was very low a few weeks ago and now we’re finally seeing homes to show buyers. The selection is good enough for someone to have some choices, but the ability to choose leisurely has gone. Good homes are snapped up fast with multiple offers. If you only want to consider a home totally renovated then be prepared for a bidding war. If you’re the kind of person looking for sweat equity, where you do the work, you don’t have as much competition but there is some, and it’s usually a contractor or flipper, so again, you must be prepared to write that offer quickly.

Burlingame didn’t have the long days on the market that other areas were seeing during the last couple of years, so we rarely saw it taking many, many months to sell. Today the average amount of time it takes to list and then sell the home is just under 90 days. This is a fairly normal time frame.

The MAI stands for Market Action Index and it’s the way to answer the question of how the market is really doing. It measures the current rate of sales versus the amount of inventory, or number of homes for sale. An index above 30 says the Seller owns the market and under 30 the Buyer has the advantage. Right now Burlingame is edging up to the 30 mark where neither the buyer or seller is at an advantage. This means we have a balanced market.

Here are some homes currently for sale in Burlingame today. We’d be happy to answer questions on buying or selling in Burlingame so give us a call or pop us an email.

Showing properties 1 - 10 of 36. See more city of Burlingame real estate.
(all data current as of 5/25/2012)

$889,000 : 705 Farringdon Ln, Burlingame

2 beds, 1 full bath

Home size: 1,240 sq ft

Lot size: 5,280 sqft

Year built: 1924
$1,628,000 : 1551 Cypress Av, Burlingame

4 beds, 3 full baths

Home size: 2,376 sq ft

Lot size: 6,280 sqft

Year built: 1918
$1,200,000 : 738 Linden Av, Burlingame

3 beds, 2 full, 1 part baths

Home size: 2,000 sq ft

Lot size: 8,624 sqft

Year built: 2012
$2,150,000 : 135 Valdeflores Dr, Burlingame

4 beds, 3 full, 2 part baths

Home size: 3,550 sq ft

Lot size: 9,976 sqft

Year built: 1954
$2,195,000 : 1005 Drake Av, Burlingame

5 beds, 4 full, 1 part baths

Home size: 3,168 sq ft

Lot size: 6,250 sqft

Year built: 1996
$1,349,000 : 516 Burlingame Av, Burlingame

3 beds, 2 full baths

Home size: 2,110 sq ft

Lot size: 5,000 sqft

Year built: 1940
$980,000 : 1016 Paloma Av, Burlingame

3 beds, 2 full, 1 part baths

Home size: 1,310 sq ft

Lot size: 5,750 sqft

Year built: 1925
$2,695,000 : 2202 Summit Dr, Burlingame

3 beds, 2 full, 1 part baths

Home size: 2,341 sq ft

Lot size: 2.66 ac

Year built: 1975
$1,717,000 : 1513 Sanchez Av, Burlingame

4 beds, 3 full, 1 part baths

Home size: 2,390 sq ft

Lot size: 7,050 sqft

Year built: 1913
$1,050,000 : 1000 Park Av, Burlingame

3 beds, 2 full baths

Home size: 1,684 sq ft

Lot size: 5,400 sqft

Year built: 1926

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

How Buying a Home is Like Finding the Perfect Shoe – San Mateo CA

lenorewilkas — Wed, 25 Apr 2012 15:11:01 +0000

The old adage “one shoe fits all” does not work when buying home. For that matter, it doesn’t work when shoe shopping, either! Homes, like shoes, are very personal, and often emotionally-based purchases.

Try as they might to create a home that will meet every need and every taste, home builders are aware that it just can’t be done. As with shoes, versatility lies the in key components; simple design, elegant paint tones, and a combination of shine, style and comfort.

As with your shoe purchase, buying a home requires you to consider what is most important to you and your future plans.

Open design vs. cozy comfort?
Modern storage options vs. vintage style?
Planned, pre-designed landscaping vs. creative gardening?
Modular vs. eclectic structure?

You should also consider how and who will be using the home. Should it be tailored to you or is it an investment property?

Primary residence or vacation home?
Adults only? Adults and pets? Adults, children and pets? Renters? College students?
Will it be used to entertain often and is parking sufficient? Do you need a guest room?

There are many other questions to be considered before buying so take your time with your home purchase, if you can. Enjoy the journey as you find the home that is the perfect fit for you and your circumstances. And when you find the home that makes you want to click your heels, don’t wait. Make an offer! As to shoes? If the shoe fits… buy it in every color!

