Written by Kelsey Lane

Instagram these days is riddled with gorgeous videos of glamorous Realtors showing upscale staged homes for sale at record-high list prices. We can easily imagine sellers trotting off into the sunset into even larger, more luxurious mansions. Of course, this is sometimes the case (and I'm not knocking it).

But in the spirit of being "really real" it's often difficult life events that get thrown at a homeowner that prompts them to need to sell. And when the tough realities hit, the last thing these homeowners likely want to face is cleaning out their homes to be staged.

Sometimes homeowners are faced with financial hardship - either the loss of a job, or other unforeseen surprise. Sometimes it's health. Sometimes it's both. Imagine knowing you need to divest your home which is currently providing you comfort and stability, and looking around at years of stuff that needs to be sorted, cleaned, and stored. Oh, and by the way, you don't have any energy to do it. I have helped many sellers that are in this situation, and it can be both overwhelming and heartbreaking for someone who is going through these life events.

There are some options of how to handle the home sale in order to minimize impact to the best level possible.  First of all, homes can be shown as is. This will, of course, affect the sales price, but often it is more important to maintain a low level of stress than it is to get the highest price. Only the homeowner can make that call, but it's an option. In addition, the hours of showing can be limited to certain days, where the seller can spend some time at a different location during the tours. Open houses are also not a requirement - showings can happen privately by individual Realtors with their clients during certain windows of time.

Another option is to begin the cleaning, sorting, and storing process of personal belongings (just like in a typical sale). Agents often have resources for personal organizers or other professionals that can help. Or, perhaps there are friends who can come on a regular basis for successive weeks in order to help. Many agents will help to "stage" with your own belongings if you're tight on funds to hire an actual stager. And in reality, homes do not need to be staged in order to conduct a home sale. Any progress of cleaning, sorting, and storing will help the eventual price.

During a difficult time to sell, you also have the option of not having your home on the MLS and not having a "for sale" sign if these options suit you better.

Bottom line is there are options if you are anyone you know are going through a difficult time and needs to do something with the house. I'm happy to talk over any scenario and answer what questions I can.

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Kelsey Lane has been a Realtor in the Silicon Valley since 2003 and is a Master Certified Negotiation Expert through the Real Estate Negotiation Institute, specializing in listings. She is also coaching certified through the Life Purpose Institute and approaches her real estate business through the eyes of a life coach. Cal-DRE #01390557 

Written by Kelsey Lane

I thought you may like a distilled version of the real estate news I've been reading this month. A few key points:

• Rental prices have increased 23% in the last 3 to 4 years. During this time an extra 2 million households in the US have fallen into the "cost-burdened" category, totaling 22 million.  Cost-burdened households are paying more than 30% on rent.
• New construction homes are becoming both more prevalent and more popular. The amount of available new construction homes is up to nearly 31% (up 5% from the same timeframe 2 years ago) and Q3 saw a 12.3% increase in new construction purchases. Why? Builders have been offering rate buy-down concessions, and sellers of existing homes have been reticent to put their homes on the market due to high mortgage rates.
• The Fed's November meeting saw the federal funds rate unchanged and mortgage rates have been at their lowest since September (8% 23-year high).
• Some sellers of existing homes have begun to offer buyers rate buy-down concession credit. Some lenders have been offering programs where buyers can pay 5.5% the first year of their loan, 6.5% the second year and so on.
• Many analysts believe rates will be 5.5 by the end of 2024. Many Realtors perceive it's a good time to buy a home since competition is low, and homes may be able to be refinanced later as rates decline.
• A "bombshell" lawsuit saw a verdict last week in Missouri regarding Realtor commissions and practices. Called Sitzer Burnett vs. Nar et al, I'm happy to answer any questions you have (call, text or email). This suit may affect how real estate is practiced in all of the United States.

My market mashup interpretations: Buyers can look to either sellers of existing homes or new construction for rate buy-downs which are becoming prevalent, and avoid some amount of the competition we were seeing previously. My advice is always to purchase the home that is right for you and your lifestyle, that you can afford, and love enough to weather economic storms. Sellers will likely need to offer a rate buy-down as part of the selling package, to prospective buyers. Realtors will need to reiterate to their sellers that commissions are negotiable. Sellers will also need to keep in mind that enough commission will need to be offered in order for listing agents to provide services & buyer's agents to be able to show and sell their properties. Quality of life is important, and renting or buying homes that are within a reasonable budget remains a factor for us all to remember and practice.

