What’s stopping you from putting in the effort?

BY TOM FERRY MAR 5 It happens to the best of us. We have a goal of achieving something, and then some way, somehow, we find every excuse to not take action. Simply put, your behaviors are not aligned with your goals. And this, my friends, is the difference between the rich and the rest. Effort, ambition, desire, determination — whatever you call it, the answer to unlocking your full potential lies in answering the following three questions. Warning: Answering these questions requires you to dig deep, to find the core of what drives you. And that’s the easy part. The hard part is holding yourself accountable to following through on the behaviors that get results. That’s why my coaching company exists and why members in the program achieve so much success. When you’re ready to fully commit to achieving the success you’ve always desired and deserved, we’re here to help. Why do you exist? That’s pretty deep, but seriously, what excites you to get up in the morning, exercise, make your calls, go on listing appointments — and do it all over again the next day? For most of us, the answer is financial security. But what does money really give us? A nice house, cars, and a specific lifestyle? Sure, but if you’re like me, it’s so much more than material possessions. It’s the security I can provide my family. Knowing that I am doing everything in my power to provide at the highest level, to give my family the best life possible. That “why” is what I need to keep pushing, even when I’m tired, even when I’m scared and especially when I’m unmotivated. Knowing your “why,” having it written down, up and visual in your house, wallet, office, is the first step toward unlocking your potential. If you feel like sharing your “why,” I’d love to know – hit me up on social @tomferry. What stamp do you want to make on the world? Achieving true success isn’t just about you. True success means you’re able to create a far-reaching impact — to improve other people’s lives, to shine hope and joy and light into the darkness, to leave a legacy. So who do you want to take care of? Where do you want to make your mark? Your parents? Your friends? Your church? Your community? Charitable causes? Find something so meaningful to you that you jump out of bed every morning determined to take one step closer to that goal. What’s your plan to achieve financial freedom? There’s a sad truth we must confront in our industry — while real estate gives us the ability to earn limitless income, it often doesn’t adequately prepare people for retirement. Do you plan to retire with gusto, or just fade away? Devising a successful retirement plan requires painting a picture of what you want with great specificity. Then do the math — figure out how much money you need and when. Only with a concrete plan will you ever achieve the retirement you desire. Real estate is tough! Over my 30,000 hours of coaching agents to fulfill their greatness, I’ve learned a thing or two about finding and activating ambition to achieve incredible results. And I’d be honored to help you find your success. Schedule a complimentary call with one of my coaching consultants today. Take the next step Answering these three questions is a crucial step our coaching members take to tap into their motivation and propel them on their journey to fulfill their vast potential. If you’re struggling to make your calls or do the things you know will lead you to success, I encourage you to sit down, dig in and answer these three questions. This exercise will supercharge your ambition by bringing your “why” to the forefront.

Homes Record Breaking Returns

Bay Area homes deliver record-breaking returns Louis Hansen PUBLISHED: February 28, 2018 at 10:01 am | UPDATED: March 1, 2018 at 7:42 pm Categories:Business, California News, Latest Headlines, News, Real Estate Richard Rogers looks at the kitchen at an open house at 5893 Taormino Avenue in San Jose, Calif. on Sunday, Feb. 25, 2018. (Randy Vazquez/ Bay Area News Group) (Click here, if you are unable to view this photo gallery on your mobile device.) The good times started to roll in April 2012. The Warriors had a solid new back court named Curry and Thompson and local home prices started to climb again. Since then, Bay Area homes have gained value year-over-year for a record 70 straight months, according to real estate data firm CoreLogic. It’s been nearly six years, and the Warriors and the housing market look stronger than ever. Some counties have seen average property values nearly double during that stretch, including appreciation of more than 80 percent in Alameda, Contra Costa, Santa Clara and San Mateo counties. That’s nearly twice the national increase during the same time. In Alameda and Solano counties, real estate offered better returns than even the Dow’s 87 percent run-up between April 2012 and December 2017. “It never cooled down,” said Mark Wong, agent at Alain Pinel in Saratoga. “It just kept heating up.” The streak tops the real estate fever that overtook the valley during the dot.com boom from early 1996 though September 2001. But agents say there’s more stability now in the region’s economy from established and expanding tech giants such as Apple, Google and Facebook. They don’t expect the real estate run-up to slow down. The latest sales report from January reflects a steady rise in home prices, pumping up values for property owners while leaving first-time buyers busting budgets to purchase a starter home. Experts say prices were boosted by continued tight inventory and a growing, well-paid workforce. The sheer scarcity of homes for sale is driving up bids. The Bay Area median price for a resold home rose to $712,000 in January, an 11.8 percent gain from a year ago, according to a report released Wednesday by CoreLogic. Median sales prices in San Mateo rose 30 percent from the previous January, reaching $1.31 million. Santa Clara prices jumped nearly 24 percent to $1.05 million. Alameda rose about 14 percent to $755,000, and Contra Costa home prices went up 7 percent to $535,000. Gains have reached double-digits for the last six months. But rising prices also meant a drop in home sales. The 3,410 purchases of resale homes last month represented a dip of nearly 4.5 percent from last year, according to CoreLogic. Over the long-term, the Bay Area bounced back more quickly from the real estate crash than other parts of the country, said CoreLogic research analyst Andrew LePage. He noted that other metro areas in the west, including Los Angeles, Seattle and Phoenix, have seen similar strong runs in their housing markets. But the Northern California run has been notable for its record-busting prices. “The Bay Area is impressive, or daunting, depending on your perspective,” LePage said. Local agents say the streak has been fueled by the combination of a strong local economy steadily adding tech jobs, rising stock prices that benefit tech professionals, and confident buyers. William Doerlich, an agent with Realty One in San Ramon, said the market began to turn around 2011 and 2012 with the help of federal tax breaks. “It really started what we’re seeing — this fairly robust market,” he said. Alain Pinel’s Wong said many clients were looking to catch the bottom of the market around 2012. “But whenever you see the bottom,” he said, “you’ve missed it.” Wong has seen houses in hotspots like Cupertino, Los Altos and Mountain View going for almost 50 percent over asking price. “It’s a very good long-term investment,” he said. Agents continue to point to the shortage of new homes being built as a key reason for escalating prices. By one estimate, the region added 6 times as many jobs as new housing units between 2010 and 2015. “We’re not nearly keeping up pace,” said Gustavo Gonzalez, a San Jose agent. “We’re not trying to send somebody to Mars, here. We’re trying to build more houses.”

