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Mary Pope-Handy, ABR, CRS, ePRO, SRES

Can a Realtor, or other Real Estate Professional, Help You to Buy a Distressed Property in Los Gatos?

The whole arena of selling distressed properties feels like a quagmire to most people. We all know it's tricky, and difficult, and have heard that it's frustrating, but also that it's doable.

People wanting to buy homes that are in foreclosure, or have been foreclosed on, or are in a short sale situation may have more questions than answers. What are the risks? Can I inspect? What is a short sale?

Is a short sale the key to getting ahead in real estate?Los Gatos, Monte Sereno, Saratoga, Almaden Valley and the other "west valley communities" are all highly desireable. Lately I have had inquiries from bargain-hunting buyers who'd like to scoop up a "good deal" in these areas. With such highly prized real estate, low crime, and good schools, those buyers are hoping to pick up a house, condo, townhome or other residential real estate for pennies on the dollar.

Can it be done in Los Gatos?

In my post today at "Live in Los Gatos", I addressed how and under what cases a realty professional can assist a buyer in purchasing one of these distressed properties. But let me tell you, there are not a lot of them to be had in the more expensive areas of Silicon Valley! The lowball prices of 20% off a year or two ago are found in areas with lower prices (Blossom Valley, South San Jose, Santa Teresa, etc.). There are a few in the more upscale areas, and many of them are listed on the MLS (multiple listing service). So if you'd like to know more about the question, Can a Real Estate Agent Help You to Buy a Distressed Home or Pre-Foreclosure in Los Gatos?, please stop by Live in Los Gatos today!

Mary Pope-Handy
Keller Williams Realty
877 397-5391

(CRS) Certified Residential Specialist
(ABR) Accredited Buyer's Representative
(ASP) Accredited Staging Professional
(e-Pro) Internet Marketing Specialist
(SRES) Senior Real Estate Specialist
(RECS) Real Estate Cyberspace Specialist
(ACRE) Accredited Consultant in Real Estate
(CNHS) Certified New Home Specialist


Los Gatos - A Tale of Two Vastly Different Real Estate Markets in One Small Town

List prices of combined 95030 and 95032 real estate markets in Los GatosLos Gatos is a charming town nestled into the base of foothills of the Coastal Range. It's an upscale community in Silicon Valley, with good schools, low crime, and well maintained homes overall. In general, the market is "fair" in town. But real estate is always local, and things aren't always as they seem.

Recently I looked hard at the numbers in town and learned that the real estate market's performance in one zip code, 95030, is entirely opposite that of the other, 95032.

How could that be?

Here, schools drive real estate values more than any other factor. And here, the school boundaries don't follow the town (or city) boundaries - it's very confusing for newcomers! By and large, the 95032 zip code does NOT have the highly prized "Los Gatos Schools", but instead very good schools that do not score quite as highly.

In summary, the 95030 market is seeing rising list prices and other indicators of a strong market, while the 95032 market is doing the exact opposite!

If you'd like to read more on this disparate situation in the two zip codes in town, please visit my Live in Los Gatos blog and read Understanding the Los Gatos Real Estate Market Trends fore all the details.

Spent Saturday Showing Short Sales

Saturday was my 15th anniversary of selling real estate, and what a memorable day it was! My new buyer clients and I visited six houses in three adjoining districts in San Jose: south San Jose, Santa Teresa and Blossom Valley. They are looking to buy a single family home for close to a half million dollars - for Silicon Valley real estate, this is truly "entry level" housing. Not intentionally, every single home that we decided to view on Saturday happened to be a short sale.

I did some short sales in the early 90s, so I thought I was prepared.

I expected to see homes that were messy. Not staged.

What I wasn't prepared for was seeing most of the sellers in bed (in four out of six homes). Or rather, finding locked doors so that we didn't see them. Usually. In one case we nudged open an ajar door, only to see a bed with an occupant cocooned in a sea of blankets.

I'd called the day before and either left a message (when the instructions were to do so) or actually made an appointment so that people knew we were coming and approximately at what time. At the door, once inside, I always announce myself loudly with "Hello, real estate!" As Holiday Inn used to say, "the best surprise is no surprise".

But the Grand Finale of the day was not the messy homes, the locked doors, nor was it the sleeping teenager we got to see. No. Rather, in one of the homes, as we walked down the hallway to the bedrooms, the bathroom door opened and we met a resident - a damp man wearing only a towel around his waist.