Here’s what’s for sale in San Mateo today.

Showing properties 1 - 10 of 39. See more city of San Mateo real estate.
(all data current as of 5/25/2012)

$599,950 : 1512 Dix St, San Mateo

4 beds, 3 full baths

Home size: 1,800 sq ft

Lot size: 5,000 sqft

Year built: 1954
$658,000 : 1204 S Grant St, San Mateo

2 beds, 1 full bath

Home size: 1,010 sq ft

Lot size: 4,500 sqft

Year built: 1946
$975,000 : 35 Lundys Ln, San Mateo

3 beds, 2 full baths

Home size: 1,360 sq ft

Lot size: 12,320 sqft

Year built: 1959
$699,000 : 2129 Ensenada Wy, San Mateo

2 beds, 2 full baths

Home size: 1,710 sq ft

Lot size: 8,448 sqft

Year built: 1948
$575,000 : 1021 E 3rd Av, San Mateo

5 beds, 2 full baths

Home size: 2,330 sq ft

Lot size: 7,056 sqft

Year built: 1949
$529,900 : 1759 Cottage Grove Av, San Mateo

3 beds, 1 full bath

Home size: 1,000 sq ft

Lot size: 5,250 sqft

Year built: 1952
$519,000 : 215 N Kingston St, San Mateo

2 beds, 1 full bath

Home size: 1,380 sq ft

Lot size: 5,000 sqft

Year built: 1948
$678,000 : 2915 Fernwood St, San Mateo

2 beds, 1 full bath

Home size: 1,060 sq ft

Lot size: 5,040 sqft

Year built: 1951
$650,000 : 1707 Eleanor Dr, San Mateo

3 beds, 2 full baths

Home size: 1,400 sq ft

Lot size: 5,000 sqft

Year built: 1955
$639,000 : 3659 San Benito St, San Mateo

3 beds, 1 full bath

Home size: 1,440 sq ft

Lot size: 5,000 sqft

Year built: 1951

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

Getting to Know Your New Home & Neighbors – San Mateo CA

lenorewilkas — Tue, 10 Apr 2012 15:16:05 +0000

Moving to a new home gives you an opportunity to redefine yourself and a chance to make new friends. Getting to know neighbors can be time-consuming, but is completely worthwhile since neighbors help one another out and keep track of the neighborhood comings and goings and can even share a smile when you are feeling down. A good neighbor literally can make your world a better place.

Once you’ve gotten a bit acquainted with your new home, get to know the block better by taking a walk along your street. Within a few minutes, you are sure to meet a few neighbors who are curious about you. Over a few days, your walks will encourage even more people to come out and meet you, and soon you’ll be one of the “regulars.” Find out as much as can about your neighborhood’s “flavor” by asking open-ended questions and listening to the answers.

After you’ve established yourself, find a time to invite your new friends over. Keep it simple with regard to decor and party preparations and host a get-to-know-you gathering or even a BBQ for your neighbors. Play group games such as 20 questions to discover hobbies and occupations or have a funny story contest. You may find out unique ways to get involved in your local community or that you have a lot in common with the man six doors down the street. Regardless of what is revealed through conversation and group interaction, you will feel more at home once you’ve shared a part of your life with your new neighbors and you’ll have contributed to creating a better community. If you want to learn more about places and news, share an idea, or just “be a better neighbor” in your community, logon to EveryBlock.com.

Energy Tax Credits For Your Home in 2012: San Mateo County, CA

lenorewilkas — Sun, 08 Apr 2012 15:55:55 +0000

If you believe that global warming is a real issue and you’re already trying to do your part, there are many ways to go Green in your daily living. Whether you want to use solar energy so you can go off the grid or are interested in other options here are some things to consider. The government even believes in this by offering tax credits. What a great way to do your part!

Are you looking for an eco-friendly tax credit to use to upgrade your home this year? You’re in luck! While many of the programs available in past years have expired, the following are great options to consider now and all the way until 2016.

Geothermal Heat Pumps allow your home to be heated using the earth’s constant temperature instead of the outside air temperature and can reduce your energy costs. Most pay for themselves within 5-8 years and can last for more than twenty-five years. Learn all about the various options and models to consider here.

Solar Energy Systems for your household hot water needs are another eco-friendly option to consider! While the energy credit does not cover heating the water in your swimming pool or hot tub, considerable savings can still be seen with solar installation. Click here to read more about available water heaters.

