No doubt about it. There are some tremendous buying opportunities out there in the Pleasanton real estate market and in the Tri Valley area. Perhaps you are a first time buyer, ready to purchase your first place. Or maybe you are a move up buyer, ready for more a little more space. Regardless of your situation, you may be feeling hesitant about the market right now. Here are some things to consider as you make your decision:

Uncertainty regarding loan programs and limits that may not be available in 2009 or after we have a new President in the White House.

Because there are less buyers shopping for a home at this time, you may be in a stronger negotiating position.

With fewer buyers on the market during the holidays, there may be less multiple offer situations, especially regarding REO properties and Short Sales.

The transaction load is lighter for lenders at this time, so your file may be handled quicker, more efficiently, and more accurately.  This is true for Title and Escrow as well.

It’s nice to get a feel for a home when it’s decorated for the holidays.

You may have more vacation or free time instead of having to take time from work to look at homes or complete paperwork, signings, etc.

You can show your visiting friends and family your prospective new home.

With fewer buyers on the market at this time, it may be easier to schedule inspections, etc., allowing you to shorten a contingency period in exchange for a more favorable price or lock in on an interest rate on your loan.

You’ll be enjoying your new home in the spring as opposed to waiting to move in.

January is typically the best time of the year to buy decorating items or home improvement items as the retail industry doesn’t want a huge slump after the surge in holiday shopping.

If you have kids, they can transfer to their new school at the start of the new semester and avoid “getting behind”.

What could be a better gift for the family than a NEW HOME FOR THE HOLIDAYS!

Questions about buying in this market? Call or email us.  We’ll address the 3 current buying scenarios in this market and how to strategically succeed in any of them.

The California Association of Realtors has created a handy resource for REALTORS® and homeowners seeking information on existing mortgage workout programs. This easy-to-use chart outlines programs offered by the larger lenders and government entities, including a snapshot on eligibility requirements and contact information. If a lender or loan servicer is not on the chart, homeowners may wish to contact their lender or loan servicer to determine if a workout program is available.

Click here to view the chart.

In general, the loan modification programs on the chart are intended for primary residences only.

It’s important to note that mortgage loan modifications typically are handled on a case-by-case basis. Prior to calling a lender or loan servicer, homeowners should have the following information available:
^.  Loan number
^.  Income information and documentation
^.  Most recent mortgage statement
^.  Bank statements
^.  Letter demonstrating financial hardship

Questions about loan modification? Call or email us.

We have partnered with the Mortgage Modification Center(MMC) to help our community members modify their loans. The MMC are experts at negotiating your modification, keeping your best interests in mind. If your lender is not on the attached chart or if your lender is unable to work with you, contact us. Our experts at the MMC will assess your situation and let you know if you are a good candidate for modification through their organization. With a 90% success rate and average reduction of 30% in your mortgage payment, these guys know how to negotiate!

To learn more about the Mortgae Modification Center, click here.

We’re urging everyone to join in helping to raise the $100,000 Open Heart Kitchen needs to continue feeding underprivileged kids and families in the Tri-Valley area. By donating, Open Heart Kitchen can provide warm, nutritious meals free of charge to those in need in a dignified, no-questions asked environment.

Open Heart Kitchen currently serves 160,000 meals a year to people living in Pleasanton, Livermore, and Dublin and has been the Tri-Valley’s only soup kitchen since 1995.  Without the community’s support, Open Heart Kitchen may have to close its doors just when guests need support the most.

Call 925-580-1616 to donate or better yet, go online @ www.openheartkitchen.org and donate using Pay Pal.                                                  

Nationwide foreclosure rates increased 5% from last month and 25% from this same time last year. Nevada, Arizona, and Florida had the highest rates of foreclosure. Even though California was ranked fourth in foreclosures in October, the rate of foreclosures was actually down due in part to the most recent law mandating that lenders contact borrowers 30 days before filing a notice of default. In addition, some lenders are postponing foreclosures and others are voluntarily offering loan modifications to homeowners. Read the Inman News article by clicking here.

So what should you do if you are having trouble paying your mortgage? First, contact your lender and try to work out a modification of the interest rate or the term of your loan. Many lenders are more willing to work with homeowners because they understand that a foreclosure is much more costly to them than a loan modification.

However, remember that lenders are still working in their best interest.

If you are unable to negotiate a workout with your lender, or the workout is not satisfactory to you, contact us. We have partnered with the Mortgage Modification Center in Stockton. They are experts at negotiating with banks and lenders on the home owner’s behalf. With over 30 years in the mortgage business and a 90% success rate modifying loans, they will deal with your lender so you don’t have to. They have your best interest in mind and will work diligently to get you a modification that works for your situation.

Don’t wait for your lender to contact you. Reach out to them - or to us. We’re here to answer your questions and help you make the best decision for you and your family.

It’s easy to let all that negative news out there get you down. It’s alot harder see through all the negativity and focus on the positives that are also out there. Lately, in the real estate world, that is certainly a challenge. But as we’ve talked about many times here, the Pleasanton real estate market is holding up much better than some other markets just down the road from us. With fewer foreclosures and less inventory on the market, Pleasanton’s desirability has endured.

This article, entitled Why I Continue to be Hopeful, from an long time real estate professional highlights some real postives in the current market:

“With the volatility of the stock market of late, there’s understandably some uncertainty about how all of this will impact the real estate market. I’ve had the opportunity to listen to several economists recently, including Lawrence Yun from the National Association of Realtors, and believe it or not, I feel good about what I’m hearing.

Here’s why:

The bottom line is that the situation is manageable and things will improve.

The most recent decline is due to the psychological impact of the stock market.

People are still buying and selling homes, just not at the same levels.

The passage of the “bailout” bill (see Inman News) is a step in the right direction, but it will take time to see the results work their way into the economy.

The volatility of the financial markets is causing many home buyers to pause, but the truth of the matter is that market conditions are ideal for some first-time buyers, move-up buyers and investors.

Recent actions by the federal government are starting to thaw the credit freeze.

We’re starting to see some stabilization in the more affordable markets and markets that are close to major job centers.

Interest rates are at historic lows for conforming and FHA loans and there are a variety of great mortgage options available, despite perceptions to the contrary.

Consumer confidence will take time to rebuild, but in the meantime it’s important to understand that advantageous market conditions currently exist for those who are motivated to buy.

With the end of election season, consumers should be less distracted by political campaigning.”

(Source: Inman News. J. Lennox Scott is third-generation chairman and CEO of John L. Scott Real Estate, a Seattle-based brokerage company founded by his grandfather in 1931.)