Memorable day!

15 Years in Real Estate Today - What a Change Over the Years!

 Normally I don't keep track of my real estate licensing anniversary, but to make sure I don't forget to do my continuing ed requirements (due a year from today), I have the date on my home office whiteboard. So the impending date is hard to miss: I was first licensed to sell real estate in California fifteen years ago today.

What a change over the years! The "old timers" can top my stories of change (my mom was a Realtor from 1956 to 1996 so I did grow up seeing a lot of the changes too).

What I recall from those early days of 1993 and the way we practiced real estate then in Silicon Valley:

The market was very tough, not unlike the current market, with some short sales and few transactions.

The saying was "Keep it alive 'til 1995!" to cheer on depressed Realtors.

We didn't use cell phones or email at all. Fax machines were not used much due to cost and quality issues. We drove paperwork to where it needed to go! Agents pretty much always presented their offers in person.

We did use thermal paper, and it was a bear because if it got in the sun or got hot, it turned dark.

We did not create our own flyers or postcards - we took our ideas to professionals (and usually glued on one photo to our flyers).

Rider signs with agents' names were considered somewhere between crass and controversial.

We relied heavily on newspapers, but also on Open Houses to generate business. (We did also work FSBOs, Expireds, do door-knocking and cold calling. I would not call them "the good old days"!)

Prices have changed tremendously since then, of course. Single family houses that sold for $220,000 are now selling for $700,000!

Some things never change, of course. This is still a people business, reputation and referrals are still gold, and knowledge and service continue to rank highly. The way we convey information has changed more than anything else - whether it's reading a lockbox remotely, emailing listings, providing virtual tours or video, or obtaining signatures on Tablet computers.

I wonder what changes the next 15 years will bring?

Cheers!

Mary

Mary Pope-Handy, Realtor, CRS, ABR, ePro, ASP, SRES, RECS, ACRE, CNHS
Helping Nice Folks to Buy & Sell Homes in Silicon Valley Since 1993
Co-Author, "Get The Best Deal When Selling Your Home In Silicon Valley"
Keller Williams Realty (Cupertino/San Jose/Los Gatos/Silicon Vally)
877 397-5391 (direct/toll-free/fax); 408 204-7673 (cell)
http://www.DelightHomes.com http://www.ValleyOfHeartsDelight.com
visit my blog at www.LiveInLosGatos.com

What do those designations and certifications mean?
(CRS) Certified Residential Specialist
(ABR) Accredited Buyer's Representative
(ASP) Accredited Staging Professional
(ePro) Internet Marketing Specialist
(SRES) Senior Real Estate Specialist
(RECS) Real Estate Cyberspace Specialist
(ACRE) Accredited Consultant in Real Estate
(CNHS) Certified New Home Specialist



Want to Sell Your Home in Silicon Valley?Here are the Four Biggest Mistakes for Sellers to Avoid

It is a buyers' market in Los Gatos, and a strong buyers' market in most of San Jose, California. There is an 80-90% chance that any given home that is listed will NOT sell this month. Even so, sometimes, you want or need to sell despite the market. If that's the case, what are some basics to pay attention to so that your home get sold and not just listed?

A frank discussion of the most common seller errors is the focus of today's post at Live In Los Gatos. Please visit and share your feedback!

Mary Pope-Handy's bookIf you're local and thinking of selling, call me for a confidential consultation, and receive a copy of my book*, "Get The Best Deal When Selling Your Home in Silicon Valley" as my gift to you. Or if you'd like to receive information online, via email, request a value range by visiting my website, DelightHomes.com and completing the request form.

Best regards from Silicon Valley,

Mary

Mary Pope-Handy, Realtor, CRS, ABR, e-PRO, SRES, ASP, RECS, CNHS, ACRE
Helping Nice Folks to Buy & Sell Homes Since 1993
Co-Author: "Get The Best Deal When Selling Your Home In Silicon Valley"
(*Ken Deshaies, co-author. Visit www.SnowHome.com!)
Keller Williams, Cupertino, CA (Silicon Valley)
877 397-5391 (Direct/Toll-Free/Fax); 408 204-7673 (Cell)
www.PopeHandy.com www.ValleyOfHeartsDelight.com
emailto: Mary@PopeHandy.com
Blog: www.LiveInLosGatos.com