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Kelsey Lane has been a Realtor in the Silicon Valley since 2003 and is a Master Certified Negotiation Expert through the Real Estate Negotiation Institute, specializing in listings. She is also coaching certified through the Life Purpose Institute and approaches her real estate business through the eyes of a life coach. Cal-DRE #01390557 

A Guide by Bay Area Realtors

In the competitive real estate market of the Bay Area, home buying can often be daunting no matter what type of market. As Bay Area Realtors, we understand the unique challenges that come with purchasing a home in Silicon Valley, Peninsula, South Bay & East Bay. While you've probably heard many common home buying tips, we're here to share some unconventional insights that may not have crossed your mind. These tips can help you navigate the intricacies of our Silicon Valley housing landscape market more effectively and secure the right home for you that is a wise investment as well.

1. Leverage Off-Peak Seasons

Conventional wisdom often advises buyers to house hunt during the spring and summer months. However, in the Bay Area, where demand is consistently high, it might be beneficial to explore your options during the off-peak seasons. During these times, competition is less fierce, and sellers may be more open to negotiation.

2. Look Beyond the Obvious Neighborhoods

Consider exploring less-hyped neighborhoods, which might have lower price tags but offer great amenities and potential for appreciation. Also, many clients will come to us and request to find a home in the Cupertino or Palo Alto school district, for example. Did you know there are also neighborhoods with good schools in many parts of San Jose, with beautiful homes?

3. Be Open Minded and Curious - Not an Expert

Most Silicon Valley home buyers are pretty savvy. The Bay Area is of course filled with tech and medical professionals that know how to research whatever is needed for their lifestyle. That said, when you become a home buyer, try to tap into your curious side that lets others know more than you may currently have on your radar. For example, if you walk into an open and tell the Realtor there how much you know about real estate, they will probably not divulge any new tips for you. Instead, if you have open ended questions, you may get some good tips for getting a deal on a property nearby. (I.e., Realtors who have been in the business for decades like home buyers who value their expertise.)

4. Local Commute Options

The Bay Area's infamous traffic can be a significant factor in your daily life. Think about your commute to work or other frequent destinations when choosing a home. Check Google "leave at" times and even drive the route of the home you're considering different times of day. Research public transportation options, carpooling opportunities, or even bike-friendly routes to make your daily commute less stressful.

5. Hidden Value

Most Bay Area buyers get excited about properties that have been cleaned up and staged, as well as heavily marketed prior to the MLS debut. Other homes, which may be in good condition though not remodeled or staged, sometimes don't even have open houses and may not show well in photos online. However, in person a good agent can help walk you through a home's potential and save you even $100,000 or more. Many of these homes only need a couple week's worth of upgrades prior to your move in & can look just like the exciting staged homes.

6. Energy Efficiency Matters

Northern California places a strong emphasis on sustainability and eco-friendliness. Consider homes with energy-efficient features like solar panels, smart thermostats, and energy-efficient appliances. Not only will this reduce your environmental footprint, but it can also lead to substantial savings on your utility bills. Your Realtor can help you gain access to programs as well for upgrading to sustainable features once you purchase a home.

7. Explore Down Payment Assistance

Certain zip codes in the Bay Area offer various incentive programs for homebuyers, such as grants, tax credits, or down payment assistance. These programs can significantly ease the financial burden of buying a home in this expensive region if you are short on funds. Make sure to research and take advantage of these opportunities. Your Realtor can connect you with a lender well versed in the correct programs.

8. Embrace Technology

Silicon Valley Realtors are often at the forefront of adopting real estate technologies. Interactive daily search tools, 3D home modeling, video conferencing, and "next seller" metrics are just a few ways to streamline your home search process. This tech-savvy approach can help you make more informed decisions and save time.

9. Resale Potential

When purchasing a home, think about its resale potential. Bay Area real estate trends can change rapidly, so it's crucial to invest in a property with features and location that will remain attractive to future buyers. In the middle of hype, it's common to think a busy street or backing up to a freeway may not matter, but in reality these can have a negative impact even if it doesn't matter to you.

