As has been the case for most of the past six or seven weeks, all of the cities in our Solano County market area except Benicia have fewer active listings today than they did a week ago.
For the first time this year, Vallejo is under the 800 mark, with 796 active listings, thanks to a 25-home decrease from a week ago. In the last two weeks alone, Vallejo’s inventory has dropped by more than 5 percent.
Some of the recent decrease, no doubt, has been due to the moratorium on foreclosures, first by Fannie Mae and Freddie Mac and most recently by major banks like Bank of America, CitiBank, and Chase, all of whom agreed to halt foreclosures until early March in order to give President Obama an opportunity to release details of his recently announced Homeowner Affordability and Stability Plan (details of that plan are to be published next week).
In this week’s Pending & Sold Report, you’ll see that ...
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As I wrote the other day (click here), the Stimulus Bill that should be signed into law on Tuesday by President Obama will raise conforming (Freddie Mac, Fannie Mae) and FHA loan limits to what they were at the end of 2009.
For Solano County, that means both the FHA and Conforming ceilings will go up to $557,500. Since Jan. 1, they had been at $400,200 and $417,000 respectively.
In Contra Costa County, the limits will go from $625,500 to $729,750.
The new limits will mean an opportunity for buyers to obtain conventional and FHA financing on homes priced between the old loan limits and the new ones.
Our National Assn. of Realtors has prepared a table showing the new maximum limits for every county in the U.S. These limits aren’t official yet and won’t be until HUD publishes them (which should happen very soon after the bill is signed into law).
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This Post Originally Appeared At HomeSection.com:
For anyone who’s ever eaten at The Shoreline Restaurant, Mike and Gayle’s Burgers-By-The-Bay or the erstwhile Washington House, today marks the end of an era.
That’s because when The Shoreline and Mike & Gayle’s close up later today, they’ll lock their doors for the last time in downtown Benicia, ending a 30-year legacy for the long-time Benicia restauranteurs.
Though, before you get too melancholy, city councilman Mike Ioakimedes and his wife Gayle aren’t leaving Benicia nor the restaurant business at all.
They’re closing their doors on First Street, yes, but plan to open a new restaurant in the Southampton Shopping Center several months from now, at the site of the former Country Waffles, near the entrance to the shopping center.
The new venture will be called Mike & Gayles Hometown Grill and they’ve set up a new web site for the restaurant, where visitors can stay abreast of their progress. They’re also soliciting menu suggestions, so if you have any favorites, now’s the time to let them know.
One of the trademarks of both the Washington House and the Shoreline location has always been the 100-year old marble soda fountain, a classic throwback to yesteryear that has been in the Ioakimedes family all these years.
From what I’ve heard, the soda fountain thankfully will remain a cornerstone of the new restaurant.
So if you’re hankering for a juicy burger, a Gyro, a plate of Spanikopita or one of Mike & Gayle’s famous breakfasts, if you didn’t get there today, you’ll have to put your tastebuds on hold for a few months.
For today marks the end of an era.
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$8,000 First-Time Homebuyer Tax Credit, Higher Loan Limits Included In The Final BillThe Economic Stimulus Bill, which has consumed much of my attention for the better part of this past week, received Congress’s stamp of approval late last night and is now ready for President Obama’s signature. And according to all reports, he’s eager to sign the bill into law right away.
In terms of real estate, the new law will be a boon to most first-time buyers who purchase this year, as most will qualify for an $8,000 tax credit on their 2009 tax returns.
The old law, which was to expire in July, provided a $7,500 tax credit on homes purchased since last April. However, that law required the entire $7,500 to be repaid, in $500/year annual installments, which essentially made it not a tax credit but simply an interest-free loan.
Under the new law, the now-$8,000 tax credit won’t have to be repaid, making it a true credit for the first time.
There are income limitations (haven’t yet found out whether it’s changed from what it was under the old law, which was a maximum AGI of $150,000 for joint filers and $75,000 for individuals and phased out between $150k-$170k and $75k-$95k for those filing types).
The new credit will apply to all qualified home purchases in 2009; an earlier version of the bill had it expiring in September, but now home buyers have all the way until the end of November. And it now covers home purchases since the beginning of the year (an earlier proposal had it taking effect only after the bill was signed into law).
Here is a description of the tax credit directly from the Senate’s web site (for the Senate’s entire tax credit summary, Click Here):
In addition to the tax credit, the new law also will return the Fannie Mae/Freddie Mac and FHA loan limits to what they were in 2008, when Congress temporarily raised them to help offset the disappearance of reasonably-priced ‘Jumbo’ loans.
