What Not To Do When Selling Your Belmont Home
March 30, 2010 · Comments
Selling a home entails many different facets. First there’s getting your house ready to put on the market, then there’s filling out all your disclosures, and then there’s the need to constantly have your home clean and everything in order in the event you have an interested party wanting to see it on short notice. I have seen and showed hundreds of homes, and can’t tell you how appalled I have been at times simply by the seller’s behavior. Let’s look at some of these scenarios.
1. Mr. or Mrs. Seller will only show their home strictly by appointment- Okay, I get it, people are busy, and don’t want prospective buyers trampling through your house at all times of the day, but if you want your house exposed to as many people as possible, which leads to a, you guessed it, quicker sale, your home needs to be available for people to see, especially in the first 2-3 weeks of it being on the market. Buyers are anxious, the minute a house that may interest them hits the market, chances are, they’re jumping in their car to drive by it. So do yourself a favor, make your house easy for people to see, and you won’t have to deal with the showings for that much longer.
2. Seller Follows Potential Buyer Around House- Ideally, as a seller, you would do yourself a favor to not be home when a prospective buyer walks through the door. Buyers want to open cabinets and closets, get a feel for the space, imagine themselves in it. Doing that becomes a challenge when Mr. or Mrs. Seller is yapping their ear off about how many times they’ve hosted Thanksgiving dinner in their dining room. If you must be home, let the buyers in, be courteous, then stay out of the way. Trust me, buyers feel uncomfortable walking through a house when the owner is there, and 90% of the time, will rush through the house because they don’t want to disturb the seller or take up too much of their time.
3. Mr. or Mrs. Seller have overly improved their home, and are unrealistic about their return on investment. While a spa and cabana in your back yard are nice amenities, they don’t necessarily mean that you will recapture the money you spent on it. Common mistakes I see: remodel is too taste specific (ultra modern finishes or bright colors). Sure, paint can easily be changed out, but that red granite in the bathroom may not appeal to all buyers. Some good improvements to make: Replacing the roof, it needed, dual pane windows, remodeling kitchens and baths in neutral colors that can be customized with accessories and paint to suit your taste.
4. Mr. or Mrs. Seller think their home is worth $1,000,000, when most other comparable homes have sold for much less. This has to be the worst, yet very common mistake, that many sellers make. Over pricing your home is probably the number one mistake that sellers often make. You get the most showings and interest when your home first comes on the market. Drastically overpricing your home from the beginning means that most likely, you will be chasing the market, and ultimately, sell your home for less than what you could have had you priced it at market value from the get go. My advice? Look at the comps, be objective, and look at your home through the eyes of a buyer. Things that you have learned to live with and don’t bother you can be glaring to a buyer.
There are a number of things that you can do to get your home ready for sale, and the best part of it, some if it costs little to nothing. Remember, be objective, and listen to your agent. A listing agent should be able to give you honest advice about changes to be made, pricing, and negotiating offers. If you don’t trust your agents advice, chances are, you’re not working with the agent that’s right for you.
Categories : Selling a Home, Uncategorized
Ralston Hall- A True Belmont Treasure
March 10, 2010 · Comments
Last week, I attended a Spring Social for the Early Learning Center at Notre Dame, which was held at Ralston Hall, in Belmont. Now I have driven by Ralston hall on a number of occasions, but this was the first time I had actually been inside.
Ralston Hall is a true Belmont treasure, offering a setting of beauty, luxury, and history. The hall is decked with crystal chandeliers, intricate furniture, wood inlay flooring, and some serious antique pieces of furniture. Today the hall houses the administration offices for Notre Dame de Namur University, but was originally built by William Chapman Ralston. The hall took 3 years to build, and a lot of the architecture and design mirrors that of Versailles just out of Paris, France. Some believe the hall is haunted and stories of lights turning on and off, creaking floor boards, and eerie sounds have all been reported. While I’m not going to go investigate the validity of these claims myself, one thing is certain, Ralston Hall is a beautiful piece of real estate that only adds to the unique character of Belmont.
Categories : Uncategorized
More Belmont Homeowners are Facing Foreclosure
March 10, 2010 · CommentsOver the past month, I have met with a number of people who are in trouble financially, and are not able to keep up with their mortgage payments and property taxes. The reasons have varied on a case by case basis: some people had taken out adjustable rate mortgages (ARM), and their rates are resetting, therefore doubling or tripling their monthly payments. Others have either lost a job or have had a pay cut, and simply cannot make ends meet anymore.
While it’s a tough situation to be in, I was somewhat relieved that the people I met with are at least being pro-active about their situation and weighing their options. Some of them had contacted their lenders to see about modifying the terms of their loans, and are still waiting months later with no relief or even an answer as to weather their lender/s are willing to modify their loans. The fact is, the odds of getting a loan modification are slim to none.