Navigating the competitive Bay Area real estate market requires a unique set of skills and knowledge. While traditional home buying tips are valuable, these unconventional insights can give you an edge. As you search for homes, think of ways to leverage off-peak seasons, explore diverse neighborhoods, consider proximity to tech giants, account for your daily commute, evaluate school districts, prioritize energy efficiency, tap into local incentive programs, embrace technology, and always think about resale potential, plus more! By incorporating these tips into your strategy, you'll be better prepared to find the perfect home in our dynamic and vibrant region. Good luck with your Silicon Valley (and beyond) home buying adventure!

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Note: Our team covers the Peninsula, South Bay, East Bay, and even Tri Valley, as well as speaking several different languages for helping you & building rapport with other agents who are involved in our transactions. Let us know what questions you have.

By Kelsey Lane

The Complex Terrain of Divorce Home Sales

Divorce is undoubtedly one of life's most unpredictable and challenging transitions, and the process of selling your home during this period can prove particularly overwhelming. The emotional strain, legal complexities, and financial intricacies involved can make the sale of the marital home a daunting task. However, with careful planning and awareness of the key considerations, you can mitigate the challenges for a smoother home sale. A good team of professionals who are proficient in divorce home sales will help you to reduce stress, make informed decisions, and be able to move forward.

1. Legal Matters

The first and foremost consideration when selling your home during a divorce is to consult with legal professionals. Depending on your county and the specific circumstances of your divorce, there may be legal requirements, such as obtaining court approval for the sale. Your divorce attorney can guide you through the process, ensure compliance with the law, and protect your rights and interests.

2. Equity Distribution

Deciding how to divide the equity in your home can be a contentious issue in divorce proceedings. You and your spouse will need to agree on how to split the proceeds from the sale. It's crucial to approach this negotiation with a clear understanding of your financial goals and a willingness to compromise. Your divorce attorney can guide you through how to reach an equitable agreement.

3. Valuation and Pricing

To sell your home at a fair price, it's essential to have it professionally appraised. An accurate valuation ensures that both you and your spouse have a clear understanding of the property's worth. A good Realtor will also be able to perform a Comparative Market Analysis, which you and your attorney can use to combine information with the appraisal itself. Once the value is established, you can work together to determine the listing price. Keep in mind that setting a realistic price can expedite the sale and minimize stress.

4. Repairs and Maintenance

Preparing your home for sale often involves making necessary repairs and improvements. However, agreeing on who should cover these costs can be challenging. Consider discussing a budget for repairs and how it will be divided. You may also want to explore the option of selling the property "as-is" to simplify the process, but be aware that this may impact the sale price. Some real estate companies like ours will provide up front costs for the spruce up, and take reimbursement through the proceeds after the closing of the sale.

5. Staging and Presentation

Presentation matters when selling a home. Consider the ROI of investing in professional staging to make your property more appealing to potential buyers. A well-staged home can command a higher sale price and reduce time on the market, which can be particularly beneficial during a divorce when a swift sale is most likely desirable.

6. Coordinating with Your Ex-Spouse

Effective communication with your ex-spouse is essential throughout the selling process. Determine how you'll handle showings, negotiations, and decision-making. Be prepared to compromise and maintain a civil tone to minimize conflict. A good realtor or team of realtors who are adept with the divorce process can ensure both parties are completely kept in the loop on important steps during the home sale. 

7. Tax Implications

Selling a home during a divorce can have tax consequences. Depending on your situation, you may be eligible for certain tax benefits, such as the capital gains exclusion. Consult with a tax professional to understand the potential tax implications and how they may affect your decision-making and financial planning. And ensure your tax professional and divorce attorney(s) are both privy to the same information. Conduct these meetings prior to listing your home for sale.

8. Timing and Moving Arrangements

Coordinate the timing of the sale with your divorce proceedings and future housing arrangements. Ensure you have a clear plan for where you and your ex-spouse will live after the sale, as this can be a significant source of stress otherwise.

Selling your home during a divorce is a complex and emotionally charged endeavor, but it's not insurmountable. Seek the guidance of professionals, including attorneys, real estate agents, and financial advisors, to ensure you make informed decisions that protect your interests and set you on a path toward a new chapter in your life.

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Kelsey Lane has been a Realtor in the Silicon Valley since 2003 and is a Master Certified Negotiation Expert through the Real Estate Negotiation Institute, specializing in listings. She is also coaching certified through the Life Purpose Institute and approaches her real estate business through the eyes of a life coach. Cal-DRE #01390557 

Before you jump head first into searching for your dream home, you need to ensure the basic foundation of your finances are in order. This includes reviewing and strengthening your credit. Here’s what you need to know!

