Tracy Real Estate Blog

Writeing an offer that WINS

Thu, 02 Feb 2012 00:00:00 GMT

It's a Winner!

Below is a common story happening in our office…

Yesterday a lady emailed about a home and said she heard my podcast about "Writing an Offer That Wins". She went on about how she's written 20 offers with another Realtor and has never bought a home before. She said it hit her when she heard my podcast. She realized her agent was not aggressive enough, didn't have a strategy or any connections in the real estate industry.

We made a few phone calls to help her out. We spoke with the representative of the agent representing the investor. Upon speaking with him, she purchased a home within 48 hours by simply following our instructions and using our "Buyer Advantage System".

We would be happy to meet with you and explain our simple strategy for free with no obligations. In our meeting, we will discuss the real estate market in all areas such as, Tracy, Manteca, Lathrop and Stockton.

Here is Elysia’s; you can e-mail her to talk about her experience with the Barringer Team. She wants to tell everyone because she is sooooo happy and that is what makes us happy.

I was so excited about buying my first home. But as I was going through the motions of finding a home, I found it wasn’t easy at all.

I met with several Realtors, looked at so many homes for sale and submitted 20+ offers!! So many offers I honestly lost count!! I thought buying a home was going to be fun and exciting, but the experience I was having took all the excitement out of it. I was so frustrated and discouraged that I almost gave up! Until I read and heard Bill Barringer’s article about “writing a winning offer”. I was so impressed with what he had to say that I immediately emailed him asking for his help. Bill introduced me to Nicole, his buyer’s agent, who was absolutely wonderful! We looked at ONE house, made ONE offer and my ONE offer was accepted the next day!! I was speechless when Nicole told me my offer had won! Working with the Barringer Team was the best decision I made. They are awesome and I would tell everyone, “Call them FIRST!” They are not lying when they say “It really is all about working with a Realtor who knows the business!”

Check it out for yourself at: http://www.tracyrealestateexpert.com/Blog/Writing-An-Offer-That-Wins.

Or click here to hear my podcast: http://www.talkrealty.com/billbarringer/audio/player.aspx

Feel Free to e-mail me, I would be happy to tell this story to anyone.

A happy new home owner!

Elysia Keel

Is the Seller Flexible On The Price

Thu, 02 Feb 2012 00:00:00 GMT

It never fails. Seems like any time I get a new listing, in the first hour of the first open house somebody inevitably asks me this question. ” Is the seller flexible on price?” Honestly, that’s really an astonishingly stupid question…isn’t it? Is there anybody that you know on Earth who puts their home on the market for sale and expects to take a big price reduction…on the first day! I mean, do these folks imagine me sitting with the sellers and having a conversation like this?

Me: “Well, we’re off and running. I just put the house in the MLS and our first open house is tomorrow.”

Seller: ” Great! Remember Bill I’m real flexible on price. Make sure those potential buyers and those agents know that, OK?”

Me: “Sure, no problem. How much under the asking price do you think you may want to go?”

Seller: “Oh, I don’t know. Maybe $50,000 or so. I just want to make sure those buyers feel like they’re getting a good deal. That’s my goal.”

Folks, if you believe any of this please call me because I have some really great ocean front property to sell you in Tracy.

Seriously, I’ve never met a seller in my career who had any flexibility on the first day of the listing. If you like the house and want to make an offer on a listing that’s been on the market one day…get ready to pay at minimum somewhere close to the sellers price. Heck, the truth is most sellers entertain the fantasy on day one that they’ll get multiple offers and their house is going over asking. Even if it’s a complete dump! Now if you’re asking that question on day 72…that’s a different story.

New Listing, Won't Last

Sat, 28 Jan 2012 00:00:00 GMT

Here is the perfect starter home or great investment. With 4 bedrooms and large yard just right for any family. 4 bedrooms, 2 full bathrooms Formal Living and Dining Room Dining room and hall have … This will be in our office exclusively for 3 days only. Once it hits the open market it will have multiple offers so CALL Today for your personal showing.

