Lee Sells and Speaks More...

Lee Ginsburg is an award-winning Realtor with 30 years experience in Peninsula residential real estate. With the utmost attention to detail, Lee delivers expert marketing, negotiating, and management of all financial matters. With a strong commitment to honesty, fairness and hard work, Lee has successfully helped first time home buyers, move up buyers and investors.

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Saturday, December 27, 2008

Learning to Budget! Kudos To the Teacher.

As many of you are aware my Prudential office in San Bruno, Ca. is the largest single independent Prudential office in the country. We are very progressive and have kiosk is several of the regional malls in the area. As I had my shift just before the holidays, a young boy, I’d say about 12 or 13 was looking at some listings. I let him look for a while and then approached. He told me he was 30 years old and looking for a rental for his family of 4 with a $60,000 annual income. I did a double take and he explained he had a home work assignment to balance a family budget including housing. I helped him find a few rental homes in the area. The reason for me writing about this I thought it was a great assignment; Reality, Life. I think this should be taught in detail to all high school seniors and to all purchasing a home. I believe saving should be part of a family budget. The savings could be for a down payment, home maintenance, vacation, rainy day, etc. If people budgeted in a savings category they should come up with a 5% or 10% down payment pretty easily. Let’s look at the home buyer of a $400,000 home. Their previous rent payments might have been $1500 a month and their new mortgage payments and taxes are going to be $2500-$3000: A minimum difference of $1000 per month or $12,000 a year. Within a year they should have saved a 3% down payment or more. The larger down payment will create immediate equity, lower their payments and prove they could save. One of the problems today are that people do not want to give up the 2 lattes a day, fine dinners out, top of the line cars, etc. to save for a home. That is OK, maybe they should continue to rent until they are willing to sacrifice to reach the “American Dream”. Even with the Real Estate Turmoil there is nothing like calling a place your own home. An agent in my office recently told me about a client whom lost their home in foreclosure while they were making payments on a Mercedes. Once again I thought it was super that this 7th grader was learning about life’s financials. He was leaning to budget for food costs, housing costs, transportation, clothing, etc. What a great lesson. Kudos to the teacher.

Sunday, December 14, 2008

Bay Area Real Estate’s – Perfect Storm

Perfect Storm = Low Interest Rates, Low Prices, and Lower Inventory. We have all the ingredients.
If you have been waiting for prices to stabilize you are on the cusp of being late.
Homes in Daly City, San Bruno, San Mateo, San Francisco and South San Francisco are selling. To keep up with the demand Bank of America is falling behind on appraisals and is hiring outside appraisers. I spoke to a termite inspector yesterday. He had 5 inspections scheduled for the day. Need I say we did not speak long. There is a buzz in my office. Conference rooms are filled with buyer’s consultations. We are seeing banks dealing with short sales move faster and be more aggressively. If you are a first time home buyer or a seasoned investor; jump in the buying is great. Call me at 877-Lee-Sells. It is a PERFECT STORM for you. If you are busy with the holidays maybe meet with me or your favorite realtor just to get updated on the market so you are ready to take advantage of the Best Buyer’s Market in 30 Years come January.