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Where Are People Buying Homes in San Jose This Month?

02-18-11
Paul Caloca

Where Are People Buying Homes in San Jose This Month?


To answer that question, we need to look into the Multiple Listing Service (MLS) database and select listings categorized as “Pending Sales”. This category is selected when a seller has accepted an Offer to Purchase from a buyer. The San Jose MLS has multiple categories of “Pending Sale” and I’m going to aggregate there here to simplify the discussion.

San Jose Pending Sales 2/2011

Here are the results a search of the Multiple Listing Service (MLS) database for all the San Jose neighborhoods across the bottom and he number of Pending Sales in each as of this morning 2/18/2011.

The chart shows us that the Top 5 San Jose neighborhoods where offers were accepted so far in February 2011 are:
  1. Cambrian = 28 offers accepted
  2. Willow Glen = 24 offers accepted
  3. Evergreen = 22 offers accepted
  4. Alum Rock and Central San Jose tied = 21 offers accepted
  5. Almaden Valley = 19 offers accepted
For Price ranges, the bottom of each column is the highest price range and the top of each column is the lowest price range. The majority of sales fall into two distinct price ranges:

  1. $400K-$499K = 34 offers accepted
  2. $500K-$599K = 45 offers accepted
What does this mean for sellers? If your property is in the price range of $400k-$599K, you appear to be in a good place to sell when an offer is sent to you. Go for it!


What does this mean for buyers? There is lots of competition for decent homes in the price range of $400K-$599K. Make your best offer up front, as you may have competition from other buyers!

Who is going house-hunting on this 3-day weekend and what are you shopping for in San Jose?

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Volunteering to Help San Jose Homeowners Stay in Their Homes

02-18-11
Paul Caloca

Volunteering to Help San Jose Homeowners Stay in Their Homes

I’m doing my part to help homeowners stay in their homes: I’m a volunteer runner at the San Jose “Help for Homeowners Community Event” 2/24/2011
  • San Jose Convention Center - 11am-7:30pm
This is an important event that will provide homeowners in-person mortgage counseling, Loan Modification or HAFA Short Sale qualifications, and direct access to 18 Lender/Servicers for initiating mortgage modification or exit discussions.

Homeowners can meet one-on-one with Lenders/Servicers and HUD-approved mortgage counselors and find out if they qualify for a Loan Modification, mortgage assistance, or a graceful exit from your mortgage with a HAFA Short Sale or deed-in-lieu of foreclosure which includes $3000 relocation assistance.

To make the most of this event, you should bring:
  • Monthly mortgage statement
  • Information about other mortgages on your home, if applicable
  • Two most recent pay stubs, documentation of income you receive from other sources or most recent quarterly profit and loss statement if self-employed
  • Two most recent bank statements
  • Account balances and monthly payments for credit cards and other debts
  • Estimates of other monthly expenses (such as utilities, insurance, medical bills)
The Request for Modification and Affidavit Forms and IRS Form 4506T-EZ will be available on site. They can also be downloaded from MakingHomeAffordable.gov web site.

Lenders/Servicers Scheduled to Attend:
  1. Aurora
  2. Carrington
  3. Bank of America
  4. GMAC/Homecomings
  5. Chase
  6. HSBC
  7. Litton
  8. American Home Mortgage
  9. Citi
  10. LBPS
  11. PNC
  12. Ocwen
  13. One West/Indy Mac
  14. Suntrust
  15. Saxon
  16. Select Portfolio Servicing
  17. US Bank
  18. Wells Fargo
 Regulators and Watchdogs Attending:

Sponsors:
  • US Department of the Treasury
  • US Department of Housing and Urban Development (HUD)
  • NeighborWorks America
  • MakingHomeAffordable.gov

Our San Jose and Silicon Valley community is strengthened by homeownership.

Pass the word along to anyone you know may have need of these services. We can all do our part to help!


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Electronic Signatures for 24x7 Real Estate Contracts in San Jose

02-09-11
Paul Caloca

Electronic Signatures for 24x7 Real Estate Contracts in San Jose

The days of “business hours” in real estate are long over. We live in a 24x7 connected world. We entertain ourselves, work, buy and sell, at any hour of the day or night.
Silicon Valley
Here is a scenario: Trevor and Jennifer are early 30-somethings working in high-tech Silicon Valley. Trevor is a chip designer at a large silicon fabrication plant in Santa Clara. Jennifer is a software engineer at a start-up working long and odd hours. The long hours have paid off: her company was just bought by a larger communications firm and she received an equity payment and some stock.

cashThe couple has a modest amount of cash to afford a down payment on a house of their own and have been searching for a starter house. They’ve been reading many blog posts online educating themselves about the home buying process and found a lender to get qualified and know how much they can afford. They connect with a tech-savvy agent online to help them. The search is on!

