How much home can I buy? Here’s a simple formula I learned some 36 year ago for figuring out what someone may afford when buying their new home.
Take your Gross Income, multiply it times 40%, divide by 12, and that will be your monthly payment you would qualify for from the bank. (This is if you have good credit and is only a ball park estimate.) The interest rate factor for 5% is $5.37. I know there is cheaper money out there but this will give you a good general idea. If you want to know another interest rate factor go to the internet and type in the words “amortization table”, look at what the figure is for $1,000 under the interest rate you want a factor for and use that number as your interest rate factor. How much home can I buy?
What is the formula for knowing the price of the home I can buy?
Here’s an example: Your Gross Income is $50,000: multiple by 40% = $20,000 divide by 12 = $1,666.66/month divide by interest rate factor $5.37 for 5% = $310,366.21. Now add your down payment to that number and you will know what you can buy using a loan from a Conservative lender. Again this is a ballpark method and only gives you an educated idea of what you might be able to buy. Remember this does NOT include any closing costs you may incur during your escrow period.
If you would like to know more information or better understand the home buying process. I would be happy to talk with you and answer any of your questions. In the meantime here are a few reports that may help you on your journey of buying a new home. http://www.sfbay-homes.com/buying/index.cfm?page_ID=48169
What is the formula for knowing the price of the home I can buy? For further help email, or call me. I am here to help you. How much home can I buy?
Homeowners lately have been asking me how do I sell property. They what to know the shortest time in the SF Bay area to sell property. There are many possibilities. In selling any form of property. There are always two terms, which determines the time it takes to sell any property. Those two terms are Price and Terms.
What about the third factor; condition?
Price and Terms can be found in both the Listing Agreement and the Purchase Agreement. Both impact the time to sell property. Make sure you fully understand both aspect of your agreement to sell before you sign anything. Your agent should be able to explain another important factor in selling any property, and that is condition.
In today’s real estate market in the SF Bay Area home sales are brisk and usually sell for asking price or more. The current standard of practice by real estate brokers is to list the home and prepare it for the market through various inspections, trades people to fix any faulty condition issues with the home, and staging the home to show it in its finest light.
Show property from its best view-point.
At the same time marketing is arranged in the form of hiring a professional photographer who know how to make any property shine from every angle. Seaming together these photos can make a virtual tour to help home buyers see before hand what they are going to buy in a new home. Also, writing great content for a color picture flyer adds to prospective home buyers a quick glimpse into the home you’re offering to sell.
How long will this take?
All of these various aspect of marketing a home usually takes your Realtor 30-days to arrange with the many vendors involved. If the condition of the home requires extensive repair work such as dry rot or some form of infestation, then that time frame will be longer. Each community has a different number of days for a home to sell. On the San Francisco peninsula the average time for a home to sell is between 18-28 days. This is historically low for most real estate markets, but not for the SF Bay Area. The demand is high, and the supply is low. This will improve over time though as many communities are moving fast to provide more housing.
What about the escrow period?
Once any home sells there is an escrow period both buyers and sellers will want to ensure legally property transfer of title. Currently, the shortest escrow is 7 days, which is an “all-cash” offer, and a purchase with a loan averages approximately 21-30 days. This is because there needs to be time for bank appraisers, title officers doing title searches, loan officers and underwriters working on the terms of the real estate loan, and the wiring of funds to complete the transaction. As I mentioned before the 7 day close happens because the buyer is an all cash buyer, meaning there is no time needed to facilitate the loan process.
I just want out!
7-10 days would be the standard time period to sell a home without any type of contingency. The buyer will require clear title to the home, make sure you’re the actual vest owner. I will give you this example on how this came about. Remember in the old cowboy movies where they prospector always referred to someone as a claim jumper? Well there were claim jumpers who were the most notorious criminals of the day, that is beside a horse thief. This brought about the need for Title Insurance and Title Insurance Companies.
The Title Insurance Companies insure a home buyer they are buying the home from the right person and given the title to the property without any “clouds” on the title. If it is found at a later date that that is not true then the Title companies are on the hook to pay the home buyers all the money they had lost in the transaction. The Shortest Time in SF Bay Area to Sell Property then for a normal transaction is 30-61 days.
What do I lose when selling without marketing?
