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The road to home ownership fair 2008 will be an interesting event!Date: April 5^th Saturday 10 Am – 4 PM

Place: Santa Clara Convention Center

5001 Great America Pkwy, Santa Clara

How to get there: Take light rail to the stop of the Great American Station

Who sponsor this: Santa Clara county association realtors, Mercury News and WaMu.

What you will get: home ownerahip related information from 80 information tables and 24 educational seminars

What you will learn: Steps to buy a home, home buying assistance programs, Credit counseling and repairs and how to avoid a foreclosure.

 

Larry Stone,

Santa Clara County assessor came to speak at the Silicon Valley Association Realtors Cupertino Sunnyvale tour meeting last week. I always enjoy his speech. Larry provides good county wide real estate information.  Larry Stone reported Santa Clara County has fewer assessment appeals than any other county in

California because his department is one of eight that mails homeowners a preliminary assessed value before the roll closes. Stone said

Silicon Valley’s high productivity has a downside because the amount of warehouse space that businesses need has declined tremendously due to technology and outsourcing. “We are the most productive place in the country, but technology has contributed to the downturn after 2002,” Stone said. Stone knows the current biggest problem affecting housing market is credit availability. The underwriting guide line has become stricter, and as a result, transactions have declined 30 percent this year and new construction is down 20 percent. However, the county’s high-end residential market is still very strong, but market for condominiums & townhomes has softened, especially in Morgan Hill, Gilroy, Milpitas and South and East San Jose, which are areas currently experiencing the biggest problems of foreclosures and subprime loans. He reported the county’s commercial and industrial sectors  “are very hot right now.” The Office space rents are up 32 percent, and vacancies are down 25 percent. The real estate Investment continues to be strong in the Valley, with $7 billion invested in

Silicon Valley property in 2007.Stone invited us to visit his office Web site at http://www.scc-assessor.org/ for the latest news and information on property tax laws and regulations. I like to credit the article of SILVAR Friday Facts..

There is a saying that “Fail to Prepare: Prepare to Fail”  is #1 rule for the job interviewer. It is exactly same true for home sellers. It is time to sell the homes. It is the show time!It is time for the seller , real estate agent and or home stager  works together to prepare it to be SOLD! Please show the best side of your home. From the study of

I like the article of the best staging tips  from Staging Rants & Ravings for example:

1. START WITH THE  ENTRANCE – No matter you are on a job interview, or going to the first date or selling your home… first impressions matter.  So clean it up, touch up the paint, add plants and flowers… in general, make the buyer feel welcome. Here’s HGTV’s TIP#1 entitled: Make An Entrance.
   
2. CLEAR OUT ALL CLUTTER - Look at the counter tops, cabinets, closets, garages, basements, and attics as storage spaces. So clear it out. Here’s HGTV’s TIP#2 entitled: Conquer Clutter.
   
3. LESS FURNITURE IS EQUAL TO BIGGER HOUSE - A room full of furniture can feel as cluttered as an accountants desk top during tax season. Clearing the furniture could free up a lot of room you have not noticed. Here’s HGTV’s TIP #3 entitled: Less is More.

The staged homes sells faster, increases the net value, more buyers will like it and increase the possiblity of seller to receive the mutiple bids offers. From the HomeGain report of the Home Sell Maximum Guide 2008 the top three areas to improve are: Lighten & Brighten, De-Clutter, and the Landscape front and backyard. If you are in the market to sell home, please insist on preparing 1st before you put your for sale sign.

        Seller puts his home home on the market. He thinks his home must be the best of best. This is the Taj mahal and the buyer sees just one of the 10 homes we viewed today.

       An overpriced turkey is a hard sale. I wrote an offer for an home went through 242 days on the market, 2 real estate agents and  $70,000 price dropped. Sorry Dude… You have priced it out of the market. I think the #1 seller’s mistake is to overprice it.How do we guess the correct market price? Your realtor can run a Comparative Market Anlysis for you.

