Monday, June 4, 2012

A roof over your head...

There are several types of roof that you can have over your head, -hopefully you only need one ;-)
Cost and durability are not the same of course.

- The most typical type of roof might be the “composition shingle” roof. It is a combination of thick tar-paper-like material, and something that looks like rough sand on top of it. The sand/stone material that covers it is in fact to protect the material itself from sunlight. If not protected, the material would age a lot faster. New materials make these roofs attractive, with various duration spans – 25, 35 and 45 year materials.

- Wood shake, with wood shingles of various thickness. This type of roof is not allowed any longer in some Counties because of the heightened fire risk. These roofs are more expensive than the former and can last up to 50 years; they are considered more attractive because of “natural” materials – wood.

- Another very typical type of roof, for Eichler homes for instance and houses that have flat roofs: “tar and gravel”, which as the name indicates, is made of a thick tar paper layered in such a way as to make a water proof protective barrier on top of the roof. The tar is melted when the layers are put down, and at the edges. There again there is gravel on top of the roof, not to make it more attractive, but mainly to protect the tar paper. This is a fragile roof, as cracks develop easily with hot/cold variations and the aging of tar. But they are economic.  Needless to say that all these roofs have to be installed by good professionals...

- Along the same lines, (mostly seen on Eichlers), there is another type of roof that is very prized (and more expensive): the foam roof. There, special foam is layed / blown over the roof with elaborate machines, and a protective layer is put on top of it. It makes for a great roof insulation on these otherwise lightly built houses. The coating has to be renewed every 5 years or so, there again to protect from the UV and harsh solar treatment. That type of roof is more expensive.

- Clay tiles and concrete. Do you picture these Italian roofs, redish in color and so stylish? Clay tiles last a long time (50 to 100 years) and can be fragile.

- Metal roof: in the various forms of tiles, or panels. They are quite expensive especially if you go to copper. This will last also between 50 to 100 years. Beware of the rain noise on it though…

- Slate: do you picture one of those old European houses, with slate roofs that last for a century or two? The slates can be thick on some of those, and heavy. This type of roof on modern houses is elegant and durable (and thiner), .. and expensive too…


- Dirt. Yes, dirt, with plants on top of the house. Energy efficient and green. Mostly on flat roofs. You need to make sure that under that dirt, there is a good waterproof membrane to cover the roof of the house.

- Solar shingles. New materials are being created that enable to incorporate some shingles that create electricity (solar panels) with other shingles. Some of those can be seen on the roofs of the new houses at the Enclave in Mountain View, on Levin. Are these the roofs of the future of Earth? It is an elegant concept.

- Tin. as in tin roof in shanty towns...  Many, many people on earth only have a cheap layer of metal above their heads as a roof.  .. as a thought here, just to remember to appreciate what we have...  This being said, metal roofs (under which category "tin roof" falls) can be made of many different types of metal, like tin, or aluminum, or galvanized steel, and they can last a long time if well installed.

Here is an example where you can see 3 types of roofs together: tin, wood shakes, and slates:


Let me know if you need a few names of professional roofers around here.

Thanks for reading!
Francis


Our Brother's Home - a non-profit organization worthy of interest.

Friday, May 25, 2012

Will you want some cash with that ?...

Freddie Mac reported this week that 79 % of homeowners who refinanced their first-lien home mortgage either maintained about the same loan amount or lowered their principal balance by paying-in additional money at the closing table in the first quarter of 2012.



Of these borrowers, 58 percent maintained about the same loan amount, and 21 percent of refinancing homeowners reduced their principal balance; the share of borrowers that kept about the same loan amount was the highest in the 26-year history of the analysis.

“Cash-out" borrowers, those who increased their loan balance by at least 5%, represented 21% of all refinance loans; the weighted average cash-out share during the 1985 to 2008 period was 50 percent.

The median interest rate reduction for a 30-year fixed-rate mortgage was about
1.5 % points, or a savings of about 27 % in interest rate, the largest percent reduction recorded in the 27 years of analysis. Over the first year of the refinance loan life, the median borrower will save about $2,900 in interest payments on a $200,000 loan.

More info on this Freddie Mac article.

Francis Rolland

Francis - on Trulia

Current Mortgage rates

Wednesday, May 23, 2012

Some perspective on the market...

Finally, after a long waiting, CAR - the California Association of Realtors - released the figures that enable me to make my yearly update of the following graphs.
One set of figures is missing as the information is compiled in a different way: the median price for the Bay Area (comprised of the nine Counties around the Bay Area).