This is how long it takes to sell a house

by Kathryn Vasel @KathrynVasel November 27, 2017: 1:13 PM ET Three weeks. That's how long it takes to sell a home these days, according to the National Association of Realtors. Five years ago, the median number of days on market was 11 weeks. Low housing supply has pushed up home prices and created multiple offer situations and bidding wars throughout the country. "The inventory shortage and the growing economy and job creation has increased the interest in homebuying," said Lawrence Yun, chief economist for NAR. "There is just not enough inventory; people need to fight over the few homes available on the market." Historically, roughly 1.2 million new homes hit the market every year, he said, and so far this year, only 800,000 have been built. "It's been below that in prior years, and in the past decade greatly lower than that. Today's shortage is largely explained by a decade of underproduction." In some hot housing markets, three weeks is an eternity. "If we make it three weeks in our market, there is something wrong," said Darlene Umina, a real estate agent in the Boston area. "These days, you know within the first weekend whether the price was right." The median home price has shot up almost 9% in the past year to $561,300 in Boston, according to Zillow. John Kasprzyk sold his home in Waltham, Massachusetts, in September in less than a week. The home hit the market on a Wednesday and he had an all-cash, inspection-free offer that was $41,000 above his asking price before the end of the weekend. It was one of 11 offers he received. "We knew the market in that area was hot, but we didn't expect a cash offer to be this high," Kasprzyk said. "It was a big relief to walk away with equity." He purchased the home five years ago for $455,000 and sold it for $630,000. Across the country in San Francisco, one of the hottest markets in the country, real estate agent Erin Thompson has had buyers show up to an open house and hand her an offer. Offers well above the list price with no contingencies are common. "It can be very exhausting for buyers," she said. To be successful, house hunters need to be prepared with a loan pre-approval letter, know their budget and home must-haves and be ready to dedicate their weekends and evening to touring homes -- and battling crowds. Earlier this year, Umina hosted an open house where she had to stand outside to greet potential buyers because it was so packed. She ended up with 18 offers on that home, three were all cash. To help get their foot in the door, buyers in Denver have increasingly been adding escalation clauses to their offers, where buyers pledge to beat a competing offer up to a certain amount. Denver's market has been on fire recently, with home prices jumping more than 7% in the last year. Steve Thayer, owner of Keller Williams Action Realty in Denver, said he's sold more than a dozen homes in less that two weeks so far this year -- many of them going after one weekend. He's also gotten a few blind offers from buyers before they've even seen a home. "One of the challenges in this market is getting to Saturday [for the open house], he said. "People are begging to see the house early and before it's ready to show." CNNMoney (New York) First published November 27, 2017: 12:54 PM ET

For many, the rent is still too damn high

For many, the rent is still too damn high by Kathryn Vasel @KathrynVasel December 14, 2017: 12:04 PM ET Millions of Americans can't afford their rent. Nearly half of all renter households -- almost 21 million -- were considered cost-burdened in 2016, according to a new report from Harvard's Joint Center for Housing Studies. That means they pay more than 30% of their income to cover their housing, which includes utilities. Some renters are in an even tighter jam: 25% of renter households pay more than half of their income for housing. The good news is that the number off cost-burdened renters is dropping. In 2014, 21.3 million renters were shelling out more than 30% for housing. Losing such a big chunk of your paycheck to housing can have a long-term impact on savings and force tough spending decisions. It can also worsen inequality among renters, the report found. "It can mean trade offs for other areas of your budget, like food, health care expenditures or transportation," noted Jonathan Spader, a senior research associate at JCHS. The amount of money the lowest-income renters had left to spend after paying their housing dropped 18% from 2001 to 2016. The improving economy and rising wages have helped ease the cash crunch for some renters. But the influx of more high-income renters has also played role in the reduction. Affluent renters have driven almost 30% of renter growth in the past decade. In 2016, more than 18% of renter households earned at least $100,000 -- up from 12% in 2006. This shift, along with high building and land costs, has caused developers to focus on bringing more high-end units to market, which pushed up the median asking price for new apartments 27% between 2011 and 2016. That's left lower-income renters in a bind since the supply of affordable rentals for low- and moderate-income households has not kept up with demand. "We've seen fewer and fewer rental units available at lower price points," explained Spader. "There are two primary challenges, one is to expand the availability of rental assistance and the other is to find ways to increase the construction of new rental units that are made available at lower price points." The lower your income, the more likely you are to feel squeezed by your rent. Middle and low-income renters are the most likely to pay a disproportionate share of their income to cover rent, according to the study. Over the past 15 years, more than half of the growth in cost-burdened renters has been among those earnings less than $30,000. "As you move up the income spectrum the level of cost burden decreases," said Spader. "But the other trend that comes out is that the cost burden is the most severe at the lowest income levels." The number of renters earning between $30,000 and $45,000 paying at least 30% of their income jumped to 50% last year, up from 37% in 2001. It jumped to 23% from 12% for those earning $45,000-$75,000 Among those earning less than $15,000, 83% are considered cost burdened. Where you live can also play a role in how much of your paycheck is dedicated to housing. More than half of renters in California, Colorado, Florida, Hawaii and New York are housing cost burdened. Cities that have seen their population count pop have also seen rent prices soar. For instance, the median rent in Denver has increased at twice the national pace. The states with the fewest share of cost-burdened renters include Montana, North and South Dakota and Wyoming, the report found. CNNMoney (New York) First published December 14, 2017: 12:04 PM ET

