Thursday, December 21, 2006
Merry Christmas
Happy Holidays from TeamResults. As you celebrate this season, please remeber those who can't.
Friday, December 01, 2006
Housing Market at the Bottom
The housing slump is over according to an article today by, Annette Haddad, staff writer for the Los Angeles Times. In today’s article, Patrick Lawler, chief economist of the Office of Federal Housing Enterprise Oversight was quoted as saying “ the transition from sizzling markets to normal or weak markets has been orderly so far, and recent drops in interest rates lessen the likelihood that precipitous changes will occur”
After an analysts upgrade, home builder stocks rallied on Thursday suggesting that investors see an improving outlook. Analysts say they are skeptical of dire warnings of pundits.
Alan Greenspan, former Federal Reserve Chairman and Ben S. Bernanke, current chairman, are part of a larger group that declares the housing sector has bottomed out. And readers of The Realty Report know that when markets bottom out, they tend to rise again.
After an analysts upgrade, home builder stocks rallied on Thursday suggesting that investors see an improving outlook. Analysts say they are skeptical of dire warnings of pundits.
Alan Greenspan, former Federal Reserve Chairman and Ben S. Bernanke, current chairman, are part of a larger group that declares the housing sector has bottomed out. And readers of The Realty Report know that when markets bottom out, they tend to rise again.
Tuesday, October 03, 2006
Save money shopping online
Check out www.secretprices.com, loaded with special coupons and discounts for many popular online stores, such as Amazon, Brookstone and Sharper Image. Ever buy at Office Depot, Gap or Circuit City? The website is loaded with savings for all these companies - most of which are discounts on any purchase you make, not just for one particular item they are trying to get rid of. It’s like having a personal “cyber shopper” that goes out and does the bargain shopping for you - it saves you time and money too.
Log onto the site, and click the link for “Coupon Center”. If you see a particular vendor you are looking for, just click the business name, and you’ll be led to a special page of their discounts. If you want to view them all - hit the link for “Latest Coupon Codes” to see a list of all the savings. You may also want to hit “Expiring Coupon Codes” to see if there are any discounts expiring soon that you’d like to take advantage of.
And don’t miss hitting the link for “Latest Deals”. Here you will find a wide range of special deals being offered on a wide range of products - printers for 50% off, cordless phones for 75% off...it’s worth a few minutes to prowl around and see what you might be interested in! “Expiring Deals” have some hot specials too - again, worth a few minutes of browsing.
You can shop by category, with everything from books to jewelry to event tickets to clothing. Just pick the category and you can select the product from a variety of stores, compare the prices, read customer reviews, and then save even more with secret coupons and deals. And, best of all....it is safe, secure, and advertisement free. While on the site you will not be bothered by annoying pop-ups, flashing advertisement banners, or spyware.
So you don’t have to shop ‘til you drop - saving online is now easier than ever. And let’s face it, it feels good to save money on your purchases, and saving a few bucks here and there adds up.
Getting a good deal will not only save you money in the long run - but will make you feel better about purchasing the product in the first place. Know anyone else who shops? Of course you do - so feel free to pass on this article, and help them save money too!
Log onto the site, and click the link for “Coupon Center”. If you see a particular vendor you are looking for, just click the business name, and you’ll be led to a special page of their discounts. If you want to view them all - hit the link for “Latest Coupon Codes” to see a list of all the savings. You may also want to hit “Expiring Coupon Codes” to see if there are any discounts expiring soon that you’d like to take advantage of.
And don’t miss hitting the link for “Latest Deals”. Here you will find a wide range of special deals being offered on a wide range of products - printers for 50% off, cordless phones for 75% off...it’s worth a few minutes to prowl around and see what you might be interested in! “Expiring Deals” have some hot specials too - again, worth a few minutes of browsing.
You can shop by category, with everything from books to jewelry to event tickets to clothing. Just pick the category and you can select the product from a variety of stores, compare the prices, read customer reviews, and then save even more with secret coupons and deals. And, best of all....it is safe, secure, and advertisement free. While on the site you will not be bothered by annoying pop-ups, flashing advertisement banners, or spyware.
So you don’t have to shop ‘til you drop - saving online is now easier than ever. And let’s face it, it feels good to save money on your purchases, and saving a few bucks here and there adds up.
Getting a good deal will not only save you money in the long run - but will make you feel better about purchasing the product in the first place. Know anyone else who shops? Of course you do - so feel free to pass on this article, and help them save money too!
Sunday, September 24, 2006
Buying Up
CONDITIONS ARE RIGHT FOR BUYING THE
HIGHER PRICED HOME YOU’VE ALWAYS WANTED
Higher interest rates and home prices in the past have kept home owners from purchasing larger homes. The current real estate market conditions, however, are encouraging for many home owners who want to “buy up” to higher priced homes with more to offer.
If you are considering trading up for a larger and more expensive home, conditions for doing so couldn’t get much better. Interest rates are the lowest they’ve been in two decades, and home prices in many regions are the most affordable they’ve been in years.
You should consider a few factors before reaching a decision to trade up:
You’ll still need a significant down payment on a new house. If you can afford the up-front cost, you may want to consider switching the fixed-rate mortgage on your old house for an adjustable rate on a new one. This could allow you to trade up without increasing your monthly payments.
The type of mortgage you choose also depends on how long you plan to stay in your new home. A good mortgage lender can advise you on whether a fixed-rate is an advantage is you’re planning on staying for more than 10 years. A fixed-rate may be better for long term owners who don’t want to worry about rising mortgage payments.
Trading up may not be worth the move if you’re planning on living in the new home for only a couple of years. You might have to stay three to five years for your house to appreciate enough to recoup the closing costs.
Conditions for a move-up haven’t been this good in many years, and you may not want to wit much longer to consider it. An experienced real estate broker can help you decide if buying a new house now is a good investment for you.
For more information, call 562-449-8421 and insist on John Wall.
HIGHER PRICED HOME YOU’VE ALWAYS WANTED
Higher interest rates and home prices in the past have kept home owners from purchasing larger homes. The current real estate market conditions, however, are encouraging for many home owners who want to “buy up” to higher priced homes with more to offer.
If you are considering trading up for a larger and more expensive home, conditions for doing so couldn’t get much better. Interest rates are the lowest they’ve been in two decades, and home prices in many regions are the most affordable they’ve been in years.
You should consider a few factors before reaching a decision to trade up:
- Can you afford higher mortgage payments and property taxes?
- Is your credit record solid enough to qualify for the probable higher monthly mortgage payments?
- Do you plan to stay in your new home long enough to recoup your investment?
You’ll still need a significant down payment on a new house. If you can afford the up-front cost, you may want to consider switching the fixed-rate mortgage on your old house for an adjustable rate on a new one. This could allow you to trade up without increasing your monthly payments.
The type of mortgage you choose also depends on how long you plan to stay in your new home. A good mortgage lender can advise you on whether a fixed-rate is an advantage is you’re planning on staying for more than 10 years. A fixed-rate may be better for long term owners who don’t want to worry about rising mortgage payments.
Trading up may not be worth the move if you’re planning on living in the new home for only a couple of years. You might have to stay three to five years for your house to appreciate enough to recoup the closing costs.
Conditions for a move-up haven’t been this good in many years, and you may not want to wit much longer to consider it. An experienced real estate broker can help you decide if buying a new house now is a good investment for you.
For more information, call 562-449-8421 and insist on John Wall.
Tuesday, August 22, 2006
Mortgage Market Update
http://www.mmgweekly.com/w/index.html?SID=375c71349b295fbe2dcdca9206f20a06
This is a great weekly newsletter distributed by my favorite lender.
This is a great weekly newsletter distributed by my favorite lender.
Sunday, July 23, 2006
Priced out of the real estate market?
Priced out of the real estate market? You’re not alone. Many hard working people just like you, can’t afford a median priced home by themselves either.
Don’t fret, there may still be a way. If you haven’t already considered doing so, think about buying with a trusted friend, colleague, or family member.
If you don’t, you may very well be resigning yourself to renting forever. Even though there is a possibility of conflict, you can easily limit these by crafting a well detailed contract defining each party’s roles and responsibilities.
When choosing your house partner remember, that you are probably making the largest purchase of your life and most likely taking yourself and your partner into debt for the next 30 years or more. So it makes sense that if your partner is already under a high debt load, your relationship may easily become strained. A clear credit record should be a priority when choosing any investment partner.
Of course its best if each of you has a credit score of 700 or more. If that’s not the case, you’re not out of luck yet. Just be aware that you’ll end up paying a little higher interest rate on your home-loan.
If scores are a bit on the middle to low end, it may be best to delay shopping for a new home for a little while, to give time to pay down credit card debt, while paying bills on time. This should raise your score enough to score a more palatable loan.
Consulting an attorney regarding your partnership would be a very good idea too. You’ll need to begin make decisions about how to hold title to the house. This typically will be Tenants-in-common, where each of you owns a certain percentage of the property, usually 50%. Another option might be Joint Tenancy with right of survivorship. It is imperative that you each do some estate planning also. You’ll need to decide what will happen to the property if one or both of you should die. Depending on how you choose to hold title, one owner may sell his or her share of the property without your consent or knowledge. Also, if a family member inherits a portion of the property by will, you might end up co-owning with someone you wouldn’t otherwise choose.
A written agreement spelling out the terms of your co-habitation is immensely important for your own sake and peace of mind, also to establish procedures in case of a dispute or planned conversion of the property. It doesn’t always happen that both investors will live in the property, but since most people’s decision to buy a home is based on a place to live, it usually works out that way. If one of you is looking for a strict investment vehicle, an agreement to rent, lease, or provide some other consideration for a partner’s share can compensate for not moving in.