I decided to do a little digging to see just how many Belmont homeowners are at some stage of the foreclosure process, and the numbers were somewhat astounding. As of today, there are 73 single family homes that are either in the beginning of the foreclosure process, have been foreclosed on, or have an auction date set.
The worst thing to do if you’re not able to keep up with your payments is simply not doing anything. It’s important to look at your options to see what you can do. Some options other than foreclosure is to market your home as a short sale in efforts to settle with your lender for a short payoff, which usually affects your credit less negatively than a foreclosure. Another option is to give you house back to the bank before they foreclose on you, also known as a deed in lieu of foreclosure. It is best to consult your tax adviser to determine which option is best for you.
So what does this mean for Belmont Sellers and Buyers? We are probably going to see an increase in short sales over the next year, so for sellers, it means competing with short sales if you’re trying to sell your home, and the value of your home can be affected by a sold short sale if it’s in your direct neighborhood. The opportunities for buyers increase as the homes sold as short sales can be more affordable than standard sales, but be prepared to wait, since the only thing short about short sales is the name. In actuality, they can take months. Overall, we are off to a good start for 2010, but the key to getting your home sold fast is making it shine above the competition, and pricing it right the day it goes on the market.
Categories : Uncategorized
Available Belmont Single Family Homes
February 25, 2010 · Comments| Street Address | List Price | Orig List Price | DOM | Status | Beds | Baths (F|P) | Bldg SqFt |
|---|---|---|---|---|---|---|---|
| 2123 PULLMAN AV | 1995000 | 15 | A | 6 | 5|0 | 4400 | |
| 515 DAVEY GLEN RD | 1399000 | 72 | A | 5 | 2|1 | 3880 | |
| 1007 MUIR WY | 1399000 | 15 | A | 4 | 3|1 | 2800 | |
| 1535 WINDING WY | 1238000 | 48 | A | 4 | 3|0 | 2940 | |
| 2747 WEMBERLY DR | 1210000 | 3 | A | 4 | 3|0 | 2190 | |
| 2736 WALTHAM CROSS ST | 1199900 | 11 | P | 5 | 2|1 | 2550 | |
| 640 SOUTH RD | 1199000 | 1298000 | 224 | A | 4 | 3|0 | 2780 |
| 2519 SOMERSET DR | 1198000 | 37 | A | 4 | 2|0 | 2350 | |
| 2577 SOMERSET DR | 1150000 | 14 | A | 4 | 2|1 | 2360 | |
| 2713 BARCLAY WY | 1145000 | 22 | A | 3 | 3|0 | 2170 | |
| 2003 NOTRE DAME AV | 1099888 | 1125000 | 80 | A | 5 | 3|0 | 2550 |
| 1714 TERRACE DR | 1098000 | 1149000 | 45 | A | 4 | 2|1 | 2820 |
| 2611 PRINDLE RD | 1075000 | 27 | A | 4 | 3|0 | 2280 | |
| 1808 BAYVIEW AV | 998000 | 1098000 | 164 | A | 4 | 2|0 | 2200 |
| 2602 CARLMONT DR | 969000 | 164 | A | 4 | 2|0 | 2270 | |
| 3212 UPPER LOCK AV | 949900 | 71 | P | 4 | 3|1 | 2810 | |
| 1569 WINDING WY | 939000 | 989000 | 91 | P | 4 | 3|1 | 2230 |
| 10 MEADOW PARK CI | 925000 | 176 | A | 3 | 2|1 | 2110 | |
| 2614 PONCE AV | 899000 | 93 | A | 3 | 2|0 | 1540 | |
| 1210 NORTH RD | 899000 | 52 | A | 4 | 3|0 | 1380 | |
| 2612 CIPRIANI BL | 899000 | 41 | A | 3 | 3|0 | 1900 | |
| 1930 BAYVIEW AV | 899000 | 6 | A | 4 | 2|1 | 1960 | |
| 1000 VILLA AV | 899000 | 140 | P | 4 | 2|0 | 1830 | |
| 13 LOMA VISTA LN | 895000 | 5 | A | 3 | 2|1 | 1890 | |
| 1821 HILLMAN AV | 885000 | 33 | A | 4 | 2|1 | 2210 | |
| 1932 HILLMAN AV | 869000 | 0 | A | 4 | 3|0 | 2200 | |
| 1815 HILLMAN AV | 866460 | 44 | P | 5 | 4|0 | 2443 | |
| 1506 NOTRE DAME AV | 849000 | 899000 | 88 | P | 4 | 3|0 | 1950 |
| 2504 LINCOLN AV | 848000 | 31 | A | 3 | 2|0 | 1320 | |
| 2433 CORONET BL | 799000 | 3 | A | 2 | 2|0 | 1500 | |
| 1216 NORTH RD | 799000 | 7 | P | 3 | 2|0 | 2310 | |
| 1615 NOTRE DAME AV | 769000 | 13 | A | 2 | 1|0 | 1160 | |
| 17 RINCONADA CI | 750000 | 6 | A | 2 | 2|0 | 1270 | |
| 2410 BUENA VISTA AV | 749000 | 113 | P | 3 | 2|0 | 1150 | |
| 1449 SIXTH AV | 729000 | 939000 | 119 | P | 4 | 3|0 | 2110 |
| 2230 RALSTON AV | 699950 | 799950 | 52 | A | 4 | 3|0 | 2000 |
| 909 ACADEMY AV | 699000 | 14 | A | 3 | 2|1 | 1800 | |
| 840 LAUREL AV | 620000 | 13 | P | 2 | 1|0 | 1060 | |
| 1309 SUNNYSLOPE AV | 599000 | 709000 | 220 | P | 2 | 1|0 | 980 |
| 706 ALAMEDA DE LAS PULGAS | 399900 | 16 | A | 2 | 3|0 | 1880 |
Categories : Market activity
New Belmont Listings for the Week of June 2, 2009.
