Life in Walnut Creek, Lafayette and surrounding areas

There are many different loan programs out there today and it can seem a little overwhelming, especially to the first-time homebuyers.  In this video interview, we discuss the differences between FHA (Government-backed loans) versus a Conventional Loan.  We briefly review different criteria and what those requirements are with the different loan products.  My guest speaker was Yvonne Hemmingsen, Mortgage Loan Consultant, with Diversified Capital.

The first step in the home-buying process is to sit down with your Mortgage Loan Specialist to determine what the best loan product is for you.  There are many options to choose from based on your financial situation and credit worthiness.  The information in this video was based on information available as of Dec. 15, 2009 and is subject to change.   

Concord, CA..."Available Homes for Sale" analysis.  This report includes Single, detached homes only that are currently available for sale per the Contra Costa Association of Realtors MLS as of Dec. 10, 2009.

It appears to be trending more from Bank Owned to Short Sales.  You can see from the chart below that the bulk of available homes are priced at $499,000 and below (approx. 77% of ALL available).  With this trend, the report is geared to show you how each price range breaks down to the type of sale it is.  Here's the terminology of the categories:  REO (Real Estate Owned/Bank Owned); SS (Short Sale); NONE (non-distressed/normal sale); DOM (days on market); $/SF (Price per square foot).

There are 129 homes currently available for sale.  This chart shows the breakdown based on ALL available.

Now let's look at how this breaks down per price range.  Prices are rounded to the nearest hundredth dollar.

Summary:  With investors and First-time homebuyers, the $375,000 and below market is the most active and sought after price range.  With the increase/trend of more short sales versus Bank Owned, it seems to confirm what the media is saying that the push is towards the banks to work more with the owners versus foreclosing on them. 

What does this mean for the home buyers?  Be prepared to be in multiple offer situations in the $375k below market.  Also, lenders are demanding offers to be closer to 'market' prices on Short Sales and less likely to negotiate 'hot deals'.  Also, until the majority of banks learn how to streamline their Short Sale process...buckle up!  A Short Sale transaction will require extreme patience and time! 

If you would like more information about buying or selling a home in the Concord and surrounding areas, please contact me. If you would like to learn more about Concord, CA, please visit their website.

  Who is buying the bulk of the REO (Bank Owned) properties in your neighborhood?  It's very frustrating for the 1st Time home buyers when the bulk of the homes they can qualify for are going to the 'all cash' buyers...which are typically investors.  I know from experience and numerous offers that the banks don't care about selling their properties for the highest possible, fair market value.  They opt for the less-risk offer which is all cash.  I get it...I know they want the properties off their books...but it doesn't mean I have to like it!  I just wish one of the bank's incentives were based on revenue rather than just number of units sold. I say that based on my experience and opinion. 

One of the areas with the bulk of the REO homes for sale is located in Antioch, CA.  The following chart shows the sales from Aug. 1 through Sept. 20, 2009.  It covers detached, single family homes only.  There were 232 homes that closed escrow during that time period.  The "Cash" offers represent 28% of all sales and 75% of the REO (Bank Owned) sales.

 So, who is buying the bulk of the REO's in your neighborhood...cash investors or 1st Time home buyers?  (To me, I don't put 1st Time home buyers in the 'all cash' category!)

(The above figures were taken from the Contra Costa Assoc. of Realtor's MLS effective Sept. 21, 2009)

If moving to Walnut Creek or the East Bay of California, give me a call, search the MLS or view My Website for more information.

Walnut Green 3rd Annual Community Garage Sale was a BIG and successful event this year!  This 228 home development is located in the Northgate community of Walnut Creek, CA.

The early morning hours of thunder, lightning and rain didn't keep these homeowners from enjoying their annual event!  They got creative with tarps and tents to cover their treasures.  There were 28 families that participated this year and the event was highly publicized.  I don't know who had more fun...me or the homeowners!  The video is a highlight of the participating families sharing their goods and success stories.

To learn more about this community or find homes available for sale, please give me a call at (925) 765-4339. To search the MLS or learn more about Walnut Creek Real Estate, please visit my website.

I am pleased to share our Quarterly Market Report for the Second Quarter of 2009 for Contra Costa County. If you would like to learn about your particular neighborhood, or how this data can help you in buying or selling a home, please contact me.

For more information or to search the MLS for homes in the Walnut Creek and surrounding areas, please visit my website:  http://www.terriadams-scott.com

I just had an 'AFLAC' moment....uh?.....grrrr!

This new 'traditional' listing came up (no REO/Short Sale)...beautifully updated throughout...in the neighborhood my buyer wants...perfect size and amenities...and best of all, priced competitively and in their price range!  I hurriedly called the agent...WooHoo...a live person answers the phone!  I start asking my typical questions and find out there's 3 offers on it already.  Okay... when are you going to present/review the offers?  I hear this long, hesitant sigh as the agent proceeds to tell me the seller's demands...or don't bother putting an offer in:

1.  Wants a $5,000 deposit  

2.  No FHA loans 

3.  ALL contingencies removed in 10 days

4.  If appraisal comes in lower than your offer, there will be NO re-negotiation so plan to come up with the difference in cash.