209-833-7777 or 1-800-894-7282

3786 Steve Lillie Cir

Price: $119,000

Beds: 4

Baths: 2

Sq Ft: 1475

Here is the perfect starter home or great investment. With 4 bedrooms and large yard just right for any family. 4 bedrooms, 2 full bathrooms Formal Living and Dining Room Dining room and hall have hardwood flooring Family Room w/fireplace off Kitchen.

View this property >>

Super Bowl

Fri, 27 Jan 2012 00:00:00 GMT

I am very proud to announce that for the 3rd year Century 21 M&M is the #1 Century 21 in the World and the Barringer Team is has been the Top Producing Team in Century 21 M&M for over 5 years. Click on this Link to see a preview of the Super Bowl Commercials we will be running.

http://www.century21.com/superbowl

What Are Short Sales?

Thu, 26 Jan 2012 00:00:00 GMT

Short sales, in a nutshell............

Tracy CA and Central California Foreclosures

The changing mortgage industry and a slowing of appreciation are two factors in today's real estate market contribute to the high rate of foreclosures. But here is the secret, the bank is not in the business of owning and selling real estate. They loose thousands of dollars in the process and would be much happier to settle it before it reaches that point, not because they care about you or your credit but because they will save thousands on there bottom line!!!!!! That's where a short sale comes into play. LENDERS actually prefer you to do a SHORT SALE. Homeowners who cant make there monthly payments have the option to sell there home for less then what its worth. Lenders are increasingly willing to work with borrowers faced with a financial hardship to accept a discounted payoff on a mortgage. By completing a Short Sale, your lender has arrived at a solution that is, for them, much better than a foreclosure. Bottom line, your lender wants to work with you.

What is a Short Sale?

Short Sale is the sale of a home when sales proceeds do not fully pay off the existing loan(s) and lender(s) accepts a discounted payoff to fully satisfy the loan.The best part, the existing lender pays virtually all sales costs, including commissions, escrow and title fees and repair costs. You get your home sold, the loan(s) paid off and you avoid foreclosure.

If I do a Short Sale, how much will I have to pay to sell my home?

Nothing, zero, zip. It’s true, in most cases you will pay literally no sales costs if your lender approves the Short Sale. All commissions, title and escrow fees, and even most repair expenses are paid by the lender as part of the Short Sale approval. Remember, the lenders motivation to approve Short Sales and accept the resulting losses is to avoid bigger losses through foreclosure.

How do I get started on a Short Sale?

It’s easy. Email me today and we will get started. Sales@tracyhomes.com If you would prefer to discuss it on the phone, or set an appointment call 209-833-7777 or 1-800-894-7282. There is no charge to you to or fee to you ever. The bank pays us to sell your home.

Why would a mortgage company agree to accept a Short Sale?

1)Legal Concerns – Mortgage lenders have come under legal pressure to work with borrowers to equitably resolve situations where borrowers are unable to meet their mortgage obligation, particularly when the borrower makes an effort to arrive at a compromise solution.

2)Wall Street is Watching – Mortgage lenders rely heavily on their ability to package and sell bundles of loans on the secondary mortgage market. They need to sell these bundles of loans in order to put the funds back to work by loaning the money again and collect loan fees along the way. When a home is in foreclosure its a pure loss for them.

3)Asset Management Expenses- If a lender acquires a property through foreclosure, the property will be managed until it is repaired and resold. The bank has to pay someone to make repairs, keep utilities on, and so on.....

4)Reserve Requirement- Delinquent and non-performing loans place another burden on mortgage lenders. These funds cannot be put to work generating new loan fees until the bad loans are resolved.

Do lenders approve all Short Sales?

NO. That is why it is critical to work with someone that has extensive experience at getting Short Sales approved.From the presentation of the Short Sale package to the lender to working with the lenders Loss Mitigation Department, we know how to keep the file moving towards approval.

How does a Short Sale affect my credit?

The big key here is to avoid foreclosure. By nearly any measure, a foreclosure is the most damaging event your credit status can encounter - worse than bankruptcy. By avoiding foreclosure, you will likely be able to resume normal borrowing (car loans, credit cards, consumer goods and such) relatively quickly.

