Barry Ripp ~ East Bay Area Real Estate

A recent survey by Fannie Mae found that 70 percent of Americans think it is a good time to buy a house, with 47 percent of responsdents saying they believe home prices will hold steady over the next year.  However, 33 percent said they would be more likely to rent their next home if they were to move.

A majority of Americans (67 percent) continue to believe that housing is a safe investment; however, that number is down 16 percentage points from a similar survey conducted in 2003, according to Fannie Mae.  Delinquent borrowers and renters are notably more discouraged than mortgage borrowers and underwater borrowers about a home’s safety as an investment and the appeal of buying versus renting. More than 70 percent of all respondents believe it will be harder for the next generation to buy a home, an increase of three percentage points compared with the beginning of the year.

 ~ Barry Ripp            www.barryripp.com         

This information was obtained by the Calif. Association of REALTORS with permission.

Update Your Kitchen:  Add new door knobs or paint your cabinets. It’s not much money and can make your kitchen feel new again.

Light-Up Your Kitchen:  Add “under-the-counter” lighting with battery-powered LED lights. With adhesive-backing, they are easy to install.

Create an Accent Wall: Paint or wall paper one wall in your living or dining room. Choose a color that goes well with your furniture.

Paint That Old Brick:  Don’t be afraid to paint the old dirty brick around your fireplace or the front of your house.  White will always give it a clean fresh look.

Add a Stainless Steel Backsplash behind your stove. Nail the easy-to-clean panel on the wall.

All of these things should be easy to find at your local hardware stores.  I hope you enjoy your new upgrades while saving money too.

 ~ Barry Ripp

www.barryripp.com

The National Association of Realtors report:.

How it works: The organization collects data from all Realtor associations across the country and releases information about the number of sales, median home prices and pending sales. It takes some data, for example, from its MLS  listings, which are properties that Realtors have on the market.

The pros: The association has access to tons of data, and the number of home sales and pending sales can show if the housing market is heating up.

The cons: The average price information is on a national, or even county level and it isn’t going to show what your house is worth or how your neighborhood is performing.

The take-away: Most economists say median price — the price at the midpoint of all sales — isn’t helpful in determining home values because its mix of sales can be fairly erratic. For instance, if a bunch of higher-priced homes sell in a given month, the median price will increase but that doesn’t necessarily mean home values have jumped. Also, if mostly low-priced homes sell, then the median price will dip. Still, the number of pending sales and home sales can tell you a lot about the relative health of the housing market.

~Barry Ripp
www.barryripp.com

Paint trim lighter or darker than the walls. This will help highlight your walls and add color.

Light your home at night, by using solar-powered spot lights shining on the front of your house. Easy to install and no wires to worry about.

Add a chair rail wood trim  in a bedroom and paint the lower part with an accent color.

Use new stick on decals in your child’s bedroom, they peel on and off easily without taking off paint, but stay on very well. 

Install new address numbers on your home, you can get creative with style color.

Sales of homes for less than the amount of their outstanding mortgage debt have tripled since 2008, particularly in California, according to a report released last Tuesday.

Known as “short sales”, the increasingly common transactions for financially troubled homeowners are projected to balloon to 400,000 in 2010.  The number of transactions had exploded to more than 160,000 in 2009 from roughly 96,000 the year before. More than a quarter of the transactions occur in California, with another quarter split between Arizona, Texas and Florida

In an economy in which jobs are scarce and a quarter of homeowners owe more on their property than it’s worth, short sales are appealing to investors, banks and owners as a cheaper way out than foreclosure.

And with fluctuating home prices, lenders can be reluctant to approve short sales. The transactions can be a hassle to execute, especially when multiple loans on a home mean a slew of creditors are included in negotiations.

But on the bright side; Short sales could actually end up boosting the job market. Unemployed homeowners who can escape underwater mortgages have an easier time moving around, expanding their job search.

As I finish this posting, there are currently 604 houses for sale in the Fremont tri-city area. Of which 126 are short sales, that’s 20%.  Those numbers decrease sharply for the higher priced homes. Of the homes prices over $500,000 only 12% are short sales.

I just got the news. Interest rate for a 30 year fixed: 4.5% for loans up to $417,000.

For loans up to $729,000 the rate is: 4.75%

These are great rates, and they won’t last forever.  It’s time to upgrade yourself.  So contact me today about buying a new home.

                                                         To comply with the stricter lending guidelines of Fannie Mae and Freddie Mac, and to avoid accusations that the loans sold to Fannie and Freddie are based on inflated appraisals, some real estate professionals have reported lenders lowering home values on appraisals submitted to them. However, effective Sept. 1, Fannie Mae is prohibiting the purchase of loans from lenders who change appraisers’ numbers.

Generally, lenders order a low-cost electronic valuation—based on publicly available statistical data—to review the accuracy of the information submitted by the appraiser. If there is a discrepancy between the electronic valuation and the appraiser’s report, the lender’s underwriters may reduce the appraisal figure.

 ~ Barry Ripp

From:  Calif. Assoc. of Realtors & LA Times

Summer’s warm weather is great, but it has some problems. Bugs, Mosquitos, etc. Just when you want to open a window, something flies in.  Spraying a bunch of chemicals around your home may not be a good idea if you have children or pets…and it’s not the “greenest” way to go.

Here are some more natural ways to get rid of pests.

To get rid of ants, try sealing of their entry point with cayenne pepper, lemon juice, garlic or mint leaves. (try one at a time to see which works best for you.)

For mosquitos, try planting marigolds. They give off a fragrance that the bugs don’t like. Lemongrass is another good idea, it contains citronella…which works well.  Also lookout for standing water, that’s where they’ll thrive.

Enjoy your summer!

Part One

1-   Remove the top set of cabinets doors, then paint them inside & out with a fresh coat of gloss paint.

2-   Hang matching pendant lamps on each side of the couch. This will free up space on the end tables.

3-   Create cubbies in a bookcase, by cutting vertical dividers to the depth of the unit. Secure them with glue & finishing nails.

4-   Paint your front door a vibrant color. Welcome your friends with a new color, like a rich red or another. Use exterior semi-gloss.

5-   Change the hardware in your kitchen. Give it a new look with new polished nickel knobs and handles.