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Median sale price declined 10% in south Fremont (94539) while asking price increased 8% from year ago

09-01-11
Deborah Dai, Broker/CDPE, 925-386-6850 selling in San Ramon/Pleasanton/Fremont
Deborah Dai, Broker/CDPE, 925-386-6850 selling in San Ramon/Pleasanton/Fremont: Real Estate Agent in San Ramon, CA
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  • Office: (925) 386-6850
  • Mobile: (510) 936-1798
  • Secondary: (510) 364-8468
Median For Sale vs. Median Sold
Aug-10 vs. Aug-11: The median price of for sale properties is up 8% and the median price of sold properties is down 10%
Aug-10 vs. Aug-11
FOR SALE
Aug-10 Aug-11 Change %
859,000.0 929,950.0 70,950.0 +8%
Aug-10 vs. Aug-11
SOLD
Aug-10 Aug-11 Change %
839,800 756,000 -83,800 -10%

Supply & Demand by Month
Aug-10 vs. Aug-11: The number of for sale properties is down 7% and the number of sold properties is down 27%
Aug-10 vs. Aug-11
FOR SALE
Aug-10 Aug-11 Change %
245 229 -16 -7%
Aug-10 vs. Aug-11
SOLD
Aug-10 Aug-11 Change %
41 30 -11 -27%

South Fremont includes the prestigious Mission San Jose area, Weibel area, and Warm Springs area. It's been very desirable among home buyers for its good schools and convenient location to the Silicon Valley. However, it cannot escape the current downbeat of housing market. Demand has declined by 27% from a year ago whereas supply has lowered by only 7%. Therefore, it's no wonder that median sale price has decreased by 10%. However, home sellers are not realizing the reality yet and still demand 8% higher asking price compared to last year.

Please call or email me if you have any question regarding this data. Also, if you or someone you know owes more than your home's worth and don't know what to do, contact me for a complimentary confidential consultation to help you explore your options. As a Certified Distressed Property Expert and a Real Estate Broker for over 10 years, I CAN HELP.
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SCHOOL PERFORMANCE IN FREMONT, CA. IS IMPORTANT FOR REAL ESTATE VALUES

05-05-11
John Juarez, DRE 01223788 CDPE, ePRO, SRES
John Juarez, DRE 01223788 CDPE, ePRO, SRES: Real Estate Agent in Fremont, CA
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I just read a newspaper story about high performing schools in Santa Clara County. The article puffed with pride over the consistently high ranking of those schools. They should be proud. High performing schools are important to students, school staff, families, the community and homeowners.

Yes! High performing schools are in desirable residential areas. Fremont, Ca. is a case in point. If you are interested in buying real estate in Fremont, Ca. you will pay a premium if the new home that you seek is in the Mission San Jose School District. Schools in the attendance area of Mission San Jose School District are also consistently ranked among the top performing California schools. We know that quality schools drive real estate values and that is true in the Mission San Jose School District as well as it is anywhere else.

Note that the list below, which I pasted from the San Jose Mercury News on-line article, shows that Fremont's Mission San Jose School District places schools at #4 (Mission San Jose) and #6 (John Gomes). It follows that the general area of Fremont, Ca. served by the Mission San Jose School District is the most expensive area in town for your real estate purchase.

STATE'S TOP ELEMENTARY SCORERS

The South Bay and Peninsula has 13 of the state's top 15 elementary schools, according to base Academic Performance Index scores that reflect last spring's standardized tests. Those schools, their district and scores are:


Millikin, Santa Clara Unified, 999
Murdock-Portal, Cupertino Union, 998
William Faria Elementary, Cupertino Union, 997
Mission San Jose, Fremont Unified, 995
Manchester Gate, Fresno Unified, 993
John Gomes, Fremont Unified, 992
Teach, San Luis Coastal Unified, 992
Garden Gate, Cupertino Union, 990
Bullis Charter, Santa Clara County Office of Education, 988
West Hillsborough, Hillsborough, 987
Regnart, Cupertino Union, 986
Dilworth, Cupertino Union, 986
North Hillsborough, Hillsborough, 986
North Star Academy, Redwood City, 985
Hoover, Palo Alto Unified, 984

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Fremont Mission Hills Real Estate

11-18-09
Jeff Pereyda Fremont-Newark-Union City Homes for sale
Jeff Pereyda Fremont-Newark-Union City Homes for sale: Real Estate Brokerage in Fremont, CA
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  • Office: (510) 742-3212
Some of you know that from 1987 to 1999 I worked for UPS, a driver in fact. I delivered packages out in the Mission San Jose area of Fremont. In the morning deliveries to businesses came first, then some residential, then business pick ups, then go back out and deliver residential again. I saw a lot homes to say the least.
,

About mid route, I also delivered to a small business center where I would find my new dentist Dr. Karen Gianotti, my insurance agent Mike Qutermous at State Farm, my Optometrist, Dr. Marvin Mah (I may need glasses soon) and the VCA Mission San Jose Pet Hospital where we take our pets. They are all there in the Mission San Jose Business center on the corner of Luzon and Washington Blvd. I especially grew fond of where one of my driver buddies lived off of Luzon and Castillejo. That is near Washington Blvd. and 680. I just liked it. It had some character, some views too.


