CALIFORNIA REAL ESTATE NEWS

Will The Home I Buy Will Appreciate In Value?

Bonnie Jessee, Realtor

Truckee, California 530 412 3984

As a buyer’s representative my buyer’s best option is to connect with me, your Realtor and together study the area you desire to live in and do the homework to learn as much about that particular area as possible.  As your local Realtor I can provide you with an overwhelming amount of information – because I know the territory!

In some areas, homes closer to town centers and recreation areas are valued higher and appraise at a more rapid rate because of the desire of the public to shorten their commute to and from work and play (I can run a report showing the sales, listing times, properties on the market for the past several months ~ or however rapidly the local market might be changing).  It is also possible you may get a nicer and larger home for the same price, if willing to consider a longer drive to work or play and the chosen home may grow over time to become a great property buy.  Studying the town future land use map, which can be obtained at the Town of Truckee website www.TownofTruckee.com will provide useful information on Nevada and Placer County plans for the future.

The most often quoted rule is that location, location, location. Typically, you will want to make sure the house does not back to busy streets or front them for that matter.  Avoid corners and intersections.  Choose mid block or a cul-de-sac.  My suggestions are always to stay away from homes which are considered "unique” (or really means ‘strange’) unless of course they appeal to a wide range of people.

You’ll want to be sure the home has at least two bathrooms, unless you plan to remodel.  Obviously if you are buying as a second/vacation home this will be necessary for privacy!  Also, buying a smaller home in a fabulous neighborhood might provide for appreciation. You probably already know about the schools and shopping convenience, as well as potentials which might detract from the property value.  Having me as your professional Realtor to advise you is the best bet for you the buyer.  Remember, that I really want your repeat business (it’s a small town)! And as a true professional I would ever tell an untruth to you, my client and future friend.

Sometimes it is just timing that works out to provide you appreciation gains; for instance buying that home before a major surge in local market prices.  This would be related to the need to be informed about the area before purchasing the home: Your Realtor, Bonnie Jessee 530 412 3984~CALL ME.

Truckee, California Real Estate Market Snapshot

Bonnie Jessee, Realtor 530 412 3984

www.welcomehometruckee.com

What’s Happening Truckee/Tahoe?   As of June, 2008, a slight increase in pricing in Truckee from the previous month.  While some markets across the country are seeing the opposite of these numbers, here in Truckee~North Tahoe we are witnessing stabilization with moderate increase in pricing.

Currently there are approximately 220 single family homes in the greater Truckee area listed for sale. While some of these properties are in ‘escrow’ we see the median asking price is currently $759,000.00 while the median DOM (days on market) is currently 74 days (a reduction of 14 days since the previous month) as well as many days less than the previous several months and many days less than many other market areas.  It is taking less time for (SFR) single family residences to sell as of June and July of 2008.

Being that the median asking price is $729,000.00 ~ the lowest priced property (SFR) is currently $299,000.00 while the highest is $8,000,000.00 ~ The median asking price is actually a little lower than the prior month due mainly to price of current inventory.

As a potential buyer in the greater Truckee~North Tahoe area I would encourage you to make your move ~ head up the hill and check out what is for sale!  While we are aware that other parts of the state and country are in flux markets, it is extremely important that you as a consumer/buyer, understand that there are ‘pocket’ areas within markets even in our greater Truckee area.  Get with a professional, full time Realtor that has the depth of knowledge of understanding of this current marketplace for the service you deserve!

Happy Home Hunting!  Bonnie Jessee, 530 412 3984

Truckee Thursdays Downtown Weekly Unique Street Festival

Join Us!  Bonnie Jessee 530 412 3984

Summer heats up with activities and events for the whole family every Thursday Evening here in Truckee!

The streets of Truckee come alive every Thursday evening during the summer season. Kicking off in June, and running through August 28, from 4-8pm, Downtown Truckee is the epicenter of music, art, children’s entertainment, outdoor activities, shopping, and restaurant sampling.

All of Truckee downtown districts will be participating, including Brickelltown, Jibboom Street, Commercial Row, West River and Church Street. Parking is FREE and locals and visitors are encouraged to meander the Downtown District, checking out shops, sampling food and wine, and visiting with friends and neighbors. 

