Mike’s Real Estate Show

This is my initial post and since I’m new to blogging I’m going to spell out what it is I wish to accomplish by having this “blog”. As you might well know I have a weekly real estate show called, are you ready? “The Real Estate Show”. Catchy huh! I am live and on the air every Sunday morning, 9 to 10am, on 1350AM, KSRO Newstalk radio. The station calls itself the “Voice of Sonoma County” and I refer to myself as the “Voice of Sonoma County Real Estate”. So logically the tag line is: “The voice of Sonoma County Real Estate on the voice of Sonoma County”.

So the reason for this blog: To post my daily reflections on the Sonoma County,California and National real estate market; its trends, nuances and distinct pros and cons. I’ll also supply tips on how to react to the current marketplace be it a “Buyers” or “Seller’s” market. The first tip–The market is the market (or when you find yourself with a lemon–make lemonade!!). Sure we had one helluva “Sellers” market with unprecedented run-ups in price over the past six years. Sonoma County was churning out 20-25% a year! But did you really think it would last? Every new buyer who bought was crossing their fingers hoping they were not the Last buyer before the surging “bull” market lapsed.

“I am thinking of a new moniker to replace the “soft-landing” term I have used.” Leslie Appleton-Young, Chief Economist for the California Association of Realtors on revising her analysis of the withering real estate market. 

Are we in for a “soft-landing” or a significant price decline or mini-bubble burst? Let’s get local here for a second. Currently, as of this post, we have over 3,000 listings in the residential market in Sonoma County. last year around 650! We have around 550 homes in escrow which equates to a six month supply of properties. Now here’s the interesting nuance behind those numbers: Over 1/2 of these are now VACANT! and another 250 are tenant occupied.

What can we gather from this information?

1. Motivated Sellers–A Vacant house means a payment is being made and no income coming in.
2. The sheer number of listings gives a buyer plenty to choose from.
3. Seller’s will help out with closing costs and big time credits for decorating, new carpeting, kitchen redo–ask them!
4. Instead of you kissing the Seller’s butt it’s there turn to return the favor!
5. Concentrate on the “deal” not so much the house. Get a very motivated Seller to help you with the costs associated with the house. Especially if you’re a first time homeowner. Get a buy-down to make your loan payment for flexible and/or closing costs. Check with your lender to find out how much you can recieve from the Seller for a credit. This numer depends on how your Loan To Value ratio is. 95% loan to value means you’re going to get less of a credit.

I’ve got more to say about this market so stay tuned. And remember, this is a blog so you can respond to my rants! I would love feedback and real life experiences from your just closed escrow or your frustrations in Selling or trying to determine a “real” price. More on this later! So welcome to Mike’s blogg and don’t forget to listen to me every Sunday, 9 to 10am, KSROAM, 1350 Radio. “The Voice of Sonoma County Real Estate on the “Voice of Sonoma County”–Newstalk 1350AM,KSRO!