The little people inside of seller may said:” My dear agent… I want more $$$.” Let us assume today I am going to sell a beautiful apple today. I want to label this to be  $200 USD beause I want more money. Am I gonna get my money? I don’t know let us try. I wait and wait for the right buyer to buy and I hope the market will support my price. I Polished my apple daily.(Clean the home and use the best furnitures to decorate it). I increased the agent commision to be  20% of my profit ( may be that will attract more buyer’s agent show my home). I put alot of signs of “$200 Apple for sale”. (I asked my agents to put advertising everywhere and run open house every weekends). Three monthly later all the $2.00 apples sold but I don’t get an offer. It must be my agent’ fault so I  to lower the price and change my agent also. What a waste! We can apply the fair trade concept to either  apple or house. To price it right is just the beginning…

I just found another blogger share the same opinion about the #1 mistake the home seller can make from the realestateblocks.com .

This picture was from the remodelmyspace.com. Winter can cause more problems for home. Fortunately that the owners can maintain their homes to their best condition. Here are some suggestions to help owners:

• Roof: Before majoy rain and cold temperatures, check the flaskings around roof stacks, vents, skylights and chimneys for sings of crakinf, rusting etc.
• Gutters: Leaves, twigs and debris that collect in the roof drainage system can cause blockages, water could be backed in the wall etc. Clean gutters and downspouts periodically. Don’t forget direct the downspouts away from the house at least 3 feet to avoid seepage into the crawl space or foundation.
• Trim: Every now and then walk around the house looking for cracks of window framings, walls, flashing or any exterior surfaces for any signs of damage or deterioration.

It always easier to prevent the problems before it comes without notice. Bob Vila’s webpage

bobvila.com has a more detailed Winter Home Maintenance checklist that is very good also.

Picture was taken by Getty Image at Hollywood, California

Tommorrow will be the 80th year of Oscars Academy Awards. It will be aired tomorrow 5 PM Pacific time and 8 PM Eastern time. Don’t forget to watch it. It is perfect time for whole family to get together for the one best entertainment events. I love to watch those beautiful movie stars wearing fancy gowns walking along the red carpet of the Kodak. I know what are the must-see movies of the year.

 I love to join the Oscar party with a couple friends to figure out who is going to win what. I think Michael Clayton and Juno are going to be very interesting pictures.

Bay Area I-ching Master Y.C. Sun says. “The Year of the Rat will be a nurturing year, but one developed through strong collaboration and perseverance.” In this intense presidential campaign year, this computer scientist and third-generation geomancer has enhanced his focus on global economics and geopolitics.

Economy
Sun again cautions that people should beware of a global recession after the Beijing Olympics, preparing with Rat-like frugality late-2008 and 2009. “The major stock markets will sell-off in China and Hong Kong, causing more panic and dumping of real estate and cash-outs of investments,” Sun predicts. “The U.S. is one year ahead of the looming global recession that will come in the second quarter of 2009,” Sun explains. China, our big investor, won’t be able to control inflation, and a power struggle will erupt there as President Hu Jintao experiences a bad luck year in 2009. Sun points out that in the past seven Rat years, the stock market has been bullish and the Dow Jones Industrial Average has always went up. The elements also indicate popular business and investment sectors. According to Sun, the earth energy is represented by the health care and agricultural sectors and should be part of an inflation-hedging portfolio. The large caps – pharmaceuticals, telecom, technology and service sectors — will do well and start an uptrend throughout 2008,As with the previous year, this year’s water energy points to successes in the industries of: import/ export, travel, shipping, moving, cleaning, musical entertainment, magic entertainment, Internet, seafood, chemicals, fruit juice, wine and spirits, and tea and coffee. The Earth Rat year will produce some strong mud though water influences and quell the flames, driving oil prices down from $100 per barrel to $70. This Rat year’s earth and water elements will also enhance natural disasters reflecting those elements: powerful rain and snow storms, hurricanes, flooding, erosion, landslides and avalanches. The earth energy will also produce large-scale earthquakes in Japan, Hawai‘i, Argentina, Iran and Turkmenistan/ USSR. Likely earth movement months are February, June, August, October and January 2009 (still within the Earth Rat year).Politics
Sun believes this influence will see Hillary Clinton as the Democratic presidential nominee. Sun explains that both Clinton and Barack Obama have strong earth energy. However, Clinton has male earth energy and Obama has female energy, and the energy makeup for male earth will be greatly enhanced in March and April, giving Clinton the advantage. Come November, Sun predicts Clinton will call the Oval Office hers with 80 percent certainty.