There are several systems to consider when exploring ways to power your home while being energy efficient. The following systems all qualify for a 30% tax credit, some with no upper limit, so consider which alternative source may be the best for your home. All of these credits are available on your primary residence and some can even be used on a secondary residence as well.

Prior to embarking on finding a solution, however, you should do a survey to determine the total electricity consumption of your home. Photovoltaic Systems, Small Wind Turbines, and Fuel Cell Systems are all great resources (though a bit more pricey) for creating and providing your own energy to get “off the grid.” There is plenty to consider when exploring these solutions, so make sure you do the research first to see what will work best for your home.

How’s the Market – Burlingame CA – 03.28.2012

lenorewilkas — Wed, 28 Mar 2012 15:05:02 +0000

The City of Trees, Burlingame CA, has charm and location going for it. There are no tract homes in Burlingame and that’s one of the reasons people want to live there. Here’s a look at how the real estate market is doing in Burlingame today. Like our other communities, we don’t have enough new listings for the demand and prices are going up because of this.

90-day stats for Single Family properties in BURLINGAME, CA94010 as of May 18, 2012
Median List Price:	$1,325,283	Average List Price:	$1,484,446
Total Inventory:	50	Price per Square Foot:	$620
Average Home Size:	2,054	Median Lot Size:	6,393
Average # Beds:	3.57	Average # Baths:	2.80
Homes Absorbed:	6	Newly Listed:	7
Days on Market:	89	Average Age:	62

If you want to live in Burlingame you pay the price to do so. Prices have gone up this year and we’re seeing a split with smaller homes staying under a million and larger ones moving up and up.

The number of homes for sale has gone up this month but still doesn’t meet demand. We just don’t have a lot of listings to show buyers right now. This makes it hard for everyone and is now bringing the hated multiple offer situation we used to see.

Houses are selling in a little over 2 months, which is a healthy market.

Price per square foot is high. The average lot size in Burlingame is 6000 square feet. The average house is about 2400 square feet, and newer ones are bigger, older are smaller but if you had to replace the home it is expensive.

The median Market Action Index is now sitting at about 20, still making it a Buyer’s market. It has held as one for about a year. Will this index move up this year? I bet it does if we still see too few homes for the number of buyers who are out there. We’re almost at a balanced market, meaning neither the buyer or seller has the advantage. Offers are being negotiated even in multiple situations.

In this kind of real estate market it is critical that you have good representation as a buyer or seller. Negotiation is key and understanding of the market in Burlingame is very important. Here are some of the homes for sale today. Should you see one here that you’d like to see in person give us a call at six five zero, eight six seven, two nine zero nine.

Showing properties 1 - 15 of 49. See more city of Burlingame real estate.
(all data current as of 5/25/2012)

