Loan Rates quoted this week:
Long-term rates are up slightly this week by an eighth, with a 30 year fixed at 5.75% and short-term rates are up by an eighth with a 7/1 adjustable rate mortgage at 5.625%. There is a new product out there that gives buyers the opportunity to benefit from an interest only loan for 10 years, and then it converts to a 30-year fixed loan, giving you 40 years to pay off the loan. Rates are probably going to drop due to the market pressure, so it’s a great time to lock a loan.

These rates are presented to me by Guarantee Mortgage at my weekly company meetings.

Market Update
There’s many new listings this week! The new listings have hit the market. We have yet to see what impact the increased supply will have on prices. I anticipate it will not impact prices immediately. I anticipate such pressure will not significantly impact prices until next year, when interest rates are due to rise.

Coming to a block near you:
527 Day Street – single family home, 2+br/2ba, parking, $TBD1200 Rhode Island #4 – condo, 2br/1ba, parking, $460,000921 Buena Vista – TIC, 1br/1ba, $399,000354 Bright – single family home, 2br/1ba, parking, $599,0001867 Oakdale – single family home, 3+br/1ba, parking, $479,000107 Jarboe – single family home, 2br/2ba, parking, $699,000201 Berkeley Way – single family home, 4+br/2.5ba, parking, $879,000

Seller’s question of the week…

How important are property photos to selling my house?

A picture’s worth a thousand words. Your home is a product, and it is my job to sell it. Just like any other product, it is vital to market your home properly to get you the best price and buyer. Pictures are an important piece of the marketing of property. While it’s not necessary to hire a professional photographer, it is important that your agent have some know-how. That’s why hiring an experienced agent is important.

Choose your realtor wisely. If you need help, call me (mobile: 415.637.1898).

Buyer’s Question of the week…

Is there anything other than price I can do to get my offer accepted?

It depends on the seller, but it’s true, money talks.

That being said, if you can afford to meet the price the comparable sales indicate is appropriate, there are a number of other ways you can best leverage your offer. Your agent should research the sellers’ situation extensively so you have the information you need to position yourself appropriately. You should not only explore the most affordable way to finance the purchase, but also consider which is the most secure financing option, because the sellers will look at your financing after they look at the price.

Hiring an agent who is experienced and respected is vital to positioning yourself competitively. If you need help, call me (mobile: 415.637.1898).

In closing…
All hell has broken loose in the areas affected by Katrina. Please, donate what funds you can. For donation opportunities, see my post from August 31 “Help survivors of Katrina”.

But what about us? It’s a selfish question to ask, but this seems like the appropriate time to ask it. We live in earthquake country and how many of us are prepared? Do you have a plan? Do you have an emergency preparedness kit? Do you know what to do in case of an earthquake?
Hind-sight is 20/20. Let us learn from what the survivors are suffering and be prepared. Watch this blog for the necessary information to prepare for an emergency, or just email me for the information.

Thanks for reading,
“Organic Realtor Michelle” Stephens

Tip of the week
Visit www.stopjunkmail.org for on-line guidance and a kit explaining the simple steps you can take to reduce junk mail. Our earth will appreciate it!