For the remainder of the George W. Bush presidency, Sun predicts that he will have a good legislative year in 2008, starting with the massive tax stimulus package to boost the economy before March 5, 2008. The earth and water elements also indicate that Bush may leave a legacy with a number of public works projects to repair our transportation infrastructure, providing jobs and staving off a recession.

 Sun says that good locations this year are east, southeast and northeast, while bad locations are south and northwest. The directions can apply to one’s home, a city, a state, a country or the world. Sun sees continued unrest in the Middle East, specifically with Israel and Palestine in May and June. He also sees hot spots for violence and political struggles in Venezuela, Cuba and among African countries, namely Chad and Kenya.

Street Address	List Price 1	Beds	Baths	Bldg SqFt	Lot Size	Age	List Date	DOM	City	Status	MLS Num	Class	Total # of Units	Notes
6416 BANCROFT WY	$959,000	3	2	1,271 SqFt	6,534 SqFt	50	6/27/2007	12	San Jose		735746	1
6402 BANCROFT WA	$464,900	3	2	1,271 SqFt		41	10/21/1998	51	San Jose		849511	1	0
												Class	Total # of Units	Notes
6402 CANTERBURY CT	$878,950	3	2	1,271 SqFt	5,936 SqFt	46	5/24/2005	9	San Jose		528288	1	1
6370 CANTERBURY CT	$850,000	3	2	1,271 SqFt	6,098 SqFt	47	10/27/2005	11	San Jose		563801	1	1
6377 CANTERBURY CT	$798,000	3	2	1,271 SqFt		46	9/30/2004	8	San Jose		426429	1	1
6362 CANTERBURY CT	$750,000	3	2	1,271 SqFt	7,405 SqFt	47	12/16/2004	8	San Jose		437496	1	1
6377 CANTERBURY CT	$622,000	3	2	1,271 SqFt	5,940 SqFt	43	9/26/2001	40	San Jose		152987	1	0
6593 CANTERBURY CT	$500,000	3	2	1,271 SqFt	6,098 SqFt	41	4/28/1999	12	San Jose		917882	1	0
6436 CANTERBURY CT	$449,500	3	2	1,271 SqFt		39	6/23/1998	155	San Jose		826968	1	0

The historical sales price in

Lynbrook

High School is just fabulous school with great test score and so as the Lynbrook High school real estate. It just goes up as the time goes. The sold prices of 6436 Canterbury (6/23/98) to 6402

Canterbury (5/24/2005) has double in 7 years. In another word, it has grown 10.3% in value every year.