$889,000 : 705 Farringdon Ln, Burlingame

2 beds, 1 full bath

Home size: 1,240 sq ft

Lot size: 5,280 sqft

Year built: 1924
$1,628,000 : 1551 Cypress Av, Burlingame

4 beds, 3 full baths

Home size: 2,376 sq ft

Lot size: 6,280 sqft

Year built: 1918
$550,000 : 1500 Sherman Av #2b, Burlingame

1 bed, 2 full baths

Home size: 1,300 sq ft

Year built: 1984
$1,650,000 : 740 Linden Av, Burlingame

3 beds, 3 full, 1 part baths

Home size: 3,000 sq ft

Lot size: 8,624 sqft

Year built: 2012
$1,200,000 : 738 Linden Av, Burlingame

3 beds, 2 full, 1 part baths

Home size: 2,000 sq ft

Lot size: 8,624 sqft

Year built: 2012
$2,150,000 : 135 Valdeflores Dr, Burlingame

4 beds, 3 full, 2 part baths

Home size: 3,550 sq ft

Lot size: 9,976 sqft

Year built: 1954
$2,195,000 : 1005 Drake Av, Burlingame

5 beds, 4 full, 1 part baths

Home size: 3,168 sq ft

Lot size: 6,250 sqft

Year built: 1996
$1,349,000 : 516 Burlingame Av, Burlingame

3 beds, 2 full baths

Home size: 2,110 sq ft

Lot size: 5,000 sqft

Year built: 1940
$565,000 : 1210 Bellevue Av #207, Burlingame

2 beds, 2 full baths

Home size: 1,186 sq ft

Year built: 1979
$980,000 : 1016 Paloma Av, Burlingame

3 beds, 2 full, 1 part baths

Home size: 1,310 sq ft

Lot size: 5,750 sqft

Year built: 1925
$2,695,000 : 2202 Summit Dr, Burlingame

3 beds, 2 full, 1 part baths

Home size: 2,341 sq ft

Lot size: 2.66 ac

Year built: 1975
$1,717,000 : 1513 Sanchez Av, Burlingame

4 beds, 3 full, 1 part baths

Home size: 2,390 sq ft

Lot size: 7,050 sqft

Year built: 1913
$515,000 : 733 Fairfield Rd #1, Burlingame

2 beds, 2 full, 1 part baths

Home size: 1,205 sq ft

Year built: 1981
$1,050,000 : 1000 Park Av, Burlingame

3 beds, 2 full baths

Home size: 1,684 sq ft

Lot size: 5,400 sqft

Year built: 1926
$2,249,000 : 1537 Drake Av, Burlingame

4 beds, 4 full, 1 part baths

Home size: 2,940 sq ft

Lot size: 6,000 sqft

Year built: 2009

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

Saving Money in Your New Home – Burlingame CA

lenorewilkas — Tue, 27 Mar 2012 17:01:49 +0000

Everyone likes to save money. Everyone, even billionaires do. Part of owning a home, whether it’s a house, townhouse or condo, is home maintenance and if you’re disciplined about doing it, you can not only save money on your home, but help the environment with these tips. Energy use is a huge portion of our budget. Some homes are all electric, including heating, so saving a few dollars could be really helpful. We hear about hidden electrical drains, meaning all of our appliances that run all of the time. You know the ones with clocks that really don’t need clocks, or instant on? That’s a huge money drain that PG&E just loves. Good for their bottom line, but not ours.

When you purchase or consider purchasing a new home, there are lots of things to consider. One of these is the cost of utilities. While they may not represent a large portion of your monthly expenses, their cost can really add up over time. Once you have purchased your new home (and every few years thereafter), it’s a good idea to request an energy audit from PG&E to find ways that you can reduce your monthly expenditures. Once you know what creates the bulk of your expense, you can use the following tips to reduce your utility bills in your new home.

Update your appliances and fixtures to energy efficient models bearing the “Energy Star” label to save on water and energy bills.
Replace any incandescent light bulbs with compact fluorescent bulbs or if you can afford them, the new LED lights. This can provide up to 75% savings on your lighting costs and keep your home cooler during the summer months.
Be aware of your thermostat use. A programmable thermostat is a great idea during the winter, so you can allow cooler temperatures while you are away from your home.
Lowering your hot water heater temperature ten degrees or shortening your shower times can results in savings.
Turn off your appliances by unplugging them when you’re not using them.
Adding insulation to your attic or attic door and replacing caulking over cracks around windows and in exterior walls can also reduce your energy costs. You may even consider insulating your garage or garage door if possible. Replacing or installing weather-stripping kits on drafty doors will also decrease your costs. So will adding an attic fan to remove heat during the summer.
Planting deciduous shade trees and shrubs can provide more even temperatures in your home, as can appropriate window coverings.

Some of these things are really simple to do and should become part of your annual repairs to your home. Others can become daily changes. We all can do these things to help improve our bottom line, and our energy use for the greater good of our community. This weekend is Earth Day and now is a great time to start your energy audit and savings.

How’s the Market – Hillsborough CA – 03.26.2012

lenorewilkas — Mon, 26 Mar 2012 15:01:10 +0000

Who has the best schools in our area? If you said Hillsborough, you’d be correct and that’s why so many people aspire to move there. The homes are large. The lots are mostly a half acre or more, and the trees and views and ambience makes this one of the most coveted communities on the Peninsula. Here’s a look at the market in Hillsborough California.

90-day stats for Single Family properties in HILLSBOROUGH, CA as of May 18, 2012
Median List Price:	$3,955,808	Average List Price:	$6,183,781
Total Inventory:	56	Price per Square Foot:	$798
Average Home Size:	4,888	Median Lot Size:	33,135
Average # Beds:	5.28	Average # Baths:	5.26
Homes Absorbed:	5	Newly Listed:	5
Days on Market:	143	Average Age:	43

Just like the other communities around here there is a shortage of homes for sale. Prices are up. The median price for Hillsborough is almost $4 million. Obviously you get a lot for those dollars as an entry level home in Hillsborough runs almost $2 million today.