Why Your Credit Score and Report Matters

As a buyer, a strong credit score and report makes you a more desirable loan candidate. When deciding to approve you for a home loan, mortgage lenders take a deep dive into past car loans, student loans, credit cards, medical bills, and more. They also review your history of repayment and public-record information. If their findings are positive, they will be much more likely to approve you for a loan as well as offer lower interest rates and better terms or better loan programs.

What Credit Score Do You Need

The credit score required for a loan depends on the type of mortgage you select, the size of your down payment, and your lender. According to QuickenLoans, most lenders require around a score of 620 or higher to be approved for a conventional mortgage, and "A Paper" buyers will have a score of 680 or highter to obtain lower interest rates and flexible repayment periods. If a buyer would like a Federal Housing Administration (FHA) loan, they require a minimum score of 580 and, for a loan through the U.S. Department of Veterans Affairs (VA), score requirements differ depending on the private lender. If your scores are in the mid-700's or higher you'll have the smoothest loan journey.

How to Improve Your Credit

Reviewed your credit score and realized it may need some work? There are ways to improve your score. These include, but are not limited, to correcting payment errors on your credit report, ensuring you make all payments on time, making micropayments in between due dates, and paying down credit cards. Make sure there are not too many "hard pulls" of your credit all during the same timeframe, and also try to keep your overall credit card usage to a small percent of your overall credit limit. It is generally agreed that 30% usage or lower is best, although keeping overall usage as low as possible helps your cause.

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Article Provided by Breakthrough Broker

Written by Kelsey Lane

The first quarter 2023 housing affordability report was released recently by the California Association of Realtors, which covers each region in the state. The association reported that affordability levels rose slightly from the previous year's reporting. The median home price in all of California was $822,300 in 2022, and is projected to be 5.6% lower by end of 2023 to $776,600.

While affordability is up, only 20% of the state's households can afford to purchase a median priced home.

About $190,00 annual income was needed to make monthly payments of $4710 on the median priced California home. This was calculated at a 6.5% 30 year fixed interest rate. (Keep in mind, the Bay Area required income is higher than this number.)

If only condos and townhomes are considered, 26% of California households were able to purchase (minimum annual income of $153,600).

For a point of reference, nationwide about 40% of households can afford to buy a median-priced home in their respective region.

San Mateo County and Santa Clara County each have qualifying household incomes in the $400,000's for affording median-priced single family homes. A little bit more than 25% of these counties' residents can afford to purchase a property.

Perhaps most interesting are the measurements of the Housing Affordability Index (HAI) applied to first-time buyers. The California Association of Realtors (C.A.R.) reports on first-time buyer ability to purchase entry level homes. Alameda County has a 32% affordability for first-time buyers, while San Mateo County/Santa Clara County first-time buyers sit at 27/28 percent respectively. In Alameda County, a first-time buyer household will need around $181,500 household income, while in San Mateo and Santa Clara County, first-time buyers will need between $260,000 and $300,000 income to buy a median-priced home. 

Of course, there are exceptions to this - some neighborhoods provide a higher value than others, and there are ways to keep costs down when purchasing. Some ideas include condos in more established buildings with lower HOA fees, as well as cosmetic fixer uppers and cluttered homes that don't show well. 

Rates are projected to remain in the 6.5% range during 2023, and bounce around a bit with that as an average. Some adjustable rate mortgages can help to keep payments lower than the average.

We are always available to discuss saving funds during the home buying process.

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Stats provided by California Association of Realtors 

Kelsey Lane has been a Realtor in the Silicon Valley since 2003 and is a Master Certified Negotiation Expert through the Real Estate Negotiation Institute, specializing in listings. She is also coaching certified through the Life Purpose Institute and approaches her real estate business through the eyes of a life coach. Cal-DRE #01390557 

Summer is just around the corner so it’s the perfect time to start planning some fun projects for your backyard. Whether you are looking for new ways to entertain and host friends or you want to surprise your spouse or family with an improved aesthetic, here are some DIY projects that can help make your backyard even more spectacular.

Fire Pit - If you buy the stones and materials yourself, you can make a firepit in less than a day and for under $100. Get ready for some s’mores and scary stories around the campfire right from your backyard.