If you are a seller who wants out of his home today under any conditions that time period can be shorten to 7 days or slightly longer if there’re any hiccups. The results to you will be; not receiving the highest price for your home, nor the most favorable terms, but you will have a short close of escrow. Still most “all-cash” offers come in around asking price, “as-is” (meaning as disclosed), and quick close of escrow.
How do I make sure it’s done correctly and legally?
These two scenario, “traditional sale and all-cash quick sale”, are what a SF Bay Homeowner can expect when selling their home. In both cases choosing the correct Realtor that you need in your corner is utmost importance. Cliff Keith and Team has been helping homeowner in the SF Bay Area since 1976. Cliff and his Team know how to help you sell your home no matter how you choose to do it. Our 41+ years of experience has taught us how best to help our clients achieve their real estate goals. We put our client’s real estate needs above our own. And, that is why we are still in business after 41+ years. Call or text us today to find out how we can help you too.
What to do now?
There’s an easy 3-Step Process to get stated with the solutions to your particular real estate needs. They are as follows:
1. Take out your cell phone
2. Look up my number (hint 650-346-7366
3. Call me immediately
Once you call we will discuss without any pressure or intimidation how best we can achieve the real estate goals you want. There will be NO cost, or NO obligations. We are not only a full service real estate company, but a real estate resource center to answer your questions. We may NOT be able to help you and we will let you know that up-front. Sometimes real estate issues are not solvable. We know the ones that are and will share our knowledge with you again at no cost or obligation.
The History of New Years which happens to be the oldest of all our holidays . It was first observed in ancient Babylon about 4000 years ago. In the years around 2000 BC, the Babylonian New Year began with the first New Moon (actually the first visible crescent) after the Vernal Equinox (first day of spring). The beginning of spring is a logical time to start a new year. After all, it is the season of rebirth, of planting new crops, and of blossoming. January 1, however, has no astronomical or agricultural significance. It is purely arbitrary. January 1 a holiday celebrated by Western nations for only about the past 400 years
Traditions of the season include the making of New Year’s resolutions: That tradition also dates back to the early Babylonians. Popular modern resolutions might include the promise to lose weight or quit smoking. The early Babylonian’s most popular resolution was to return borrowed farm equipment. New Years Day The Tournament of Roses Parade dates back to 1886. In that year, members of the Valley Hunt Club decorated their carriages with flowers. It celebrated the ripening of the orange crop in California.
Although the Rose Bowl football game was first played as a part of the Tournament of Roses in 1902, Roman chariot races replaced it the following year. In 1916, the football game returned as the sports centerpiece of the festival. The song, Auld Lang Syne, in almost every English-speaking country is what everyone sings at the stroke of midnight . At least partly written by Robert Burns in the 1700’s, it was first published in 1796 after Burns’ death. Early variations of the song before 1700 inspired Burns to produce the modern rendition.
An old Scottish tune, “Auld Lang Syne” literally means “old long ago,” or simply, “the good old days.” In my home my family celebrates Hogmanay (hog-mah-NAY), which is a Scottish New Year’s celebration. In my home a tradition “first footing” is performed after midnight. What happens is after midnight my wife sweeps the floor from the front of the house to the back door and sweeps out all the bad spirits from the previous year. The family then runs to the front of the house clamoring upon the side of the house to scare away all evil spirits.
Once in front of the house we all enter the front door with a gift of a piece of coal or some short breads, which brings good luck for the coming year. This is especially true if a tall, dark, handsome man is the first to enter the house or “first footing”.
My Best Wishes for YOU
I would like to wish you a Very Happy New Years! May you prosper and have good health throughout 2018. Thank you for your friendship over the years. I appreciate it very much. Cliff
What to do next?
Pick up your cell phone and call me immediately, 650-346-7366. When you we will discuss I can help you or any of your friends who have mentioned they are going to be selling their home. We will discuss the easiest way for you to introduce them to me. After all you want what is best for them don’t you? Call today.
I want to wish each and every one of you the best of your Holiday Season and a very Merry Christmas. This is always a time of year when we all treat each other like we should all the time. The spirit of the Holidays warms my heart and I hope it does yours too. Enjoy! The Chronicle of Christmas
Starting in the 1600’s
1600’s: The Puritans made it illegal to mention St. Nicolas’ name. Therefore it was also illegal to exchange gifts, light a candle, or sing Christmas carols.
