Housing prices to fall slightly in '07, Realtors say

Housing prices are expected to drop 2 percent in California, but the market should be slightly better in pockets of the Bay Area where the housing supply is tighter, according to the state Association of ...
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[via Real Estate - Topix.net]

Think buying house in foreclosure is cheaper? Maybe not

Realtor John Izzo stands Thursday by a home that is under foreclosure. He says stiff competition, bureaucratic rigmarole and necessary renovations can make foreclosure purchases difficult.
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[via Real Estate - Topix.net]

Metro: Fresno offers aid for home improvement

Disabled Fresno residents can get up to $10,000 to install a ramp, a grab bar or other equipment to help them stay in their homes instead of a nursing facility, city officials announced Monday.

[via FresnoBee.com: Metro]

Running Horse Golf Course: Up for Sale?

The PGA is starting to look at alternative sites for a pro golf tournament scheduled next year in Fresno. Construction is behind schedule at the Running Horse golf course in Southwest Fresno. Now, talk of a possible sale is only adding to the anxiety for people with unfinished homes in a development nearby.

[via KFSN Front Page headlines]

MAKE YOUR HOUSE A BLANK SLATE

Putting your home on the market often means cleaning, painting and planting flowers to make the house as attractive as possible. But homes for sale also need to be de-personalized, so that buyers can picture themselves living there.

[via San Jose Real Estate -- MercuryNews.com]

WANT A SPEEDY SALE? AVOID THESE PITFALLS

Sellers can learn something from the not-so-typical story of Gillian Tucker and her husband, who recently bought a home in San Carlos whose listing price was out of their price range.

[via San Jose Real Estate -- MercuryNews.com]

Seller Taking Buyer To Small Claims Court!

Well, the story thickens as it's been 3 weeks since the escrow tragedy on 9/11. The buyer will not release the deposit as "liquidated damages" for backing out of the sale. The seller will file a small claims court action today. After several letters going back and forth between buyer and seller, the buyer has offered half the $4000 deposit to the seller. The seller will not accept anything except the entire deposit as damages. Since no agreemnet could be made, the seller is forced to file the small claims lawsuit, and I applaud that action. In fact I am interested in the process and want to learn from it. There have been times in past experience when we just let a buyer back out and get his money back, but this time is different. We were wronged by this man, and there may be some blame to lay on the buyers agent as well. Apparently the buyers agent was aware of the "secret contingency". The buyer wanted the home to be home care facility business with approval permitted from governmental agencies. This was not in the purchase contract that the buyers agent prepared, although he was aware of it. To us, this constitutes a fraud, since the sellers were not made aware of this. We would not have accepted these terms in the original contract, and the fact that the buyer removed all contingencies in writing, and we lost a backup buyer makes the whole scenario worse. We have consulted an attorney looking over the file and he says we should win this case easily. Apparently there is only a small fee of about $26 to file a small claims court action. We will have our day in court!

Some Sellers Just Not "Getting It" In This Market

I recently had a listing expire after 3 months, which is not uncommon in 2006, but it bothers me to know that the seller thinks it's my fault that it didn't sell. I told him that there are three conditions that make a sale: price, terms and condition. The terms are good, because interest rates are still low, so it must be an issue of price vs condition. We had many showings by other agents in our MLS. with agents giving me feedback like: "it needs too much work" or "needs floor coverings & interior paint among other things. I had also advised them to de-clutter the interior, paint the front door, clean the carpets and do several repairs to make the property more presentable. The sellers did not complete my recommendations. In the first month I luckily found a buyer and brought him an offer that was about 10% less than the asking price. It was a good offer from a qualified buyer who wanted to buy "as-is" and fix-up the home himself. The sellers barely came off their price saying "it's early yet, someone will offer more". If we had made a counteroffer closer to the buyers initial bid, I may have been able to work the buyer up a little higher on his offer price. I told them, that by counter-offering back that high, they would be in effect, "buying the property back himself" for that amount if the buyer rejects your counteroffer. And he did, as the buyers rejected the counter-offer made by the seller. Well, here is a lesson learned, as time went on and the market prices deteriorated furthur this summer, it looks like the first offer was a pretty good offer after all because no other buyers made an offer and the Fresno property values continue a slow decline just like everywhere across the country in 2006.

Real Estate: Condos take to the Valley

Home builders in the central San Joaquin Valley are planning condominiums as a way to reach first-time home buyers and to attract families looking for a more carefree or urban lifestyle.

[via FresnoBee.com: Real Estate]