3 ways tax reform will hit home values

Real Estate Special Report by Kathryn Vasel @KathrynVasel January 10, 2018: 12:49 PM ET The recent surge in home values could slow thanks to the freshly passed tax overhaul. Sweeping tax legislation was signed into law by President Trump at the end of 2017, and experts said some of the changes, including a lower threshold on the mortgage interest deduction, a cap on the state and local deduction and a higher standard deduction, could be a drag on home appreciation. "In a way, the federal government is extracting itself of its encouragement of home ownership," said Jonathan Miller, president of real estate appraisal firm Miller Samuel. The hit to home prices will depend on location. "There are clear winners and losers," said Adam Kamins, senior economist at Moody's Analytics. "States in the Northeast and along the coasts are hit pretty hard, and states in the South and Mountain West come out ahead." Home prices nationwide are expected to be around 4% lower over the next 18 months compared to where they would have been absent any tax changes, according to report from Moody's Analytics. But that 4% decrease will be unevenly distributed. Homeowners in high-taxed states and expensive housing markets could face the brunt of the impact thanks to the scaled-backed deductions on mortgage interest and property taxes. For example, home prices in Westchester County, a New York City suburb, and Essex County in New Jersey, could be 11% below where they would have been without the tax legislation, according to Moody's. In Manhattan, New York, and Lake County, Illinois, the difference could be a 10% decline. Here are a few forces that could drive down home prices: 1. Lower mortgage interest deduction could keep high-end buyers on the sidelines The new tax law, which is now in effect, lowers the amount of interest on mortgage debt that can be deducted to $750,000 -- down from $1 million. That makes it more costly for buyers of expensive homes to borrow. Plus, the mortgage interest deduction is less valuable under the new tax code. In order to take the deduction, homeowners must itemize. But because the standard deduction has increased to $24,000 for couples, fewer people are expected to. The smaller cap means only 14.4% of homes are worth enough to make itemizing advantageous, according to Zillow. Shrinking tax breaks could force sellers to factor that into their asking price. ... and sellers reluctant to sell The lower cap applies to new mortgages. That means mortgages closed before December 15, 2017 are subject to the old $1 million threshold, which could mean homeowners with mortgages above $750,000 have less incentive to trade up to a bigger home, adding more pressure to the already tight housing supply. 2. Property tax cap makes buying less attractive The new tax law also places a $10,000 cap on the amount of state and local property taxes -- plus income or sales taxes -- filers can deduct. Real estate agents in high-taxed markets frequently tout the ability to write off property taxes to potential buyers. But that selling point won't be as strong as it used to be. More than four million Americans pay more than $10,000 in property taxes alone, according to ATTOM Data Solutions. In some counties, more than half of residents pay at least that much. In Westchester County, 73% of homeowners pay above the new cap in property tax, according to ATTOM. "By setting a $10,00 cap nationwide, you are placing high-cost markets on the same plane as low or middle-cost markets," said Miller. "Every homeowner has a dollar amount they can afford or want to spend on a purchase. The more these other costs rise, the less room there is for payment of principal and interest." 3. Home loans could get more expensive Experts also worry that adding an influx of cash through tax cuts while the economy is at full employment could increase inflation pressure, which may lead the Federal Reserve to increase interest rates, sending mortgage rates higher. Mortgage rates have been sitting below 4% since mid July, which has helped offset the rise in home prices. But if rates move higher, borrowing becomes more expensive, putting high-cost homes out of reach for many buyers. CNNMoney (New York) First published January 10, 2018: 12:49 PM ET

Why you want Amazon to be your new neighbor

by Kathryn Vasel @KathrynVasel January 24, 2018: 1:09 PM ET Amazon has narrowed down its hunt for a second home to 20 locations. And the chosen city is likely to get an economic jolt -- particularly to its housing market. The company announced in September that it plans to open a second corporate headquarters, and a nationwide bidding war soon broke out. Some cities offered massive tax breaks, while others got creative with their courtship. Tucson, Arizona, sent a giant cactus to CEO Jeff Bezos and one Georgia town pledged to name an area "The city of Amazon (AMZN)." The second headquarters is expected to cost at least $5 billion and create as many as 50,000 high-paying jobs -- no wonder cities rushed to lay out the welcome mat. The selected city will get an immediate boost to jobs and wages, said Javier Vivas, director of economic research for Realtor.com. It will also push up home prices and lead to new home construction in neighborhoods within commuting distance from the headquarters location, he added. When a big company moves into a new town it tends to have a ripple effect on the local economy: job creation strengthens, some wages increase and home prices rise. Just look at what happened in Reno, Nevada, after Tesla opened a massive battery factory: Home prices have soared 43% since the fall of 2014, following the start of construction on the Gigafactory, according to Daren Blomquist, senior vice president of communications at ATTOM Data Solutions. The same phenomenon occurred when Apple moved its headquarters to a new location in its home city of Cupertino, California. In the three years following the project's approval, homes located within a mile of the new campus appreciated three percentage points faster, on average, than the rest of the county, according to Realtor.com. Just how much home prices will rise in Amazon's chosen city will depend on a variety of factors: the existing inventory, recent home price performance, demand and the space available for new construction. Of the 20 cities, those that have seen more modest home price growth than others on the list stand to gain the most, according to Blomquist. He pointed to Pittsburgh, Indianapolis and Columbus, Ohio, as the markets that could see the biggest gains. "The impact in markets where there has been single-digit appreciation ... we could see a jump, at least in the short term, to double digits of 10%-20% or even more appreciation for the first year," he said. In places where housing is already in limited supply and building regulations are prohibitive -- like New York and Boston -- home values could rise even more with a surge of new residents to staff the new headquarters. For instance, home prices in Boston have jumped 8.4% in the last year to a median home value of $568,300, according to Zillow. If Boston becomes the new home of Amazon, it would be "chaos," according to Fernando Ferreira, an associate professor at Wharton School at the University of Pennsylvania. "The housing market would be three times worse than it already is," he said. Markets with existing inventory and space and fewer obstacles to building will be able to more easily handle the need for new home construction, experts said. The big winners in the chosen city will be current homeowners who will likely see their home appreciation rise when Amazon moves in. "If you are in a larger house and ready to downsize or move, this will be a pure gain for you," said Stijn Van Nieuwerburgh, professor of finance and director of the Center for Real Estate Finance Research at New York University Stern School of Business. Another indirect advantage for the winning city: Rising home values will likely to lead to higher property taxes, which could help boost a city's budget and services. "As property taxes and revenues go up, that can go to schools and improve their quality and better fund programs ... and infrastructure," said Van Nieuwerburgh. Related: In booming economies, food banks are busier than ever On the downside, a big jump in home prices means renters or wanna-be homeowners in the selected city could lose out, potentially forcing some long-time residents out of the city. "If you are a first-time homebuyer in the selected city, this is bad news," said Van Nieuwerburgh. "Property prices will go up and you will have to borrow more." CNNMoney (New York) First published January 20, 2018: 11:04 AM ET