Still, interesting to have some perspective on prices over such a long period of time....

Thanks for reading,
Francis
useful links

Current Mortgage rates

Tuesday, May 22, 2012

Good news: housing inventory is up..

After some grueling months in the trenches, (if you happen to be looking for a house to buy), seeing the number of homes available on the market dwindle to something not seen since 2005, we relish a breath of fresh air:  the number of houses and condominiums available for sale is finally coming up a bit, promising more balance in the market may be?  We'll see.

When the market is sharply up, people often think that it is "great" for Realtors. Not quite so, unless you strictly work for sellers. If buyers have too hard a time to purchase a property, it does not benefit the community as a whole. Hence the sigh of relief when the market is more balanced.

In the past month, and as of the 18th of May, we have seen the number of homes on the market for sale, in the whole County of Santa Clara, come up from about 1575 to 1720. (below is the average for a given month...).

At the same time, the percentage of houses (not condos) sold for more than listing price has gone up to 44.5%.  By the way, this statistic is available every Saturday in the San Jose Mercury News in the real estate section.

Thanks for reading!
Francis
useful links

Current Mortgage rates

Tuesday, May 8, 2012

Rents are up 5% nationwide

Taken from a Trulia article:

Rents Continue To Climb, Rising Nationally 5.0 Percent Year-Over-Year

Asking rents rose over the past year in almost all large metro areas included in the Trulia Rent Monitor. In the largest metros, rents rose 6.2 percent in New York and 6.1 percent in Chicago, but only 0.6 percent in Los Angeles. Rents rose strongly in Miami (12.1 percent) and Denver (9.9 percent), which also experienced large asking price increases. Meanwhile, rental affordability declined in places where rents rose while prices fell, most notably in San Francisco (rents up 11.1 percent), Seattle (9.7 percent), San_Jose (9.4 percent) and Boston (9.2 percent).

On the ground I find that there is a complete penury of rentals in the area centered around Palo Alto, and that rents have gone up in the Silicon Valley by a lot more than 10% in some cases.  It is good to check with your Realtor on the latest values if you are thinking of renting out your property for a while.
I often advise to also check Craigslist's listings.

Francis Rolland

Francis - on Trulia

Current Mortgage rates

Monday, April 30, 2012

Buy? Sell? Another tack, another take...

Buy now, sell now?? 

This is another take on my previous post, another perspective, quite interesting and informative if you have been thinking about buying, or about selling a property in the "new market" of today.

The article, albeit a bit long, does offer a few tidbits of information which verifiably qualify as interesting, - information taken "from the trenches".


My clients know me, I do not like to influence them into a purchase, or a sale.  But there are things that I do advise clients to keep in mind and stay informed about.  Of course the new market, as radical as it is, is one of them.

If you need a sounding board, don't hesitate to write or call me,
Thank you,
Francis

useful links

Current Mortgage rates

Friday, April 27, 2012

Buy a home? Good time?

Consumer attitudes toward home buying shift.

More consumers may be looking to purchase homes with a shift in several key housing market indicators, according to Fannie Mae’s March 2012 consumer attitudinal National Housing Survey. More Americans now expect both home rental and home purchase prices to increase over the next year. Nearly 1/2 of consumers expect higher rental prices, the highest number recorded since monthly tracking began in June 2010. These trends may be providing Americans with an increased sense of urgency to buy a home as 73% of Americans now believe it is a good time to buy a home, up from 70% in February.

Highlights of the survey include:

- 33% of respondents expect home prices to increase over the next 12 months, a five percentage point increase from last month, the highest level over the past 12 months.

- On average, Americans expect home prices to increase by 0.9 % over the next 12 months (up slightly since last month).

- 39% of Americans say that mortgage rates will go up in the next 12 months, a five percentage point increase from last month.

- On average, respondents expect home rental prices to increase by 4.1 percent over the next 12 months, a significant increase since February, and the highest number recorded to date.

- 48% of respondents think that home rental prices will go up, a three percentage point increase from last month and the highest number recorded to date.

- 66% of respondents say they would buy their next home if they were going to move, up one point since last month, while 30 percent say they would rent, up one point versus last month.

More info on the FannieMae article in question.
Thanks for reading!
Francis

useful links

Current Mortgage rates

Saturday, April 7, 2012

Curious about the (new) San Antonio Shopping Center ?

If you are wondering about what is coming up at the San Antonio Shopping Center, at the crossroads of El Camino Real and San Antonio Rd in Mountain View, here is some information about what is going on there:
San Antonio Shopping Center.

Francis

useful links

Current Mortgage rates