In Solano County, Fannie/Freddie (conforming) loans were $557,500 a year ago and are now $417,000. In Contra Costa, they were reduced from $729,750 in ‘08 to $625,500 this year. The FHA limits are $400,200 in Solano and $625,50o in Contra Costa County (same as the conforming limit).
Once the new law takes effect, financing doors that closed on Dec. 31, will reopen for some borrowers needing to finance an amount above the current loan limits.
Last year, there were add-ons that made the jumbo-sized Freddie/ Fannie/FHA loans more expensive than their lower-balance counterparts. The assumption is that that will be the case again. As I hear more details, I’ll keep you posted (so check HomeSection.com often…or subscribe via email to receive these updates automatically).
Finally, the new bill did, I also noted yesterday, includes a provision providing eligible tax payers with a $1,500 tax credit for certain energy upgrades to their homes.
Keep in mind that all of this information is based on various news reports or industry advisories I’ve read. So it’s possible that some not-yet-publicized details may amend what you’ve read here.
So once the bill is signed into law by President Obama and all the nitty-gritty details are made public, I’ll write a new article, outlining the more details about the new law.
Stay tuned…
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Though the actual bill itself hasn’t yet been made public, from what I’ve been reading in various real estate and general news outlets today, it looks like the Economic Stimulus Bill will, among other things, increase the maximum FHA and Conforming Loan Limits back to where they were in 2008.
Highlights of what I’ve cobbled together so far:
Again, this list is by no means all-inclusive. And it’s subject to modification by lawmakers before Congress votes on it.
Once the bill is passed and signed into law by President Obama, I’ll post a follow-up article with details. And if things change again between now and then, I’ll provide an update as well.
So stay tuned…
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Integrity, honesty & professionalism are my hallmarks. I live by the Golden Rule -- treat each client as you'd want to be treated...a concept that unfortunately is far too rare in our profession.
Real estate is full of people who'll promise you the moon and then forget where they left their spaceship. 
With Rod & Jamie Herman, it's just the opposite. No empty promises. No mindless rhetoric. Just two honest hard-working real estate professionals who care about their clients and treat them like family.
If that sounds different than what you may be accustomed to, you're not alone. Our credo is simple: do business according to the Golden Rule and treat people the way we'd like to be treated with honesty, reliability, integrity, and professionalism.
From our Benicia office, we're strategically located to assist clients throughout Solano and Central Contra Costa Counties. That means we can help you from Vacaville to San Ramon and all points in-between. It also means we won't send you to somebody else to see homes ty five miles away just because it's across the bridge. We're members of two different MLS systems, so, unlike many local agents, we're here to assist you no matter what side of the Benicia Bridge you'd like to make your home.
As you browse our web site, you'll notice that we call ourselves The Hidden Advantage. Once you get to know us, you'll see that it's more than just a catchy slogan. It goes a long way towards describing who we are and why our clients receive a level of service, knowledge, and experience far greater than most Realtors are able to provide.
Whether you're thinking of buying, selling, or just keeping tabs on what homes in your neighborhood are worth, we're ready to help. We can be reached by Phone, Email or through the contact form on our web site.
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I've been part of the local housing industry since 1982, with experience as a marketing, advertising and public relations director for a major Bay Area homebuilder, branch manager for a local title and escrow company, and of course, as a successful real estate agent.
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Rod & Jamie did such an outstanding job selling my home that I just had to let you know. They handled every detail with such efficiency that it made the whole process stress-free. I've sold several properties and have always had difficulty with communications. Not so with Rod & Jamie. They always call back in a timely manner. I will recommend them to all my friends.
- Dona Rose (Seller)
Rod & Jamie were extremely helpful in helping us sell our home at a fair price in a difficult environment. Rod was totally on top of all the events that occurred as part of the process. This started with recommendations for improvements to increase market value and continuity through the funding at close of escrow. Jamie was very organized in making sure all the paperwork was properly filled out and was very helpful in suggestions for the home improvements. We look forward to using their services in the future.
- Rick and Sue Gordon (Sellers)
When we made the decision to put our home on the market, we knew we would come back to Coldwell Banker Solano Pacific. The hard part was choosing from our friends there that Roger had worked with. He knew that it takes focused attention and a strong sales organization that makes for a successful listing, sale and escrow. Rod and Jamie exceeded our expectations for professionalism. We were in frequent communication about the progress on the listing, sale and escrow of our home. After more than 30 years in Benicia, it was hard to leave, but we knew we would be well taken care of by Rod and Jamie when we chose to move out before the house had sold. Real estate is a difficult business to be successful in because of uncontrollable factors that can affect the market. Rod and Jamie were able to see when these might be happening and because of their counsel and advice, we were able to make sound decisions. We highly recommend Rod and Jamie Herman to anyone looking for a real estate team that always has a positive attitude, are true real estate professionals and who have excellent knowledge of how real estate transactions can and should take place. Coldwell Banker is lucky they haven't opened their own office.