What sort of hardship would my lender consider legitimate?

Each Short Sale is subject to each different lenders requirements. In General , as long as the hardship is real and the mortgage company believes the loan is likely to become delinquent as a result, the Short Sale request will be processed by the Loss Mitigation Department. A big key to getting Loss Mitigation to accept a hardship is to submit a strong hardship letter. This is something I specialize in. The hardship letter sets the tone for the entire file. Below you will find a list of “hardships” that are common and frequently accepted by mortgage lenders.

Types of hardship that apply:
Family illness or injury
Illness or injury in the extended family – particularly if it forces relocation
Job relocation when the property is equity deficient
Job loss or significant income loss
Divorce or split of domestic partners
Adjustment in mortgage payment or unforeseen increase in living expenses

How Many Homes Are Really On The Market?

Tue, 24 Jan 2012 00:00:00 GMT

Recently we have seen buyers coming to the office or calling and having friends send them listings that are already pending. What I mean is if today you look on the mls there are approximately 350 homes active in Tracy California. But what the public does not know is we have MLS Rules that make us mark Short Sales active even though they are actually pending meaning the seller has already accepted an offer. They only allow us to mark a Short Sale pending ONLY when the BANK accepts the Short Sale which can sometimes take up to 8 months to get approval. So this is why you should not believe all of the information you get off of these sites like trulia, realtor.com, ect... Only believe what we send you through our system otherwise you are in for allot of frustration. As I stated above there are approximately 350 homes active on the MLS but there are really only 150 if you take out all of the Short Sales that already have offers. This is why there is so much competition for buyers and almost always we are in multiple offer situations. Look for Active contingent that means they already have an offer and don't get involved because the Best you could do is try and put a back up offer in but that sometimes is hard to do because these homes sometimes already have 2 or 3 back up offers already.

Came back on Market

Fri, 20 Jan 2012 00:00:00 GMT

Check out this beautiful 3 br home with pool and over 2147 sq ft in good area for 230,000 click on link to see.

http://www.tracyrealestateexpert.com/Property/826-Robert-L-Smith-Dr-Tracy-California

Good Advise For Life

Wed, 11 Jan 2012 00:00:00 GMT

A Good Friend sent this to me and I feel it is so good that I just have to blog about it.

GOOD ADVISE FOR LIFE

A Mayonnaise Jar and Two Beers....

When things in your life seem almost too much to handle, when 24 hours in a day are not enough, remember the mayonnaise jar and the 2 Beers. A professor stood before his philosophy class and had some items in front of him. When the class began, he wordlessly picked up a very large and empty mayonnaise jar and proceeded to fill it with golf balls.

He then asked the students if the jar was full. They agreed that it was. The professor then picked up a box of pebbles and poured them into the jar. He shook the jar lightly. The pebbles rolled into the open areas between the golf balls..

He then asked the students again if the jar was full. They agreed it was. The professor next picked up a box of sand and poured it into the jar. Of course, the sand filled up everything else. He asked once more if the jar was full.

The students responded with a unanimous 'yes.' The professor then produced two Beers from under the table and poured the entire contents into the jar, effectively filling the empty space between the sand. The students laughed. 'Now,' said the professor as the laughter subsided, 'I want you to recognize that this jar represents your life.
The golf balls are the important things---your family, your children, your health, your friends and your favorite passions---and if everything else was lost and only they remained, your life would still be full. The pebbles are the other things that matter like your job, your house and your car. The sand is everything else---the small stuff.

'If you put the sand into the jar first,' he continued, 'there is no room for the pebbles or golf balls.
The same goes for life.
If you spend all your time and energy on the small stuff you will never have room for the things that are important to you. Pay attention to the things that are critical to your happiness. Spend time with your children. Spend time with your parents. Visit with grandparents. Take time to get medical checkups. Go out to a nice dinner. Play another 18.
There will always be time to clean the house and fix the disposal.Take care of the golf balls first---the things that really matter.

Set your priorities.....
The rest is just sand.

