San Jose, CA

Here are some current Inventory numbers for week 5 in the Willow Glen area (95124,95125)... once again, it's our interpretation of what the market is really doing and where it's heading.

More Real Estate and Less Hype

• 38 Single family homes currently listed as bank owned
• 86 Single family homes currently listed as short sales
• 56 Single family homes are currently overpriced
• 93 Single family homes sold in the past 90 day
• 149 Single family homes in escrow (70 short sales)
• 294 Single family homes for sale
• 266 Total homes in foreclosure
• $609,000 Median sale price for single family homes in past 90 days

by Michelle Carr-Crowe, Cupertino real estate agent selling homes in San Jose

Yesterday I attended Joe Stumpf's By Referral Only Real Estate Marketing Seminar at the Doubletree Hilton in San Jose. If you've ever attended one of Joe's seminars you know watching him as a master of language and communication is well worth the time invested.

One of the themes was to learn "What I Didn't Know That I Didn't Know" and write about the insight, then apply it...so we can grow.

For me today, there were two insights (I'll share the other tomorrow).

One was the power of sharing the truth of my life, messy as it is.

As a prayer warrior, I know that many times what I experience on my life's journey is something others will share. Whatever wisdom and lessons I learn on that part of the journey, I need to remember and share with others, to bless and encourage them.

Joe encouraged us to blog and (gulp!) video blog about it, too. So I'm taking that step of faith to "just do it."

So soon you will see me showing on video A LOT of What I Didn't Know That I Didn't Know-hopefully you will gain wisdom and insight. If you see something that needs correction, kindly and gently share it with me.

So what about you? What did you learn today that you didn't know that you didn't know...that will help you grow?

The consultant's job is to write up the bid specification and that has some "due dilligence" that goes along with the responsibility. It is often interesting to me how the RE agent and sometimes the Lender will push to get this done in 3 days and start calling every day thereafter to push this to an end. Lets look at the process...

1) Lender gets the loan started, they typically have it a week or two then pass it to us

2) We make an inspection and inform everyone that it should take about 4 days to a a week to gather all our data and put to gether the bid specifications... then it goes out to bid to the contractor

3) Contractor may take a day or two (many times a few days more than that to provide their bid to us

4) The contractors numbers are input and checked to see they are reasonable.

5) The report get finalized and sent to the lender so the appraisal can be ordered.

6) The appraiser takes about 4 days to complete their report, then

7) The loan closes

Before 1994 the process took about 3 months or more to close a 203k in many cases, In 1994 when consultants were brought into the system it was designed to take about 6 weeks, but none of these 6 weeks was for the consultant, just the lender, etc... lol. NOT.

The consultant must do their due diligence too. Give us a week on smaller projects and up to two weeks on larger projects, and you won't be dissapointed. Just don't get everything else completed and give us 3 days to do all our work, there is more to it than that...

The 203k loan process can go quite fast if you provide a reasonable time for the inspectons and report writing.

M

There is Nia in San Jose Three Times A Week!

Terre Pruitt, Certified Nia White Belt, Licensed Nia Teacher teaches Nia in San Jose three times a week. Twice in Willow Glen, and once on Blossom Hill in the Sunrise Plaza.

Monday and Wednesday Nia classes are in Willow Glen and Friday's Nia Class is on Blossom Hill.

Fast Nia Facts:

• Both locations offer discounts when you purchase multiple classes
• Nia is a cardio dance workout
• Nia has been practiced for 28 years
• Classes are taught in more than 45 countries
• There are over 2,500 practicing Nia teachers
• More information can be found at www.NiaNow.com
• You can see more info on www.HelpYouWell.com

Cell: 408-564-2649
E-mail: Terre@HelpYouWell.com

Please visit my website and my blog for more information.

Website: www.HelpYouWell.com

Blog: www.TerrePruitt.com

As a first time buyer in San Jose, CA, a high cost housing market, it's likely that you may need to consider buying a condominium (condo) or a town home instead of a single family home as your first home. Here are some factors to consider:

Let's define what each of these terms mean:

Condo: with this type of homes, legally you own the space within the four walls of a unit but not the land the unit is built on. Additionally, you owns a share of the common ground. In another words, if there are 25 units in this condo development, then you own 1/25th of the common ground. Generally, you may have up to eight neighboring units; meaning you can have neighbors above, below, next to you, depending where your unit is located.

Townhome: legally, you own both the space and the land the unit is built on. You have less neighboring units, potentially one on each side.

Both condos and townhomes are what we called attached homes - referring to sharing of the walls with neighbors.

Single family homes: these are also called detached homes referring to that each home is typically a stand-alone unit. In this type of dwelling, you have neighbors who do not share any walls.

As aforementioned, with condo and townhomes, you have less privacy since you share walls and space with your neighbors, relative to owning a single family home.

Another key difference is that condos and townhomes have what is called a home owner's association (HOA) dues. This is additional cost to your mortgage payment. In San Jose area, the HOA can range from $200-$500 depending on what the HOA covers. At first glance, first time buyers may find this cost appalling. However, the HOA dues does cover common ground maintenance, exterior maintenance (roof, walls, etc), and hazard insurance. This can mean that as a first time home owner, your responsibility for maintenance is alleviated greatly. Additionally, the HOA dues may cover amenities like swimming pool, tennis court, or gym facility.

Because the entry price to condo and town homes is a lot more affordable than a single family home, it's an option to consider for many first time home buyer. In the United States, homeowners change homes every 5-7 years due to different life events. In another words, starting out with a condo/townhome is a good option when the lifestyle fits your needs. Chances are in few years when the financial situation changes, you may be able to buy a single family home.

In case you're wondering what the prices are like for Townhomes and Condos, click here to see a sample. This may be the answer to your calling for first time home ownership!

Feel free to contact me for an obligation-free consultation to determine what types of homes best fit your needs!