The focus of Truckee Thursdays is to bring the community and visitors together; to interact, to shop, to socialize, to ease on into an early weekend. Weekly kid-friendly activities will include things like an outdoor climbing wall or the entertainment of a puppeteer. “Think Local. Be Local. Buy Local. Give Local,” the community is encouraging residents and businesses to get out and support and celebrate what is local, unique, and wonderful about Downtown Truckee.  And very importantly Truckee Thursdays is to assist our visitors to understand our small town ‘feel’ and become one of us!

Truckee Thursdays will feature a variety of activities and events. Changing weekly, local musicians will rock the Train Depot parking lot next to local artisans and craftsmen. The Farmer’s market will feature regional and organic products. Outdoor activities will ignite the adventurous spirit, and fabulous food from local restaurants will soothe the palate. For those supporting “Pedal There Thursdays”, a bike valet will be located in Brickelltown, where riders can lock up their bikes and peruse downtown on foot. To encourage participation, there will be a raffle with a chance to win after logging six out of ten rides throughout the summer.  

Look for local merchants to offer Thursday discounts and special promotions. With FREE parking, it’s the perfect time to shop local. Peruse local artist’s works in Brickelltown, stock up on cookware, or buy the perfect anniversary or graduate gift – all downtown.

Oh, and call me when you can join us and at we can enjoy one of the many wine and food tasting available in delightful Downtown Truckee!  Thank you, Bonnie Jessee

530 412 3984.

www.welcomehometruckee.com

TRUCKEE TAHOE GARDENS

Bonnie Jessee

530 412 3984

Most people, even veteran gardeners from lower altitudes might think gardening is impossible to control in a climate that some have commented is ‘ridiculous’!  However, as you will see below, there are many who have mastered the planting and resulting beautification of high altitude gardening ~ mainly thru trial and error and mostly by being forgiving of those plant species that refuse to grow here…chemicals are out of the question if you have a cognizant attitude.  All one needs to do is spot those birds and rabbits, deer and other living beings (neighbors) to know that if something requires chemicals to prosper, it probably should not be growing here.

Columbine are exceptionally beautiful flowers as well as a personal favorite

of mine.   Their graceful flowers nearly always have backward projecting nectar spurs

with contrasting petal and sepal colors. Solitary flowers borne atop

narrow, leafless stalks lend an airy feel to any stand of columbine. And most importantly ~ it always seems there should be a ‘tahoe~truckee’ fairy/gnome sitting atop the petals.

Thank You ~ and please come and enjoy our beauty and call me, 530 412 3984.

BUYERS ACTION PLAN FOR HOME BUYING

Bonnie Jessee, Realtor

530 412 3984

x    Hire Your Realtor

x    Discuss “Wish List” with your Realtor, including your Price Point

x    Realtor Will Discuss Financing Options ~ Be Prepared ~ Be Pre-Approved

x    Your Realtor educates you on basic real estate principles ~ such as agency relationships, contracts, etc.

x    Your Realtor will schedule Home tours that fit your “Wish List”

x    Your Realtor follows up with all listing/sales Realtors

x    You find your perfect home!

x    Your Realtor writes an offer and negotiates on your behalf

x    Your and your Realtor discuss closing process (Escrow Exposed)

x    You and your Realtor identify seller’s personal property you might want included in purchase

x    Your Realtor keeps you consistently informed

x    Your Realtor and your Transaction Coordinator handle all the details as escrow opens:

o       Contracts, Inspections, Appraisals, Lender contact, and Repairs to close!

Happy Home Hunting!

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Bonnie Jessee, Realtor

Its Spring 2008 Are You Ready To Buy Your Home?

Depending On Your Buying Location, Now May Be the Best Time to Purchase

Localized Markets ~ Understanding What This Means to You!

Bonnie Jessee, Realtor

530 412 3984

The spring/summer home-buying season is here for many of the US population. In cities and towns across the country, "Open House" and "For Sale" signs are popping up. It just might take more than pleasant weather to melt the cold real estate market in some parts of the Country.

Some Buyers – especially those not educating themselves to the local area in which they are contemplating a purchase; are reluctant to take a chance on real estate due to potential price declines, foreclosures, record gas prices, job losses, and general economic uncertainty in many areas.

Spring is traditionally the busiest time for real estate, largely because parents, readying for a summer purchase, don’t want to move during the school season. In our area, it’s all about being able to ‘see’ the house out from under the snow!