In your written agreement, You’ll want to make sure you cover;
Most of all, make sure each of you can guarantee that you’ll be able to pay your share of expenses. An article by Suze Orman, suggests creating a joint checking account and for all housing costs and, setting up direct deposit so your share will always be in the account every month. At least once a month, sit down together on a set day, and pay the bills. Make sure each of you has ample emergency cash on hand (at least 3 months each) to handle any unexpected expenses.
Figure out ahead of time, how you’ll end the relationship. You know it will happen eventually, so why not spell it out, so there are no surprises. Plan for every aspect of your split. Will you buy out your partner, or vice versa? Will you sell and split the proceeds? These things should be in a written contract to avoid problems.
If you plan ahead, choose your partner wisely, and follow some simple rules, you’ll end up a homeowner, build your wealth, and live happily-ever-after (probably).
Don’t fret, there may still be a way. If you haven’t already considered doing so, think about buying with a trusted friend, colleague, or family member.
If you don’t, you may very well be resigning yourself to renting forever. Even though there is a possibility of conflict, you can easily limit these by crafting a well detailed contract defining each party’s roles and responsibilities.
When choosing your house partner remember, that you are probably making the largest purchase of your life and most likely taking yourself and your partner into debt for the next 30 years or more. So it makes sense that if your partner is already under a high debt load, your relationship may easily become strained. A clear credit record should be a priority when choosing any investment partner.
Of course its best if each of you has a credit score of 700 or more. If that’s not the case, you’re not out of luck yet. Just be aware that you’ll end up paying a little higher interest rate on your home-loan.
If scores are a bit on the middle to low end, it may be best to delay shopping for a new home for a little while, to give time to pay down credit card debt, while paying bills on time. This should raise your score enough to score a more palatable loan.
Consulting an attorney regarding your partnership would be a very good idea too. You’ll need to begin make decisions about how to hold title to the house. This typically will be Tenants-in-common, where each of you owns a certain percentage of the property, usually 50%. Another option might be Joint Tenancy with right of survivorship. It is imperative that you each do some estate planning also. You’ll need to decide what will happen to the property if one or both of you should die. Depending on how you choose to hold title, one owner may sell his or her share of the property without your consent or knowledge. Also, if a family member inherits a portion of the property by will, you might end up co-owning with someone you wouldn’t otherwise choose.
A written agreement spelling out the terms of your co-habitation is immensely important for your own sake and peace of mind, also to establish procedures in case of a dispute or planned conversion of the property. It doesn’t always happen that both investors will live in the property, but since most people’s decision to buy a home is based on a place to live, it usually works out that way. If one of you is looking for a strict investment vehicle, an agreement to rent, lease, or provide some other consideration for a partner’s share can compensate for not moving in.
In your written agreement, You’ll want to make sure you cover;
- Expectations of each party
- Terms of sale should either of you decide to sell
- How each of you will contribute to the mortgage payment
- Any other occupants, relatives, roommates, loved ones, etc.
- Who will be responsible for maintaining various aspects of the property.
Most of all, make sure each of you can guarantee that you’ll be able to pay your share of expenses. An article by Suze Orman, suggests creating a joint checking account and for all housing costs and, setting up direct deposit so your share will always be in the account every month. At least once a month, sit down together on a set day, and pay the bills. Make sure each of you has ample emergency cash on hand (at least 3 months each) to handle any unexpected expenses.
Figure out ahead of time, how you’ll end the relationship. You know it will happen eventually, so why not spell it out, so there are no surprises. Plan for every aspect of your split. Will you buy out your partner, or vice versa? Will you sell and split the proceeds? These things should be in a written contract to avoid problems.
If you plan ahead, choose your partner wisely, and follow some simple rules, you’ll end up a homeowner, build your wealth, and live happily-ever-after (probably).
Friday, July 14, 2006
Condo Conversions Affect Median Price
The political heat may soon be off of condo converters. In the City of Los Angeles, protests have followed would-be converters in an effort to stifle the putting-out of renters. Many of whom are paying rents well below the market averages for similar apartments.
An out-of-work actor, Gary Watts told LA Times reporters, that he is being kicked out of his $950 a month, 2 bedroom apartment (which, if not in a rent control district would command $1800- $2000 per month) and has lived in for the last 15 years. He says his apartment building is being converted to condos which will be offered for sale at or around $500,000. A price he cannot afford.
While protestors badger real estate investors, (with little effect) it’s reported that condo conversions are down, and continuing to slow. The Director of USC’s center for real estate, Delores Conway cites, rising interest rates and a slowing market.
“The speculators are gone”, she said. The argument made by protestors is that converting apartments to condos removes low-cost housing from the city and are seeking a moratorium on conversions. The other side of the argument is that many conversions are purchased by the units previous tenant which, puts them in a better position.
Condo conversion are a necessary evil in the Real Estate world. Recently converted condos are usually sold at prices significantly lower than their established counterparts. This of course means ‘affordable housing’ for those who would not otherwise be able to afford a real estate purchase. On the other hand, though, a large number of condo conversions has an adverse effect on the local real estate market by artificially lowering the median price of homes, which, in turn, makes it appear that the market itself is either slowing or in some kind of trouble.
Evidence of this is shown by looking at markets where condo conversions have been frequent and in large numbers. Ignoring Los Angeles for a moment, San Diego, reports a 1% decline in their median price. An indicator that the market is falling. According to another Gary Watts of Orange County, this is a false indicator. In the past months and years, condo conversions in San Diego were prominent. Those units sell, again, at rates lower than established units lowering the entire median. The real estate market according to Sheila Anderson, a real estate agent, “there’s a lot of inventory”, the real story is that the market has stabilized.
In Long Beach, property values have continued to climb. In fact the property values in Long Beach increased 12.6 percent in the last 6 months. The indication there, is that this market is strong. In the city, there are quite a few new construction projects, condos and homes, especially in the downtown area. Condo conversion has been relatively light, so, we’re not as affected by false medians. According to the Los Angeles County Tax Assessor, Long Beach has shown the highest growth rate of all the 10 Los Angeles County cities with the highest property values.
An out-of-work actor, Gary Watts told LA Times reporters, that he is being kicked out of his $950 a month, 2 bedroom apartment (which, if not in a rent control district would command $1800- $2000 per month) and has lived in for the last 15 years. He says his apartment building is being converted to condos which will be offered for sale at or around $500,000. A price he cannot afford.
While protestors badger real estate investors, (with little effect) it’s reported that condo conversions are down, and continuing to slow. The Director of USC’s center for real estate, Delores Conway cites, rising interest rates and a slowing market.
“The speculators are gone”, she said. The argument made by protestors is that converting apartments to condos removes low-cost housing from the city and are seeking a moratorium on conversions. The other side of the argument is that many conversions are purchased by the units previous tenant which, puts them in a better position.
Condo conversion are a necessary evil in the Real Estate world. Recently converted condos are usually sold at prices significantly lower than their established counterparts. This of course means ‘affordable housing’ for those who would not otherwise be able to afford a real estate purchase. On the other hand, though, a large number of condo conversions has an adverse effect on the local real estate market by artificially lowering the median price of homes, which, in turn, makes it appear that the market itself is either slowing or in some kind of trouble.
Evidence of this is shown by looking at markets where condo conversions have been frequent and in large numbers. Ignoring Los Angeles for a moment, San Diego, reports a 1% decline in their median price. An indicator that the market is falling. According to another Gary Watts of Orange County, this is a false indicator. In the past months and years, condo conversions in San Diego were prominent. Those units sell, again, at rates lower than established units lowering the entire median. The real estate market according to Sheila Anderson, a real estate agent, “there’s a lot of inventory”, the real story is that the market has stabilized.
In Long Beach, property values have continued to climb. In fact the property values in Long Beach increased 12.6 percent in the last 6 months. The indication there, is that this market is strong. In the city, there are quite a few new construction projects, condos and homes, especially in the downtown area. Condo conversion has been relatively light, so, we’re not as affected by false medians. According to the Los Angeles County Tax Assessor, Long Beach has shown the highest growth rate of all the 10 Los Angeles County cities with the highest property values.
Thursday, July 06, 2006
Offer to Buy
I recently read an online real estate item on the latimes.com website discussing purchase offers. Diane Hymer said “Some real estate agents think that a home buyer should make an offer on any property they like, no matter what the odds are that their offer will be accepted”.
Its important for buyers to know that this is absolutely not true. I tell my buying clients that they should make offers on homes they would like to own. Furthermore, that offer should be a strong offer, meaning that it should be a fair offer and at the very least, a reasonable starting point for negotiations.
“I want this house and I’ll pay, xxx,xxx” simply isn’t enough. The terms of “standard” real estate contracts are almost never that simple. In fact, most contracts (my guess is 99.9999995% of them) are at least 10 pages or more with numerous addendums. Your agent should fully explain the offer process and discuss with you, the terms of the agreement. If you don’t understand every single term, or disagree – That contract needs to be re-written or better explained to you.
For more information on making offers, send an e-mail to teamresults@century21.com and request, “I want it, now what?” in PDF format.
Its important for buyers to know that this is absolutely not true. I tell my buying clients that they should make offers on homes they would like to own. Furthermore, that offer should be a strong offer, meaning that it should be a fair offer and at the very least, a reasonable starting point for negotiations.
“I want this house and I’ll pay, xxx,xxx” simply isn’t enough. The terms of “standard” real estate contracts are almost never that simple. In fact, most contracts (my guess is 99.9999995% of them) are at least 10 pages or more with numerous addendums. Your agent should fully explain the offer process and discuss with you, the terms of the agreement. If you don’t understand every single term, or disagree – That contract needs to be re-written or better explained to you.