17th century: Dutch immigrants brought with them the legend of Sinter Klaas.
1773: Santa first appeared in the media as St. A Claus.
1804: The New York Historical Society was founded with St. Nicolas as its patron saint. And then members engaged in the Dutch practice of gift-giving at Christmas.
1809: Washington Irving, writing under the pseudonym Diedrich Knickerbocker, included Saint Nicolas in his book “A History of New York.” Nicolas after that is described as riding into town on a horse.
1812: Irving, revised his book to include Nicolas riding over the trees in a wagon.
1821: William Gilley printed a poem about “Santeclaus” who was dressed in fur and drove a sleigh drawn by a single reindeer.
1822: Dentist Clement Clarke Moore is believed by many to have written a poem “An Account of a Visit from Saint Nicolas,” which became better known as “The Night before Christmas”. In other words Santa is portrayed as an elf with a miniature sleigh equipped with eight reindeer. They were named in the poem as Blitzem, Comet, Cupid, Dancer, Dasher, Donder, Prancer, and Vixen. Others attribute the poem to a contemporary, Henry Livingston, Jr.
The start of Santa
1841: J.W. Parkinson, a Philadelphia merchant, hired a man to dress up in a “Criscringle” outfit and climb the chimney of his store.
1863: Above all illustrator Thomas Nast created images of Santa for the Christmas editions of Harper’s Magazine. These continued through the 1890’s.
1860s: President Abraham Lincoln asked Nast to create a drawing of Santa with some Union soldiers. After that this image of Santa supporting the enemy had a demoralizing influence on the Confederate army. Maybe an early example of psychological warfare.
1897: Francis P Church, Editor of the New York Sun, wrote an editorial in response to a letter from an eight year-old girl, Virginia O’Hanlon. She had written the paper asking whether there really was a Santa Claus. Therefore It has become known as the “Yes, Virginia, there is a Santa Claus” letter
After the 1900’s
1920’s: The image of Santa became so well known as a bearded, over-weight, jolly man dressed in a red suit with white trim.
1931: Haddon Sundblom, illustrator for The Coca-Cola ™ company drew a series of Santa images. Until 1964 Coca-Cola used their Santa images in their Christmas advertisements. The company holds the trademark for the Coca-Cola Santa design. Christmas ads including Santa continue to the present day.
1939 Copywriter Robert L. May of the Montgomery Ward Company created a poem titled Rudolph, the ninth reindeer. He created an ostracized reindeer with a shiny red nose. The Chronicle of Christmas. Rudolph became a hero one foggy Christmas eve. Santa was part-way through deliveries when the visibility started to degenerate. Because of the foggy Christmas Eve Santa added Rudolph to his team of reindeer to help illuminate the path.
1949 famous song
1949: Johnny Marks wrote the song “Rudolph the Red-Nosed Reindeer”. Rudolph was rejected by the other reindeer therefore Santa relocated him to the North Pole. They wouldn’t let him play in their reindeer games because of his strange looking nose. Gene Autry recorded his all time best seller. Next to “White Christmas” it is the most popular song of all time.
1993: In addition an urban folk tale began to circulate about a Japanese department store. The Japanese department store supposedly displayed a life-sized Santa Claus crucified on a cross. It never happened.
1997: In conclusion Artist Robert Cenedella drew a painting of a crucified Santa Claus. First showed up in a window of the New York’s Art Students League. The painting received intense criticism from some religious groups. However, his drawing was a protest. He was trying to show how Santa Claus had replaced Jesus Christ as the most important personality at Christmas time.
Shortest Time To Sell Your Home In The SF Bay Area
Homeowners lately who have housing in Redwood City CA, are asking me…Cliff what is the Shortest Time in SF Bay Area to Sell Property? The answer has many possibilities. In selling homes there are always two major terms, which determines the time it takes to sell a home. Those are Price and Terms.
Price and Terms are found in both the Listing Agreement and the Purchase Agreement. Both impact how much money one gets for their home, and the amount of time their homes sell. Make sure you fully understand both aspect of your agreement before you sign anything.
