If it's Tuesday it Must Be Brokers' Tour

Well it is Tuesday and in San Mateo County, that's Brokers' Tour day for the thousands of Realtors who try to stay on top of all the new listings coming on the market.

Today there were 94 new single family homes and 34 new condo/townhomes. So now there's a total of 2,136 listings available for sale in San Mateo County. And you still can't find something you like? Last month there were a total of 743 new listings and 90 sales. You do the math. It's a buyers market with so many more homes coming on the market than there are selling. But it's not going to stay that way.

I held one of my listings at 720 Franklin Street in Montara open this past weekend. I spoke to over a dozen interested parties and asked them what was holding them back from making an offer on the property. A few of them had a home that had to sell before they would do that. But the others were just waiting. For what? For prices to drop, for the election to be over, for interest rates to go down? I just think that buyers are just plain scared. They haven't gotten over being shell shocked from the multiple offer syndrome that has just plain immobilized them in the past couple of years.

The truth is that in this market, you CAN MAKE AN OFFER. That's how the buying process begins. A buyer puts in writing what they feel they want to pay. The seller responds to that offer. The multiple offer syndrome had sellers rejecting offers outright and not responding at all. That made buyers gun shy. But times have changed. Sellers need to hear what you will pay and they need to respond.

So what I'm saying is you don't have to wait until later in the year, or for interest rates to drop, or for consumer confidence to return, or the deficit to disappear, or for any of the other lame excuses I'm sick and tired of hearing. There will always be some excuse if you don't take action. If you're really serious about buying a home, call me now. Remember I'll cut your first year property taxes in half with a tax rebate at the close so you're already ahead of the game.

Don't Say That!

There I was talking with a prospective buyer this morning, when he uttered that knee-jerk response, "I'm waiting until the market adjusts." Buyers - other than wishful thinking, what evidence do you have that prices in San Mateo County are going to drop anytime soon? For the past 6 months, prices have edged approximately 2% higher overall (year over year) but in some of the hot cities like Belmont and San Carlos they're up 5-6%. Interest rates are somewhat stable, but who knows for how long?

Sales are down particularly in the entry to mid-range because buyers are sitting on their hands. There's plenty of inventory to choose from. And loans are still being made in spite of the shrinking pool of qualified buyers. But well priced homes in decent shape are selling, often with multiple offers and over asking. What are you waiting for?

Countrywide Answers Back

The news last week that Countrywide Home Loans had arranged an $11.5 billion loan to stabilize their position in the lending maket made a lot of folks nervous. What did it mean?

To bolster consumer confidence this morning's edition of the San Francisco Chronicle carried a full page ad from the head of Countrywide Bank assuring that mortgage related issues didn't impact the safety of deposits at Countrywide Bank. In fact, they were pitching a new 12 month CD.

Countrywide's strategy is to fund nearly all of their loans through their bank by the end of September. That should help them through the uncertainity of the moment as the mortgage industry seeks stability.

Already the major lenders who are backed by banking institutions, have made it clear that good credit scores will still be able to obtain good loans.

Coastside Wavecrest Sold to POST

The Wavecrest development has been debated for years by the City Council, Coastal Commission, environmentalists, and others. The development called for over 200 new homes and proposals for schools, retail shops, rec areas, etc. Two previous developers that built Ocean Colony tried to develop the area without success.

The issue came to rest this AM when the Kenmark Group (Ocean Colony Partners) sold the land to POST. Thus, this land will never be developed. It may end up as open space or parts could be made into a city or county park. In any event, there will be 200 fewer homes and no additional traffic.

Here is the press release:

The Peninsula Open Space Trust (POST) announced today that it has reached an agreement with the owners of Wavecrest to purchase the contentious site.

Wavecrest is a 216 acre property located at the southern end of Half Moon Bay, between Highway 1 and the ocean. “Wavecrest is a breathtaking window to the Pacific Ocean,” said Audrey Rust, president and CEO of POST, in the press release. “This agreement will help preserve the rural coastside character of the Half Moon Bay area for countless generations to come.”

“Economic considerations, environmental concerns and community input led the sellers to approach POST about purchasing this land,” Bruce Russell, CEO of Kenmark Real Estate Group and representative of the land’s sellers, said in the same release. “It’s the best plan for all parties involved, including the sellers, the city, residents and visitors. The community can enjoy the land for recreation today and in the years to come while protecting a unique natural environment.”

Give Me A Break!

I constantly strive to find new and innovative ways to do my real estate job better and more effectively. I embrace new ideas as they come along, revisit old ones and seek advice from prior clients to discover how I can better serve them.

So today I found myself along with about 80 to 100 other Realtors in San Jose at a Steven Cates Seminar - "The Secret of Real Estate Success" or How to List More-Sell More in a Changing Market. And not a moment too soon. The local newspaper was screaming that home sales were at a 12 year low and the stock market was reeling from a 10% correction. As for me, when things are falling apart, go learn something new.

So what's the secret? Not really anything revolutionary. A lot of the basic approach to being true to yourself, establishing goals and putting systems into place to achieve them. Recognize that as we think we are and we need to get out of the way of our success. Prepare and implement a business plan, just the way successful businesses operate. But the new mantra that most of the Real Estate Training gurus are chanting is ... get a Coach! A Coach will hold you accountable. What a concept. I agree. Accountability keeps us moving forward. But do I really need to pay someone to keep me accountable? I'm pretty tough on myself as it is. I'll think about it.