For more information on making offers, send an e-mail to teamresults@century21.com and request, “I want it, now what?” in PDF format.
Sunday, July 02, 2006
Rossmoor House For Rent
http://losangeles.craigslist.org/lgb/apa/176086061.html
House For Rent
3 Bedroom, 2 Bath house with yard & swimming pool. Its central location inside Rossmoor, puts it near shopping, entertainment, schools and parks.This is a Highly Desirable unincorporated community in Orange County. The award winning Los Alamitos School District serves the area schools inside Rossmoor.Property Details:
House For Rent
3 Bedroom, 2 Bath house with yard & swimming pool. Its central location inside Rossmoor, puts it near shopping, entertainment, schools and parks.This is a Highly Desirable unincorporated community in Orange County. The award winning Los Alamitos School District serves the area schools inside Rossmoor.Property Details:
- 1,600 sq. ft.
- 3 bed/2 Bath
- Family Room
- Garage
- Front, Side, and Back Yards With Swimming Pool.
Monday, June 26, 2006
Economic Outlook
I receive many questions about the state of the Real Estate market in Southern California. Usually my answers are dead on accurate and quite to the point. There is always talk of housing bubbles and rising interest rates or worse, doomsday scenarios.
For an accurate economic forecast which includes Southern California Real Estate, I want you to visit http://www.impactre.com. This site features Gary Watts’ take on the state of things. Gary is the source I turn to for updated market information which, in my case has never been wrong.
If you’re concerned about prices, values, or market trends, you need to check this site out. Then call me!
For an accurate economic forecast which includes Southern California Real Estate, I want you to visit http://www.impactre.com. This site features Gary Watts’ take on the state of things. Gary is the source I turn to for updated market information which, in my case has never been wrong.
If you’re concerned about prices, values, or market trends, you need to check this site out. Then call me!
Sunday, June 18, 2006
HOW TO SPOT A GOOD BUY
HOW TO SPOT A GOOD BUY
By
John Wall, Residential & Investment Sales
Beauty is in the eye of the beholder, particularly when it comes to buying a home. Features that attract one home-buyer may repel another.
However, the one feature of interest to every home-buyer is price. Getting the most home for your money is paramount. The real problem is figuring out whether that fixer-upper on one street is a better buy than the home in next-to-new condition two blocks away. That’s why knowing what to look for before you buy can save you time, energy and money down the line.
The first step is figuring out what kind of house you need. A good buy is only a good buy if it meets your current and future living requirements. Before shopping for a home, decide how much space you and your family require. How many bedrooms, bathrooms? Is a family room necessary? Do you need a layout that will accommodate a lot of entertaining? Do you prefer a spacious or compact work space in the kitchen? If you have small children, can the house easily be childproofed?
Evaluate the front and back yards. Is there enough space to accommodate your children? Do you want a park-like or garden setting? Do you enjoy yard work and gardening, or do you want a low-maintenance yard? Take into consideration the cost of extensive landscaping and upkeep.
Next, determine how much work is required to make the house you are considering livable. Make an honest assessment of your fix-it abilities. How much work are you willing to do or pay someone else to do? Do you have basic decorating, carpentry and plumbing skills? If you plan to learn as you go, make sure you have accurately determined what you are getting into. Ask an experienced friend, family member or your real estate agent for their opinion, and be sure to consider how much remodeling inconvenience the rest of the family can handle.
Unless you are ready and able to tackle a major remodel, look for a house or condominium that needs only cosmetic improvements. These include painting, wallpapering and replacing items like flooring, window treatments, bathroom and kitchen fixtures, light fixtures, cabinet and interior door hardware and appliances. Remember that even these simple changes can be costly if you have to make many of them.
Beware of improvements that seem easy enough at first glance buy may turn into major headaches and require a lot of money once you’ve moved in. Remodeled kitchens and bathrooms, changes to the floor plan, room additions and redesigned landscaping are examples of seemingly minor changes that can easily eat away the money you thought you saved by selecting a so-called “bargain priced” home. Of course, you may be perfectly willing to spend whatever money is needed to customize the house to match your tastes and needs.
Make sure major systems in the house are in good working condition. The furnace, air-conditioning and plumbing should be up to date, since repairs can be costly. Your agent can arrange to have a professional inspector determine whether the electrical wiring and any room additions are to code. Local utilities often offer free or low-cost inspections to tell you if the house is energy-efficient.
Look for a house with universally popular selling points. If you’re impressed, the next buyer down the line is bound to be, too. For example, a roomy, modern east-to-clean kitchen is the best selling point a home can have. A house with only one bathroom is less desirable than a house with two or more. Many buyers expect at least three bedrooms, with a master bedroom that offers a feeling of privacy. Lots of storage space and closets, especially walk-in closets, will be a real selling point. Family rooms or “great rooms” also are desirable. On closer examination, a house that looks like a bargain may lack some of these key features.
Don’t forget the old adage: location, location, location. Unless you’re looking for a fixer-upper, the house should be in a condition that is comparable to other homes in the neighborhood. Avoid buying the biggest or fanciest home on the block. Consider the amount of traffic or noise. Homes located in a quiet area away from a busy street will command a higher price. Make sure the schools in your district have a reputation for quality education and safety. Nearby supermarkets, gas stations, restaurants and theaters also will make a location more desirable.
Good community facilities also add appeal; pools, athletic fields, community centers, libraries and hospitals all add to a neighborhood’s value and desirability. Transportation needs also should be considered. Is local public transit available? How long are typical commutes to places of current and potential employment? Are there several alternate route? How close is a major airport? All of these can affect a home’s pricing.
Consider the cost of living in a home. It’s important to consider not only purchase price but the monthly cost of living in a home. Estimate your utility and maintenance costs. For example, will the house need to be painted on a regular basis and will you need to spend money maintaining a swimming pool? Ask your agent about the property tax rate and whether increases are anticipated. Will you have to pay special assessments for a homeowner’s association? Consider the point in the life cycle of major household systems, such as the furnace, air conditioning, roof and kitchen appliances.
You can find a bargain! Your first step should be to seek out a knowledgeable real estate agent with experience in the market areas where you wish to purchase a home. I can help you locate those properties that truly are “bargains” and help find the home that most closely matches your desires and needs.
By
John Wall, Residential & Investment Sales
Beauty is in the eye of the beholder, particularly when it comes to buying a home. Features that attract one home-buyer may repel another.
However, the one feature of interest to every home-buyer is price. Getting the most home for your money is paramount. The real problem is figuring out whether that fixer-upper on one street is a better buy than the home in next-to-new condition two blocks away. That’s why knowing what to look for before you buy can save you time, energy and money down the line.
The first step is figuring out what kind of house you need. A good buy is only a good buy if it meets your current and future living requirements. Before shopping for a home, decide how much space you and your family require. How many bedrooms, bathrooms? Is a family room necessary? Do you need a layout that will accommodate a lot of entertaining? Do you prefer a spacious or compact work space in the kitchen? If you have small children, can the house easily be childproofed?
Evaluate the front and back yards. Is there enough space to accommodate your children? Do you want a park-like or garden setting? Do you enjoy yard work and gardening, or do you want a low-maintenance yard? Take into consideration the cost of extensive landscaping and upkeep.
Next, determine how much work is required to make the house you are considering livable. Make an honest assessment of your fix-it abilities. How much work are you willing to do or pay someone else to do? Do you have basic decorating, carpentry and plumbing skills? If you plan to learn as you go, make sure you have accurately determined what you are getting into. Ask an experienced friend, family member or your real estate agent for their opinion, and be sure to consider how much remodeling inconvenience the rest of the family can handle.
Unless you are ready and able to tackle a major remodel, look for a house or condominium that needs only cosmetic improvements. These include painting, wallpapering and replacing items like flooring, window treatments, bathroom and kitchen fixtures, light fixtures, cabinet and interior door hardware and appliances. Remember that even these simple changes can be costly if you have to make many of them.
Beware of improvements that seem easy enough at first glance buy may turn into major headaches and require a lot of money once you’ve moved in. Remodeled kitchens and bathrooms, changes to the floor plan, room additions and redesigned landscaping are examples of seemingly minor changes that can easily eat away the money you thought you saved by selecting a so-called “bargain priced” home. Of course, you may be perfectly willing to spend whatever money is needed to customize the house to match your tastes and needs.
Make sure major systems in the house are in good working condition. The furnace, air-conditioning and plumbing should be up to date, since repairs can be costly. Your agent can arrange to have a professional inspector determine whether the electrical wiring and any room additions are to code. Local utilities often offer free or low-cost inspections to tell you if the house is energy-efficient.
Look for a house with universally popular selling points. If you’re impressed, the next buyer down the line is bound to be, too. For example, a roomy, modern east-to-clean kitchen is the best selling point a home can have. A house with only one bathroom is less desirable than a house with two or more. Many buyers expect at least three bedrooms, with a master bedroom that offers a feeling of privacy. Lots of storage space and closets, especially walk-in closets, will be a real selling point. Family rooms or “great rooms” also are desirable. On closer examination, a house that looks like a bargain may lack some of these key features.
Don’t forget the old adage: location, location, location. Unless you’re looking for a fixer-upper, the house should be in a condition that is comparable to other homes in the neighborhood. Avoid buying the biggest or fanciest home on the block. Consider the amount of traffic or noise. Homes located in a quiet area away from a busy street will command a higher price. Make sure the schools in your district have a reputation for quality education and safety. Nearby supermarkets, gas stations, restaurants and theaters also will make a location more desirable.