In today’s real estate market in Redwood City CA home sales are brisk and usually sell for asking price or more. The current standard of practice by real estate brokers is to list the home and prepare it for the open market. During that period various inspections and report are performed. Additionally, trades people can fix any issues with the home found during the inspections. One repairs are completed ,staging the home is ordered. Staging will show the home in its finest light and will bring the homeowner more money.
At the same time marketing starts in the form of hiring a photographer crew to take pictures of the home. Seaming together photos taken for a virtual tour and writing content for a color flyer to give to all prospective buyers is a marketing technique used that works.
All of these aspect of marketing a home usually take 30 days. The current state of repairs of the home may need extensive repair work and then that time frame could be longer. Every community shows a different number of days for a home to sell. Housing in Redwood City CA has an average days on market before a home sales is between 10-20 days. This is historically low for nation-wide real estate markets, but not for property for sale in Redwood City CA.
Escrow period: (When the money changes hands)
Once the home sells there is an escrow period. Currently, the shortest I have seen for an escrow is 7 days with the average being 21 days. Appraisers, title officers, loan officers and wiring of funds take time and need time to complete their various tasks. The 7 day close usually happens because the buyer is an all cash buyer, meaning there is no loan just a bank transfer of funds. The Shortest Time in SF Bay Area to Sell Property then for a normal transaction is 61 days. This is from the signing of the listing agreement to the close of escrow.
Can I sell home faster than 21 days?
On the other hand if you are a seller who wants out of his home today under any conditions that time period shortens to 21 days or sooner. You will not receive the highest price for your home, nor the most favorable terms, but you will have a fast close of escrow.
The two scenario of a normal sale vs quick close of escrow are what a SF Bay Homeowner can expect when selling their home. In both cases choosing the correct Realtor that you want in your corner is utmost importance. Cliff Keith and Team has been helping homeowner in the SF Bay Area for the past 42+ years. Call or text, (650) 346-7366, us today to find out how we can help you too.
No need to worry.
Cliff Keith and Team dba SF Bay Homesare not a HARD SALE team. We want to educate our clients so their decisions for selling a home is based on knowledge and not emotion. You our business model is based on referrals from our past clients so we have to do a great job for our clients in order to stay in business. Do it now. Call Cliff Keith and Team and let’s see how we can help you. You’ll be glad you did. (650) 346-7366 or firstname.lastname@example.org
The 1st Thanksgiving Was Celebrated In 1621! The first Thanksgiving challenged early Americans and the American Indians. Because of its outcome of this important day it became an important part in our history. Thanksgiving from those early days in Plymouth is a day still enjoyed by all on this thankful Fall day.
When early autumn of 1621 there was only around 53 of the surviving Pilgrims from over 200 who started the first colony. The Pilgrims celebrated their old English custom of acknowledging their successful harvest.
The Pilgrims and the Wampanoag Native Americans, work together forming a new bond as equals and friends.
Do remember William Bradford?
William Bradford was the Governor of Plymouth the first colony in the new frontier know as King George’s America. Everyone loved their new Country and the religious freedom it provided them. As the colony began to grow all its colonists went about their lives as they saw fit Some farmed, some continued skills they had learned in their early life. Unfortunately, there were some who believed doing nothing was productive enough. Come harvest time everyone started to realize there wasn’t enough food to survive the winter. The yield produced by those that farmed was low. There was not enough food for everyone.
American Indians to the rescue
Seeing the suffering of the Colonist, Indian Chief, Massasoit brought 90 of his Braves to the Colonist’s Thanksgiving celebrate with food in hand. Massasoit was a teacher who showed the Colonists how to grow their plants. He did this with an example of adding fish head under the seed. Collaboration between the American Indians and the Colonists provided the opportunity for the success of Plymouth and the establishment of the beginning of the United States of America.
The Free Enterprise System
William Bradford realized the method of governance used in Plymouth did not work for the best of all. He proclaimed that in the if the citizens of Plymouth did not produce something to barter or trade with others in the future would not be help by others.
What US President started the tradition?
In 1863, Abraham Lincoln was the President. Lincoln began the now National tradition of Thanksgiving. This was a time in history Lincoln was looking for a way to ease the tension between the North and South. A sad time in US history
I would like to wish you and your family-loved ones the best Thanksgiving ever this year. Being thankful only one day out the year doesn’t seem to be enough. Enjoy!
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