Appraisals to be ordered by Banks starting May 1, 2009

Starting May 1st, banks will require all appraisals to be done by approved 3rd party companies and these appraisals will be ordered by the banks. Through the end of this month, your lender will be able to use their existing relationships and get orders through faster but after the 30th its "no more!" What does this mean for you buyers and sellers?? Potentially lower appraisal values and longer contingency periods. Buyers this may give you more time to shop your loan. Sellers this will leave you exposed a little longer while you wait for the buyers to commit 100%. This shouldn't be a surprise given the way we got ourselves into this mess. What do you think?

Are we on the cusp of a turnaround here in the south bay?

Ok...I know I'm pulling from a small string of data, but in the last 2 weeks homes have been seriously flying off the market in the $700,000 plus range. I have been showing a lot homes lately, and suddenly almost 40% of them have gone pending in the last 3 days. Granted this is from a pool of about 50 homes but wow!! I haven't seen this much movement in a long time!!! Not only that, there are multiple offers everywhere from Bank Sales, short sales and regular resales. Would love to hear what other agents are experiencing out there!!!

Mountain Winery: Rivers of Chocolate Festival

Don't forget to buy your tix for the Rivers of Chocolate Festival in Saratoga!! I'll be there with my head in the chocolate fountain (if they have one)!

Where: Mountain Winery
When: April 26th, 2009
Time: 1pm-5pm
Why: The revenue from this event will benefit youth programs. EHC LifeBuilders has been helping children, teens, families and homeless persons for nearly 30 years.

For more info and ticket purchase: www.riversofchocolate.org