June 2, 2009 · CommentsWell, a lot has come on the market in Belmont over the past week. We have a few very unique homes, as well as a few east of El Camino Real that have come on. This is week 2 with no new condo listings. Here we go!
1010 Misty Lane, Belmont. Listed by Mary Yeargan of Remax Today. This is a beautiful home on a quiet street where not many homes come up for sale often. Very contemporary floor plan, but can use a face lift. I don’t think this one will sit on the market long.
3210 Longfellow, Belmont, listed by Vicki Ferrando of Intero Real Estate. It’s quite a climb to get up there, but no worries, there is an elevator! Not very often you see an elevator in a home in Belmont. This home is updated, has a nice floor plan and great entertaining space.
2019 Arbor Ave., Belmont listed by Christine Beard of Remax Today. This home has a lot of space, is completely updated, and an open floor plan.
604 Southview Ct. Belmontlisted by Janet Pepe Davis of Carlmont Associates. This home has very spacious bedrooms, nice views, and a good floor plan with a secluded master suite. This home also has a pool.
528 Davey Glen Belmont, Listed by Bryce Cook of Remax Today. This home has a lot of space and great outdoor space for the money. Probably one of the best deals in Belmont right now. This home was on the market previously, but at the new price, it should sell rather quickly.
1424 Sixth Ave. Belmont, listed by Weng Chia of City Life Real Estate. This home has charm and a lot of character and a bonus room.
332 Malcolm Ave. Belmont, listed with Robin Wrigley of Intero Real Estate. This home has a level yard, good floor plan, and is priced just under $800K. For the price and location, I wouldn’t be surprised if this home went with multiple offers. Yes, we are seeing some!
519 Cambridge Belmont, listed with Gregory Cohen of Coldwell Banker, this home is completely updated and has a living room and family room, an open floor plan, a nicely landscaped yard and a spa. Move in ready, and priced right.
520 Chesterton Ave. listed by Justine Ford of Remax Today. This home has an updated kitchen and and a good floor plan, but is also competing with other homes in the neighborhood that came on recently. There has been a sudden increase of inventory on the east side of Belmont this week.
506 Middlesex Rd. Belmont. Listed with Glenn Sennet of Coldwell Banker, this home has a lot of space for the price and will probably go with multiple offers per my conversation with the listing agent.
1105 North Rd. Belmont. Listed with Maria Schuster of Prudential Realty. While not technically a new listing, there has been a major price reduction from $689,000 to $599,000. While not the best location, the price correction should attract attention, however it is a short sale, so any potential buyer will most likely need some patience.
501 Middlesex Belmont. Listed with Tara Jaramillo of Coldwell Banker. This home is about 5 years old, and is completely remodeled from the foundation up! It boasts modern finishes and an open floor plan, plus a lot of space. Shouldn’t last long!
If you would like more information about any of these homes, don’t hesitate to contact us!
Categories : Uncategorized
New Listings for the Week of May 26, 2009
May 26, 2009 · Comments2227 Coronet Blvd. Belmont, CA. Listed by Rick Barrelier of Reliance Realty Group.
