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My blog has moved to its new and permanent home on my personal website: http://www.larryunderhill.com

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Check this space for saved pics of GrandDaughter Winnie and archived copies of blog posts!

Winnie Update! Granddaughters grow up fast.

If you call me at my office and hear coos and gurgles in the background, one of two things is happening: Either I'm holding my sweet granddaughter Winnie, or one of my agents is celebrating another closed transaction. Winifred Jane Wieland is now seven weeks old. She's opening up like a flower! Every day, she's more responsive. Smiles and chortles...and loud yells when she's ticked.

SCROLL DOWN TO FEB 20 FOR PHOTOS OF WINNIE AT FIVE HOURS OLD!

Winnie's Mom, Angie (my darling daughter), has been back at Statesman Realty for two weeks now. Angie's already whipping things into shape in new and novel ways. It's so good to have her back!

It's great to have Angie and Winnie at the office every day. More Winnie photos coming soon!

President's Corner #12

C.A.R. reports entry-level housing affordability at 25 percent in California
As with so many headlines, this one is misleading. Have you heard the old adage, “If I have one foot in boiling water and another in freezing water, on an average I’m comfortable”? If you’ve read this space for long, you know I’m repeating myself. Statewide averages don’t accurately depict individual markets…and as you’ve read here before, “all real estate is local.”
Although it IS true that over the whole of California, only 25% of first-time homebuyers can afford to buy a home, this percentage varies widely depending on the area. Here’s the CAR report. I’ll end this column with a bit of commentary.
“LOS ANGELES (March 1) The percentage of households who could afford to buy an entry-level home in California stood at 25 percent in the fourth quarter of 2006, compared with 27 percent for the same period a year ago, according to a report released today by the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.).
C.A.R.’s First-time Buyer Housing Affordability Index (FTB-HAI) measures the percentage of households that can afford to purchase an entry-level home in California. C.A.R. also reports first-time buyer indexes for regions and select counties within the state. The Index is the most fundamental measure of housing well-being for first-time buyers in the state.
The minimum household income needed to purchase an entry-level home at $477,400 in California in the fourth quarter of 2006 was $96,760, based on an adjustable interest rate of 6.36 percent and assuming a 10 percent down payment. First-time buyers typically purchase a home equal to 85 percent of the prevailing median price. The monthly payment including taxes and insurance was $3,230 for the fourth quarter of 2006.At 41 percent, the High Desert and Sacramento regions were the most affordable C.A.R. regions in the state. Santa Barbara and Los Angeles were the least affordable regions in the state at 19 percent.”
So if I add 41 percent and 19 percent and divide by two, I get 30 percent as the “average” of the two. And that average alone tells me nothing about any specific area. (Since the state average is only 25 percent, we can deduce that there are more less-affordable areas than more-affordable areas).
THE GOOD NEWS in the above article is that the “Sacramento region” of which we are a part, is one of the two most-affordable areas in the state for first-time homebuyers (and other buyers, for that matter). That’s why our area continues to attract Buyers from other less-affordable areas of the state. In strong markets and soft markets, this is a good place to own real estate!

April 1, 2007

RIP AND READ. That’s what they called it back when I was a rookie disc jockey. “Rip and read” was when the announcer would dash for the wire service machine at the very last minute, grab a wad of news releases, and dive for the chair in front of the control board just as the intro for the news was ending. I can tell you from personal experience that often you’d start a news story only to find yourself embarrassed halfway through it when the type degenerated into gibberish or the story zigged in a unexpected way.

RIP AND PASTE. I think that’s what they call it when newspapers do it. Local Realtor Tad Platt and I shared a laugh about last Tuesday’s article with the headline, “SALES OF NEW HOMES FALL SHARPLY”. Both the Stockton Record and our very own News Sentinel “filled the news hole” with an AP piece datelined Washington, apparently without noticing that buried halfway through the gloom and doom article was: “Sales were down in every region of the country except the West.” But wait, there’s more: “By regions of the country, sales were up 24.6 percent in the West, a rebound after a 25.8 percent plunge in January.” Now, wouldn’t that make a happier and more accurate headline for our area?
ONE WAG of a speaker, commenting on the propensity for news types to accentuate the negative, observed, “If the Lord Himself returned to earth and walked on water, the newspaper headlines across the country would read, “JESUS CAN’T SWIM”.
I SPOKE with a representative of a local subdivision this past week who told me they’re wrapping up their current phase and starting several more new homes to keep up with increased demand. Personally, my observation is that yes, the market has changed, but no, the sky is NOT falling. Not newsworthy, I guess, but that’s what LOCAL new-home sellers are experiencing.
JUST LISTED…and gorgeous, if I do say so: 2420 Rockingham Drive. Upgrades abound in this four-bedroom home. Remodeled kitchen with granite counters!, white-on-white appliances and more! Central heat and air replaced in 2003. Vinyl-clad dual-pane windows in 2001 (except the two bathrooms). Six-year-old composition roof! Wired for Surround Sound in Living Room, wired for sound to covered stamped-concrete patio! Newer ten-by-ten shed! There’s more to enjoy here, but that will give you a taste. At $399,950, this place has been getting a LOT of showings in a short time! Transferred Sellers have priced this home to SELL! There’s an offer on the way as I write this. Going, going…

DUCKS IN THE POOL! Julie called me yesterday to tell me that a colorful mallard and his hen were enjoying our pool! Pokey the Dog was going a little crazy (he doesn’t play well with ducks), so she called him inside and watched as the two lovebirds swam and splashed. Julie was about to offer them some iced tea and sandwiches when they up and flew away. First time we’ve entertained ducks. in EIGHT YEARS of living here! Possums? Yup. Raccoons? Sure. Lions and tigers and bears? Oh, my. Have a happy week! See you next Sat.