SILVAR has a New Website

The Silicon Valley Association of REALTORS® (SILVAR) has just unveiled a new and informative website. Check out SILVAR’s Web site at www.silvar.org. The new face lift is now more appealing, more user friendly and easier to maneuver. It offers current information about the industry, association news, government affairs, weekly tour sheets and tour meeting agendas. The Press Room section contains local articles about the housing market, events and photos. The public can view a large portion of the web site to learn more about SILVAR, find a REALTOR®, an Affiliate and a home.

RSVP Program to Help Seniors

I had a call from someone in my "farm area" who is a longtime Sunnyvale homeowner, is now disabled and needs help for the most basic jobs. I was pleased to suggest his name for the Realtors' RSVP program.
This community outreach program, called REALTOR® Service Volunteer Program (RSVP), has provided senior citizens with a friendly visit and free assistance with household tasks during a designated week each year since 2001...this year, May 5-9. During RSVP Week, teams of Realtor volunteers and affiliates (professionals who provide industry-related services) will be at residences performing various cleaning and maintenance tasks.
The Realtors' community outreach program was launched in 2001. Last year alone, 450 volunteers provided free help around the house for 274 homeowners.
Seniors can request to have light bulbs replaced, house numbers installed, furnace filters changed, windows cleaned, mattresses turned or new smoke detector batteries installed. The volunteers also handle minor plumbing tasks, plant spring flowers or help with recycling. Homeowners or renters who are advanced in years, disabled or otherwise challenged and live in SILVAR-covered cities and towns can inquire about the upcoming program by calling (408) 200-0100 or clicking RSVP Application.
The deadline for application has been extended, and there is still time to apply.

Big Conforming Rates...No Big Deal

When President Bush signed into law a $150 billion federal economic stimulus package, we thought that he was giving the lenders in our market something
they’ve had trouble finding during the credit crunch: buyers for their big home loans. The measure allows Fannie Mae and Freddie Mac to buy conforming loans up to $729,750, well above the former $417,000 loan limit that the two secondary mortgage market companies were previously authorized to buy under the old guidelines.
Lenders have shied away from jumbo loans as credit market conditions worsened over the past year, contributing to the tightening of mortgage markets across the country. Those old jumbo loan rates ran a full percentage point above the conforming rate.
We hoped that the new "jumbo conforming" rate would be just the thing to stimulate our market...higher loan limits opening up desirable inventory for first-time buyers, with existing home owners jumping into the market. If home owners are able to afford that move-up house, their current house becomes the perfect listing for first-time buyers — and more advantageous financing will be available for these younger buyers too, especially if they go with federally backed FHA loans, which are also raised to the higher limit.
Two problems: The promised "quick implementation" is very slow to come about, and the much-awaited loans in the area between the old conforming and new conforming limits are no better for the consumer than the old jumbo rates. A recent lender quote was 5.875% for loans under $417,000 and 6.75% for those in the "jumbo conforming" category. Much Ado About Nothing.

Cupertino Schools Equal Multiple Offers

Both at our office meeting on Tuesday and the Realtors' breakfast this morning, the main topic of discussion was the continuing strong market for home sales in Cupertino and Westside Sunnyvale. Despite the national slowdown, and even the local downturn in many areas, this "Oasis" remains hot.
In an article in this week's Cupertino Courier,titled "For sale" signs aren't up for long in Cupertino despite downturn," Emilie Crofton quotes Mark Burns, Cupertino resident and a successful agent in my office as saying that Cupertino had the highest percentage of pending sales, 42 percent, during the month of February in Santa Clara County, and "Real estate sales are moving at a brisk pace, as they have for the past few months. There are still a number of homes selling for above their asking price. We'll usually see homes come up for sale and sold within two to three weeks while it can take months in other areas."
The reputation and success of Cupertino's elementary, middle and high schools is the main reason why the city has remained untouched by real estate troubles. The quickest sales seem to be in the Lynbrook and Monta Vista high schools' attendance area. In addition to schools, Mark also credits the market in Cupertino to the city's neighborhoods, parks and proximity to freeways for short commute times.
But don't forget...March through May are still the strongest seasons. Inventory grows in the summer, and the market tends to slow down.

Trees vs Solar…It’s All in the Timing

The Sunnyvale battle between two environmentalist neighbors is over, with the losers being two healthy redwood trees. The couple was criminally prosecuted because their backyard trees, planted before their neighbor installed an elaborate solar system, cast a shadow over those solar panels. After spending more than $37,000 in legal fees, they can’t afford to appeal the ruling to remove the trees.
The sad thing is the timing. Senator Joe Simitian is introducing a bill to change the state law. If it passes, trees planted before a neighbor installs solar panels will be allowed to remain, even if they continue to grow and cast a shadow over those panels. If trees are planted after the solar panels are installed, they must be removed if their shadow eventually impedes the use of the panels.
Perhaps this is still a win-win situation. Only two of the eight redwoods have to come down. In December, the judge ruled that six could remain.

Surviving a Real Estate Slowdown

Stacey Moncrieff, editor in chief of NAR's Realtor Magazine, often hears newer agents say that there has never been a market like this one. Those of us who were working in the field during the recession of the mid '80's remember slow sales and depreciating values that more than rival this market. She included an article that she wrote in 1990, entitled "Turn up the Heat in a Cold Market" so that recently licensed Realtors could see that this has happened before, in the not too distant past.
A truly depressed economy faced the Gulf states when the oil industry bottomed out in the mid-eighties. Not only were oil workers losing their jobs, but tax revenues on oil and gas sales dropped, which in turn, affected the state budgets. We had investments in Texas properties at the time, and lost all our equity when rentals sat empty, and interest rates soared to eighteen percent.
No matter what today's market brings, seasoned professionals who’ve experienced many business cycles know that a slow market can actually be a great opportunity.

A Hard Water Solution

Sunnyvale has wonderful drinking water. In this age of bottled water that costs more than gasoline, it's good to know that we have clean and tasty water coming from our taps. However, as I learned after my second instant hot water gadget corroded, there is a price to pay. This tap water is also extremely hard, and corrosion can build up in pipes and our hot water heaters. Water softeners are one solution, but must bypass the cold water pipes, because of excess salt in the process, not suitable for drinking.
Mr. Handyman sent me an email, describing a device that de-scales piping systems and hot water heaters and prevents future scaling from occurring. It clamps around the cold water pipe entering the water heater, is then plugged in, and works by emitting a somewhat random electro-magnetic field thereby causing the minerals in your water (which are apparently magnetic) to constantly jerk around in your plumbing system, which in turn causes them not to adhere to the side of the pipes and water heater. The device will even de-scale the mineral deposits that have adhered to the sides of your pipes and water heater.
He tested it, and it works. His wife has a very sensitive sense of smell and is very bothered by spotted glasses coming out of the dishwasher. She now claims the glasses are never spotted, she no longer buys the anti-spot rinse agent, and the funny smell the dishwasher has given off for years is gone.