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Happy Birthday Larkspur!

Posted on March 1, 2010 by Ginger Wilcox

On this day 102 years ago, the City of Larkspur officially incorporated. Larkspur earned its name in 1886.  Downtown Larkspur is only three blocks long and has retained its historic charm.  Larkspur gained a place on the National Register of Historic Places in 1982.  Downtown Larkspur remains the central business district today and is lined with small boutiques and restaurants.   Larkspur is primarily a residential community with 12,014 residents according to the 2000 U.S. census.

Larkspur is nestled at the base of King Mountain, under Blithedale Ridge and Mt Tam.  It is known for its perfect weather, majestic redwood trees and beautiful magnolia trees which line Magnolia Road, Larkspur’s main thoroughfare.

I am proud to call Larkspur my home!  Happy Birthday Larkspur!

~Ginger

A Stormy Sausalito Mt. Tamalpais View

Posted on February 28, 2010 by Ginger Wilcox

I took this picture yesterday afternoon from the houseboat docks in Sausalito at low tide, looking back towards Mt. Tam.  I love the way Mt. Tam looks in the background in the aftermath of the storm.

~Ginger

How To Replace Your HVAC Air Filter

Posted on February 26, 2010 by Ginger Wilcox

Replacing a home’s heating, ventilation and air conditioning (HVAC) air filter is one way to keep the unit’s motor running right.  It’s an oft-forgotten part of keeping a well-run home. And, it’s simple, too.

In the two-minute video above, you’ll learn how to replace an air filter from start-to-finish.  There’s no need for tools and no need for experience — the job is about as basic as home maintenance jobs come.

Air filters should be changed at least quarterly but it’s okay to change on a monthly rotation, too — especially if your home has shedding pets, or is under construction or repair. Just remember that not all air filters are created equal.

In this famous video, we see how $0.99 filters can fail to get the job done. Spending $10-15 for a filter that works is a better idea.

If you are not a do-it-yourself type, give us a call to find a Marin pro who can help you with your home maintenance.

Resources for Avoiding Foreclosure

Posted on February 25, 2010 by Ginger Wilcox

Foreclosures happen for many reasons and it is something no homeowner wants to experience.  There are many resources available to homeowners concerned about or in jeopardy of being foreclosed upon.  I have a series on this site with loan modification tips.  Unfortunately, we are hearing about many instances where homes are being foreclosed on while the homeowner is in the process of the loan modification.  We are also seeing many new short sale listings coming up after failed loan modifications.  We have a new series coming up on the short sales in Marin, stay tuned for that. In the meantime, we thought it would helpful to have tips and resources for homeowners who need assistance and information to avoid foreclosure.

CREDIT COUNSELING SERVICES– HUD approved, non-profit counseling service, offers assistance with debt management, budgeting, credit report review, housing education and financial planning.

The California Association of REALTORS provides this list of online resources:

FORECLOSURE AVOIDANCE TOOLS

Case-Shiller Data Shows Battered Markets In Recovery

Posted on February 24, 2010 by Ginger Wilcox

Case-Shiller Monthly Change Nov 2009-Dec 2009

Using data compiled in December, Standard & Poors released its Case-Shiller Index Tuesday.  The report shows home prices down just 2.5% on an annual basis, a figure much lower than the 8.7% annual drop reported after Q3.

According to Case-Shiller representatives, the housing market is “in better shape than it was this time last year”, but some of the summer’s momentum has been lost. 15 of 20 tracked markets declined in value between November and December 2009.

Meanwhile, it’s interesting to note the 5 markets that didn’t decline — Detroit, Los Angeles, Las Vegas, Phoenix and San Diego.  Each of these metro regions were among the hardest hit nationwide when home prices first broke.  Now, they’re leading the pack in price recovery.

For some real estate investors, that’s a positive signal.  But we also have to consider the Case-Shiller Index’s flaws because they’re big ones.

As examples:

  1. Case-Shiller data is reported on a 2-month lag
  2. The Case-Shiller sample set includes just 20 U.S. cities
  3. There’s no “national real estate market” — real estate is local

That said, the Case-Shiller Index is still important. As the most widely-used private sector housing index, Case-Shiller helps to identify broader housing trends and many people believe housing is a key element in the economic recovery.