UH?...Okayyyyy...the first two demands are no problem.  It also wouldn't be a problem to remove inspection contingencies within 10 days...but removing the loan and appraisal that quickly in today's market is not that realistic for non-cash offers.  In regards to demand #4...that's really stretching it!  If I KNEW the appraisal could come in around $5000 below, we could probably deal with that.  BUT...we all know how crazy this appraisal system is right now!  It could come in...for example...$20,000 below our offer...and we'd be expected to pay the difference or risk our deposit (plus inspection costs) if we don't perform?  I do have a handle on the values in the area, but gambling that the chosen appraiser shares that expertise...there lies the problem...grrrrr! 

So if you feel hurt and can't make the contract work...they'll take cash...which is just as good as money!      UH.....GRRRRR!!!

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Moving to Walnut Creek, CA or surrounding area...let me help you!

I love my new iPhone 3Gs and all the cool apps that are available!  I don't go 'app crazy', but when I find one that strikes my fancy, I just gotta have it! 

I came across this app called "iCam" by SKJM, LLC.    You can stream up to four webcam video and audio feeds from anywhere in the world to your iPhone or iPod touch over WiFi, 3G and EDGE.

This is not a free app, but was well worth the $4.99 for me.  There are multiple reasons why someone may want a surveillance system and mine was primarily out of curiosity to see what my dog is doing while I'm away from home. 

There are limited features to this compared to a full surveillance system.  It is a one-way system in which you can see and hear what your web cam is picking up.  You cannot have a 2-way conversation back to it.  It also does not record.  So, if you want to spy peek in on the animals, kids or whoever while you're away, this is a handy app to have on your iPhone.

If it sounds interesting, I recommend you read the reviews/forums for yourself and you be the judge.  Also, the software you download onto your computer is in beta form.  I have used this app for 3 days and have enjoyed it!  I'm using the built-in camera on my MacBook Pro. 

So...the next time you're out viewing property, BEWARE...the sellers just may be spying on you!  With all this technology, it's easier than ever!

Has anyone tried this app?  Would love to hear your opinion.  If you have another app you really like, please share it with us!

Moving to Walnut Creek...call me at 925-765-4339.

www.TerriAdams-Scott.com

I have had a week now to play around with my new iPhone 3Gs.  There are way too many features to mention so this blog is strictly limited to the video feature...which was one of the main reasons I purchased it.  I was an original iPhone user so the set-up (iTunes) and transition went fairly smooth.  

I have been a video enthusiast for awhile and like to do my own property, video tours.  My purpose to upgrade to the 3Gs was to have an 'all-in-one' device so I wouldn't have to lug around a bunch of equipment.  I thought for awhile on buying one of the HD flip phones, but held off waiting to see what this iPhone could do.  I'm pleased to report that I'm VERY happy with it!  Now it's not something the professional videographers would use to shoot home tours with, but I think it does a very good job for intermediate users like myself.  

Pros:  

• Good quality and much crisper on close-ups versus shooting at a range
• All-in-One device so less equipment to haul around
• Allows for editing...but only at the beginning and ending of the clip.  If plan to produce a video with multiple clips, you'll need to transfer the movie files to your computer and editing program.  You could email them to yourself, but it compresses the video before sending if you do that.
• Longer recording time than the 40 second limit my Olympus camera provided me
• Auto focus (tap the screen where you want the camera to auto focus on.  Does a good job if you have contrasting lights)
• Shoots well in low light situations (the video below was shot indoors at a bar)
• Audio works well as long as you're close to the camera
• Publishing:  Easy to send to your YouTube account or email...all from the camera feature on the phone.

Cons:

• No pause and resume button.  You can't put multiple clips together unless you use outside editing software.
• No tripod slot so you need something to brace the phone against or have steady hands to avoid the 'Blair Witch' effect.
• Transferring clips to the computer:  No directions so had to figure this one out on my own.  The video files (mov) are recognized as photos since it's within the camera feature of the phone.  For Windows, I had to go to 'explorer', open the correct drive then drag the video files to my desktop.  In Mac, I had to go to iPhoto to find them (it did not recognize a separate USB drive on my desktop).  From iPhoto, I could then drag and drop the video files to where I wanted them.
• Battery:  Shooting video does take a toll on the battery level.  Good news is that once you plug the phone in to charge it, it charges quickly.
• Audio:  This is asking too much, but would be nice to have a microphone jack for recording. 

Walnut Creek, CA has some of the finest restaurants and night clubs in the East Bay.  We all hear of the big chain places, but you seldom hear about the great places that only the locals know about!  Mr. Lucky's is located in downtown Walnut Creek at 1527 Locust St.  During the weekday, they cater to the business crowd and serve great lunches...specials everyday!  At night, it is the hot spot for the younger crowd.  They also serve breakfast on Saturday and Sundays.  

It seems like every big city has its own "Cheers" where the locals hang out and everyone knows your name!  Well, this is Walnut Creek's 'Cheers'!  If you're ever in beautiful downtown, you'll have to check them out!

Moving to Walnut Creek? Give me a call and/or visit my website. Terri Adams-Scott REALTOR® Prudential California Realty DRE#01397740

Every Tuesday in our area, we have our local "Broker Tour".  Many have asked what it is and many have said 'take me along with you'!  Broker Tour is an Open House of new listings within our local association of Realtors.  It is geared toward our fellow Realtors so we have a chance to preview these new listings.  We all have busy schedules so it's nice to have this one day to have these Open Homes available for us to see.  I hope this explains my 'tweets' and 'status' comments when I say 'Heading out to Broker Open'.  For those of you who asked to tag along, here's a little highlight video of 3 homes that I toured.