- Roger and Rosanne Heym (Sellers) -- Roger is a former Coldwell Banker agent
We were both quite impressed with the tenacity and stick-to-it-iv-ness you both displayed during the rather long and arduous process. May other Realtors would have lost interest in our project and put us on their back burners. It is not often that we have to deal with real estate matters, but it is really reassuring to know that when we do, you two are there to look out for our interests, explain all the details, and ensure we understand everything that is transpiring. Your personal service and attention to detail is very much appreciated. Thank you, Thank you, Thank you!!!
- Charlie & Gail Bouffard (Repeat Clients)
In a very stressful time for my husband and I (we got engaged, married, quit jobs, started new jobs, sold a home in Nevada, bought a home in California and moved...all in less than 2 months!), we counted on Rod and Jamie to not only handle the transaction, but also be efficient and look out for our best interests. They exceeded our expectations in every way. They are professional, courteous, detail-oriented, experienced and knowledgeable. We respect them greatly not only professionally, but personally, too! We hope to continue our friendship with Rod & Jamie and will recommend them every chance we get!
- Chris and Sharon Black (Buyers)
The Hermans are the most trusted, hard-working, thorough agents we have EVER dealt with. Attitude: Positive, Supportive, Superb. Professionalism: Of the highest standard. Knowledge of Real Estate: Superb.
- Ron and Sheri Russo (Sellers)
Rod & Jamie are the only two people we would do real estate business with!
- Don & Karen Richey, Sellers & Buyers (Repeat Clients)
Excellent, very nice, friendly and helpful. Remarkable knowledge of real estate. Rod had major information whenever I needed an answer. They also created an excellent web site for my home.
- Joan Beguelin (Seller)
Rod and Jamie were always upbeat and encouraging, yet realistic in regards to what Michael & I could afford and work with. Rod and Jamie were consummate professionals. They were always responsive...never failed to return phone calls, updated us on changes immediately. They were always "cool, calm, and collected" even with the extremely short timeline we had to find and offer on a home, since we were traveling from Massachusetts. Even with the wedding for their eldest daughter imminent, we never felt like we were "put on hold." We always felt that our needs were important to both Rod and Jamie.
- Michael & Monyee Kazek, Buyers & Sellers (Repeat Clients)
This is the third time we've asked Rod & Jamie to represent us in a real estate transaction. In our view they are the best at what they do.
- Tim & Vickie Ward (Buyers & Sellers (5-Time Repeat Clients)
We could not have been happier with our experience. As first time homebuyers, we were not fully aware of the details involved when buying our first home and nervous about making this purchase. Rod and Jamie addressed all of our concerns and questions with professionalism and courtesy. We felt comfortable with them and their knowledge of the market and confident that they had our best interest in mind when negotiating.
- Brian and Amy Pereira (Buyers)
We were so very pleased with the Hermans. We described what we could afford and what we hoped to find in our first home and they found it with extras! With real estate professionals like Rod & Jamie Herman, I can understand why Coldwell Banker is such a successful real estate company.
- Doc & Cathy Soto (Buyers)
We had the privilege to work with Rod & Jamie Herman before out latest purchase of our new home. They helped us purchase our very first home some 6 years ago. They took two very nervous first-time home buyers and made us feel like our interests truly came first and prepared us for all of the unforeseen things that go into such a thing. We of course, called them again to help us "move up in the world." Some things never change! Their professionalism has gotten even better if that is possible! Their knowledge of all of the pitfalls made us very comfortable and we put our full trust in them, which is rare these days! They did more than they needed to every step of the way. We will of course, if ever needed, use them again and continue to refer any and all who need "real" real estate professionals.
- Mark & Melinda Bilow (Buyers, Sellers, Repeat Clients)
I think the best tribute we can give to them is to share with you how they truly "work up" to the claim they make on their website: "Our credo is simple: do business according to the Golden Rule, treat people the way we'd like to be treated with honesty, integrity and professionalism." And how! With Rod & Jamie nothing was too much. They bent over backwards to accommodate us. Rod & Jamie were as honest as it gets - they candidly (but delicately!) helped us out when we were prepping the condo for the market by making suggestions that would approve its appeal when being shown. The most unbelievable thing is that they represented both the buyer and seller in both of our transactions and we felt that Rod and Jamie were on our side the whole time in both situations.
- Greg & Bridgette Kennedy (Buyers, Sellers)
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