Good community facilities also add appeal; pools, athletic fields, community centers, libraries and hospitals all add to a neighborhood’s value and desirability. Transportation needs also should be considered. Is local public transit available? How long are typical commutes to places of current and potential employment? Are there several alternate route? How close is a major airport? All of these can affect a home’s pricing.
Consider the cost of living in a home. It’s important to consider not only purchase price but the monthly cost of living in a home. Estimate your utility and maintenance costs. For example, will the house need to be painted on a regular basis and will you need to spend money maintaining a swimming pool? Ask your agent about the property tax rate and whether increases are anticipated. Will you have to pay special assessments for a homeowner’s association? Consider the point in the life cycle of major household systems, such as the furnace, air conditioning, roof and kitchen appliances.
You can find a bargain! Your first step should be to seek out a knowledgeable real estate agent with experience in the market areas where you wish to purchase a home. I can help you locate those properties that truly are “bargains” and help find the home that most closely matches your desires and needs.
Tuesday, June 13, 2006
Low Down Options
EASING YOUR WAY INTO HOMEOWNERSHIP: A GUIDE TO LOW DOWN PAYMENT MORTGAGE PROGRAMS
By
John Wall
There’s no question about it: Buying a first home is a big financial commitment. In most cases, a home is the largest single purchase an individual or family will make in a lifetime. However, because of the tax advantages afforded to homeowners, buying a home also can be one of the best financial decisions you’ll ever make.
Problem is, many would-be homeowners remain renters simply because they mistakenly believe mortgage lenders require that buyers come up with 20 percent of the purchase price as a down payment. While it’s true lenders feel it’s less risky to work with buyers who are able to bring a substantial down payment to the table, the standard 20 percent requirement is fast becoming a relic of the past. In recent years, lenders have become more flexible in working with first-time homebuyers by creating a variety of special programs that require only a small down payment. These programs, combined with the most favorable interest rates in two decades, have encouraged growing numbers of renters to consider the tremendous benefits of home ownership.
While the list of programs offered by individual lenders is too extensive to mention in detail, here are some common programs you are likely to come across as you work with your real estate agent to purchase your first home:
Federal Housing Administration (FHA): FHS mortgages allow homebuyers to purchase a home with as little as a 5 percent down payment, and to finance all non-recurring closing costs. The current maximum loan amount in most urban markets is $151,725. In addition, borrowers are allowed to use up to 41 percent of their gross income toward paying mortgage debt – well above the ratio allowed under most private programs.
Department of Veterans Affairs (VA): VA mortgages allow veteran or active service personnel purchase home with no down payment, up to the current maximum price of $184.000. However, there is no purchase price limitation for buyers able to make a down payment. Like the FHA program, VA borrowers can put up to 41 percent of gross income toward their mortgage debt.
Mortgage Revenue Bonds and Mortgage Credit Certificates: Mortgages funded with these instruments typically require a minimum of 5 percent down and have interest rates that are 1.5 to 2 percentage points below conventional 30-year fixed rates. These types of loans, offered by state and local housing agencies, are available only to first-time homebuyers. There generally are income and purchase price caps that vary, depending on where you plan to buy.
Private Mortgage Insurance: Most major lenders offer privately insured mortgages, which generally require a 10 percent down payment (although some lenders offer loans with a 5 percent down payment to buyers with exceptional credit). These loans typically are not limited by maximum loan amount or purchase price limitation.
Community Homebuyer Program: Through their networks of mortgage lenders, the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) offer Community Homebuyer Program loans. These programs require a 5 percent down payment, 3 percent of which may be a gift. To further help buyers qualify, applicants may use 38 percent of their gross income. Currently, the maximum loan amount available through these programs is $203,150.
Clearly, there are a lot of options for first-time homebuyers. While lenders will be more than happy to share information about their own programs, you can save yourself a good deal of time by first selecting a professional real estate agent who is experienced in working with first-time buyers in the areas where you plan to buy. As agent who focuses on first-time buyers will know from experience which lenders in your area offer a low down payment program that will meet your unique needs.
Today, taking the first step toward owning your own home is easier than before. Your real estate agent is your best resource for finding innovative ways to help you come up with a down payment and qualify for financing. There’s certainly no need to wait until you’ve saved a 20 percent down payment!
For more information on low down mortgages or other real estate information, please e-mail teamresults@century21.com, or call 562-433-1914.
By
John Wall
There’s no question about it: Buying a first home is a big financial commitment. In most cases, a home is the largest single purchase an individual or family will make in a lifetime. However, because of the tax advantages afforded to homeowners, buying a home also can be one of the best financial decisions you’ll ever make.
Problem is, many would-be homeowners remain renters simply because they mistakenly believe mortgage lenders require that buyers come up with 20 percent of the purchase price as a down payment. While it’s true lenders feel it’s less risky to work with buyers who are able to bring a substantial down payment to the table, the standard 20 percent requirement is fast becoming a relic of the past. In recent years, lenders have become more flexible in working with first-time homebuyers by creating a variety of special programs that require only a small down payment. These programs, combined with the most favorable interest rates in two decades, have encouraged growing numbers of renters to consider the tremendous benefits of home ownership.
While the list of programs offered by individual lenders is too extensive to mention in detail, here are some common programs you are likely to come across as you work with your real estate agent to purchase your first home:
Federal Housing Administration (FHA): FHS mortgages allow homebuyers to purchase a home with as little as a 5 percent down payment, and to finance all non-recurring closing costs. The current maximum loan amount in most urban markets is $151,725. In addition, borrowers are allowed to use up to 41 percent of their gross income toward paying mortgage debt – well above the ratio allowed under most private programs.
Department of Veterans Affairs (VA): VA mortgages allow veteran or active service personnel purchase home with no down payment, up to the current maximum price of $184.000. However, there is no purchase price limitation for buyers able to make a down payment. Like the FHA program, VA borrowers can put up to 41 percent of gross income toward their mortgage debt.
Mortgage Revenue Bonds and Mortgage Credit Certificates: Mortgages funded with these instruments typically require a minimum of 5 percent down and have interest rates that are 1.5 to 2 percentage points below conventional 30-year fixed rates. These types of loans, offered by state and local housing agencies, are available only to first-time homebuyers. There generally are income and purchase price caps that vary, depending on where you plan to buy.
Private Mortgage Insurance: Most major lenders offer privately insured mortgages, which generally require a 10 percent down payment (although some lenders offer loans with a 5 percent down payment to buyers with exceptional credit). These loans typically are not limited by maximum loan amount or purchase price limitation.
Community Homebuyer Program: Through their networks of mortgage lenders, the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) offer Community Homebuyer Program loans. These programs require a 5 percent down payment, 3 percent of which may be a gift. To further help buyers qualify, applicants may use 38 percent of their gross income. Currently, the maximum loan amount available through these programs is $203,150.
Clearly, there are a lot of options for first-time homebuyers. While lenders will be more than happy to share information about their own programs, you can save yourself a good deal of time by first selecting a professional real estate agent who is experienced in working with first-time buyers in the areas where you plan to buy. As agent who focuses on first-time buyers will know from experience which lenders in your area offer a low down payment program that will meet your unique needs.
Today, taking the first step toward owning your own home is easier than before. Your real estate agent is your best resource for finding innovative ways to help you come up with a down payment and qualify for financing. There’s certainly no need to wait until you’ve saved a 20 percent down payment!
For more information on low down mortgages or other real estate information, please e-mail teamresults@century21.com, or call 562-433-1914.
Sunday, May 28, 2006
Attention Washington Mutual Customers
Attention
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Customers:
Would you like to have an extra $500 deposited directly into your Washington Mutual Checking or Savings Account?
When you buy or sell a home with (image placeholder)
Team Results, will deposit $500 into your account upon close of escrow.
That’s free money you can use for anything!
If you have any questions, Please ask us. But hurry, This offer ends August 1, 2006.
TeamResults@Century21.com
(image placeholder)
Customers:
Would you like to have an extra $500 deposited directly into your Washington Mutual Checking or Savings Account?
When you buy or sell a home with (image placeholder)
Team Results, will deposit $500 into your account upon close of escrow.
That’s free money you can use for anything!
If you have any questions, Please ask us. But hurry, This offer ends August 1, 2006.
TeamResults@Century21.com
Tuesday, April 18, 2006
The Real Estate Market No Longer Rising at an Unsustainable Pace
The median home price in Los Angeles rose above the half-million mark last month up 3% since February, to $506,000. New homes rose 8.6% in the area and market growth is being credited to the region’s diverse economy and continued job growth.
So, market watchers are sill optimistic about future real estate trends in Southern California.
All factors considered, the market is stable and rising slowly at a sustainable rate. Real Estate is still the single best investment a buyer can make, even though (especially because) the explosive growth and rapid acceleration of home values are beginning to slow and normalize within the marketplace.
So, market watchers are sill optimistic about future real estate trends in Southern California.
All factors considered, the market is stable and rising slowly at a sustainable rate. Real Estate is still the single best investment a buyer can make, even though (especially because) the explosive growth and rapid acceleration of home values are beginning to slow and normalize within the marketplace.
Tuesday, April 11, 2006
moving on
MOVING ON: POWERFUL TIPS FOR SELLING YOUR HOMEJohn Wall
Maybe you're moving to a larger home to accommodate a growing family, relocating for a new career opportunity, or purchasing a townhouse for retirement. Whatever the reason for the move, you'll need to take the necessary steps to sell your home for the best possible price, within a reasonable amount of time. Where do you begin?
If you're like most people, you'll start by seeking assistance from a professional. A local real estate sales associate, who knows your neighborhood, can help you determine a fair market price. The sales associate should also recommend the extent to which you should make repairs or improvements to your house.