To-Dos: Your February Home Checklist

Keep your home fresh and organized this month while you plan for warmer days ahead Laura Gaskill February 1, 2018 Houzz Contributor. I cover topics ranging from decorating ideas, product picks, Houzz... 1. Rotate your mattress. Before you put on a fresh set of sheets, take an extra minute to rotate the mattress if you haven’t done so recently. Rotating your mattress every few months will help it wear more evenly and extend its life (and comfort). 2. Pack up a bag of old sheets and towels to donate. If you bought new sheets or towels during January white sales, make some room by letting go of an old set or two. Homeless shelters and some churches will accept donations of bedding and towels in good condition, and animal shelters are often in need of towels. Really worn linens can be cut up and used as rags or dropped in a textile recycling bin. 3. Clean entryway floors. If winters are cold where you are, road salt and melting snow can mean entryway floors take a beating. Pick up clutter and give the floors a good mopping. To keep floors looking their best between cleanings, stash a few old towels in a basket near the door to wipe up messes. 4. Keep sidewalks and entryways free of ice and snow (even while you’re away). Ice and snow can make walkways dangerous for visitors. Aim to shovel snow promptly, and sprinkle gravel, straw or wood chips to provide traction. Frequent, light shoveling is better than letting the snow build up. And if you plan to be out of town during an expected winter storm, hire someone to clear the sidewalk and front steps of your home while you’re away. Your neighbors and mail carrier will thank you. 5. Cook to stock up your freezer. A few hours of cooking on a weekend can produce major dividends if you focus your efforts on big-batch suppers that can be frozen and reheated later. Knowing that you have homemade soup, stew, chili or casseroles in the freezer makes facing weeknight dinners much less stressful. Just add crusty bread and a simple salad and dinner will be ready in no time. 6. Organize bookshelves. Pull out volumes that you didn’t enjoy or are finished with and sell or donate them, leaving a bit of extra room on each shelf for new titles. And if you get distracted by beloved old books you had forgotten about, just roll with it. After all, there are few better places to spend a winter afternoon than in a comfortable chair with a good book. 7. Refresh your movie-watching zone. Winter is a good time to catch up on movies you missed in the theater or to binge-watch your favorite shows. So why not make your movie-watching zone as comfy and cozy as possible? Start by vacuuming the floors and upholstery (using a vacuum attachment) and by clearing away clutter. Next, assess your collection of movies and games, donating extras to charity. Finally, make sure there are plenty of comfortable pillows and throws and lighting that can be dimmed. 8. Boost warmth. Stay toasty and save on energy bills by blocking drafty doors with door sweeps or door snakes and warming up with rugs, throws and duvets. For even more energy savings, shut doors to unused rooms, move furniture away from heating vents and close the chimney flue when it’s not in use. 9. Check bathrooms for moisture, mildew and mold. It can be hard to give bathrooms enough ventilation when the house is closed up tight for winter. Unfortunately, that buildup of moisture can lead to mildew or even harmful mold. Give the bathroom a thorough cleaning, paying special attention to grout, the ceiling and any other areas showing signs of excess moisture. 10. Clean the dryer vent (and check for blockages outside). Having the buildup of lint cleaned from your dryer vent at least once a year is essential to keeping your dryer working efficiently and preventing a potential dryer fire. In winter, snow can block the exterior vent, so take a walk outside your home to inspect the vent and remove snow or debris if needed. 11. Start planning for a spring or summer home sale. If you’re considering putting your home on the market this year, it’s a good idea to start the process now. Set a timetable, interview potential real estate agents and make a list of projects that need to get done to help your home show well. 12. Indulge in weekly fresh flowers. With Valentine’s Day happening this month, the markets will be filled with fresh flowers at good prices. Treat your home to a bouquet of fresh-cut blooms once a week to add a little cheer — spring may still be a ways off, but that doesn’t mean your dining table can’t look like a garden in bloom!

Familiar San Carlos dining spot to close after 34 years

For Depot Cafe, it’s all about family Familiar San Carlos dining spot to close after 34 years By Anna Schuessler Daily Journal staff Feb 2, 2018 Updated 2 hrs ago 3 Mary Noviscky, owner of San Carlos’ Depot Cafe, serves customers in the restaurant’s final days. Slated to close Feb. 18 after 34 years at its location at the San Carlos train station, the restaurant has suffered in recent months amid construction of a new transit center. Anna Schuessler/Daily Journal After 34 years hosting meetings between friends, family breakfasts, lunch breaks for nearby workers and even parties to mark the end of soccer season, San Carlos’ Depot Cafe owner Mary Noviscky is ready to hang up her apron. With her business situated in the city’s historic train station next to its Caltrain platform, Noviscky, a Redwood City resident, has become accustomed to mornings starting when she arrives at 5:15 a.m. to open the doors of her restaurant at 599 El Camino Real by 6 a.m. She’s learned customers’ names, remembered their breakfast and lunch orders and knows by heart the ebbs and flows of the seemingly endless stream of customers walking into her restaurant over the years. The Depot Cafe will be closing after 34 years at the historic San Carlos train station. Owner Mary Noviscky said her patrons have been hard pressed to find parking near her business as a new transit center has gone up adjacent to her business. So in the days since the Daily Journal reported she is closing her restaurant Feb. 18, she’s been navigating a range of emotions alongside her customers, from shared sadness to joy in the many memories they have shared. “It’s a hectic busy,” she said, adding that some customers have fought tears upon learning about her business’ closure. “It was very hard for me to make this decision and give up.” A self-described people person, Noviscky said the loyalty and support of her customers have sustained her in her 45-year career in the restaurant industry. But despite their kindness, recent changes to her business’ parking as a new transit center has gone up adjacent to the historic building in the past year are among the many challenges her business has struggled to overcome lately. Losing six of the 12 parking spots previously available to her patrons and asking them to walk a short distance from the new lot to her restaurant have proven to be a deterrent for many, especially those with disabilities or other health issues, said Noviscky. Aimed at providing commuter parking and designated drop-off zones for multiple modes of transportation, construction of the San Carlos Transit Center has been managed by SamTrans. The project has been in the works alongside a 202-apartment, eight-building project dubbed the San Carlos Transit Village for several years since the housing development was approved in 2013. Though SamTrans spokesman Dan Lieberman said previously the agency has worked to protect the business from the impact of construction by reducing rent and ensuring the restaurant had the closest available spots during construction, Noviscky said the reduction in rent from $2,600 to $2,500 did not sufficiently address the complications she’s faced as a result of the construction. She added that a seven-year stretch on a month-to-month lease hasn’t helped ease her concerns about the future of her business. Noviscky said selling the business to an interested buyer last year proved untenable when officials said the new owner would have to sign a month-to-month lease and would be first in line to be considered when the property goes to bid when construction is complete in some two years, giving them no guarantee they could still operate the business after construction. Lieberman said officials felt it was appropriate to keep the lease month-to-month until the end of construction so it could be renegotiated when all parties had a better understanding of the new normal and that whoever the new tenant is will have to respect the building’s status as a historical preservation site. Though Noviscky’s heartbreak in closing her business is still fresh, she has wondered what her and her family’s lives will be like once they don’t have the business they have poured hours into setting the structure of their days. Her daughters, Sepeedeh Noviscky-Williams and Setareh Noviscky, have worked at the restaurant since they were teenagers and her husband Mike Noviscky, a retired electrical engineer, has invested countless hours in the business as well. She said patrons have come to appreciate seeing familiar faces every time they come in and over the years have shared their lives with her family as well. “It’s a good feeling because people love to go to a family business,” she said. “We are always here. They see them really grow up.” Though San Carlos resident Sandy Hoffman could remember clearly when the restaurant opened and became a morning stop for her on her way to work, the trips she and her son Sean Hoffman made after Sunday mass with family or for end-of-year soccer parties with teammates are what stand out most. “Everyone knew the Depot Cafe,” said Sandy Hoffman. “There’s really no other place like this.” When Mary Noviscky came to the United States from Iran to pursue a master’s degree some 45 years ago, jumping into the restaurant business wasn’t exactly what she had in mind. She said she had spent just two months working at the Sky Kitchen Cafe at the San Carlos Airport when she learned the owners were looking to sell their business, an opportunity she and her brother took when they purchased the business in 1972. Some 10 years later, she opened the Depot Cafe, a venture that has kept her family busy even after they sold the airport cafe some seven years ago. “All of us worked seven days a week until now,” she said. Though Setareh Noviscky is pained to see a business her mother dedicated so much of her life come to a close the way it did, she said the prospect of her mother getting some time off brings her relief, noting she quit a corporate job to work with her mother four years ago. She said seeing new customers who had always been meaning to try the restaurant come in or those who hadn’t come by in the past few days has been heartwarming. “It’s bittersweet,” she said. “The sweetness is we have our entire community coming in.” Though Noviscky already has dedicating more time to her real estate business in sight once the restaurant closes, she’s also looking forward to spending more time with her family and her 92-year-old mother to cap off more than 45 years serving others. “I think it’s time for retirement,” she said. anna@smdailyjournal.com (650) 344-5200 ext. 102