One of the students raised her hand and inquired what the Beer represented..
The professor smiled and said, 'I'm glad you asked.'

The Beer just shows you that no matter how full your life may seem, there's always room for a couple of Beers with a friend.

Time to Sell

Tue, 10 Jan 2012 00:00:00 GMT

Good Monday Morning!

It was a gorgeous weekend in the Tracy area. Our Spring like weather is nice, but the snow pack is suffering so far this year as a result. Many years February and March will see heavy snow fall, so to early to panic.

Inventories of homes available for sale remain at the lowest numbers in a long time. My prediction is that this trend will hold consistent through March. If you are considering the sale of your home this year, don't miss this window of opportunity. Once the inventory of available homes picks up again look for longer times on the market and for lesser sale prices. Right now is the best chance you will have this year for a home sale. Don't delay if you are going to sell.

Have An Awesome Week!

Stats for January

Tue, 10 Jan 2012 00:00:00 GMT

The following information is from the local MLS database, as of January 5 2012 and is compared to (December 1, 2011). The market here is still dominated by short sales and REO's. There are much fewer homes available to show that even the short sales are getting multiple offers. We have seen a handful of equity sellers and many "Flips". Interest rates remain low with 30 yr fixed at 3.95% and 15 year a 3.24%.
This is a healthy market now. There is a definite lack of good homes for sale. This is because there are many buyers grabbing them as they come out. Just call or e-mail for an hassle free appointment or to just talk about the market anytime. 1-800-894-7282 or sales@tracyhomes.com

Tracy, CA

ACTIVE Status

Total # of residential properties for sale in the city of Tracy: 288 (308)

# of REO (foreclosures): 25 (19)

# of Short Sales: 212 (243)

Average # of days on market: 88 (89)

The median price of all homes for sale in Tracy: $229,900 ($225,000)

The average price of all homes for sale in Tracy: $232,128 ($229,798)

Lowest priced home: 1bd/612sq. ft. /$50,999

Highest priced home: 7bd/4318sq. ft. /$750,000

PENDING Status

Number of properties currently under agreement: 198 (224)

# of REO: 36 (39)

# of Short Sales: 110 (131)

Average pending price: $225,320 ($223,706)

Median pending price: $229,950 (229,975)

SOLD Status

Residential property sold over previous 30 days: 97 homes (102)

REO’s sold in the last month: 19 (26)

Short sales sold in the last month: 42 (36)

Average sale price: $233,836 ($226,872)

Median sale price: $230,000 ($220,000)

High: 590K (7bd/3904sq. ft. home)

Low: 63,000 (2bd/810 sq. ft. home)

Mountain House, CA

ACTIVE Status

Total # of residential properties for sale in the city of Mountain House: 83 (88)

# of REO (foreclosures): 3 (3)

# of Short Sales: 60 (71)

Average # of days on market: 88 (97)

The median price of all homes for sale in Mountain House: $299,900 ($279,950)

The average price of all homes for sale in Mountain House: $285,386 ($271,472)

Lowest priced home: 2bd/1,262 sq. ft. /$115,000

Highest priced home: 6bd/4082 sq. ft. /$427,000

PENDING Status

Number of properties currently under agreement: 50 (60)

# of REO: 5 (11)

# of Short Sales: 32 (35)

Median pending price: $293,963 ($279,975)

Average pending price: 285,154 (287,804)

SOLD Status

Residential property sold over previous 30 days: 30 homes (17 homes)

REO’s sold in the last month: 10 (11)

Short sales sold in the last month: 11 (8)

Average sale price: $289,948 ($276,171)

Median sale price: $280,000($260,000)

High: 488,000 (5bd/4051sq. ft. homes

Low: $115,000(3bd/1262 sq. ft. home)

Happy New Year

Thu, 05 Jan 2012 00:00:00 GMT

It is hard to believe, but 2012 has roared in and we are all moving forward into the New Year! I wish you a Happy and prosperous 2012!!!