IRS Explains Mortgage Relief Provision I found an article from the SILVAR government News today about mortgage relief due to short sale or foreclosure.The IRS has released a technical document (IR-2008-17) to alert taxpayers on how to comply with the new mortgage cancellation tax relief provisions enacted at the end of last year. Borrowers who had some portion of their mortgage debt forgiven in 2007 should receive a Form 1099C from the lender identifying the amount of forgiven debt. The borrower/taxpayer will then file a newly-created form, Form 982, to report to the IRS that the debt relief was for a qualified mortgage. The instructions to complete Form 982 are available at the IRS Web site, which can be accessed here: http://www.irs.gov/pub/irs-pdf/f982.pdf. The mortgage relief provision applies to debt forgiven in 2007, no matter when the mortgage was entered into. The most frequent circumstances in which there is debt forgiveness is on a foreclosure, short sale, mortgage workout or reformation agreed to with the lender.Normally, debt forgiveness results in taxable income. But under the Mortgage Forgiveness Debt Relief Act of 2007, enacted on December 20, 2007, taxpayers may exclude debt forgiven on their principal residence if the balance of their loan was less than $2 million. The limit is $1 million for a married person filing a separate return. Details are on Form 982 and its instructions, available now on IRS.gov.The late-December enactment means that reporting procedures for this law change were not incorporated into tax-preparation software or IRS forms. For that reason, people using tax software should check with their provider for updates that include the revised Form 982. Similarly, the IRS is now updating its systems and expects to begin accepting electronically-filed returns that include Form 982 by March 3. Even the Form 982 is now being accepted, but the IRS recommend those affected taxpayers to file theire tax electronically, which greatly reduces errors and speeds refunds.The cancellation of mortgage debt rules apply only to a limited number of taxpayers. The new law applies to debt forgiven in 2007, 2008 or 2009. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, may qualify for this relief. In most cases, eligible homeowners only need to fill out a few lines on Form 982 (specifically, lines 1e, 2 and 10b).The debt must have been used to buy, build or substantially improve the taxpayer’s principal residence and must have been secured by that residence. Debt used to refinance qualifying debt is also eligible for the exclusion, but only up to the amount of the old mortgage principal, just before the refinancing. Debt forgiven on second homes, rental property, business property, credit cards or car loans does not qualify for the new tax-relief provision. In some cases, however, other kinds of tax relief, based on insolvency, for example, may be available. See Form 982 for details.The new law is best understood with an example. Assume a family purchased their home for $100,000, with a mortgage of $95,000. Later, they need to sell the home. They find that the value of homes in their area has declined and they can sell for only $89,000. At the time of the sale, the outstanding balance on a mortgage might be, for example, $92,000. Thus, there will not be enough cash at settlement to repay the lender the full balance of the mortgage. In some limited circumstances, a lender might forgive the amount of the balance that exceeds the purchase price ($3,000 in this example).The new provision does not affect current laws that already provide similar rules that grant relief to debt-burdened commercial real estate and rental properties. The new law grants relief for principal residences sold by their owners or to borrowers who arrange a “workout” with a lender that reduces the

Lynbrook High school has been one of the popular Cupertino High School. The API test score is 911 out of 1000 from the recently API test score. The school boundary is in between De Anza, Lawrence Express and Bollinger Rd , Cox in West San Jose with the zip code 95129

Now there are only 7 single homes available for sale from price $998K to $1,499K. The lowest price 2 homes both at Bollinger Rd. There are a couple homes opened this weekend.

1. 870 Forest Ridge Dr San Jose $1,499,000

2. 1430 Glenmoor Wy San Jose $1.498,000

3. 6221 Tracel Dr. San Jose 4/3 $1,299,888

4. 1307 Alderbrook Ln San Jose 4/2 $1,188,000

5. 5474 Castle Manor Dr San Jose 4/2 $1,160,000

6. 6556 Bollinger Rd San Jose 4/2 $1,049,000

7. 6590 Bollinger Rd San Jose 4/2 $988,000

     There are 3 townhouses or condos from price $370K (1 bedroom, 1 bath) to $480,000 (3 bedrooms, 2.5 baths).

1) 7150 Rainbow Dr #8 San Jose 2/1 $488,000

2). 1549 Brookvale Dr #4 San Jose, 2/1 $410,000

3). 6942 Chantel Ct San Jose 1/1 $370,000

There are just not many homes for sale in this area so it is very demanding no matter what.

The Lynbrook High School in San Jose homes are on the high end of the 500 single family homes for sale priced from $3.5 Millions to $350,000.

When you tired of raining cold winter days, bowling will be one of great choices for you.

Strike Cupertino has 32 glow in the dark bowling lanes, state of the art audiovisual technology and each semi private banquette has movie screen and lane side food and beverage service. The full service restaurant serves classic American and Asian inspired cuisine, a high-end sports bar, arcade and a giant video wall.Strike Bowling Lanes is located in

Cupertino at the former Vallco Mall, now called Cupertino Mall. It is in the section of the mall that Penny’s Department Store is located at but along the side and back with an outside entrance.

Click the link to view both their food and drink menu.

