It is too early to tell but this news does create even more volatility in the markets. Stocks down, stocks up. Rates up, rates down. Recession, no recession. To buy or not to buy… For the average homebuyer, this should not make any decisions any easier or worse. The Fed Funds rate was cut to 4.75% from 5.25% in June (50 basis points) and the prime rates dropped from 8.25% to 7.75%. What does this mean to home equity lines of credit ? Well for every $50,000 borrowed, this means consumers pay $20 less than before ($342 on 8.25% vs $322 on 7.75%) How about loans ? Well, a house worth $800k is still worth $800k but the monthly payments may be slightly less than before the changes. On a larger scale i.e. 80/20 scenario ($640k loan) 50 basis points may mean $266 of savings a month if it is directly translated into a lower rate (?) That is barely enough to divert the savings to increase in gas prices. Will it save homeowners who are close to foreclosure or defaulting on their loans ? Not quite. The damage has already been done. But enough for households to jump back into the market ? Not sure… For those waiting on the sidelines, this may lead to some short-term opportunities for qualified buyers…More rate cuts coming ? Too early to say…

What is the difference between virtual and video tours ? Not much! They both use your sense of sight to attract your attention. The difference is in the quality of the end product and the editing that makes buyers want to take the extra step to visit the home. A virtual photo tour done right can far exceed video and vice versa. One edge video has over static virtual tours is the additional dimension of motion. Video can capture more detail as it is continuous motion and can set the mood for the home.

There are many variations of each and we’ll give some samples here:

Fast Tempo and Upbeat Tour

Lifestyles of the Rich and Famous Luxury Tour:

Raw Footage (What You See is What You Get WYSIWYG):

Some Editing:

Each of these was fitting for the type of home that was showcased. However, there is no reason why your home should settle for less. Your home deserves the “Lifestyles of the Rich and Famous” Luxury Tour. Your agent should know multiple sources of virtual/video tour vendors. Ask to see some samples of past tours as past performance is a good indication of future results. Have any other virtual tour samples to share (good or bad) ? Just email them to me and we’ll post them up for all to see.

Lunardis (Evergreen San Jose, CA store) has been closed for over a week now and the mood is gloomier than ever as local residents wonder who will come in next to keep the center going. Last week the San Jose Mercury News reported that Lunardis closing would be a big blow to the growing Evergreen community.

Lunardis had a very unique product mix and many have related it to the Andronicos of Berkeley. Yelp reviews have been nothing but phenomenal and hardly anything comes close to its fresh produce, fruits and meat offerings in the vicinity.

At Topix.net local store owner Charles Welsh chimes in to say that the local village offers lots for local residents to do and is hopeful that the next tenant that replaces Lunardis will “offer much more than Lunardis ever did”. Welsh also states that Shapell and friends have been good at doing their due diligence to ensure maximum patronage for each of their tenants and is hopeful about the future possibilities.

Lots of other local business owners agree that in order to ensure a thriving community local residents should support their local businesses. Stop by for some coffee at Java Junction, ice cream at Marble Slab, and a sandwich and/or burrito at Burrito Azteca. There will be a community meeting to discuss the issue tomorrow September 12th at Evergreen Village Square. Please join the meeting to voice your opinion.

Actives, Pendings and Solds for 95148 Evergreen San Jose, CA as of 9/8/07

Actives, Pendings and Solds for 95135 Evergreen San Jose, CA as of 9/8/07

I ran across this video of Evergreen High School’s marching band. Football season is approaching once again and we’ll see much more of Evergreen’s spectacular performances.