2012 starts out with a bright spot in the Real Estate market and that is the continuation of historic low mortgage interest rates. 2011 saw rates hit record lows and hold that pattern throughout the year.

In Freddie Freddie Mac's results of its Primary Mortgage Market Survey®, the average fixed mortgage rates finishing the year near their all-time historic lows helping to keep homebuyer affordability high. Averaging 3.95 percent, the 30-year fixed has been at or below 4.00 percent for the past nine consecutive weeks and only twice in 2011 did it average above 5.00 percent. This has certainly helped the national Real Estate market by making home purchases affordable and helping to make loan qualification a possibility for many who otherwise would be out of the home purchase market.

Will mortgage rates continue this low level during 2012? Indications at this time point to a positive "YES"! This should hold true for no less than the first half of 2012. With the prediction that homes values will continue their decline in most national markets through 2012, the possibility on home ownership may become even more realistic for many.

Have An Awesome Week!

Working The Plan

Fri, 16 Dec 2011 10:14:00 GMT

For a long time it’s appeared to me that large expenditures on renovation or remodeling were kind of unnecessary when getting one’s place ready to sell. It came as no surprise to me then when I saw Forbes Magazine run a segment on the 20 best and worst home improvements for the buck and almost all of the “best” in that story were simple, basic things that make nothing but sense.

Of the 10 best suggestions, according to Forbes, here’s my favorites:

1. Clean up the house.

Give your home a top-to-bottom cleaning or, better yet, hire a pro to do a deep clean. Do it even before you hiring a real estate agent. If you don’t have a regular cleaner, hire one to keep the place tidy until your house is sold.

2. Simple repairs.

It is well worth the modest cost to fix broken outlets, tiles, light switches, door latches, folding doors and ceiling fans. Buyers view such flaws as signs of deeper problems–and may lower their bids accordingly.

3. Eliminate clutter.

A 10-foot-by-10-foot locker at Public Storage or one of its competitors is likely to cost you less than your phone and cable bills. Move out unneeded dishes, linens, personal items and furniture. Try to empty closets. Your house will appear bigger and more valuable.

4. Paint your house.

This can actually be a do it yourself thing to save money. If the paint on the front of your house is peeling, scrape it and repaint. Indoors, cover up any blemishes and repaint any rooms in loud colors that may be off-putting to others.

5. Clean up the yard.

No need to break the bank here. Mow the lawn, weed the flowerbeds and pull any dying bushes. Plant flowers in bare spots.

6. Replace hardware.

It’s a mistake to replace the kitchen cabinets or closet doors. But you can convince buyers to pay a little more by installing new handles, knobs and drawer pulls where needed.

7. Replace old appliances.

A new stainless steel range will not prompt buyers to pay much more for your home. But a seriously bedraggled stove or refrigerator could scare them off. If you’ve got a junky-looking appliance, swap it out for a budget-minded replacement.

All of this makes total sense to me. Interestingly, Forbes is not gung ho about the idea of large remodeling projects or room additions to maximize value prior to a sale. They think, and I agree, that a wise use of your funds can and will bring you the biggest bang for your buck. I would go slightly further and suggest the use of a good professional stager for preparation of the home as well. Intelligent planning and decorating will really assist you in getting top dollar when the time comes.

Santa Visit with Andrew & Owen

Tue, 13 Dec 2011 10:42:00 GMT

Yesterday I took my Grandsons to see Santa and it was a GREAT time. Owen did not like Santa that much. LOL!

Merry Xmas

Bill

Cash Vs. Financing

Sun, 11 Dec 2011 00:00:00 GMT

Cash Vs. Financing (or financing instead of cash)

Lets say you have 200K to invest in the real estate market in Tracy today. You could use the 200K to buy a good house and get about 1500-1600 rent per month or you could buy 4 good homes with 25% down. Lets explore the two options. Keep in mind,I am not a lender and these payment calculations are rough.

1) Cash option: 200K house, 3K tax yearly, 1600/mo rent (19,200 yearly - 3K taxes)
16,200 yearly cash flow or 8.1% return on 200K investment

2) Financing option:
4 houses at 200K each financed at 25% down, each renting for $1600, each has tax of 3K yearly.