Inventory, the number of homes for sale at any one time, is moderate. The reason I say that is the town only has a population of 9200 people so there aren’t a lot of houses in the town as a whole, but there are about 55 for sale right now.

When you sell a home in the price range that Hillsborough runs it always takes a while in comparison to the local surrounding communities. In comparison to past months, it’s taking much less time to sell a home in Hillsborough.

I really don’t like using the price per square foot chart much since these are generally the largest homes available in our area and always have the most square footage and largest lots so the price per square foot is always high. Think in terms of replacement costs, and it’s not so bad.

Hillsborough is still a buyer’s market and will likely remain one for a long while. Prices are very high and the pool of buyers is generally smaller than other surrounding communities. Loans for these homes are still very favorable.

Here are some of the homes currently for sale in Hillsborough. Should you see something here that you’d like to see in person please call us at six five zero, eight six seven, two nine zero nine and we’ll take you in to see them.

Showing properties 1 - 15 of 20. See more city of Hillsborough real estate.
(all data current as of 5/25/2012)

$2,995,000 : 10 Hampton Ct, Hillsborough

6 beds, 4 full, 1 part baths

Home size: 4,080 sq ft

Lot size: 28,050 sqft

Year built: 1978
$2,680,000 : 500 Pepper Av, Hillsborough

3 beds, 2 full, 1 part baths

Home size: 2,840 sq ft

Lot size: 22,244 sqft

Year built: 1953
$1,776,000 : 175 Ridgeway Rd, Hillsborough

5 beds, 3 full, 1 part baths

Home size: 4,840 sq ft

Lot size: 15,246 sqft

Year built: 1978
$1,850,000 : 1035 Tournament Dr, Hillsborough

5 beds, 5 full, 2 part baths

Home size: 4,850 sq ft

Lot size: 26,350 sqft

Year built: 2001
$2,399,000 : 645 Hillsborough Bl, Hillsborough

3 beds, 2 full, 1 part baths

Home size: 2,580 sq ft

Lot size: 25,844 sqft

Year built: 1958
$2,295,000 : 537 Craig Rd, Hillsborough

4 beds, 4 full baths

Home size: 2,750 sq ft

Lot size: 29,185 sqft

Year built: 1953
$1,675,000 : 6215 Skyline Bl, Hillsborough

4 beds, 2 full, 1 part baths

Home size: 2,810 sq ft

Lot size: 21,896 sqft

Year built: 1972
$2,595,000 : 540 Chelmsford Rd, Hillsborough

4 beds, 4 full, 1 part baths

Home size: 2,890 sq ft

Lot size: 15,210 sqft

Year built: 1930
$1,800,000 : 2480 Summit Dr, Hillsborough

3 beds, 3 full, 1 part baths

Home size: 2,080 sq ft

Lot size: 29,240 sqft

Year built: 1951
$1,889,000 : 2440 Skyfarm Dr, Hillsborough

4 beds, 3 full, 1 part baths

Home size: 3,480 sq ft

Lot size: 33,750 sqft

Year built: 1978
$2,895,000 : 1020 Crystal Springs Rd, Hillsborough

4 beds, 4 full, 1 part baths

Home size: 5,880 sq ft

Lot size: 2.80 ac

Year built: 2006
$2,498,000 : 981 La Senda Rd, Hillsborough

4 beds, 3 full, 1 part baths

Home size: 3,520 sq ft

Lot size: 17,424 sqft

Year built: 1987
$2,675,000 : 2225 Summit Dr, Hillsborough

5 beds, 4 full, 1 part baths

Home size: 3,860 sq ft

Lot size: 27,442 sqft

Year built: 1978
$2,680,000 : 347 Alberta Wy, Hillsborough

4 beds, 4 full baths

Home size: 5,900 sq ft

Lot size: 21,754 sqft

Year built: 1954
$2,128,000 : 1395 Avondale Rd, Hillsborough

4 beds, 3 full, 1 part baths

Home size: 3,099 sq ft

Lot size: 1.29 ac

Year built: 1977

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

Terms to Know When Buying or Selling a Home

lenorewilkas — Fri, 23 Mar 2012 15:40:43 +0000

The real estate industry, like most others, uses jargon that is sometimes difficult to understand. Consider this a primer to learning a few of those terms. Here’s a step by step definition that will make you sound “in the know” when buying or selling a home.