Marin County was one of the last markets to be hit by the economic crash.  It’s hard to predict what will happen the remainder of this year and in to next, but we still expect a bumpy road ahead.

How You Can Get The Most Accurate, Real-Time Mortgage Rate Quotes Available

Posted on February 23, 2010 by Ginger Wilcox

Mortgage rates are expired before they hit the papers

You can’t get your mortgage rates from the newspaper. Last week proved it.  Again.

Friday morning, headlines in California and around the country read that mortgage rates were down 0.04 percent, on average, since the week prior.

A sampling of said headlines includes:

  • US Mortgage Rates Drop For 2nd Straight Week (Reuters)
  • Mortgage Rates On 30-year US Loans Fall To 4.93% (Business Week)
  • 30-Year Fixed Mortgage Rate Falls Farther Below 5% (Marketwatch)

The story behind the headline was sourced from the Freddie Mac Primary Mortgage Market Survey, am industry-wide mortgage rate poll of more than 100 lenders.  The PMMS has reported mortgage rate data to markets since 1971 and is the largest of its kind.

Unfortunately, Marin rate shoppers can’t rely on it.

See, unlike governments and private-sector firms, when consumers are in need mortgage rate information, they need the information delivered in real-time; for making decisions on-the-spot.  Consumers need to know what rates are doing right now.

The Freddie Mac survey can’t offer that.

According to Freddie Mac, the survey’s methodology is to collect mortgage rates from lenders between Monday and Wednesday and to publish that data Thursday morning.  The survey results are an average of all reported mortgage rates. The problem is that mortgage rates change all day, every day.  The PMMS results are skewed, therefore, by methodology.

And, meanwhile, the issue was compounded last week because mortgage rates shot higher Wednesday afternoon — after the survey had “closed”.  The market deterioration ran into Thursday, too — again, unable to be captured by Freddie Mac’s PMMS.

Although the newspapers reported mortgage rates down last week, they weren’t.  Conforming mortgage rates were higher by at least 1/8 percent, or roughly $11 per $100,000 borrowed per month.  In some cases, rates were up by even more.

Newspapers and websites can give a lot of good information, but pricing is far too fluid to rely on a reporter. When you need to know what mortgage rates are doing in real-time, make sure you’re talking to a loan officer.  Otherwise, you may just be getting yesterday’s news.

Turning Wine Into Water- Haiti Benefit Event in Fairfax

Posted on February 19, 2010 by Ginger Wilcox

Help-Haiti-Sleeping Lady-fairfax-caLooking for a fun evening out that benefits a great cause?  Check out the Turning Wine into Water event benefiting Haiti relief efforts. The event will feature a live performance from local favorite Dgiin, gypsy flamenco with a twist.

  • What: Turning Wine into Water, benefiting Haiti relief efforts
  • When: Friday, February 26, 2010
  • Where: Sleeping Lady, 23 Broadway, Fairfax, California
  • Tickets: $15 cover, order your tickets
  • More info or phone 415-485-1182

Mortgage Rates Spike On The Federal Reserve’s January 2010 Meeting Minutes

Posted on February 18, 2010 by Ginger Wilcox

FOMC January 2010 MinutesMortgage markets reeled Wednesday after the Federal Reserve released the minutes from its January 26-27, 2010 meeting. Mortgage rates in California are now at their highest levels since the start of the year.

The Fed Minutes is a follow-up document, delivered 3 weeks after an official FOMC meeting. It’s a companion piece to the post-meeting press release, detailing the debates and discussions that shaped our central bankers’ policy decisions.

The Minutes is a terrific look into the Fed’s collective mind and, yesterday, Wall Street didn’t like what it saw. Specifically, the report disclosed that:

  1. The Fed plans to break support for mortgage markets after March 31, 2010
  2. Raising the Fed Funds Rate will be a key part of the Fed’s strategy to tighten monetary policy
  3. The fundamentals behind consumer spending strengthened modestly

Furthermore, the Fed Minutes said that there is a growing risk of “higher medium-term inflation”. Inflation, of course, is awful for mortgage rates.