In order to select a real estate professional who's right for you, ask family, friends and neighbors for referrals. Attend open houses and interview several sales associates to find out how professional or experienced they may be. Get a written outline of how they plan to market your property and the services they will offer you.
Once you've identified a qualified professional, the rest is chemistry. Is the sales associate someone with whom you would like to work closely? Do you feel comfortable with the sales associate as your partner, working with you to give you advice and acting as your representative? Does he or she practice a consultative selling approach, focusing on the long-term client relationship and on the importance of exceeding client needs and expectations or is he or she caught up in the proverbial 'hard sell?'
The brokerage firm that your agent is associated with is also important. Research the firm's success rate and commitment to quality service. Does it survey existing clients in order to ensure customer satisfaction? What are the results of those surveys? How in tune are they with consumer needs? Do they offer guidance with mortgages or any discounts for other home related or moving services?
Determining your home's fair market value is one of the most important decisions you'll make during the home-selling/buying process. Your sales associate can help you set a fair price based on local market conditions. For instance, she or he will provide sale prices and other statistics of homes similar to yours that have recently been sold. Prospective buyers will be comparing your home to others on the market. Therefore, setting a comprehensive price can determine if your property will or will not sell.
For the first offer made, it's rare that the prospective buyer matches the asking price. If the offer is reasonably close to the asking price, carefully consider the offer before you consider turning it down. Curiously, it's the first offer that can often be the best offer. If the first offer is unacceptable to you, it may in your best interest to have your sales associate respond with a counter offer. Whenever considering an offer, ask yourself if you would purchase the property for the amount being offered. Always be willing to negotiate, especially if the prospective buyer is pre-qualified for a mortgage.
Once you decide what terms are acceptable, let your sales associate negotiate with the prospective buyer to work out the best agreement for you. You'll need to be patient while the buyer arranges financing and as the real estate company compiles and prepares pertinent data.
Careful planning and sound advice from a real estate professional can make selling your home a very satisfying experience. For further information, please contact, John Wall, Century 21 Results, (562) 531-7000, or e-mail john.wall1@century21.com
Saturday, March 11, 2006
Open House
Its raining today throughout Southern California. I’ve cancelled my open house today though, Dixie will be hosting for private showings. I don’t do open houses when it rains (anymore) and I thought I’d share why.
When hosting open house for a client, the agent is for all intents and purposes “Head of the Household” during the time its open. As an agent we have a responsibility to maintain the property and ensure nothing is damaged or soiled (beyond our control).
Frankly, and, I know this example isn’t you, but people have no manners today. The biggest no-no I see, is people who don’t wipe their feet before entering an open house. And even though it is open to the public for a day or two, as a visitor, you’re still a guest in someone else’s home. Personally, I’ve paid for too many steam cleanings for anyone to convince me that open house on a rainy day is a good thing.
This may seem a silly topic but if you’ve ever been a homeseller who’s agent held open house on a rainy day, you know exactly what I’m talking about and are probably glad I’m doing it. So, while we’re talking manners I’d like go over some thoughtful behavior to consider when attending an open house.
Wipe your feet or better yet, take off your shoes. This is common courtesy we’ve just talked about.
If the hosting agent isn’t immediately visible when you walk up-to or into the door, nock, ring the bell, or announce yourself before going in. (I call them ‘secret shoppers’. They walk in, look around and then scare the heck out of you when you turn around)
Introduce yourself to the agent, ask for a flyer (a good agent will have already offered you one though.) and ask if there is any information about the home that isn’t on the flyer. If you have any other questions before you tour, now is a great time to ask before you forget.
If there is a sign in sheet or guest book, sign it. Many people don’t like to sign these because they think that they’re going to get lots of calls and letters from the realtor. Its true, Realtors will use this information to contact you about your interest in the home or others in the area. Personally, I only do that if the visitor asks to be contacted. I urge my visitors to sign for the simple fact that owner’s want to know who’s in their home and it helps me monitor my business and see what advertising works, where home buyers are coming from and what their looking for. If you don’t want to be contacted, say so. A responsible agent will respect that. If you’re still leery, don’t use false information, just write your name and city. It helps us streamline our business if we know, who are the lookie-loo neighbors and who are the serious buyers.
As you tour the home, ask to see any special features, at a busy open house, one great aspect of a home may easily be overlooked. It might just be something you’re looking for. Also during your tour don’t open closed doors. Seller’s often place personal items out of the way in cupboards or closets and even though, these are important areas to know about when considering a home, its just not nice to look at other people’s “undies”. If you’re truly interested in the home, arrangements can be made for a more thorough walkthrough than should be done at an open house. Remember an open house isn’t an inspection, it’s a pre-view.
During your visit don’t discuss decorator items, you don’t like or work you think needs doing. Especially if the seller is present! If you don’t like the house, fine, if you do and you think the seller should do something before you’d consider buying it, talk to the agent. If the seller feels insulted by your request – you’ll find it difficult make a successful purchase. Agents know how to talk to sellers and can present your concerns or desires in a way that is more likely to get the results you want without killing a deal that hasn’t been made yet.
Price. (I’m going to get slightly rude here) The discussion of price doesn’t need to happen unless you’re making an offer. Don’t make blanket statements about the price being too high or too low. Again, this is something to talk to the agent about, if you think a home is overpriced say so, the agent should be able to justify the price, if not, write an offer for what you’re willing to pay. Personally, I’m not interested in comments about the price until a written offer is made. I know exactly why a home is worth $50,000 more or less than the same model down the street and I’m happy to discuss it, but, don’t talk to me about your friend, cousin, neighbor, aunt, garbage man who has a similar home and bought or sold it for whatever. Suffice to say, price is a matter of negotiation, not story telling or your views about the condition of the marketplace.
If you’re an agent (secret agent?) introduce yourself to the hosting agent and leave your business card. You know why.
When you conclude your visit, ask the agent for other properties in the area. A surprising number of people loose out on their dream home by not asking. (again a good agent will have already offered you a list) This is also the time to ask any questions about the home that you haven’t already asked. Remember, agents might not know every little detail, but should be more than willing to get an answer in a reasonable time.
If you’re interested in buying the home, get moving! Start the process right away.
Don’t just leave without saying goodbye, and, thank you. A couple of nice comments might just cheer up an agent who’s been on their feet all day.
I hope you visit an open house every chance you get. The wealth of information you can obtain is invaluable, not to mention you might just find your dream home. (coffee and donuts are good too if they’re offered) Thank you, and I’ll see you at ‘the open’.
When hosting open house for a client, the agent is for all intents and purposes “Head of the Household” during the time its open. As an agent we have a responsibility to maintain the property and ensure nothing is damaged or soiled (beyond our control).
Frankly, and, I know this example isn’t you, but people have no manners today. The biggest no-no I see, is people who don’t wipe their feet before entering an open house. And even though it is open to the public for a day or two, as a visitor, you’re still a guest in someone else’s home. Personally, I’ve paid for too many steam cleanings for anyone to convince me that open house on a rainy day is a good thing.
This may seem a silly topic but if you’ve ever been a homeseller who’s agent held open house on a rainy day, you know exactly what I’m talking about and are probably glad I’m doing it. So, while we’re talking manners I’d like go over some thoughtful behavior to consider when attending an open house.
Wipe your feet or better yet, take off your shoes. This is common courtesy we’ve just talked about.
If the hosting agent isn’t immediately visible when you walk up-to or into the door, nock, ring the bell, or announce yourself before going in. (I call them ‘secret shoppers’. They walk in, look around and then scare the heck out of you when you turn around)
Introduce yourself to the agent, ask for a flyer (a good agent will have already offered you one though.) and ask if there is any information about the home that isn’t on the flyer. If you have any other questions before you tour, now is a great time to ask before you forget.
If there is a sign in sheet or guest book, sign it. Many people don’t like to sign these because they think that they’re going to get lots of calls and letters from the realtor. Its true, Realtors will use this information to contact you about your interest in the home or others in the area. Personally, I only do that if the visitor asks to be contacted. I urge my visitors to sign for the simple fact that owner’s want to know who’s in their home and it helps me monitor my business and see what advertising works, where home buyers are coming from and what their looking for. If you don’t want to be contacted, say so. A responsible agent will respect that. If you’re still leery, don’t use false information, just write your name and city. It helps us streamline our business if we know, who are the lookie-loo neighbors and who are the serious buyers.
As you tour the home, ask to see any special features, at a busy open house, one great aspect of a home may easily be overlooked. It might just be something you’re looking for. Also during your tour don’t open closed doors. Seller’s often place personal items out of the way in cupboards or closets and even though, these are important areas to know about when considering a home, its just not nice to look at other people’s “undies”. If you’re truly interested in the home, arrangements can be made for a more thorough walkthrough than should be done at an open house. Remember an open house isn’t an inspection, it’s a pre-view.
During your visit don’t discuss decorator items, you don’t like or work you think needs doing. Especially if the seller is present! If you don’t like the house, fine, if you do and you think the seller should do something before you’d consider buying it, talk to the agent. If the seller feels insulted by your request – you’ll find it difficult make a successful purchase. Agents know how to talk to sellers and can present your concerns or desires in a way that is more likely to get the results you want without killing a deal that hasn’t been made yet.
Price. (I’m going to get slightly rude here) The discussion of price doesn’t need to happen unless you’re making an offer. Don’t make blanket statements about the price being too high or too low. Again, this is something to talk to the agent about, if you think a home is overpriced say so, the agent should be able to justify the price, if not, write an offer for what you’re willing to pay. Personally, I’m not interested in comments about the price until a written offer is made. I know exactly why a home is worth $50,000 more or less than the same model down the street and I’m happy to discuss it, but, don’t talk to me about your friend, cousin, neighbor, aunt, garbage man who has a similar home and bought or sold it for whatever. Suffice to say, price is a matter of negotiation, not story telling or your views about the condition of the marketplace.