A house is found that needs some work, but not too much - they believe they can manage it over the course of a couple of years. They call their agent, who is 20 miles away, to request an offer be written. The agent gets the property address, finds the listing in the MLS, plugs the info into his laptop and sends the offer package to their online electronic document locker which then notifies both Trevor and Jennifer their offer is ready for review and signature.


cafeTrevor and Jennifer decided to visit a local coffee shop with wi-fi so they could relax with a cup and web-surf while the contract is prepared. Both of their SmartPhones chime at almost the same time as the online electronic document locker notification email arrives with the URL for their contracts. Jennifer fires up her Macbook Pro and logs in to the electronic document locker. They read the contract documents and decide everything looks good. Jennifer applies her digital signature to each document and logs out. Trever logs in to the electronic document locker, applies his digital signature, and logs out.

As soon as Trevor completes his digital signature, the electronic document locker notifies their agent that all signatures are complete. The agent logs in to the electronic document locker, reviews the documents one last time then sends them to the listing agent and the offer is off and running. The listing agent is notified of a contract waiting for the seller. The agent logs in to the electronic document locker and forwards the offer to the seller for review.

Is all this a fantasy? No! These tools are available right now and in use today. Is every agent using electronic signatures and electronic document lockers? Again, no.

If you need an agent to represent you who uses state-of-the-art digital signatures and electronic document lockers, call me today so we can get it done. You can electronically sign contracts and critical documents any time of day or night 24x7 wherever you are. All you need is your laptop and an Internet connection then you’re good to go!

digital signatures

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Santa Clara FSBO: I Went to Your Open House Today - You Were Not There

02-06-11
Paul Caloca

Dear For Sale By Owner:

I picked up a flyer and, while reading it on your sidewalk, no less than SIX couples stopped by to see your home. All were disappointed. I was close enough to hear what was being said as they saw your closed door, the chair out front with flyers held down by a rock and a sign on your door saying to take a flyer and leave offers at the door -- none of the comments were positive. Two couples said they were considering making offers on the other two places being shown today just a few doors down form yours.


It appears that not being there may have cost you an opportunity to sell today. I'm not sure, but it did look that way to me, a real estate professional. I hope you can make it up tomorrow.

You may have no interest whatsoever, but loosing those buyers today may be a new opportunity to reconsider having a professional work with you. A pro would have been there on site, would have asked the right questions of everyone who walked in, and identified those buyers ready to make offers. Qualified buyers are a scarce resource that should not be squandered in this challenging market.

I'm not going to insult your intelligence and lie to you that I had buyers with me or that you should list with me. You're sharp enough to know what's right for you and I respect that. I always try to provide some constructive feedback on all properties I see regardless if an Owner or a fellow Agent. I believe it is in all of our interestes to help properties be sold as quickly as possible.

One final bit of feedback: your price should be set such that it motivates a buyer to make make an offer and to initiate negotiations. Yours needs to be reevaluated to reflect current market conditions. You're smart enough to know that price is not what you think the house is worth, how much you spent on upgrades, or how much money you need to make your next move.

In short, selling price is all about the buyers and not about you, your situation, or your needs. The quicker you recognize that and adjust accordingly, the quicker your place will sell, with or without an agent. Buyers will compare to see how much bang for their bucks they are getting and make offers accordingly. Plain and simple -- no magic formula.

I don't believe in telling people what they want to hear, so it could be that you have no interest in talking with me at all. If so, then that works out just fine for the both of us. I believe in truth.

You have my contact information below if you would like a frank and truthful discussion sometime in the future.

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San Jose Cambrian Broker Earns NAR Short Sales and Foreclosure Certification

02-01-11
Paul Caloca

This month I earned the NAR Short Sales and Foreclosure Certification. Here is a press release announcement ...

Paul Caloca Earns NAR Short Sales and Foreclosure Certification

Buyers and Sellers Benefit from REALTOR® Expertise in Distressed Sales

San Jose, CA — Paul Caloca, real estate broker with The Papas Group (DRE #01766524) has earned the nationally recognized Short Sales and Foreclosure Resource certification. The National Association of REALTORS® offers the SFR certification to REALTORS® who want to help both buyers and sellers navigate these complicated transactions, as demand for professional expertise with distressed sales grows.

According to a recent NAR survey, nearly one-third of all existing homes sold recently were either short sales or foreclosures. For many real estate professionals, short sales and foreclosures are the new “traditional” transaction. REALTORS® who have earned the SFR certification know how to help sellers maneuver the complexities of short sales as well as help buyers pursue short sale and foreclosure opportunities.

“As leading advocates for homeownership, REALTORS® believe that any family that loses its home to foreclosure is one family too many, but unfortunately, there are situations in which people just cannot afford to keep their homes, and a foreclosure or a short sale results,” said 2009 NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth. “Foreclosures and short sales can offer opportunities for home buyers and benefit the larger community, as well, but it’s extremely important to have the help of a real estate professional like a REALTOR® who has earned the SFR certification for these kinds of purchases.

The certification program includes training on how to qualify sellers for short sales, negotiate with lenders, protect buyers, and limit risk, and provides resources to help REALTORS® stay current on national and state-specific information as the market for these distressed properties evolves. To earn the SFR certification, REALTORSÒ are required to take one core course and three Webinars. For more information about the SFR certification, visit www.REALTORSFR.org or call 1-877-510-7855.

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