As one who values long-term relationships, and even though I no longer drive for UPS, I still retain customer relationships with them all.


Call me old-fashioned, but I'd rather have a slightly older home with character made with a mix of wood and brick than the new ones made with sprayed on stucco and weak stucco architecture that has foam underneath it.


Even in the middle of busy day at the real estate office, I can find time to drive into Mission and get a check up and find no cavities, but also be told that a little more flossing couldn't hurt. And, as a small aside--I met my wife there when she worked at the pet hospital back in 1993.
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Fremont CA Short Sales

10-29-09
Jeff Pereyda Fremont-Newark-Union City Homes for sale
Jeff Pereyda Fremont-Newark-Union City Homes for sale: Real Estate Brokerage in Fremont, CA
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  • Office: (510) 742-3212
A client visited with me in my office in Fremont last night. He makes a good income and is capable of buying a home in the Mission San Jose Area of Fremont, which more most is no easy task. As we talked further, he disclosed that he recently got out of a short sale. It closed escrow in August.


If you know just one thing about buying a home it is that the lender will look at your credit and put it into the long equation on the home qualification formula. What do you think his credit showed?


After we both sighed, he authorized me to pull his credit. His credit showed that he now had two "derogs" on the credit report. A derogatory event on a credit report is never a good thing. If someone you know has had or is going through a short sale in California several things will appear in the credit report when it is all over. The first thing they may notice is the highlighted derogs. This will specifically show as three, thirty-day lates on the credit report. It will show as a ninety-day ding. What's more is that say the owner had a first and a second loan, or HELOC, a home equity line of credit, and they were both settled after the short sale closed escrow--now the owner will have two ninety-day dings on their credit report. How does that effect one's FICO score? Say someone had a shining 740 FICO score just prior to all this mess. After all is said and done with the short sale proceedings, their score will be reduced down to a 617 FICO or somewhere thereabouts. Good luck getting a loan with a 617.


Can it get worse? Yup. If the short sale lender recorded an "NOD" (notice of default) against the owner during the "lates" or at anytime during the short sale proceedings, many new lenders (when the short sale seller goes out and tries to get a new loan for another home) will treat this little bit-0-history as a foreclosure against the owner. A foreclosure means no loans period.


In closing, we certainly saw that he had the money and a great job with scores of income. But, because he had to choose the short sale of the prior home, his FICO score went poof. What is good about California is that it is almost impossible for a lender to go after a deficiency judgement for the difference of the loan and taxes. That's good for consumers, but bad in other areas. The lender will report the short sale to the credit bureaus and the ninety-day dings will appear. You cannot have your cake by getting the loan forgiven and the debt reduced to zero and eat it too.
I promised that I would do my due diligence, pull his prior HUD 1 settlement statement too to see if the lender recorded a NOD and call my banks to see what his options are. I will let you know.
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Bay Area Commission Rebate Tax Questions

10-20-09
HR Dadgar
HR Dadgar: Real Estate Brokerage in Fremont, CA
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Bay Area Commission Rebate

First of all I am not a CPA and I advice everybody to investigate what I am going to say here.

This is no legal or tax advice. I am a real estate broker and as such I can not give legal or tax advice

How much tax should I pay when I receive a Cask Back from a Broker or Real Estate Agent?

This question is normally asked by buyers who are about to get a cash back in escrow.

The answer is zero percent, but you can do it two ways. The hard way and the easy way.

Let's start with the easy way.

The easy way is to make your agent write it on the offer or purchase contract something in this formate:

Buyers will get $15,000 dollar cash back within the escrow.

The money you will get from your agent will be used to pay your closing costs and reduction of the purchase price.

Because you will not get paid outside the escrow, you will not get a 1099. If you do not get a 1099 then you most probably do not have to explain anything to IRS about this money. Everything is crystal clear. You get a price reduction from the seller in form of Commission Rebate from your agent. Seller paid a commission to your broker, thus his profit from the sale is decreased. You got this commission money from your Real Estate Broker, but this money is spend to get a better price for the house.

The hard way to do the same thing is to force your broker to pay you outside the escrow. Suddenly everybody have to explain themselves to IRS.

Title company issued a check to your broker for full amount and when the broker issue a check to you as cost of sale it might raise some questions with IRS.

Also you as buyer will get a 1099 and have to ask your CPA to explain to IRS that this money is really a reduction of sale price and not an income.

So let's keep things simple. Let's keep all the Cash Back, Commission Rebates or Buyers rebate within the escrow, to make life easier for everybody

Broker of American Dream Realty

HR Dadgar

Bay Area Buyers' Rebate

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