Spring 2009 - The local rental market has stopped it's upward trend and gone down somewhat at the lower end.  We are seeing very few calls for 1 bedroom units even at lower rents than we are currently getting from tenants in identical units.  Many of our normal low end renters seem to be "doubling up" in larger properties or moving back with mom and dad.  This end of the market has also suffered more job losses than the upper end and many tenants have been having trouble paying the rent.   The San Joaquin and Stanislaus areas have experienced dropping rents and higher vacancies.

The middle and higher end of the local rental market is holding about the same with most new tenants seeming to come from the ranks of people who have lost homes to foreclosure.  Some of these tenants have sold homes and are just "waiting" to reenter the ownership market.

Real estate sales locally are up a lot with cities reporting between 83% and 250% increases in the number of sales during early 2009.  Prices are low, interest rates are very low, and we may be seeing a recovery at last.

 

My property has gone down in value and I am losing money, what should I do?

1. Check recent rent rates to be sure that you are getting market rent, contact the county assessor before June to be sure that he has the most recent comparable sale information as of January 1, 2009 to lower your property tax rate (they have forms for the appeal).  You can save money on your insurance by increasing your deductible and shopping around for the best price. Be sure your insurance is now for non-owner occupied property if you ever lived in the property; it is cheaper.

2. If you are considering a sale or allowing the bank to foreclose, your first stop should be your tax adviser to find out if there will be any taxes.  If you have exchanged into the property, owned it a long time, converted it to a rental from an owner occupied residence,  refinanced it or added a line of credit you may owe taxes even if you lose money.

3. Check with an attorney to see if there are any RESPA violations in your mortgage documents.  If there are, you will be in a strong position to renegotiate the loan.  The Department of Real Estate web site has a list of loan negotiators that they have approved.  Beware of negotiator scams, many of these people are not licensed. 

How long does it take to rent a house?

A correctly advertised, priced and presented house should rent in 2-3 weeks.  The rental market is much more time sensitive than the sale market with most renters actively looking from about the 20th of the month to the 5th of the following month.  The larger homes are less time sensitive than lower priced apartments where tenants always seem to wait until the last minute.

It is a very poor idea to over price a house initially because prospective tenants watch what is available and it will become "shop worn".  Think of it as clothes that don't sell and have to be put on sale and get reduced more and more.  There is always a suspicion that there must be something wrong with it and buyers (tenants) want to pay even less.  One of the very first questions that prospective tenants and buyers ask is "How long has it been on the market?

 

I'm moving and cannot take my pet - what should I do?

You can place your pet in a new adoptive home using the free advertising on Craigslist.com.  Be sure to mention the pet's best features and use  good pictures.

Pets can be taken to the East County Animal Shelter in Dublin, Ca. This facility is run by Alameda County for stray pets.  They will also take owned pets for a fee. 

Valley Humane Society of Pleasanton, and ARF of Walnut Creek, Ca. will both sometimes take animals from the public and/or assist you in placing your pet.

 

How can I get property owners to accept my pet?

The best way is to prove what a nice, well behaved pet you have.  You can bring the pet for an "in person" interview with the owner or property manager.  If that is not possible, bring pictures and references from previous landlords.  Offer to put up a sizable deposit to insure that any pet damage is paid for by you and not the property owner.  Most property owners are pet owners and lovers themselves but they do not want to get stuck paying for damages done by someone eles's animals.