If you’re an agent (secret agent?) introduce yourself to the hosting agent and leave your business card. You know why.
When you conclude your visit, ask the agent for other properties in the area. A surprising number of people loose out on their dream home by not asking. (again a good agent will have already offered you a list) This is also the time to ask any questions about the home that you haven’t already asked. Remember, agents might not know every little detail, but should be more than willing to get an answer in a reasonable time.
If you’re interested in buying the home, get moving! Start the process right away.
Don’t just leave without saying goodbye, and, thank you. A couple of nice comments might just cheer up an agent who’s been on their feet all day.
I hope you visit an open house every chance you get. The wealth of information you can obtain is invaluable, not to mention you might just find your dream home. (coffee and donuts are good too if they’re offered) Thank you, and I’ll see you at ‘the open’.
Sunday, March 05, 2006
Have you zillowed?
Zillow.com took another beating in the press today. Our readers of course, know all about zillow.com from out article of February 10, 2006 (What’s wrong with zillow.com). In that brilliantly biased review of zillow, we analyzed its inner workings and tested it against properties we have strong information on. See that article here.
In today’s Los Angeles Times article (Real Estate Section) it doesn’t offer much favor to zillow and actually implies (by stating outright) that “zestimates” of user’s home values ‘izn’t’ [sic] worth the time it takes to type in the address.
Zillow says that their estimates are within 10% of the selling price. Really!?!?
10% of 1,000,000 is (1,000,000 x .10) 100,000. Which means (you know its coming) that someone is either underpaying or overpaying by a hundred thousand dollars on a home whose information is posted on zillow.com! That’s a huge margin and it doesn’t sound like a transaction I’d like to be anywhere near.
Hope Edelman doesn’t like the fact that zillow enables people to look up financial information about her which they may use to determine how much she could bare if a person were to sue her. I agree with her concern too. I don’t like the idea of people assuming that I can afford to settle some dumb lawsuit because of information they’ve found on zillow. I think her concern was that this information may invite a frivolous lawsuit, and again, I don’t like it either. To Hope, I’d say, get over it though. Attorney’s have been doing this forever and probably always will. This information was never hidden or secret, and, any lawyer worth his or her salt, would have a body at the county recorder’s office on a regular basis checking out this kind of information upon which they might determine a settlement amount or total damages to sue for.
Enough about zillow already! Back to the Long Beach real estate market. From recent closings, you may expect to find purchase prices at or near 530,000 for 2 bedroom, 1(+) baths under 1500 square feet living space. 3/2 houses +/- 580,000 and 2 bedroom condos in the high 200,000 to middle 300,000 range.
For an accurate estimate of your homes value please call upon a professional, Give Dixie a call at (562) 531-7000 x. 190 for a no obligation, no sales pressure presentation. Oh, and its free! Send E-mail
In today’s Los Angeles Times article (Real Estate Section) it doesn’t offer much favor to zillow and actually implies (by stating outright) that “zestimates” of user’s home values ‘izn’t’ [sic] worth the time it takes to type in the address.
Zillow says that their estimates are within 10% of the selling price. Really!?!?
10% of 1,000,000 is (1,000,000 x .10) 100,000. Which means (you know its coming) that someone is either underpaying or overpaying by a hundred thousand dollars on a home whose information is posted on zillow.com! That’s a huge margin and it doesn’t sound like a transaction I’d like to be anywhere near.
Hope Edelman doesn’t like the fact that zillow enables people to look up financial information about her which they may use to determine how much she could bare if a person were to sue her. I agree with her concern too. I don’t like the idea of people assuming that I can afford to settle some dumb lawsuit because of information they’ve found on zillow. I think her concern was that this information may invite a frivolous lawsuit, and again, I don’t like it either. To Hope, I’d say, get over it though. Attorney’s have been doing this forever and probably always will. This information was never hidden or secret, and, any lawyer worth his or her salt, would have a body at the county recorder’s office on a regular basis checking out this kind of information upon which they might determine a settlement amount or total damages to sue for.
Enough about zillow already! Back to the Long Beach real estate market. From recent closings, you may expect to find purchase prices at or near 530,000 for 2 bedroom, 1(+) baths under 1500 square feet living space. 3/2 houses +/- 580,000 and 2 bedroom condos in the high 200,000 to middle 300,000 range.
For an accurate estimate of your homes value please call upon a professional, Give Dixie a call at (562) 531-7000 x. 190 for a no obligation, no sales pressure presentation. Oh, and its free! Send E-mail
Wednesday, March 01, 2006
Avoid a bad investment
AVOIDING A BAD INVESTMENT
IS EASIER THAN YOU MIGHT THINK
By
John WallSouthern California Residential & Investment Sales
Human nature being what it is, none of us can get serious about the idea of buying a house without experiencing at least a few small twinges of worry. What we fear, of course, is making a mistake. And the mistake we tend to fear most is buying a “lemon” – a house that doesn’t simply fail to satisfy our hopes but turns out to have so many flaws that it’s a disastrously bad investment.
The good news is that the danger of getting stuck with a lemon of a house is one of the most easily avoided dangers in the whole universe of personal finance. Prospective homebuyers are protected in many ways, and they can further strengthen their defenses by taking a few simple, commonsensical precautionary steps.
The first of your protections is the fact that in many places sellers are required by law to make problems known to potential buyers – and are liable under the law if they fail to make adequate disclosure.
For obvious reasons, however, most of us prefer to steer clear of legal entanglements even when the law is on our side. In the housing market we do this by identifying problems before closing the deal. And identifying problems isn’t necessarily all that difficult. Even a person who’s not an electrician or plumber or construction expert often can identify areas of potential concern simply by being alert when visiting a house that’s on the market.
It’s a simple matter, for example, to turn on faucets and showers to test water pressure. In a bathroom it’s a simple matter to turn on the hot water both at the sink and in the shower at the same time and then flush the toilet and watch for drastic drops in pressure or temperature. This is highly likely to produce evidence of whatever problems are lurking in the plumbing system.
Most homes should provides at least 200 amps of electrical power, and it’s usually possible to confirm this simply by checking the numbers on the circuit-breaker panel. Check, too, for extra-heavy 220 –volt outlets where they’re needed for a washer, dryer and other heavy appliances – and for the grounded three-prong outlets needed for computers and power tools.
A house that’s been standing for years but still has straight walls and ceilings and remains free of cracks and the stains that indicate leaks is likely to be structurally sound.
Are the basement walls damp – or even wet? Have termites left their calling cards – tubes or tunnels where the walls touch the ground, or wood debris around baseboards?
Wherever you see such things, things that you wonder about because you don’t understand them or wouldn’t expect to find them in a completely sound structure, you can be confident that it’s time for further examination. Keep an open mind about what that further examination might lead to , however. Things that can look like big trouble to the amateur eye sometimes turn out to be quite trivial when an expert checks them out.
The word “expert” is a crucially important one to remember. Ultimately, before closing on the house of your choice, you should have it inspected by a professional – one who has solid credentials and a solid reputation and whose work is guaranteed. Your purchase should be contingent on the results of the inspection. Your realtor can help you make all this happen, thereby reducing your risk to the vanishing point.
IS EASIER THAN YOU MIGHT THINK
By
John WallSouthern California Residential & Investment Sales
Human nature being what it is, none of us can get serious about the idea of buying a house without experiencing at least a few small twinges of worry. What we fear, of course, is making a mistake. And the mistake we tend to fear most is buying a “lemon” – a house that doesn’t simply fail to satisfy our hopes but turns out to have so many flaws that it’s a disastrously bad investment.
The good news is that the danger of getting stuck with a lemon of a house is one of the most easily avoided dangers in the whole universe of personal finance. Prospective homebuyers are protected in many ways, and they can further strengthen their defenses by taking a few simple, commonsensical precautionary steps.
The first of your protections is the fact that in many places sellers are required by law to make problems known to potential buyers – and are liable under the law if they fail to make adequate disclosure.
For obvious reasons, however, most of us prefer to steer clear of legal entanglements even when the law is on our side. In the housing market we do this by identifying problems before closing the deal. And identifying problems isn’t necessarily all that difficult. Even a person who’s not an electrician or plumber or construction expert often can identify areas of potential concern simply by being alert when visiting a house that’s on the market.
It’s a simple matter, for example, to turn on faucets and showers to test water pressure. In a bathroom it’s a simple matter to turn on the hot water both at the sink and in the shower at the same time and then flush the toilet and watch for drastic drops in pressure or temperature. This is highly likely to produce evidence of whatever problems are lurking in the plumbing system.
Most homes should provides at least 200 amps of electrical power, and it’s usually possible to confirm this simply by checking the numbers on the circuit-breaker panel. Check, too, for extra-heavy 220 –volt outlets where they’re needed for a washer, dryer and other heavy appliances – and for the grounded three-prong outlets needed for computers and power tools.
A house that’s been standing for years but still has straight walls and ceilings and remains free of cracks and the stains that indicate leaks is likely to be structurally sound.
Are the basement walls damp – or even wet? Have termites left their calling cards – tubes or tunnels where the walls touch the ground, or wood debris around baseboards?
Wherever you see such things, things that you wonder about because you don’t understand them or wouldn’t expect to find them in a completely sound structure, you can be confident that it’s time for further examination. Keep an open mind about what that further examination might lead to , however. Things that can look like big trouble to the amateur eye sometimes turn out to be quite trivial when an expert checks them out.
The word “expert” is a crucially important one to remember. Ultimately, before closing on the house of your choice, you should have it inspected by a professional – one who has solid credentials and a solid reputation and whose work is guaranteed. Your purchase should be contingent on the results of the inspection. Your realtor can help you make all this happen, thereby reducing your risk to the vanishing point.