2406 Casa Bona Ave. Belmont, CA. Listed by Janet Pepe Davis of Carlmont Associates.
501 Middlesex Rd. Belmont, CA. Listed by Tara Jaramillo of Coldwell Banker, Woodside.
533 Seagate Way Belmont, Ca. Listed by Kendra Wall of Vanguard Properties. This is a Bank Owned Property (REO).
808 Ruth Ave. Belmont, CA Listed by Loren Holden of Alain Pinel Realtors.
1500 Sixth Ave. Belmont, CA. Listed by Dominic Nicoli of Intero Real Estate. This is also a bank owned property.
While Belmont is generally not an area heavily saturated with bank owned properties and/or short sales, it seems as though we are seeing an increase.
Categories : Market activity, Uncategorized
New Belmont Listings for the Week of May 19, 2009
May 20, 2009 · Comments820 Anita Ave Listed by Edward Py-Jen Yuan of Imperial Investments and Mortgage.
1592 Harbor Ave. Listed by Janet Pepe Davis of Carlmont Associates.
1737 Terrace Dr. is actually the Khoury-Kaileh Teams listing! Great house with a wonderful flow and outdoor space.
3633 Hillcrest Dr. listed by Dave Blewett of Inter Real Estate.
1200 Lane St. listed by Laura Bertolacci of Remax Today.
17 Oxford Ct. listed by Joshua Motto of J. Motto & Co. This is a bank owned property.
2002 Forest
Ave. listed by David “Tap” Tapper of Cashin Company.
1789 Belburn listed by Mary Molinari of Coldwell Banker.
323 Chesterton listed by Jaime Gonzalez of Remax Mid-Peninsula.
Categories : Market activity, Uncategorized
Short Sales-A Very Long Process
February 13, 2009 · CommentsIn the past 2 months, I have been asked over and over about short sales, what happens, what they’re all about, etc. So I figured, it’s time to fill you in on what these things are all about, and what you can expect if you plan on purchasing a home that’s being sold as a short sale.
A short sale is the step before foreclosure. In most circumstances, the homeowner is unable to continue paying their mortgage (not to mention HOA fees, if any, and property taxes), and the value of the home is worth less than what the owners owe on it. For example, if you purchased a $1,000,000 home in June of 2005, today the home may be worth $900,000. In order to sell the house, the bank has to approve any offer recieved on it, in other words, the bank comes up “short” when they get their payoff.
Short sales require a lot of patience, as most banks have multiple short sale cases on their books, and are not adequately staffed to handle them. They alsotake a long time to approve or disapprove the offer. Although the seller is still on title, it’s the bank that ultimately decides exactly how much of a loss they are willing to take. Often times, the buyers end up backing out of the transaction for various reasons, but often times, they get fed up with waiting or locate another property that works for them.
As a seller, the benefits of doing a short sale is that it’s better than having a foreclosure on your credit, and in the meantime, you can still live in the property. For a buyer, you can sometimes make out with a pretty sweet deal, but it requires a lot of patience. The downside is that you don’t know what interest rates are going to do, and by the time the bank makes a decision, you may no longer qualify for the loan you originally qualified for.
So what do you do? You’ve located a property that suits your needs, is in your price range, but it’s a short sale. I’d say put in an offer, but don’t stop looking or pass up another house that may suit your needs. A good agent will structure your offer so that you can back out at anytime and not risk losing your deposit. Now, of course, this is just a brief summary and my experience with short sales. I’d love to know what you think or hear about your experiences.
Categories : Uncategorized
Belmont Sales for January 2009
February 12, 2009 · Comments2501 Sherbourne-Listed by Carol Rodinsky of Alain Pinel Realtors. This home was listed for $1,195,000 and sold in 6 days for $1,195,000, full asking price. Home needed updating.
2408 Palmer Ave.- Listed by Sandi Paoli of Remax Today. This home was listed for $749,950, and sold in 8 days for $719,000. This home also needed upsating.
2827 San Juan Blvd-Listed by Maureen Conner of Equity Capital. This home was listed for $479,900 and sold for $400,000. This home was a bank owned property and was red-flagged by the City of Belmont. Great lot, great potential, but a huge project. Good luck to the new owner!
Condominium/Townhouse Sales
There were no condo/towhhouse sales for the month of January.
Categories : Uncategorized
Belmont Named Tree City USA for the Second Time!
January 30, 2009 · CommentsThe Arbor Day Foundation has named Belmont “Tree City USA” for the second time now. The “Tree City USA” program is sponsored by the Arbor Day Foundation, who set the standards for becoming a “Tree City USA” community. So, what makes Belmont a “Tree City USA” winner?
1. The city of Belmont has a tree board or department.
2. The city of Belmont has a tree care ordinance.
3. Belmont has a comprehensive community forestry program.
4. Belmont also has an Arbor Day observance and proclomation.
While I have talked to a number of people that are at times frustrated with all the restrictions the city has regarding trees, they do keep our community beautiful, improve our air quality, and help keep property values stable.
Categories : Uncategorized
