$316,000 (and some change), per CAR, 10/20/08
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FTHB cont...11/19/08
Yesterday we found an amazing house in Petaluma. By amazing, I mean ok. You see, we´ve had to compromise amazing quite a bit in order to find/massage/fit into our price range/house. At first, over a year ago, when we started looking online, we were looking in the mid $500,000´s with the hopes that we could find a 3 bed/2bath, 1600 Sqft. home on Petaluma´s Westside, walking distance to downtown, didn´t require too much work, etc, etc! This year, things have changed. The lending environment has changed dramatically since then so our total loan amount dwindled down to the $417,000 mark (the limit for a conventional loan.)
Well, this "amazing" home we found yesterday is still walking distance to the Theatre District (1.5 miles) and easy for commuting (within ½ mile to the 101 South) and is in our price range. The details: it´s a 2 bed/2.5 bath home with the smallest lot you´ve ever seen, requires new carpet & paint (which neither of us are opposed to, but still many hours of work & $$$) and is a home we would have scoffed at last year. This year: we can´t wait to write the offer!
Now, of course, this is and REO so we never know how the bank will respond when we submit the offer. Our offering price was almost 11% under their asking price, so I just hope they don´t throw the offer back in our face. We should find out in a few days....
Anonymous.
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PEF
Jeremy King, September, 5th, 2008
The Petaluma Educational Foundation dinner, dance, and auction is this weekend Saturday September 6th, 2008. And, we´ll be present. Jeremy & his wife Elisa will be Celebrity Servers and Peg and her husband, Cliff, will be in attendance. Last year´s BASH raised the most money yet, going to help young students in their educational careers through grants, scholarships and endowments.
Last year was my first year as a Celebrity Server and it turned out to be quite a fun time. I´m a Petaluma native and it was amazing seeing all the old faces again (not old people, just old friends!) and even meeting some new ones, such as the Mayor, Pamela Torliatt!
It´s amazing how much time and effort goes into planning this type of event: literally, a full year of planning, organizing, recruiting, nominating and more organizing to make this night go off without a hitch! From caterers to bands, from the full bar to "coaching" us Celebrity Servers to keeping the unruly in line, there is so much behind the scenes that are not seen, you would truly be amazed!
PEF´s mission: Enhancing educational excellence in all Petaluma area public and non-profit private schools through Grants, Scholarships and Cultural Enrichment Programs. Please click here to go to their website for all further info, or if you would like to donate.
I´ll be back next week with pictures from the Event of Year!
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Year End Stats
by Jeremy King, 12/28/08
After a busy week leading up to the Christmas holiday (closing the last of the year transactions and prepping for next year´s busy January), the phones have been quiet and the office more quiet!
There have been some really good news cards that I´m hoping don´t pass people by: according to CAR the average home price in the state of California is now at $285,680. That is about a $30,000 drop since September. Also, interest rates, nationwide, are averaging 5.19%. This has led to homeowners refinancing (at least those who have equity in their homes) and buyers jumping off the fence to get in the game.
I cannot think of a better scenario while attempting to purchase a home (whether it be your first purchase or your 33rd investment purchase!). When the price vs. interest rate factor collides like this you create instant affordability. Borrowing money is cheap (compare the 5% interest rate for a home purchase to your 19% credit card rate) and home values have continued to make a decline. That decline has lessened the past 1-2 months, however.
For more information on Petaluma, Sonoma County, interest rates, lender quotes, or to just chat about the market, feel free to call or email us on the link below.
Happy New Year!