Rates as of (January 6, 2010)
on 30 year fixed.   4.875% 1 points
5-1 Arm 30 year term 4.25% 1 point
5-1 Arm 30 Year High Balance 4.75%, loans between 417K-$729K
30 year High balance  5.25% 1 points.

-Rate Information Provided By:

Staci M. Fraser
Home Mortgage Consultant
Stagecoach Priority Certified
Wells Fargo Home Mortgage
MAC A0327-011
5075 Hopyard Rd. Ste 200
Pleasanton, CA 94588
925.251.4307 Tel
925.321.0744 Cell

As lifetime members (third generation) of our community, the Engel Team, Joel & Cindy, would like to introduce themselves!

Joel and I have been full-time Residential Realtors in the Tri Valley area for 22+ years. We have an excellent understanding of the local builders and the communities. This experience and knowledge speak to our years of success in the Real Estate Industry.
As Broker/Owners of Engel Real Estate, and our association with Prudential California Realty, we have over the years put a team together to handle all aspects of transacting Real Estate efficiently. We have personally transacted over 1000 residential sales in the Valley!

Many of our clients call and inquire from time to time as to whether or not it is a good time to purchase or sell their property. We answer, as best we can, based on the type of market we are experiencing. Currently, of course, we are solidly in a “Buyers Market”, with local home values at a 2003-2004 level. It is a great time to buy especially if your expectation is to live in that home for at least the next 5 years or more. This does not necessarily mean that it is not a good time to sell. In a declining market, where home prices are falling, depending on your time horizon, it may indeed be a wise time to sell. For instance, if we look back to 2008-2009, we can see that in general, values declined about 10% in that year. If you are planning on selling within the next 5 years and you believe values will continue to drop for at least another year or so, then it may be wise to preserve your equity and sell now. Please call us with any questions about your specific situation!

What is a short sale?

A short sale is when a lender accepts a discount on a mortgage to pay-off the loan to avoid a possible foreclosure auction or bankruptcy. The lender must approve the contract and terms of the discounted pay-off. Foe example: A homeowner facing foreclosure has an existing first mortgage of $700,000. A buyer writes an offer for $580,000, which is accepted by the lender as full payment for the loan.

What happens to the seller’s credit rating after a short sale?

What typically happens is that the loan will show as “paid” on their credit report, with a notation that says “settled for less than the original owed”, or something similar. It is more favorable for a homeowner to short sell their home than to have a foreclosure on their credit report.

Can an owner profit from a short sale?

The seller cannot profit, monetarily, from a pre-foreclosure short sale.

How do bankruptcies affect the possibility of a short sale?

Most mortgagors will not consider a short sale if the homeowner is in bankruptcy. This is because negotiating a short sale pay-off is considered collection activity, and collection activities are prohibited in bankruptcies.

How late in the foreclosure process can you start a short sale?

Try to allow a window of at least 90 days to effectuate a mortgage approved pre-foreclosure short sale.

For all other questions, leave us a note, or e-mail me at cindy.engel@comcast.net

Since home sales and home values are so closely tied to the cost of borrowing money, we thought we would focus some attention on current interest rates, along with the general Real Estate related topics we usually discuss.

The cost of borrowing money to finance home purchases are currently at very low rates.  30 year conforming, loan amounts of under $417,000 are below 5% and jumbo loans, above $417,000 are about 5 ¾%.

With these almost historically low rates, we would expect to see a frenzy of buying activity and in fact we are, in the entry level and first time buyer category.  The Federal tax credit for first time buyers is set to expire in November.  With the affordability of homes and the possible extension of the tax credit we will probably see these entry level home sales continue. However, with the lack of equity many of the traditional move-up buyers have all but disappeared.

Various economic reports assert that recovery to peak levels may take as long as 10 years.  As we all assess our housing needs relative to family size, community services and commute distances, we may find that what we thought was a basic requirement may indeed be a luxury in the reality of today’s economic truths.  More and more families are exploring the possibility of expanding and remodeling their existing property instead of replacing it with a newer/larger one.

Whether or not to expand/remodel or move to a replacement home is a traditionally difficult decision.  If we as your trusted Real Estate Consultants can provide any assistance or information to that purpose, please contact Cindy or me at your convenience.

Dear Friends,

As you probably all know from our media sources, the Real Estate market is picking up!!

We know from our multiple listing statistics that even in the Central Valley (Tracy, Mountain House, Sacramento and Brentwood/Antioch too) the inventory of homes has been absorbed. These areas are now experiencing multiple offers. The Tri Valley area is also experiencing healthy activity and sales. We have hopefully seen the bottom!
In Livermore, the inventory of homes has dropped from over 400 homes to 165 single family homes in total. Pleasanton currently has 164 single family homes on the market.

Livermore Homes priced between $400- 600k 47 homes available
$600-750k 27 homes
$750-1.0 28 homes
$1.0+ 23 homes

Pleasanton Homes priced between $400-600k 21 homes
$600-750k 41 homes
$750-1.0 26 homes
$1.0+ 89 homes

In my hometown of Pleasanton, home values weather the storm better than most communities. Most homes in the mid-price range go very quickly. I have several relocation families impatiently living in Corporate Housing looking for a home, prices ranging from $500-1.0. The children are all enrolled in school and, of course, the Corporate Housing living environment gets old very fast!

i.e. Lovely home in Pleasanton Valley 4 b/r, 2 Baths approx 2000 Sq Ft, nice floor plan. Offered at $699k

i.e. Livermore nice area 2000+ Sq Ft 4 b/r, 2.5 Baths 3 car garage . Offered at $500k

Very exciting are some gorgeous homes in South Livermore on large lots, newer construction, many with views of the hills and vineyards. Originally priced 1.0-1.5 & now going for $750-1.0 (some foreclosures and quite a few are short sales). Watch out! I’m having a great time showing these homes!!!
Dublin also is experiencing a low inventory of homes. There are currently 44 single family homes on the market. We have 2 homes for sale in Dublin. Both homes had multiple offers. (One home priced at $425k and one @ $700k)

San Ramon is cooking! Total homes on the market today 102. The Windemere area that had really suffered is booming again…

Open houses are extremely busy with families streaming through! We have recently sold a beautiful home on the Westside of San Ramon to good clients and friends. They were able to purchase a home backing up to permanent “open space”/ East Bay Regional Park Land. Fantastic home and exceptional location!
We have been frequently showing homes in Danville. I really enjoy the setting in Danville with the mature trees and hills (also excellent schools). Current inventory in Danville is 168 single family homes. There are some great opportunities available!!
Our Valley truly has so much to offer. Call me if you would like to tag along some time as a preview, I love the company! I will be planning “Home Tours” concentrations on different areas and different price points. Let me know your thoughts, I would love your feedback. Thank you for your support!

Warm Regards,
Cindy & Joel
Cindy.engel@comcast.net
Joel.engel@prurealty.com

Our Recent Listings in Action!

Pending (Subject To Lender Approval- Short Sale)
Colchester Ct., Dublin
4 b/r 3.5 Bath 2,851 Sq. Ft.

Pending (Short Sale)
Rainflower Dr., Livermore
3 b/r 2.5 Bath 1,567 Sq. Ft.

Pending

1122 Baur Ct., Pleasanton- 4 b/r 3.5 Bath 2,923 Sq. Ft.

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