Cupertino Square, 

On Wolfe Road south of 280,

Cupertino, CA

95014 408-252-BOWL (2695)Cost of bowling:
Expect to pay between $5.00 to $10.00 for the bowling plus $5.00 for bowling shoe rental. I can’t provide a firm price on the bowling itself because on the weekends (Friday, Saturday and Sunday) they do not offer game pricing, instead you have to rent a lane by the hour and our final shared pricing will be dependent on how many we had on each lane and the amount of time it takes for the group to bowl one game.It’s $35.95 an hour per lane and we can have up to 8 people at each semi private banquette bowling lane. If it takes more then an hour for all the people on the lane to finish the game then Strike prorates the cost so it’s possible to go 90 minutes for example and for the lane to cost around $54.00 or for the group to decide to bowl for 2 hours for around $72.00. If for some reason you are unable to bowl you have the option to sit with the bowlers but again that is limited to 8 even if you aren’t bowling, so the cost of the lane will be split equally by bowler’s and non-bowlers. Please bring cash and at the end once I know our final rate for the lanes pay the your share as we will pay for bowling as a group.

This chart is from the official real estate information site www.reil.com. The median price means Sales/list price that is midway between the least expensive and most expensive properties. The other indicator is the homes for sale and pending. It show the median price went up more then 100% and more homes for sale now.

 This morning I went to preview a few homes for my clients. I saw a nice 3 bedrooms 2 baths and large yard in

Santa Clara for around $638K at 

Augusta Pl. Mary Marley from Alain Pinel Realtors greeted me. I sold one of her listings 8 years ago in

Sunnyvale so we start talking

about the real estate market.

We both agreed that some buyers are very worried about the market, interest rate… She said: Her father has rented home all his life. He lived at the same home in

New York when she was 4 hours old. He has a lot of rent receipts but no equity.

When the house price is up…he thought he cannot afford it.

When the house price went down … he worried about it was not bottomed down yet.

When the interest rate is high…Oh! My god he cannot buy it either.

When the interest rate is low…of course he does not know if the interest rate would go down.

Years after years he never own an own home. Mary grew up wondering her dad did so. She bought the 1st home at age 28 with the interest rate 20% (Yes! you are right. it was double digits before…6% is nothing). Her father asked why you bought a home at the highest interest rate. Her answered was:” I can refinance when the interest rate is lower but I liked this home. I wanted to live in my home.” We all know the California Real Estate the housing market is driven by supply-N-demand.

Buying and selling is a major decision. Thank for Mary to share with her own dad’s story. Hopefully you will learn something out of it. If you have more question, please consult with a professional realtor to help you out.

I was asked by friends all the time: ” Hi! Grace is it the good time to buy?” It is just like the half full glass. You can either buy or not buy no matter of timing or market. “Yes! It is a good time to buy home when you are ready.” Last year Dec 21 my client purchased a duplex  (two homes  for one price)in Santa Clara for $650K 2 of 2 bedrooms and 1 bath. That duplex was appraised $700K when we closed the loan.My client can live in one unit and she will receive rent from the other unit.  She add another bedroom and bath in one month and moved in 2 weeks ago.

Her loan is 6.375% and 0 point. It is a perfect deal we cannot get that loan today.

When you have a job, can afford the loan payment and with down payment then you are ready to purchase a home. You need the very best realtor to help you to find that home.There are alot of good deals for sale…you may contact me GraceKeng1@gmail.com for details.

Good New to the 1st time buyer…It is a perfect time to buyer your home.
According to CalHFA OfficialA California Housing Finance Agency (CalHFA) official joined Realtors in fending off negative views about the housing market, saying he preferred to look at the positive side, and focus on opportunities still very much available for first-time homebuyers. Eric Johnson, CalHFA marketing specialist in charge of emerging markets outreach programs in the Bay Area, told members of the Filipino American Real Estate Professionals Association at their monthly meeting this week that with home prices falling and interest still very low, conditions have converged, making it a very good time for first-time homebuyers to purchase a home.“It’s actually a perfect time for homebuyers, even first-time homebuyers. It may take a little more work, but the opportunities are there,” said Johnson.CalHFA is a state agency that provides low interest financing and programs that create affordable housing opportunities for individuals within specified income ranges. The agency’s mission is to assist first-time homebuyers in achieving the dream of homeownership.
 