“CLOSING” - Closing refers to the final steps in securing a home purchase. When a property is sold, it is referred to as “closed.”

“OFFER” - Buyers “offer” a contracted rate on a home for sale. A seller may receive many “offers” and is not required to accept any. This is why when a home buyer finds their dream home, it is important to get the “offer” in quickly. Full price “offers” are looked upon favorably, but even “offers” of up to ten percent beneath the asking price may be an acceptable practice, too. There are several variables to discuss with a knowledgeable Realtor before submitting a low “offer,” however, so do your homework. Comparing a home to others in the local market and recognizing the length other homes have been listed are helpful to consider prior to submitting or accepting any “offer” in real estate.

“DEPOSIT” - The “deposit” or earnest money pledged with an “offer,” illustrates a commitment from the buyer to the seller. Generally the “deposit” amount in our area is 3 percent of the home’s purchase price and applies to the final purchase price of the home for sale. This deposit is held “in trust” until the purchase is completed with a local Escrow company. As a potential home buyer, your “deposit” will only be accepted if your “offer” is accepted. Occasionally a home buyer decides not to move forward with the home sale which can result in the loss of the “deposit” unless they have probable cause to remove themselves from the contract.

“CONTINGENCIES” - Contingencies are requirements outlined in the contract that must be fulfilled prior to “closing,” often relating to financing or the house inspection. Contingencies generally last for 17 days, although the time frame depends greatly on market conditions and the contract used.

“CONTRACT” - When a home seller accepts an “offer,” the “contract” is then created. A legal and binding document which guarantees the buyer will purchase the property when all contingencies are met. Transaction details are included in the contract, such as the property selling price and description, any important dates and contingency clauses.

“CLOSING STATEMENT” - Required by the Department of Housing and Urban Development to ensure accountability of all finances relating to the sale and purchase of a home this is referred to as the HUD-1. Real estate commission, escrow securities and deposits, and any other fees must be outlined in this document. The buyer and seller will each receive a copy of the “Closing Statement” per the Real Estate Settlement Procedures Act prior to “closing.”

“CLOSING COSTS” - These are the actual costs of “closing” and include securing title, loans, appraisals, credit reports, inspections,brokers, taxes and document preparation and transfer fees.

Hopefully this tutorial has helped you feel a little more familiar with some of the major real estate terms we use, so that whether you are buying or selling a home, you can feel a bit more at ease.

2012 – An Affordable Time to Buy a Home in Burlingame CA

lenorewilkas — Sun, 11 Mar 2012 15:44:03 +0000

A combination of historically low mortgage rates and corrections in home pricing are resulting in the most affordable home market in two decades in San Mateo County. This is great news for home buyers if you are able to qualify for a loan. Stricter guidelines and qualifications make getting a home loan more challenging. Potential buyers must work with a highly qualified lender to determine their ability to buy a home before setting out to look in person.

The National Association of Home Builders (NAHB) and Wells Fargo Housing Opportunity Index (HOI) report that nearly 76% of new and existing homes sold in the last quarter of 2011 could have easily been purchased by buyers earning $64,200 (the national median income). The previous quarter showed nearly 73% of homes in that range, marking a 3% increase. Obviously this figure isn’t what we’re seeing in our home territory, mid-San Mateo County. We are seeing home prices beginning to move up once again because of a shortage of homes for sale in our immediate area and income needed to buy these homes is well above the national median.

Here are some stats just about San Mateo County and specifically from Burlingame to Foster City. Hold on to your hat because the pictures are pretty but the data is alarming once it’s explained to you.

Let’s start with inventory right now in the first two and half months of 2012. Real estate is often spoken about in absorption rates or the number of homes for sale versus the number of days it takes to sell them. Right now we have 3.5 months of inventory on the market in our four cities. That means if no other homes were listed it would only take 3.5 months to absorb these homes leaving nothing for anyone else by mid-June. Those are not healthy numbers because there are far more people looking to buy a home in our area today than there are homes to buy. That means prices rise but it may not mean that they appraise because the market moves up without comparison houses for the appraiser to use. This chart shows only 820 house for sale during this time. If you’re thinking of listing your home for sale, now is the time to do it, for this reason alone.

Here’s what it’s looked like the past 3 years when we were hearing almost daily that there was a flood of homes for sale. Not necessarily the case when you drill down to local levels.