Tree Swing - Making a tire swing is another cheap project that can be completed in less than a day. You will need a chain, rope, drill, wood for the seat, and a healthy tree to hang it from. Buy a pre-made tree swing seat to make this process even easier.

Garden Bed - This is a great project for DIY lovers with a green thumb. Get ready to eat your own home-grown herbs and vegetables when you create a garden bed in your yard. Make sure to use cedar for the boundary because it is rot-resistant.

Outdoor Lighting - Brighten up your backyard with some easy lighting ideas, such as hanging lanterns, lining wired lights on your trees, or adding some fixtures along your walkway. Make your backyard a soothing retreat with some ambient lighting.

Bird Feeder - Show some love to your neighborhood birds by creating a bird feeder for your backyard. Make sure to place your feeder away from any windows and in a high area so no other animals can reach it. Get ready for some lovely bird songs.

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This article is provided by Breakthrough Broker

If you're looking for a great place to call home in the Bay Area, San Jose should be at the top of your list. With its diverse population, strong economy, and beautiful weather, San Jose is an ideal location for those seeking to buy or invest in real estate.

One popular option for buyers in San Jose is townhomes due to affordability. San Jose townhomes offer many advantages, including lower maintenance costs and a sense of community. They are a great choice for first-time homebuyers, retirees, and anyone looking for a low-maintenance lifestyle.

But with so many options on the San Jose real estate market, it can be tough to know where to start. Experienced Bay Area realtors can of course help you navigate the market and find the perfect property to fit your needs and budget.

Also, If you're interested in San Jose real estate news, you'll be interested to know that the market is showing no signs of slowing down, despite rising interest rates, etc. In fact, the San Jose real estate market remains one of the hottest in the country. According to recent data, the average home price in San Jose is around $2 million, making it one of the most expensive cities in the country for real estate.

Despite the high prices, San Jose remains a popular destination for homebuyers and investors. The strong economy, excellent schools, and proximity to San Francisco and Silicon Valley make it an attractive location for many people.

If you're thinking about buying or investing in real estate in San Jose, now is a great time to act. Interest rates are still historically manageable, and the market shows no signs of slowing down. Here are some local San Jose real estate statistics you may find helpful: 

As of June 2, 2023 out of 444,000 homes in Santa Clara County, there are 490 actives in the San Jose real estate market alone. Of those, 331 are single family homes and 159 are condos or townhouses. More San Jose numbers: Average days on market before going into contract is 18. The average sales price to original list price ratio is 104.6%, so even after price reductions the offers are still around the list price on average. The average sales price across all San Jose properties (including condos and townhomes) is $1,392,436 with single family homes coming in average at $1,614,015. The median SFR price in San Jose is currently $1,501,000. To give some perspective, a year ago the average single family home price was  $1,824,723. Average prices for San Jose condos is $757,221 and townhomes in San Jose are $1,112,337.

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Kelsey Lane has been a Realtor in the Silicon Valley since 2003 and is a Master Certified Negotiation Expert through the Real Estate Negotiation Institute, specializing in listings. She is also coaching certified through the Life Purpose Institute and approaches her real estate business through the eyes of a life coach. Cal-DRE #01390557 

Minimalism has been a dominating theme in design and architecture over the past few years. What started as an art movement in the 1960s has become a mainstay for interior designers that creates peaceful, eye-catching spaces with limited furnishings and selective decorative pieces. Minimalist decor is focused on the concept of ‘less is more’ and this idea places a lot of importance on functionality, tidiness, and organization in the home. Here are a few tips to bring minimalism into your home.

Eliminate the Clutter.

• There are many things homeowners keep around the house on the off-chance they are needed, but usually they never are. Take control of your space by throwing away any loose papers, magazines, or trinkets that aren’t getting any use and do a weekly check to see where clutter is piling up.

Choose Decorations Wisely.

• It’s a natural inclination to try to fill all the empty space on a wall, but in many cases, this design style can become a bit overwhelming and noisy. Instead, try to find a defining piece of art or decor that can act as a focal point or centerpiece. Then, the empty space surrounding it will accentuate the piece.

Focus on Function.

• When you're deciding on whether or not to keep something in your space, just ask yourself, “Do I actually use this?” If it’s an item that is used daily, it makes sense to keep it, but if you can’t remember the last time you used it, it might be better to toss it. If something is used intermittently, you can still clear your space by finding a cabinet or drawer to keep it out of sight.

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Article provided by Breakthrough Broker