Real Estate and Politics...

Yes, Real Estate is very political, no way to avoid that.

Part of my yearly dues to be a member of the National Association of Realtors, and of the California Association of Realtors (not all agents are members, and it makes a big difference. Members in particular adhere to a code of ethics that is much more stringent), go towards political action aiming at protecting the rights of homeowners, and preventing unnecessary involvement into the real estate transaction, with unwanted fees and requirements.

As such, here is a little news from that front:

C.A.R. leadership meets with members of Congress

Next week, C.A.R.’s Leadership Team will be in Washington, D.C., meeting with members of California’s Congressional Delegation, Fannie Mae, Freddie Mac, FHFA, FHA, and other real estate industry groups. C.A.R. will be advocating on members’ behalf on housing policy issues such as
- protecting the mortgage interest deduction,
- improving short sales,
- reforming the mortgage finance system, and
- modifying the FHA condo rules to encourage more FHA certifications.
C.A.R. also will voice its concern with a proposal to sell large blocks of Fannie Mae- and Freddie Mac-owned foreclosed homes to large investors and ask the GSEs to increase the number of loans to small investors.

Francis

Silicon Valley Real Estate

Local market trends

useful links

Current Mortgage rates

A 3.8% tax on all real estate transactions?

Some of my clients have been asking me now about a "tax" that is supposed to be imposed on all real estate transactions soon, in order to pay for a (small) part of the health care reform law of 2 years ago.

I thought I would post this link to the National Association of Realtors web site article that clarifies this concern.  This is a very limited tax event, if and when it applies.

Francis

PS: I recently posted a link to the "Full Circle Farm Glean Team" in Sunnyvale, for those who have extra fruits to give away, extra fruits growing in your backyard.  A friend of mine pointed out to me that in Mountain View there is also the CSA where you can donate extra fruits in the same manner:
http://www.csacares.org/  Our Community Services Agency who says:
" Backyard Gardeners: Bring in homegrown produce to CSA "

Local zip codes ranking by wealth ...

How do the local zip codes rank by wealth, as compared with all zip codes nationwide??

Just for mere curiosity, here is a short list of most of the local ones, sorted out by median disposable income, in 2010:

Atherton - 94027 - ranks # 1

Los Altos - 94022  - ranks # 4 nationwide

Portola Valley - 94028 - ranks # 7

Saratoga - 95070 - ranks # 18

Los Altos - 94024 - ranks # 23

Los Gatos, 95030 - ranks # 43

San Jose - 95120 - ranks # 65

Palo Alto - 94301 - ranks # 138

Cupertino - 95014 - ranks # 194

Palo Alto - 94306 - ranks # 329

Sunnyvale - 94087 - ranks # 458

The complete list appeared in the December 2 issue of the Business Journal.

Francis

Silicon Valley Real Estate

Local market trends

useful links

Current Mortgage rates

What is considered a bedroom?

Little question, big answer... 

The question often comes up in real estate as to what is considered a bedroom.  In fact, sometimes the County records even have it wrong, and the answer lies in fact with local building codes, and health and safety requirements - which can usually be accessed at your City Hall's building department.

Without going into the details of exact dimensions, which of course make a big difference, we can say that the following characteristics have to be there, at the very least:

- there needs to be heat, and electricity

- natural light, and ventilation,

- a smoke (- and possibly a CO) detector,

- a sufficient way to exit directly to the outside of the house (door or window), also called ingress and egress --a little note here, think "firefighters".

- and a bedroom cannot have direct access  to a garage (either a window or a door) because of possible toxic fumes.

There are a few more requirements, like the size of the windows, spacing of the electrical outlets, a minimum of heat, but among all these criteria, believe it or not, a closet is not a must, although it is often considered such by real estate agents ...  A good source of info is always your local building department.
Have more input on the matter, or a story to share?  Feel free to chime in, I love stories...

Francis

Silicon Valley Real Estate

Local market trends

useful links

PS: worthy cause: have you considered donating your extra fruits this season (if you have fruit bearing trees)?
contact: FullCircleSunnyvale.org