Thursday, February 23, 2006
$1,000,000 or More
There’s an interesting article in the Long Beach Press Telegram today about high-end housing. Mostly homes over the $1 million mark. In Long Beach and Signal Hill, there are many ‘over a million’ homes. More so today than there was 5 years ago.
In 2001 there were 19 homes sold for 1,000,000 or more. Last year there were 189. The high-end market has continued to see double digit percentage price increases in these areas. As pointed out in the article though, there is an increasing trend in price negotiation on homes of high caliber.
Everybody who watches the Real Estate Market knows, that a million dollars doesn’t buy what it used to. There may be hope still, there is a cooling trend sparked by intelligent buyers who realize that their million dollars doesn’t get them the palatial mansion it once did. According to my buddy Dick, buyers are saying, “if I have to come down on my home, then I expect the seller to come down in price”. Recently a home listed for $1.5M needed a 100k price reduction in order to sell. At least 1.4 is a good haul for the seller, and most likely a good deal for the buyer too. In a few years that home may well be in the 2M area.
As the saying goes, (as repeated by a real estate parrot and showman) Buy the worst house in the best neighborhood, not the best house in the worst neighborhood.
For help negotiating your million dollar purchase please feel free to call on me. I’m happy to give some helpful advice and it wont cost a thing!
In 2001 there were 19 homes sold for 1,000,000 or more. Last year there were 189. The high-end market has continued to see double digit percentage price increases in these areas. As pointed out in the article though, there is an increasing trend in price negotiation on homes of high caliber.
Everybody who watches the Real Estate Market knows, that a million dollars doesn’t buy what it used to. There may be hope still, there is a cooling trend sparked by intelligent buyers who realize that their million dollars doesn’t get them the palatial mansion it once did. According to my buddy Dick, buyers are saying, “if I have to come down on my home, then I expect the seller to come down in price”. Recently a home listed for $1.5M needed a 100k price reduction in order to sell. At least 1.4 is a good haul for the seller, and most likely a good deal for the buyer too. In a few years that home may well be in the 2M area.
As the saying goes, (as repeated by a real estate parrot and showman) Buy the worst house in the best neighborhood, not the best house in the worst neighborhood.
For help negotiating your million dollar purchase please feel free to call on me. I’m happy to give some helpful advice and it wont cost a thing!
Sunday, February 19, 2006
Mortgage Tax Deduction Safe!?!?!
While talking about President Bush’s tax plans at a Q&A in Florida, the President indicated that there was no reason to worry about the possible elimination of the residential mortgage tax deduction currently allowed by the IRS.
We’ve talked about this topic in previous articles in The Realty Report here.
The President is quoted as saying, “I don’t think you have to worry about the mortgage deduction not being a part of the income tax law.”
While calling the tax code a complicated mess, he’s directed the Treasury Department to review the recommendations made by his tax reform panel.
President Bush also said, “You’ll be happy to hear I don’t set interest rates.” Later he added, “if I were you, I’d worry about interest rates.”
No Duh! Although it seems like good news on the surface, I haven’t head one person in the white house or congress for that matter, reject the notion of eliminating the tax deduction. And I urge all homeowners and future homeowners, to contact your representatives in Washington and let them know once and for all, ELIMINATED THE MORTGAGE TAX DEDUCTION IS A BAD IDEA.
--- In other news ---
In California, the 60 day notice period for a Notice of Termination of Tenancy for tenants who have rented a unit for more than 1 year, has been suspended. The notice period is back to 30 days. See an attorney for more information regarding this Landlord’s Victory.
See Related Post.
We’ve talked about this topic in previous articles in The Realty Report here.
The President is quoted as saying, “I don’t think you have to worry about the mortgage deduction not being a part of the income tax law.”
While calling the tax code a complicated mess, he’s directed the Treasury Department to review the recommendations made by his tax reform panel.
President Bush also said, “You’ll be happy to hear I don’t set interest rates.” Later he added, “if I were you, I’d worry about interest rates.”
No Duh! Although it seems like good news on the surface, I haven’t head one person in the white house or congress for that matter, reject the notion of eliminating the tax deduction. And I urge all homeowners and future homeowners, to contact your representatives in Washington and let them know once and for all, ELIMINATED THE MORTGAGE TAX DEDUCTION IS A BAD IDEA.
--- In other news ---
In California, the 60 day notice period for a Notice of Termination of Tenancy for tenants who have rented a unit for more than 1 year, has been suspended. The notice period is back to 30 days. See an attorney for more information regarding this Landlord’s Victory.
See Related Post.
Friday, February 10, 2006
Whats wrong with zillow.com?
Zillow.com the latest site to offer real estate information to the masses. Want to know what your house is worth? Zillow.com Want to know how much to pay for your neighbors house? Zillow.com What a great idea, free real estate information at your fingertips.
I'm so glad that the expedia founder decided that this was a market worth pursuing because, it means two things to me. 1.) clients who use it, wont need me anymore (except to explain why the information on zillow is wrong) 2.) I won't have to work very hard (except for client's who have visited zillow.com and think its a good thing and actually believe what they read).
Whats wrong with zillow.com? Nothing except for all of the features we tested. First off, real estate agents have been providing this information for years at no charge. Graphs, charts, and satellite photos are nice, but, its important to have a certain amount of human experience an knowledge in marketing and valuing real estate. Of the properties we tested, comparables were flawed to the point of being useless. Although, I'm sure that lots of people will be pleased to know that you can buy 3 million dollar home with ocean view for the low low price of $850,000.
The real problem here is that there are no comps for special properties. So the numbers given by zillow are as useful as a hole in the head. The only way to value these properties is with knowledge of the buyers, sellers, and properties in the area and trends in the marketplace. The only good thing about this site is the historical value trends chart which of course charted fairly accurately (minimal margin) the upward trend in prices in our area.
Its too bad that the math doesn't work out. The trend doesn't support zillow.com estimates and vice versa. My own estimates are almost always dead on without the help of computer data (its usually outdated anyway). The idea is good, but there is no way for zillow to replace actual experience. Without human interpretation of numbers, and personal knowledge, "zestimates" will always be wrong. I know, I'm being hard on zillow's estimates because we all know that estimate means "guess", but, the best guesses from zillow are off by hundreds of thousands of dollars. That could be a very costly mistake for a buyer or seller. And if I made the same mistakes, I'd be broke and in jail.
I'm so glad that the expedia founder decided that this was a market worth pursuing because, it means two things to me. 1.) clients who use it, wont need me anymore (except to explain why the information on zillow is wrong) 2.) I won't have to work very hard (except for client's who have visited zillow.com and think its a good thing and actually believe what they read).
Whats wrong with zillow.com? Nothing except for all of the features we tested. First off, real estate agents have been providing this information for years at no charge. Graphs, charts, and satellite photos are nice, but, its important to have a certain amount of human experience an knowledge in marketing and valuing real estate. Of the properties we tested, comparables were flawed to the point of being useless. Although, I'm sure that lots of people will be pleased to know that you can buy 3 million dollar home with ocean view for the low low price of $850,000.
The real problem here is that there are no comps for special properties. So the numbers given by zillow are as useful as a hole in the head. The only way to value these properties is with knowledge of the buyers, sellers, and properties in the area and trends in the marketplace. The only good thing about this site is the historical value trends chart which of course charted fairly accurately (minimal margin) the upward trend in prices in our area.
Its too bad that the math doesn't work out. The trend doesn't support zillow.com estimates and vice versa. My own estimates are almost always dead on without the help of computer data (its usually outdated anyway). The idea is good, but there is no way for zillow to replace actual experience. Without human interpretation of numbers, and personal knowledge, "zestimates" will always be wrong. I know, I'm being hard on zillow's estimates because we all know that estimate means "guess", but, the best guesses from zillow are off by hundreds of thousands of dollars. That could be a very costly mistake for a buyer or seller. And if I made the same mistakes, I'd be broke and in jail.
Monday, February 06, 2006
Low Down Mortgage Programs
EASING YOUR WAY INTO HOMEOWNERSHIP: A GUIDE TO LOW DOWN PAYMENT MORTGAGE PROGRAMS
There’s no question about it: Buying a first home is a big financial commitment. In most cases, a home is the largest single purchase an individual or family will make in a lifetime. However, because of the tax advantages afforded to homeowners, buying a home also can be one of the best financial decisions you’ll ever make.
Problem is, many would-be homeowners remain renters simply because they mistakenly believe mortgage lenders require that buyers come up with 20 percent of the purchase price as a down payment. While it’s true lenders feel it’s less risky to work with buyers who are able to bring a substantial down payment to the table, the standard 20 percent requirement is fast becoming a relic of the past. In recent years, lenders have become more flexible in working with first-time homebuyers by creating a variety of special programs that require only a small down payment. These programs, combined with the most favorable interest rates in two decades, have encouraged growing numbers of renters to consider the tremendous benefits of home ownership.
While the list of programs offered by individual lenders is too extensive to mention in detail, here are some common programs you are likely to come across as you work with your real estate agent to purchase your first home:
Federal Housing Administration (FHA): FHS mortgages allow homebuyers to purchase a home with as little as a 5 percent down payment, and to finance all non-recurring closing costs. The current maximum loan amount in most urban markets is $151,725. In addition, borrowers are allowed to use up to 41 percent of their gross income toward paying mortgage debt – well above the ratio allowed under most private programs.
Department of Veterans Affairs (VA): VA mortgages allow veteran or active service personnel purchase home with no down payment, up to the current maximum price of $184.000. However, there is no purchase price limitation for buyers able to make a down payment. Like the FHA program, VA borrowers can put up to 41 percent of gross income toward their mortgage debt.