Overall, the Fed’s economic optimism appeared stronger after its January meeting as compared to its December one. A stronger economy should lead to better job growth and higher home prices throughout 2010.

Mortgage rates were up yesterday but they remain historically low. And many analysts think that after March 31, 2010, rates will rise even more. Therefore, if you’re buying a home in the near-term, or know you’ll need a new mortgage, consider moving up your time frame.

Every 1/8 percent makes a difference in your household budget.

San Anselmo Real Estate Market Update

Posted on February 15, 2010 by Ginger Wilcox

San Anselmo Real Estate Market Summary- Feb 15, 2010

  • Homes for sale- 25
  • Homes sold (since January 1)- 11
  • Median price- San Anselmo homes sold since January 1 – $794,900
  • Average price- San Anselmo homes sold since January 1 – $854,237
  • Average price per square foot – San Anselmo homes sold since January 1  $382
  • Average active listing price – $1,371,340

San Anselmo Home Sales since January 1, 2010 (Single-Family Homes)

  • 93 Woodside Drive, San Anselmo, Sale Price $612,758
  • 98 Butterfield Rd, San Anselmo, Sale Price $635,000
  • 17 Wood Ct, San Anselmo, Sale Price $705,000
  • 340 Fawn Drive, San Anselmo, Sale Price $725,000
  • 194 Butterfield Rd, San Anselmo, Sale Price $745,000
  • 4 Fox Lane, San Anselmo, Sale Price $795,000
  • 91 Rosemont Ave, San Anselmo, Sale Price $830,000
  • 274 Butterfield Rd, San Anselmo, Sale Price $850,000
  • 21 Angela Ave, San Anselmo, Sale Price $925,000
  • 70 Oak Knoll Drive, San Anselmo, Sale Price $1,222,000
  • 294 Redwood Rd, San Anselmo, Sale Price $1,277,000

Up to the minute market update-  active San Anselmo listings in the last 7 days

[altos_chart st=”CA” cid=”353″ zid=”2897492″ rt=”sf” ra=”a,c” q=”a” left=”median_price” size=”m” timeSpan=”e” endDate = “2010-02-12” /]

Data provided by Bay Area Real Estate Information Services, Inc.  Chart provided by Altos Research.  Interested in receiving regular updates on San Anselmo real estate market statistics? Sign up to learn about San Anselmo price trends, supply and demand and leading indicators to help you make educated real estate decisions.  Download your sample report.

NAR Reports Housing Surge, Slowdown likely

Posted on February 14, 2010 by Ginger Wilcox

The National Association of Realtors ® released it’s 4th quarter existing home sales report last Friday. The report had good news for most metropolitan areas.  According to the report, sales increased from the third quarter in 48 states and the District of Columbia; 32 states saw double-digit gains. Year-over-year sales were higher in 49 states and D.C.; all but three states had double-digit annual increases.  NAR’s Chief Economist attributed the gains to the first time home buyer tax credit and low interest rates.  RealtyTrac also released it’s foreclosure report last week with positive news.  U.S. Foreclosures were down 10% in January.

While the reports were rosy, there is an expectation that a slowdown of activity may occur later this year when the homebuyer tax credit ends (in April) and with interest rates expected to rise.  Foreclosures are also expected to swing up according to RealtyTrac.   “January foreclosure numbers are exhibiting a pattern very similar to a  year ago: a double-digit percentage jump in December foreclosure activity  followed by a 10 percent drop in January,” said James J. Saccacio, chief  executive officer of RealtyTrac  “If  history repeats itself we will see a surge in the numbers over the next few  months as lenders foreclose on delinquent loans where neither the existing loan  modification programs or the new short sale and deed-in-lieu of foreclosure  alternatives works.”

So what does this news mean for Marin homebuyers and sellers?  Sellers who want to sell this year should consider putting their home on the market as soon as possible to take advantage of the tax credit (where available) and low interest rates.  For home buyers, your action plan depends on what you are looking for.   While we expect a substantial increase in the number of homes available later in the spring and early summer, a higher interest rate may counteract any savings if we see minor price drops.  Email us or give us a call if you would like us to let you know if you should jump now or hold off on making a move until later in the year.