House 1) Rent 1600 (19,200 yearly)
25% down at 200K with 5% interest rate=$863/mo or $10,356 yearly
19200 - 3,000 - 10,356 = $5,844 return on investment yearly.

Multiply that by 4 is $23,376. Now we are looking at a 11.6% yearly return on the same 200K. So by using the same 200K and financing 4 homes instead of buying one cash you are looking at a total difference of +$7,176 cash flow per year.

Now lets look at appreciation because that's were the real kicker is. Say you plan on selling the homes once they double in price. With the cash option you would get 200K. With the financed option you would get 800K. Clearly financing is the winner.

Check out our Podcast

Sat, 10 Dec 2011 05:09:00 GMT

Check out our podcast click on link below.

http://www.talkrealty.com/billbarringer/audio/player.aspx

Tracy California & Mountain House California Market Stats

Thu, 08 Dec 2011 00:00:00 GMT

The following information is from the local MLS database, as of December 1, 2011 and is compared to (November 1, 2011). The market here is still dominated by short sales and REO's. There are much fewer homes available to show that even the short sales are getting multiple offers. We have seen a handful of equity sellers and many "Flips". Intrest rates remain low with 30 yr fixed at 4.00% and 15 year a 3.30%. This is a healthy market now. There is a definate lack of good homes for sale. This is because there are many buyers grabbing them as they come out. Just call or e-mail for an hassle free appointment or to just talk about the market anytime. 1-800-894-7282 or sales@tracyhomes.com

Tracy, CA

ACTIVE Status

Total # of residential properties for sale in the city of Tracy: 308 (335)

# of REO (foreclosures): 19 (33)

# of Short Sales: 243 (225)

Average # of days on market: 89 (85)

The median price of all homes for sale in Tracy: $225,000 ($229,000)

The average price of all homes for sale in Tracy: $229,798 ($232,106)

Lowest priced home: 1bd/612sq. ft. /$50,999

Highest priced home: 7bd/5159sq. ft. /$998,000

PENDING Status

Number of properties currently under agreement: 224 (214)

# of REO: 39 (36)

# of Short Sales: 131 (113)

Average pending price: $223,706 ($233,685)

Median pending price: $229,975 (226,750)

SOLD Status

Residential property sold over previous 30 days: 102 homes (90)

REO’s sold in the last month: 26 (25)

Short sales sold in the last month: 36 (35)

Average sale price: $226,872 ($231,061)

Median sale price: $220,000 ($220,000)

High: 812K (6bd/11,120 sq. ft. home)

Low: 54,200 (0bd/875 sq. ft. home)

Mountain House, CA

ACTIVE Status

Total # of residential properties for sale in the city of Mountain House: 88 (89)

# of REO (foreclosures): 3 (6)

# of Short Sales: 71 (73)

Average # of days on market: 97 (101)

The median price of all homes for sale in Mountain House: $279,950($280,000)

The average price of all homes for sale in Mountain House: $271,472($276,485)

Lowest priced home: 2bd/1,262 sq. ft. /$115,000

Highest priced home: 6bd/4051 sq. ft. /$449,500

PENDING Status

Number of properties currently under agreement: 60 (60)

# of REO: 11 (11)

# of Short Sales: 35 (37)

Median pending price: $279,975 ($283,025)

Average pending price: 287,804 (286,097)

SOLD Status

Residential property sold over previous 30 days: 17 homes (21 homes)

REO’s sold in the last month: 11 (4)

Short sales sold in the last month: 8 (8)

Average sale price: $301,695276,171 ($301,695)

Median sale price: $260,000($296,000)

High: 415,000 (5bd/3913sq. ft. homes

Low: $114,900(3bd/1262 sq. ft. home)

Check out this Home only 69k

Fri, 25 Nov 2011 00:00:00 GMT

Check out this home county records list it as a 1br but it does have 2br's on a huge lot and close to schools and shopping. Click on link below.

http://tracyhomes.com/ourlistings/317/listing.html

Being Grateful

Tue, 22 Nov 2011 10:39:00 GMT

I read a news story lately about a man who, although late for an appointment, stopped to help a stranger on the side of the highway change a tire. Nice, right? Just hold on… The tire being secure, the man gets in his car and drives off, but a couple miles up the road suffers a heart attack! Meanwhile, the man he had just helped with the tire came along, called for help and performed CPR until medics arrived – saved his life. If the first man had not stopped to help with that tire, the second would not have been able to get there in time to rescue him.

