California: There's No Place Like Home

California - There's no place like home!

There has been much talk in the news about people leaving the Bay Area, and/or California for reasons of affordability and quality of life (commute, noise, lack of land etc...).
A California Association of Realtors Google Poll reports the following:

click for a larger picture.

Questions about real estate?  Text, or email me!

Francis

My Home Valuation tool
Detailed, local trends etc...
Current mortgage rates   (low!)

How would California's rent control law work?

How would California's rent control law work?  Several landlord clients asked me recently, concerned about the potential new limitations in their decisions to adjust their rents.

This article by Jenna Chandler, of Curbed Los Angeles, clarifies the ins and outs of the new "rent Cap Bill" authored by Assemblymember David Chiu (D-San Francisco).
Indeed, not all types of properties are targeted by this Bill, so that many people are not affected by it. Also, it may not apply in the same way to all Cities, inasmuch as those with stricter regulations may not see any change .

Questions about your Real Estate?  Text/email me!

Thanks for reading,
Francis

Home Valuation tool

Detailed, local trends etc...

Current mortgage rates   very low, still.

Fall: Maintenance Must Dos

Maintenance Must Dos, as we enter fall:

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Questions regarding real estate?  Text/email me!

Francis

Home Valuation tool

Detailed, local trends etc...

Current mortgage rates   super low, again.

Nasa to build housing at Moffet Field - Silicon Valley

New housing is planned by NASA on the Moffett Field site located in the Silicon Valley (County of Santa Clara).
"Housing in Silicon Valley is in high demand, and there's a significant need for our employees and our community to have more options," said Ames Center Director Eugene Tu. "Plus, this housing will mitigate some of the increasing traffic and air emissions in the region."

More details directly on the NASA website:
New Housing Plan at NASA

Francis

My Home Valuation tool

Detailed, local trends etc... 

Current mortgage rates   (low! - See my previous blog)

80 % of 2018 Mortgages Could Save Big With A Refinance...

Interesting blog from Aly J. Yale, Senior Contributor to Forbes, reminding people who took out a loan in 2018 might benefit from a refinance.

According to new data, 80% of mortgages from last year carry an interest rate at least 0.75% higher than today’s prevailing rate (3.49%, according to Freddie Mac).

But 2018-borrowers aren’t the only homeowners who could benefit from today’s low-rate environment. Data from property analytics firm Black Knight shows that pre-2004 mortgagees could also save big. Most of these people could save about 1.75% from their interest rate should they refinance.  

The complete article from Aly Yale can be found on this page from Forbes. The article also shows an interesting table showing how much "tappable equity" exists per state: the amount of money people could use from the equity in their home.  See below:

Click to see larger.

For questions regarding real estate in the Silicon Valley, call or email me!

Francis

My Home Valuation tool

Detailed, local trends etc... 

Current mortgage rates   (low!)

Breaking Down the Break-ins

With nearly a million residential break-ins in the US every year, one wonders how did they all happen.  Well the stats show the following entry points:

Any real estate questions?  Give me a jingle!
Thanks for reading,

Francis

Home Valuation tool

Detailed, local trends etc...

Current mortgage rates   super low, again.

The Psychological Cost of Debt

I found this interesting article centered on the relationship that we have with money - the good, the bad, how we see it and how we relate to it.

The Ascent Staff, from the Motley Fool, conducted a survey of over 1000 Americans to explore the links between happiness, fulfillment, self-esteem and financial distress.

In it, you read that Americans with mortgages have the highest level of life satisfaction compared with those with other forms of debt, such as medical, student loan, or credit card debt.  In other words, mortgages are the happiest type of debt (who knew?...).
also:
72% of people believed that incurring debt could be a good think when done responsibly.
63% of people believed that wealthier people were also happier - it seems obvious, but in fact, not so much in my opinion.

Can money buy happiness? 56% say money could buy happiness "to an extent", while 8% say: "not at all", and 17% say "absolutely yes".
And also:
97% of people with debt believed they would be happier if they didn't have debt - I wonder who are the other 3%  ;-).

Thank you for reading!  Share if you like, and contact me for your real estate questions!

Francis Rolland

My Home Valuation tool
Detailed, local trends etc...
Current mortgage rates   (low!)

Title, Escrow, Deed - What is that?

Title, Escrow, Deed - What is that?  - from a RISMedia article by Barbara Pronin, and Cornerstone Title blog.

For some first-time home buyers, understanding the difference between ‘title’ and ‘deed,’ and what happens when their home is ‘in escrow,’ can be puzzling - especially since title is not a physical document, but a deed most certainly is.

Here’s a simple explanation.

First, there are two parts to every real estate transaction. The first part, title, is research done by the title company to verify that the seller owns the property and has the full right to sell it.

During the title search, a reputable title agent examines all of the property’s legal records and documents, including prior deeds, liens, mortgages and releases, over an extended period of time. That’s to ensure the property is clear of liens incurred by previous owners, that the property lines are correct, and that the seller has clear ownership of the property and has the right to transfer ownership to the buyer.

A search performed by title experts is crucial to a transaction because it’s the only way to discover the legal status of a property and prove that it is free of liens.

The second part of the transaction is the escrow stage. At this point, title and/or escrow agents work with the buyer and seller to ensure that all the terms and conditions of the transaction are followed, and to receive and disburse funds as instructed for the transacting parties. Escrow is an impartial third party - the gatekeeper, you might say - of the financial process, the loan documents, and the legal documents to be recorded with the county when the transaction is concluded.

The deed, unlike title or escrow, is a written statement of property which contains the names of the seller and the new owner as well as a description of the property. It must be notarized and filed with the county and may require witnesses. Once your buyer holds the deed in their hands, they can prove legal ownership of the property.

Thinking of buying or selling? I like to explain how things work to my clients.

Thank you for reading!  Share if you like, and contact me for your real estate questions!

Francis Rolland

My Home Valuation tool
Detailed, local trends etc...
Current mortgage rates   (low!)