The highest inventory of homes for sale in our four cities between January 2009 and today was in February 2009 with 6.8 months of inventory and the lowest, December 2009 with only 2 months. So you say, where’s the hidden inventory we keep reading about in the press? I don’t know. I’m not sure it really exists here, although I’m sure there is some. Here’s the chart showing you the data where it’s easier to read and you can see for yourself.

This data came from our local Multiple Listing Service so it is market specific. Interest rates have been at record lows and change weekly on 30-year loans with Freddie Mac reporting an average of 3.87%. 15-year loans were averaging 3.16%.

Click on The NAHB/Wells Fargo Housing Opportunity Index: History of Least and Most Affordable Areas spreadsheet located here to download the list of historical data on the most and least affordable areas in our community or browse their website to learn more.

Here are the average sale prices for homes in Burlingame, Hillsborough, San Mateo and Foster City during the past 12 months. This is our reality and it’s very different than the rest of the State of California or the entire US. It’s not going to change from the look of things.

Here are some homes for sale in Foster City right now.

Showing properties 1 - 5 of 9. See more city of Foster City real estate.
(all data current as of 5/25/2012)

$875,000 : 290 Curlew Ct, Foster City

4 beds, 2 full baths

Home size: 1,810 sq ft

Lot size: 6,746 sqft

Year built: 1965
$899,000 : 1390 Ribbon St, Foster City

3 beds, 2 full baths

Home size: 1,860 sq ft

Lot size: 6,175 sqft

Year built: 1966
$949,000 : 261 Loon Ct, Foster City

4 beds, 3 full baths

Home size: 2,450 sq ft

Lot size: 5,429 sqft

Year built: 1966
$890,000 : 188 Flying Cloud Is, Foster City

3 beds, 2 full baths

Home size: 2,120 sq ft

Lot size: 7,740 sqft

Year built: 1966
$1,295,000 : 643 Matsonia Dr, Foster City

4 beds, 2 full, 1 part baths

Home size: 2,430 sq ft

Lot size: 6,612 sqft

Year built: 1972

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

Here are some homes for sale in San Mateo right now.

Showing properties 1 - 5 of 72. See more city of San Mateo real estate.
(all data current as of 5/25/2012)

$599,950 : 1512 Dix St, San Mateo

4 beds, 3 full baths

Home size: 1,800 sq ft

Lot size: 5,000 sqft

Year built: 1954
$1,699,961 : 766 27th Av, San Mateo

4 beds, 3 full, 1 part baths

Home size: 3,000 sq ft

Lot size: 7,860 sqft

Year built: 1948
$1,198,000 : 554 Maple St, San Mateo

3 beds, 2 full, 1 part baths

Home size: 1,970 sq ft

Lot size: 5,671 sqft

Year built: 1950
$658,000 : 1204 S Grant St, San Mateo

2 beds, 1 full bath

Home size: 1,010 sq ft

Lot size: 4,500 sqft

Year built: 1946
$975,000 : 35 Lundys Ln, San Mateo

3 beds, 2 full baths

Home size: 1,360 sq ft

Lot size: 12,320 sqft

Year built: 1959

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

Here are some homes for sale in Hillsborough right now.

Showing properties 1 - 5 of 63. See more city of Hillsborough real estate.
(all data current as of 5/25/2012)

$2,995,000 : 10 Hampton Ct, Hillsborough

6 beds, 4 full, 1 part baths

Home size: 4,080 sq ft

Lot size: 28,050 sqft

Year built: 1978
$2,680,000 : 500 Pepper Av, Hillsborough

3 beds, 2 full, 1 part baths

Home size: 2,840 sq ft

Lot size: 22,244 sqft

Year built: 1953
$4,449,999 : 25 Miranda Ct, Hillsborough

4 beds, 5 full baths

Home size: 5,172 sq ft

Lot size: 30,318 sqft

Year built: 1980
$1,776,000 : 175 Ridgeway Rd, Hillsborough

5 beds, 3 full, 1 part baths

Home size: 4,840 sq ft

Lot size: 15,246 sqft

Year built: 1978
$3,750,000 : 100 Chateau Dr, Hillsborough

5 beds, 5 full, 2 part baths

Home size: 4,890 sq ft

Lot size: 26,571 sqft

Year built: 1991

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

Burlingame listings are seen to the right of this post. We’re here to talk to you about your specific real estate needs and you can reach us online or by phone.