The message here is not original, but is a very simple and profound truth. Soon or later, you get what you give, often multifold. And not just the normal things you do for people in your everyday life. It’s the special times, the times when you see an opportunity to do something meaningful for another even though it is not convenient or enjoyable for you.

As Thanksgiving approaches (for the U.S. anyway), take a minute to think about the news story I mentioned, and by turns put yourself into the position of each man. Imagine how grateful the guy felt who needed help changing his tire that someone had enough empathy to pull over on a highway and provide assistance. Imagine the depth of gratitude the man having the heart attack felt to have someone there who knew what to do to pull him through. Imagine what the outcome would have been had neither of those two events happened?

What are you truly grateful for? Who made what happen in order for that to be possible? You never know how deeply what may seem like a simple act on your part impacts another person. So look for those opportunities, enrich someone else’s life… as well as your own.

May You and Your Family have a Wonderful Thanksgiving.

The Barringer Family

What will a Millon Dollars will Buy you in Tracy?

Mon, 21 Nov 2011 00:00:00 GMT

Here is what a Millon dollar home will get you in Tracy. Call for your Personal Showing.

209-833-7777.

Tracy, CALIFORNIA 95304
Bedrooms: 5
Bathrooms: 4
Partial Baths: 2
Listing Price: $998,000

( Back to Property Back to Results )

Bill Barringer
Team Leader
209-833-7777
The Barringer Team, Century 21 M&M and Associates

#1 Century 21 Company in the WORLD. SMARTER. BOLDER.FASTER.

FREE automated reported Home Reports:
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"A Referral is the Best Compliment we can receive"

Are You Ready To Be A Landlord?

Thu, 17 Nov 2011 11:19:00 GMT

Below is some pretty decent advise from the Wall Street Journal regarding investing in real estate called "Are You Ready to be a Landlord". I think here in Tracy its a perfect time to become a landlord. We are renting properites within a month of selling them. I offer full service property managment services as well as contractors who can get repairs done in a quick turn around time.

The goal for my clients is I want to see them get a house that's ideal for rental as well as for resale. As I am going to most likely be the property manager as well as the selling agent, its a big motivation. But the problem can be the ideal rental (which is also ideal entry level home for owner occupied) is not a secret to other buyers and they tend to attract many offers from every type of buyer. Its common even with cash to have to make 5 offers before getting one.

Call us we can discuss your next investment.

209-833-7777

Below are some highlights:

For the week ending Nov. 10, the average rate on a 30-year fixed-rate loan was 3.99%, not far from the Oct. 6 record low of 3.94%, according to Freddie Mac data going back to 1971.

The average monthly rent for all categories, including apartments and single-family homes, was $846 nationwide in the third quarter, up 2.5% from the same period a year earlier.

Government officials have been soliciting ideas for how to convert some of the foreclosed homes owned by Fannie Mae and Freddie Mac into rental.

A good rule of thumb: Make a deal only if you can collect at least 1.25% of the purchase price each year in rental income. For Tracy we are looking at $1600-1850 per month for an investment of 200K-250K, which would be 9.6% to the 200k home and 8.88% for the 250K home.

When looking at properties, act like a renter, says Jeff Cronrod, president of the Boulder, Colo.-based American Apartment Owners Association. Tour the neighborhood to see if landlords seem desperate to lure tenants. Are there lots of vacancies? Are buildings offering deals like living rent free for a couple of months in order to drive up demand? If so, be wary, Mr. Cronrod says.

To ensure that a major repair doesn't break you, set aside at least six months' worth of expected rent, he says.

"The Boss"