CalHFA still offers an interest-only loan in which mortgage payments are discounted the first five years and the interest rate is fixed for the entire duration of the 35-year mortgage, so borrowers face no surprises when making monthly payments. With the help of

Carolyn

Mountain, a CalHFA specialist with Countrywide Home Loans, Johnson explained how such a loan product can be combined with CalHFA down payment assistance programs and other government grants/loans, allowing homebuyers to shave hundreds of dollars off their monthly mortgage payments.
 

In Santa Clara

County, first-time homebuyers can qualify for a loan as long as they earn no more than $118,704 for a one-or two-person household or a maximum of $136,510 for a family of three or more. Re-sale homes cannot exceed $673,953 and new homes $595,086. Johnson announced, “We (CalHFA) are one of the last bastions of 100 percent financing.” Unlike many banks, which now require that borrowers have at least a 720 or higher credit score, CalHFA only requires a 620 credit score.
“We never loosened our standards, so we never had to tighten them up. Last year was our lowest default and foreclosure rate,” said Johnson. “It’s easy to get a loan, but it’s difficult to keep and maintain that loan. We want to make sure our clients maintain their loans.” 
Johnson encouraged the agents to visit www.calhfa.comto learn more about CalHFA products and programs.“It’s a tough time for everyone, but there’s a positive side to the equation,” said Johnson. “You just need to let your clients know about these opportunities.”FAREPA President Robert Resuello said, “Eric Johnson gave our members valuable information on how to help first time homebuyers in today’s real estate market qualify for a mortgage loan, along with many ways they can get help through various down payment assistance programs.”
 SILVAR member and C.A.R. Director Tess Crescini, who is also past president and co-founder of FAREPA, said, “I have four transactions in escrow right now because of the CalHFA. … It’s the best kept loan secret for first-time homebuyers. I would encourage all Realtors to learn more about CalHFA programs.”
 Next month’s FAREPA lunch meeting be sponsored by SILVAR and will feature SILVAR Executive Officer Paul Cardus as guest speaker. The source fram the weekly newsletter SILVAR Friday Facts February 15, 2008 .

 As the 1^st time home buyer you may wonder I can search home from the internet. why do I need the help from a realtor?  I found the following great points regarding realtor from http://yourpieceofcalifornia.com/realtor/

1. REALTORS® subscribe to a strict Code of Ethics—a set of obligations that often go above those mandated by law. Known as the REALTOR® Code of Ethics, these principles embody a strong commitment to fairness, integrity, and moral conduct in business relations. Under the Code of Ethics, REALTORS® put the needs and well-being of their clients above anything else.
2. As members of C.A.R., California REALTORS® have access to confidential legal counsel, innovative marketing tools, and an extensive repository of market data. With these resources, REALTORS® are equipped to help you make important decisions throughout the home-buying or –selling process, such as how much home you can afford or what information you must disclose to the other party.
3. Among the top skills REALTORS®’ bring to the table is the ability to negotiate a favorable price. REALTORS® are knowledgeable about the small repairs and improvements you can make to enhance the “salability” of your home. According to the NATIONAL ASSOCIATION OF REALTORS®, the median price of a home sold using an agent is 16 percent higher than a home sold without the guidance of an agent. 
4. Your REALTOR® acts as your advocate during each step of the transaction. Whether evaluating buyer proposals or preparing counteroffers, your REALTOR® saves you time by serving as a liaison between you and the other parties of the transaction, prepares and reviews necessary paperwork, and guides you through the process to make sure everything is handled appropriately.
5. REALTORS® are well-versed in up-to-date market data, such as inventory levels, time on market, and ratios of list-to-sold prices. Backed by education and experience in the real estate industry, your REALTOR® can help you leverage this market information to aid in your decision-making process. 

TOP TEN Most Common Last Names of Bay Area Home Buyers
Rank:	Now	5yrs ago	10yrs ago
Nguyen	1	2	5
Lee	2	1	1
Smith	3	3	2
Wong	4	4	3
Garcia	5	12	15
Tran	6