Number of US renters declines for first time in 13 years

May be an anomaly as aging baby boomers and millennials are expected to drive new growth in the market BYJOTHAM SEDERSTROM Staff Writer JAN 5 The nation’s population of renters, a third of American households, decreased modestly for the first time in 13 years as declining foreclosure rates and steadily rising rent helped reduce the number to 43 million in the first half of 2017, down by about 500,000, according to a report by apartment listing service Abodo. The decline, ushered in by first-time homebuyers and historically low mortgage rates, comes as the national median rent for a one-bedroom apartment increased by 2.4 percent in 2017, to $1,040, according to an Adobo. Two-bedroom apartments, similarly, increased by 3 percent, to $1,252, according to the report. Overall, rent spiked in 28 states, with New Orleans, Reno, Honolulu and Seattle all experiencing increases of more than 2 percent, and New Orleans, in particular, seeing a 4-percent bump. “Two-bedroom rents exhibited similar stability through the first quarter before more sharp increases in the second,” according to the authors of the Abodo report, released on Wednesday. “After a pause in the late summer and early autumn, two-bedroom rents, like one-bedroom rents, saw their greatest hikes in the last three months of the year.” Foreclosure rates, meanwhile, hit an 11-year low in the third quarter of 2017, an indication that fewer homeowners were moving — reluctantly, perhaps — to rental units upon losing property. Despite rising rental rates, the decline in renters in 2017 may be an anomaly, according to a separate report issued Tuesday by the Joint Center for Housing Studies of Harvard University. Rental households are projected to grow by 13.6 million between 2015 and 2025 as aging baby boomers and millennials drive new growth in the market, according to the Harvard study. “Over the next 10 years, the younger half of the millennial generation — the largest generation in U.S. history — will move into their 20s and 30s, the age groups most likely to rent,” wrote the authors of the study. “In addition, minority households are expected to account for nearly three-quarters of household growth in 2015–2025 and fully 90 percent in 2025–2035.”

Realtors, homebuyers are confident in today’s real estate market

Realtors in 37 states expect buyer traffic to be "strong" in 2018 BYMARIAN MCPHERSON Staff Writer JAN 5 Association of Realtors (NAR) today released the results of the Realtors Confidence Index (see report below), which measures NAR members’ expectations for the housing market over the next six months on a scale of 1-100. Source: National Association of Realtors According to the results, Realtors are confident about what the first half of 2018 will bring, especially when it comes to the sales pace for detached, single-family homes. Respondents in 36 states expect the sales pace to be “strong” (60+ points), while respondents in four states (Oklahoma, Illinois, West Virginia and Connecticut) only expect the market to be “stable.” The only state to receive a “weak” (50 points or less) rating was Alaska. Meanwhile, realtors in Washington, Nevada, Nebraska, Wisconsin, Kentucky, Tennessee, South Carolina, Delaware and Rhode Island expect their market to be “very strong” (75+ points) in 2018. When it comes to the sales pace for townhomes and condominiums, the outlook remains relatively robust with respondents in 41 states also expecting the 12-month outlook to be “stable” to “very strong” for townhomes, and respondents in 16 states expecting the 12-month outlook to be “strong” for condos. Will it be a buyer’s or seller’s market? Thanks to continued inventory issues, economists and real estate experts alike are predicting that 2018 will be a seller’s market, giving homeowners pricing leverage in a landscape with weak residential housing starts. Sixty-nine percent of respondents expect home prices to grow over the upcoming year, with the highest home price growth in the West and Southeast. Realtors in Florida, Maryland, Colorado, Nevada, Arizona and Washington expect home prices to skyrocket anywhere from 4 percent to 6 percent. Meanwhile, survey takers in Alaska, North and South Dakota, Oklahoma, Iowa, Illinois, Missouri, Louisiana, Mississippi, Vermont and Connecticut expect home prices to remain essentially unchanged with 0 percent to 2 percent growth. Furthermore, respondents said homes have been selling, on average, within 40 days and at a 31-percent premium. Despite these factors, Realtors expect buyer demand to remain robust over the next twelve months, echoing studies about millennials finally entering the homebuying market and buyers of all ages taking advantage of jobs and wage growth. The buyer traffic index is at 62, meaning that most Realtors expect buyers to continue vying for their dream homes. Respondents in 37 states expect buyer traffic to remain “strong,” and another seven states are expected to be “stable.” Buyer traffic in the Dakotas, Alaska, Louisiana and West Virginia is predicted to be “very weak” or “weak.” Delaware is expecting to have a knockout year. Realtors are still wary about the effects of low inventory and the tax reform bill, which includes changes to the mortgage interest deduction, state and local tax (SALT) deductions and capital gains taxes.