Realtors in our local markets are predicting an increase in buyers ~ fewer listings, stabilizing prices (some areas actually are seeing increases) and most are on target with their opinions.

Our local Sellers, who were once clinging to boom-time expectations, are trimming asking prices to become market ready. Keep in mind the news is not bad for buyers. In fact, for some the timing couldn’t be better.   Some properties in the area are going for very reasonable prices ~ some below market value due to various reasons:  families need to move, downsizing, getting out of the second home situation; and families ‘scattering’ as college approaches.

In our area a smattering of foreclosures has added to the facts for pushing down prices, even in many of the nation’s most affluent cities and suburbs ~ and areas such as Truckee~North Tahoe.

Any Good Deals in Truckee~North Tahoe?

Oh, yes ~ there are deals to be had.  How long will the deal making go on is anyone’s guess.  However, factor in the weather ad the beauty of this region; the wealth of activities and varied pleasures to enjoy coupled with the planned new developments here and we just might see the ‘deal making season’ pass by rather abruptly!

Markets with declines of 20% or more include Phoenix, Los Angeles, Las Vegas, Atlanta, and San Diego.  So what we as Realtors see is an influx of potential buyers seeking that fabulous deal that they might get at their primary residential area and are typically quick to learn that buying in Truckeee~North Tahoe just might provide them with Recession~Proof Property!  Therefore pushing that potential budget a little higher the savvy buyers understand they are getting a great deal ~ although different due to the localization of the markets.

While there is great opportunity for buyers and investors to find a super deal, financing can get a little more difficult.  Those buyers in strong positions and investors are rapidly eating up local inventory.

Not the Best Time to Sell?

If you’re a seller, it’s a good time to get that For Sale sign on the front lawn.  Those who purchased in the great Truckee~North Tahoe area, and paid a fair price at the time, know that when they list with a Realtor to sell, they have previously purchased in a rather Recession Proof area and know the pricing they are asking may be possible to achieve.

WHAT ARE THE TAX DEDUCTIONS FOR SECOND HOME OWNERS?

Bonnie Jessee, Realtor

530 412 3984

I like to believe that my buyers understand the best tax moves when it comes to structuring their real estate investments, so when writing this article I will assume that my friends and clients have some knowledge; however, not all. It’s not unknown that one can itemize expenses associated with owning a second home such as interest, taxes, upkeep, management fees, etc.

There are a few cloudy areas, however, that the Internal Revenue Service wants to be sure you are aware of before your tax person files that return. Do you completely understand the different between a second home and investment property?  This is typically the area where folks can get confused.  If you have tenants renting this property for a year at a time, it is NOT considered a second home. To qualify, you must spend time at this property for at least two weeks a year or at least 10% of the amount of time the property is rented out.   Also, before you itemize in this way, you might want to make sure that the standard deduction isn’t the most financially equitable way to go. In some cases being involved fractional ownership, it is more advantageous to take the standard deduction.

Just last week, a friend/client of mine and I were talking and I mentioned the second home deduction also applying to their new RV! That’s correct. Since they purchased a RV that has a kitchen, bathroom and bed, it can be designated as their second home and the interest, taxes and storage charges can be itemized deductions used for their benefit. If you have more than one second home, remember that you can only select ONE property to use for scheduling deductions each year.

Always utilize the professional services of your CPA or tax preparer each year to make sure you are in compliance with the current allowable deductions to avoid conflict with the IRS.

Check out your new tax deduction at www.welcomehometruckee.com

Thanks!

Happy Deductions!

Key Tactics for Buyers

Bonnie Jessee, Realtor

530 412 3984

How Does One Determine Offer Pricing?

Work closely with your Realtor to learn as much about local market values as you can. Check out comparable properties; both asking prices and sales prices. Ask your Realtor to prepare a comparative market evaluation of the property.

When market values are rising, there is a bit of guesswork involved in preparing an offer and offer pricing. You may consider offering a price close to asking (with the assistance and expertise of your Realtor) if the property is priced well.  It can be devastating to make a low ball offer only to be rejected rather than countered.

Are Sellers Required to Inform Buyer of Other Offers?

Sellers are not legally obligated to disclose the terms of other offers to prospective buyers or the buyers Realtor.

How Do I Confirm Facts?