DAILY REAL ESTATE NEWS | WEDNESDAY, NOVEMBER 29, 2017 The front porch—a classic feature of American homes—is making a comeback but with a twist.

The Front Porch Is in Demand Younger crowds are literally turning porches into stages. “Porchfest” is growing in popularity across the country, in which neighborhood music festivals pop up that are enjoyed from homeowners’ front porches. The Atlantic Monthly’s CityLab reports: “In the Instagram age, the front steps have become places to see and be seen, throw a rocking concert or party, and to foster metropolitan community in a walk-by, stop-in-for-wine sense.” Read more: Welcome Back the Front Porch Shelley Glica in Niagara Falls, Ontario, told CityLab how she organized a Porchfest in her community and how in warmer months she’ll also host a “Stories From the Porch” series of speakers on art, history, and culture. Glica and others represent a generational rethinking of the front porch, CityLab reports. Porches are growing in demand across the country. Twenty-three percent more new homes are being constructed with a front porch than two decades ago. The number of new homes built with porches was at 65 percent last year, according to the National Association of Home Builders. In the Southeast, that figure jumps to 86 percent. An NAHB survey from 2016 also shows that millennials—more than any other age group—say they want a porch. The front porch was once a celebrated signature of Federal architecture. In the 1800s, past presidents had launched successful front-porch political campaigns. For homeowners, front porches were a place to do chores, such as shuck beans, or to get fresh air on hot days before air conditioners. But once air conditioning was invented, Americans showed less need for cooling porches in the middle of the 20th century. The invention of televisions also pushed homeowners inside more. Nowadays, younger generations are finding the porch can be an enjoyable hangout spot. Scott Doyon, who organized a Porchfest in the Atlanta area, says the front porch is now being used as a place to host friends over for hors d’oeuvres or even sharing a concert on Instagram or other social media. “I try to find ways to plug those old ways of living into the modern world,” Doyon says. “I still believe in the value of porches as a conduit to community-building—it just unfolds in a different way now.” Source: “America Rediscovers Its Love of the Front Porch,” CityLab.com/The Atlantic Monthly (Nov. 20, 2017)

How Neighborly Are Americans? Not Very

DAILY REAL ESTATE NEWS | THURSDAY, NOVEMBER 30, 2017 Nearly 30 percent of Americans admit they don’t know their neighbor’s first name. But at least 90 percent have smiled or spoken to their neighbors—at least once, according to a new survey of more than 1,000 Americans released by Safehome.org, a home security systems review resource. Fifty-three percent of Americans say they’ve introduced themselves when a new neighbor initially moved in, but they won’t likely become best buddies. Only a fraction of Americans—34 percent—say they’ve been in their neighbor’s home or vice versa, and only 16 percent have hung out with neighbors outside of the neighborhood. Baby boomers tend to be the most neighborly generation, according to the survey. Sixty-seven percent of baby boomers said they’ve spoken to their next-door neighbor frequently, while only 36 percent of millennials have said they’ve done the same. In a look at neighborly behavior across ethnic lines, Asian-Americans were found to participate the least among in neighborly reactions at 39 percent, followed by Hispanic participants at 40 percent. Caucasians and African-Americans performed more neighborly reactions—such as smiling and chatting—at 49 percent and 46 percent, respectively. Sixty-three percent of all respondents reported not often speaking to neighbors of a different race. “Knowing your neighbors doesn’t just extend your social circle—it can also have a good effect on your mental and physical health and increase the security of your home,” according to the Safehome.org report. “You may even have a friend, partner, confidante, or baby sitter living next door that you never even knew existed.” Source: “A Nation of Neighbors,” Safehome.org (November 2017)

4 costs you haven't factored into your homebuying budget

It's not cheap to buy a home these days, and we're not just talking about the price of the home itself. Other out-of-pocket costs that crop up during the purchasing process, or even when you're moving in, can put an unexpected strain on your already-hurting bank account. For starters, you'll need to budget between 2% and 5% of the home's purchase price for closing costs, including appraiser, lender, and title fees. New regulations passed last year mean lenders have to be more transparent about these fees, and (as long as you read your closing documents) you should have a relatively good idea of what they'll be when your lender makes you an offer. Powered by SmartAsset.com SMARTASSET.COM Unfortunately those closing costs only make up a portion of the added expenses you'll face. Nearly half of homebuyers incurred more than $2,000 in unexpected charges during the homebuying process, according to a recent survey by TD Bank, and 10% spent at least $5,000 more than they expected. "Most people just look at the sticker price of the house and the mortgage payment," says Svenja Gudell, chief economist at the housing site Zillow. "But there are a lot of additional costs that can shock first-time homebuyers." 1. The inspection Once you've made an offer on a property, you'll usually need to pay an inspector a few hundred bucks to give the home a once-over. If he finds any potential problems -- structural issues or asbestos, for example -- you may have to pay another specialist to come in and offer a professional assessment. homebuying costs magnifying While it can be tempting to skip the inspection to save cash (or to make a more attractive offer to a seller), it's worth the outlay to get peace of mind that the home is in good condition -- or negotiating ammo to make sure the price reflects the necessary repairs. "It's money well spent," says Cindy Hamann, chair of the Houston Association of Realtors. 2. Bringing cash to the table Homebuyers are also often surprised with the extra cash -- beyond closing costs -- that they need to spend at the closing table. Many lenders require you to pay a year's taxes and mortgage upfront. If the seller prepaid any taxes or homeowners association dues, you'll have to pay her the prorated amount for the rest of the year or quarter. "Once you're done with all the fees and the deposits for reserves, you may end up bringing many more thousands of dollars than you thought to the closing," says Keith Gumbinger, vice president of HSH.com. 3. The move Once you've officially closed, you'll need to pay for the move itself. That cost will vary considerably depending on where you live, how far you're moving, and how much stuff you'll need to haul. In general, though, expect to pay at least a few thousand dollars for professional movers. homebuying costs men It's easy to overpay for movers, so get quotes from a few companies, and hire someone who's licensed by the Federal Motor Carrier Safety Administration and has good reviews online (even better if you can get a referral from a friend). 4. Immediate costs While you may be able to put off renovations or furniture purchases, there are some costs that new homeowners face right away. You'll likely want to hire a locksmith to change the locks, for example, and there could be deposits or setup fees for getting your utilities started. As a new homeowner, you'll also now be on the hook for both routine, and unplanned maintenance costs on the home. Experienced realtors say you should expect something to break or need replacing within your first year. Set up an emergency savings account with at least six months of expenses that you can tap if your roof springs a leak or the heater suddenly stops working. That way you won't have to turn to credit cards to cover the unexpected, and you can spend some time enjoying your experience as a new homeowner, rather than worrying about how you're going to pay for it. CNNMoney (New York) First published June 26, 2017: 10:32 AM ET

Winter-blooming plants help nourish bees

By Dean Fodick The Associated Press Oct 18, 2017 0 Winter and early spring are lean times for honeybees as they emerge from their hives, where food supplies are dwindling, to forage. Adding clusters of winter-blooming plants around the yard will give them much needed nourishment. Bees take in carbohydrates from floral nectar and protein from floral pollen. Being aware of bloom times and providing flowers that overlap the seasons are important for beekeepers who want to successfully overwinter their colonies. Some bees, including many wild varieties, begin searching for food as early as January, when sunny days can push temperatures up to 55 degrees Fahrenheit or more. “In the early spring, bees are going to need food to get their engines started again,” said Andony Melathopoulos, a bee specialist with Oregon State University Extension Service. “You can’t simply start up your gardening routines (for pollinators) again in the spring. Solitary wild bees, honeybees and hummingbirds are just clinging to life. “The preparation you do now is very important since early spring is a vulnerable time for pollinators.” Pollinator plants like crocus, primrose and snowdrops will bloom even when snow is on the ground. Trees and shrubs also are effective choices for feeding early emerging honeybees. “People often overlook trees,” Melathopoulos said. “But when it comes to late winter and early spring, it’s the trees that are important. Willows, maples, filberts and hazelnuts are some of the earliest sources of pollen you’ll find. They’re easy to establish and grow.” He also suggests establishing the early blooming plants in clusters to make it easier for foraging honeybees to spot and access them. “Bees are efficient pollinators,” Melathopoulos said. “They really appreciate patches of flowers. They can go from flower to flower easily. It’s hard for them to work on cool days, and if they don’t have to fly between clusters, they really appreciate it.” Many winter-flowering plants grow in the wild, but pollinators generally don’t live near them, he said. That makes cultivating winter bloomers important when you’re planning your gardens. Property owners also should leave suitable places for native bees to hibernate undisturbed. Let turf grass grow long over the winter. Avoid pesticides. Reduce lawn size and turn instead to protective shrubs. Even a small amount of habitat will be enough to sustain bees, Melathopoulos said. “These are tiny creatures. Well-thought-out landscapes can provide all the food they need in winter. Gardeners can really help with that.” Here are some additional bee-friendly plants that can provide a degree of brightness in winter while also nourishing pollinators: • Oregon grape, an evergreen shrub that produces yellow flowers blooming for weeks. • Heath and heather. “In shades of purple to copper to gold, these low-growing plants make a mat of color throughout the year, including winter,” Melathopoulos said. • Male willow plants, maples, apple, crabapple, native cherry. “I’d start with these shrubs,” said Mace Vaughan, pollinator program director for The Xerces Society for Invertebrate Conservation in Portland, Oregon. “Native plants selected to feed bees are definitely part of the solution” to declining bee populations, Vaughan said.

Checkout our new listing in Emerald Hills

Find it at obeo.com/1151690

The Top 7 Rental Amenities Quality Tenants Want

When I was a renter, there were a few things I needed from a place. Not all amenities were important to me, but many are. Here’s what most renters are looking for and why I make it a point to provide the optional amenities. The Top 7 Amenities Renters Want 1. Location, Location, Location Does this place have easy access to roadways? Can I bike to or otherwise easily access grocery stores? Will my commute be reasonable for my preferences? Is this area safe? Are the school districts acceptable? These are all questions renters are going to ask when looking for a quality place to live. You don’t necessarily need to provide all of these to have a rental that performs well, but they are certainly things to consider. 2. Parking The properties I own that have covered parking (garages mostly) are in very high demand. Covered parking is big in places like Florida, where it rains often (especially near salt water, which can be damaging to cars), Northern states with plenty of tough winter weather, and areas like Colorado where remnants of the last few hail storms are seen on a few cars throughout the Denver metro area. invest-garages 3. Private Spaces Things like a fenced-in yard go a long way, especially if you happen to be pet-friendly or if these tenants have young children. Many places also provide extra storage on site to assist with the moving process or to otherwise hold excess sports gear if the place doesn’t provide something like covered parking or garages. Relate: 4 Steps to Boost Your Bottom Line by Improving Tenant Retention 4. Unit Readiness No one wants to move into a project. The unit needs to be clean and in working condition. Sometimes things are overlooked during move-out and move-in inspections, though. The intent is to cut down on that so the tenant can be left to unpacking instead of scheduling additional visits. Making sure older HVAC units, electrical, plumbing and the like are properly maintained will fall into this category as well. 5. Unit Upgrades The nicer a property is, the more tenants you can attract. Stainless steel and energy-efficient appliances go a long way to giving a good first impression, and following local trends will help a great deal as well. Get rid of that dark green or maroon carpet. In many cases, there’s some really nice hard wood flooring under them anyway! If you have an old, tired bathroom, dress it up with a nice vanity, newer sink, and updated fixtures. These are minimal repairs that can dress up an entire room. When upgrades are done, figure out how much more you can charge as a result and how long it will take to make that money back. If it means you provide a higher quality product and hopefully receive a better tenant pool, why not go for it? 6. Included Appliances Everyone has their own preference. I heard a BiggerPockets Podcast episode once where the landlord rented each appliance for a certain price and otherwise had a very low base rent. I always choose to include a washer and dryer in the unit (or shared space for multifamilies) for many reasons. If I can find a unit with them already, great If the unit doesn’t have them, that’s one of the first orders of business. Related: The Top 10 Rental Features That Attract Cream of the Crop Tenants 7. A Great Renting Experience As landlords, we are providing a service. Make the effort to respond to maintenance requests promptly. Tenants are looking for peace of mind knowing that if a problem arises, the landlord (or management company) will respond in a timely manner. In fact, I advertise the service as much as the rental when promoting the place. I’ve lived in apartment complexes where I’m simply a number and where I’d be lucky to see a maintenance request filled within the month. I’ve also lived in a mom-and-pop-managed condo where their son answered all the maintenance requests the next day. In a lot of ways, tenants are interviewing you as much as you’re interviewing them. So, Why Do I Provide These Amenities? Easy. The more extra amenities you provide, the larger the amount of quality tenants you will likely attract. I would rather pay a bit more for a property and on the other side, charge a fee for amenities. Hopefully the worst case scenario is that I break even maintaining these appliances with the trade-off of fewer tenant-related headaches. For me, that’s worth it. Garage door needs fixing? Hopefully the extra $10/month in base rent over four years more than pays for that. Fence in the back yard coming loose? Same deal. Ideally in this system, you attract a larger pool of great renters to supplement an already fortified tenant application and approval process. At times, you’ll need to fix or maintain these extra amenities, but in my mind, I’m happy to trade maintenance requests for peace of mind.