Home inspections, seller disclosure requirements and the Realtors knowledge and experience will help. Disclosure laws vary by state, but in some states, the law requires the seller to complete a real estate transfer disclosure statement (California has such a document).

A brief summary of the things you should expect to see in a disclosure form:

In the kitchen — a range, oven, microwave, dishwasher, garbage disposal, trash compactor.

Safety features such as burglar and fire alarms, smoke detectors, sprinklers, security gate, window screens and intercom.

The presence of a TV antenna or satellite dish, carport or garage, automatic garage door opener, rain gutters, sump pump.

Amenities such as a pool or spa, patio or deck, built-in barbeque and fireplaces.

Type of heating, condition of electrical wiring, gas supply and presence of any external power source, such as solar panels.

The type of water heater, water supply, sewer system or septic tank also should be disclosed.

Sellers also are required to indicate any significant defects or malfunctions existing in the home’s major systems. A checklist specifies interior and exterior walls, ceilings, roof, insulation, windows, fences, driveway, sidewalks, floors, doors, foundation, as well as the electrical and plumbing systems. The form also asks sellers to note the presence of environmental hazards (an NHD or Natural Hazards Disclosure should be part of your documents), walls or fences shared with adjoining landowners, any encroachments or easements, room additions or repairs made without or with the necessary permits or not in compliance with building codes, zoning violations, citations against the property and lawsuits against the seller affecting the property. People buying a condominium must be told about covenants, codes and restrictions or other deed restrictions, as is applicable for any HOA. It is important to note that the simple idea of disclosing defects has broadened significantly in recent years. Also, the home inspection and home warranty industries have grown significantly to accommodate increased demand from buyers. Work with your Realtor about anything that remains unclear or does not seem to be properly addressed by the forms provided to you.

Are Contingencies Standard and What Are They?

Most purchase offers include two standard contingencies: a financing contingency, which makes the sale dependent on the buyers’ ability to obtain a loan commitment from a lender, and an inspection contingency, which allows buyers to have professionals inspect the property to their satisfaction. As a buyer, you could forfeit your deposit under certain circumstances, such as backing out of the deal for a reason not stipulated in the contract. The purchase contract must include the seller’s responsibilities, such things as passing clear title, maintaining the property in its present condition until closing and making any agreed-upon repairs to the property.

Do You Have Negotiating Tips?

There are several fundamental rules to negotiating successfully. One is do your research, in conjunction with your Realtor. Do not allow yourself get hurried into any decisions without the thought and consultation of your Realtor. The more you and your Realtor understand a seller’s motivation, the stronger a negotiating position you are in. For example, a seller who must move quickly due to a job transfer may be amenable to a lower price with a quick escrow. Other so-called "motivated sellers" include people going through a divorce or who have already purchased another home. Remember, that the listing price is what the seller would like to receive but is not necessarily what they will settle for. Some real estate experts discourage making deliberate low offers. While such an offer can be presented, it can create an unpleasant situation regarding the sale and discourage the seller from negotiating at all thereby a rejection rather than a potentially workable counter offer.

Happy Home Hunting!

The Business Cycle and Buying a Home ~ Home Buying Advice

How to Time Your Home Purchase to the Market Cycle?

Bonnie Jessee, Realtor

530 412 3984

Ah, if only we had that special real estate crystal ball!  Then timing your purchase to the cycle would be an easy task!

Attempting to time your purchase to the “business” cycle is sometimes getting lucky and sometimes paying attention to the small signs.  Even economic advisors and consultants have inconsistencies accurately predicting the future economy. Even when these experts are relatively successful, the real estate market does not necessarily move in tandem with the economy as a whole.

Part of the reason is the timing and inconsistency of interest rates.

During periods of economic growth, interest rates are generally higher. Therefore fewer people can afford to purchase a home or second home unless they are cash purchases. When the economic situation is slower, interest rates fall, and more people can afford to purchase a home by obtaining a mortgage.

As you can see, this cycle does not move in conjunction with the remainder of the economy. It is also influenced by levels of employment, pay scales of various jobs, and consumer outlook for the future. Such facts make it difficult to know ~ ahead of the time ~ whether the housing market is going to be a wise investment.

The best advice is to preview the market where you intend to purchase, deal with a professional Realtor®, and plan on holding for as many years as possible. 

Unless, of course, you have a crystal ball!