Homeowners and Appraisers Disagree on Home Values

Daily Real Estate News | Thursday, June 15, 2017 Homeowners feel like their homes are worth more than what appraisers say they are, and the gap between the two estimated values has grown for the sixth consecutive month, according to Quicken Loans’ National Home Price Perception Index. Read more: Owners, Appraisers Aren't Seeing Eye-to-Eye Appraised values were, on average, 1.93 percent lower than what homeowners expected, according to the index. Appraisals are drifting farther from owner estimates, even though their assessments continue to rise higher each month, the index shows. “It’s important for consumers to see the HPPI and not only think about the difference in perceptions, but the different perceptions across the country,” says Bill Banfield, Quicken Loans executive vice president of capital markets. “Home values, and home value changes, vary widely depending on the city you’re in. Homeowners, and those looking to buy a home, should keep a close eye on their local market to better understand home values in their area.” For example, in Denver and Dallas appraisals are nearly 3 percent higher than what homeowners expect. On the other hand, in Philadelphia and Baltimore appraised values are more than 3 percent lower than what owners estimate. Source: Quicken Loans

Study: The income needed to buy a home in the Bay Area has doubled in five years

Study: The income needed to buy a home in the Bay Area has doubled in five years By Amy Graff, SFGATE Updated 9:32 pm, Tuesday, August 15, 2017 A home for sale in San Francisco where the median-price on a single-family home is $1.45 million.Keep clicking for the 20 least affordable places to live in the U.S., according to Forbes. Photo: Michael Noble Jr., The Chronicle Photo: Michael Noble Jr., The Chronicle A home for sale in San Francisco where the median-price on a single-family home is $1.45 million. Keep clicking for the 20 least affordable places to live in the U.S., according to Forbes. The most arresting data point in a new report from the California Association of Realtors reveals that the income needed to buy a median-priced single-family home in the Bay Area has nearly doubled in five years. Back in 2012, a minimum annual income of $90,370 was needed to purchase a Bay Area home at the median price of $447,970. Now, a home buyer needs to be bringing in $179,390 to afford a mean-priced house at $895,000, the report looking at second-quarter 2017 home sales data concludes. This reality of skyrocketing real estate prices might seem rather unfair to those of us who haven't seen our salaries shoot through the roof. If you're trying to save for a home, it can be difficult to keep up with the rising prices unless you're receiving significant raises at work. Before you house-hunt, you've got to answer two questions. How much house can you afford, and how much house should you actually buy? And even if you do achieve that golden salary of $179,390, don't expect it to get you anything within San Francisco city limits where the median-priced home costs a staggering $1.45 million and requires a salary of $290,630. In fact, according to the report, only 12 percent of buyers in the city can actually afford a median-priced single-family home. The outlook is also rather grim in San Mateo (14 percent ), Marin (17 percent), Santa Clara (17 percent) and Alameda (19 percent) counties, all among the least affordable spots in the Bay Area. Solano County was the most affordable with 44 percent of buyers being able to purchase a median-priced home of $412,000 with a salary of $82,580. Here 44 percent of buyers can afford a home. Sonoma and Napa ranked the second most affordable with 25 percent of home buyers able to buy a home.

Tuesday Tour Pick

55 Hilltop Dr, San Carlos, CA 94070 5 beds 4 baths 3,384 sqft For Sale $3,169,000 Est. Mortgage $11,923/mo This stunning newly constructed home offers traditional appeal with chic-contemporary design. You will be impressed by the extraordinary sense of style and the luxurious appointments throughout. The formal entry leads you to the beautiful LR and spacious and separate DR. The gourmet kitchen boasts a large center island with breakfast bar and custom cabinetry which opens to an inviting FR with fireplace. Tucked away on the 1st floor is a private guest suite to welcome visiting family and friends, or to re-purpose as an office/den. As you enter the home through the garage you're in the mudroom which is appointed with custom cabinetry/cubbies & a bench to keep everyone organized. Upstairs is a grand master suite situated to enjoy the views of the hills. The gorgeous MB has a claw footed tub, double sinks and large shower. Rounding out the upstairs you have 3 BR's, 2 additional baths & laundry room. The backyard has a patio and 2 lawn areas, the perfect space for outdoor living.

Owners, Appraisers Disagree on Home Values

Owners, Appraisers Disagree on Home Values DAILY REAL ESTATE NEWS | THURSDAY, JUNE 15, 2017 Homeowners feel like their homes are worth more than what appraisers say they are, and the gap between the two estimated values has grown for the sixth consecutive month, according to Quicken Loans’ National Home Price Perception Index. Read more: Owners, Appraisers Aren't Seeing Eye-to-Eye Appraised values were, on average, 1.93 percent lower than what homeowners expected, according to the index. Appraisals are drifting farther from owner estimates, even though their assessments continue to rise higher each month, the index shows. “It’s important for consumers to see the HPPI and not only think about the difference in perceptions, but the different perceptions across the country,” says Bill Banfield, Quicken Loans executive vice president of capital markets. “Home values, and home value changes, vary widely depending on the city you’re in. Homeowners, and those looking to buy a home, should keep a close eye on their local market to better understand home values in their area.” For example, in Denver and Dallas appraisals are nearly 3 percent higher than what homeowners expect. On the other hand, in Philadelphia and Baltimore appraised values are more than 3 percent lower than what owners estimate. Source: Quicken Loans