Mortgage Revenue Bonds and Mortgage Credit Certificates: Mortgages funded with these instruments typically require a minimum of 5 percent down and have interest rates that are 1.5 to 2 percentage points below conventional 30-year fixed rates. These types of loans, offered by state and local housing agencies, are available only to first-time homebuyers. There generally are income and purchase price caps that vary, depending on where you plan to buy.
Private Mortgage Insurance: Most major lenders offer privately insured mortgages, which generally require a 10 percent down payment (although some lenders offer loans with a 5 percent down payment to buyers with exceptional credit). These loans typically are not limited by maximum loan amount or purchase price limitation.
Community Homebuyer Program: Through their networks of mortgage lenders, the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) offer Community Homebuyer Program loans. These programs require a 5 percent down payment, 3 percent of which may be a gift. To further help buyers qualify, applicants may use 38 percent of their gross income. Currently, the maximum loan amount available through these programs is $203,150.
Clearly, there are a lot of options for first-time homebuyers. While lenders will be more than happy to share information about their own programs, you can save yourself a good deal of time by first selecting a professional real estate agent who is experienced in working with first-time buyers in the areas where you plan to buy. As agent who focuses on first-time buyers will know from experience which lenders in your area offer a low down payment program that will meet your unique needs.
Today, taking the first step toward owning your own home is easier than before. Your real estate agent is your best resource for finding innovative ways to help you come up with a down payment and qualify for financing. There’s certainly no need to wait until you’ve saved a 20 percent down payment!
There’s no question about it: Buying a first home is a big financial commitment. In most cases, a home is the largest single purchase an individual or family will make in a lifetime. However, because of the tax advantages afforded to homeowners, buying a home also can be one of the best financial decisions you’ll ever make.
Problem is, many would-be homeowners remain renters simply because they mistakenly believe mortgage lenders require that buyers come up with 20 percent of the purchase price as a down payment. While it’s true lenders feel it’s less risky to work with buyers who are able to bring a substantial down payment to the table, the standard 20 percent requirement is fast becoming a relic of the past. In recent years, lenders have become more flexible in working with first-time homebuyers by creating a variety of special programs that require only a small down payment. These programs, combined with the most favorable interest rates in two decades, have encouraged growing numbers of renters to consider the tremendous benefits of home ownership.
While the list of programs offered by individual lenders is too extensive to mention in detail, here are some common programs you are likely to come across as you work with your real estate agent to purchase your first home:
Federal Housing Administration (FHA): FHS mortgages allow homebuyers to purchase a home with as little as a 5 percent down payment, and to finance all non-recurring closing costs. The current maximum loan amount in most urban markets is $151,725. In addition, borrowers are allowed to use up to 41 percent of their gross income toward paying mortgage debt – well above the ratio allowed under most private programs.
Department of Veterans Affairs (VA): VA mortgages allow veteran or active service personnel purchase home with no down payment, up to the current maximum price of $184.000. However, there is no purchase price limitation for buyers able to make a down payment. Like the FHA program, VA borrowers can put up to 41 percent of gross income toward their mortgage debt.
Mortgage Revenue Bonds and Mortgage Credit Certificates: Mortgages funded with these instruments typically require a minimum of 5 percent down and have interest rates that are 1.5 to 2 percentage points below conventional 30-year fixed rates. These types of loans, offered by state and local housing agencies, are available only to first-time homebuyers. There generally are income and purchase price caps that vary, depending on where you plan to buy.
Private Mortgage Insurance: Most major lenders offer privately insured mortgages, which generally require a 10 percent down payment (although some lenders offer loans with a 5 percent down payment to buyers with exceptional credit). These loans typically are not limited by maximum loan amount or purchase price limitation.
Community Homebuyer Program: Through their networks of mortgage lenders, the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) offer Community Homebuyer Program loans. These programs require a 5 percent down payment, 3 percent of which may be a gift. To further help buyers qualify, applicants may use 38 percent of their gross income. Currently, the maximum loan amount available through these programs is $203,150.
Clearly, there are a lot of options for first-time homebuyers. While lenders will be more than happy to share information about their own programs, you can save yourself a good deal of time by first selecting a professional real estate agent who is experienced in working with first-time buyers in the areas where you plan to buy. As agent who focuses on first-time buyers will know from experience which lenders in your area offer a low down payment program that will meet your unique needs.
Today, taking the first step toward owning your own home is easier than before. Your real estate agent is your best resource for finding innovative ways to help you come up with a down payment and qualify for financing. There’s certainly no need to wait until you’ve saved a 20 percent down payment!
Friday, January 20, 2006
Seller Sell, Buyer Buy, Renter Cry
In the Southern California Real Estate Markets, sales prices are leveling (not dropping), rents are higher then ever before, and, new construction is way down. All this is a recipe for an outstanding 2006. On the sales side, fewer new homes means, existing home sales prices will hold if not increase slightly. Supply and demand kicks in here.
Higher rents; Renting is the alternative to ownership without any of the benefits of ownership. All Southern California areas are reporting increases in rents, some, as high as 20%. That’s good for 2 reasons and two markets. Most renters who are paying rent each and every month could afford to buy. They just don’t realize it. Also, 2nd home and investment buyers have a better chance of breaking even or even turning a profit on their residential income properties, faster than previously thought. Seller’s are selling, buyer’s are buying, and, renters are paying their Landlord’s mortgage and financing her new Mercedes Benz, that she paid cash for thanks to her 20% increase in rental income. She loves her tenants!! (not enough to fix that leaky toilet)
Higher rents; Renting is the alternative to ownership without any of the benefits of ownership. All Southern California areas are reporting increases in rents, some, as high as 20%. That’s good for 2 reasons and two markets. Most renters who are paying rent each and every month could afford to buy. They just don’t realize it. Also, 2nd home and investment buyers have a better chance of breaking even or even turning a profit on their residential income properties, faster than previously thought. Seller’s are selling, buyer’s are buying, and, renters are paying their Landlord’s mortgage and financing her new Mercedes Benz, that she paid cash for thanks to her 20% increase in rental income. She loves her tenants!! (not enough to fix that leaky toilet)
Thursday, January 12, 2006
2006 State of the Market Address
California Association of Realtor’s chief economist, Leslie Appleton-Young, delivered her predictions for 2006’s Real Estate Market at Trump National Golf Course (Yes it’s “The Donald”).
Referring to the current state of things as, “the goldilocks economy” meaning, not-to-hot, not-to-cold, she asserted there is no Real Estate Bubble adding, “The median price of a US home has never declined.”
Those who remember a price decline in the 90’s, may rest assured it was caused by massive job losses in this state. My own comment on that period is, while there were declines in prices, few homeowner’s lost their equity except under abnormal circumstances. So even during a decline, a home was a ‘safer’ investment.
So are we headed for another decline? Not yet. Economic forecasts for both California and the United States, call for continues job growth in 2006 which is always a good indicator and good news for the future of the market.
As we create quality jobs, more people just like you, will move into California, raise families and, through it all, I will be here to help with their housing needs!
’06 is off to a great start!
-John
Referring to the current state of things as, “the goldilocks economy” meaning, not-to-hot, not-to-cold, she asserted there is no Real Estate Bubble adding, “The median price of a US home has never declined.”
Those who remember a price decline in the 90’s, may rest assured it was caused by massive job losses in this state. My own comment on that period is, while there were declines in prices, few homeowner’s lost their equity except under abnormal circumstances. So even during a decline, a home was a ‘safer’ investment.
So are we headed for another decline? Not yet. Economic forecasts for both California and the United States, call for continues job growth in 2006 which is always a good indicator and good news for the future of the market.
As we create quality jobs, more people just like you, will move into California, raise families and, through it all, I will be here to help with their housing needs!
’06 is off to a great start!
-John
Saturday, January 07, 2006
Interest Rates Take a Dip
Just when you thought it was over! We all thought the trend of low mortgage rates had come to an end (well, not me of course – just see our archives), Freddie surprised us all with a slight decrease as reported by the Associated Press.
The 30 fixed rate dropped this week to 6.21 from 6.22%. That’s a savings of $1170 for the term of a $500,000 loan.
The King of re-finance, the 15 year fixed rate held steady at 5.75%. while, 1 year adjustable rate edged up 1 percentage point from last week’s 5.15%.
So why don’t you visit some open houses and start shopping for your new home. Here’s what we’ve got this weekend. [January 7 & 8, 2006].
10309 Wrangler Way, Corona 3 Bed/ 2 Bath $289,000
5118 Barlin Ave., Lakewood 3 Bed/ 1 Bath $559,000
4229 Deeboyar Ave., Lakewood 3 Bed/ 2 Bath $690,000
15156 Oliva Ave., Paramount 2 Bed/ 1 Bath $450,000
For a tour of these or other homes, please call (562) 449-8421 or e-mail RealEstateKing@Century21.com.
The 30 fixed rate dropped this week to 6.21 from 6.22%. That’s a savings of $1170 for the term of a $500,000 loan.
The King of re-finance, the 15 year fixed rate held steady at 5.75%. while, 1 year adjustable rate edged up 1 percentage point from last week’s 5.15%.
So why don’t you visit some open houses and start shopping for your new home. Here’s what we’ve got this weekend. [January 7 & 8, 2006].
10309 Wrangler Way, Corona 3 Bed/ 2 Bath $289,000
5118 Barlin Ave., Lakewood 3 Bed/ 1 Bath $559,000
4229 Deeboyar Ave., Lakewood 3 Bed/ 2 Bath $690,000
15156 Oliva Ave., Paramount 2 Bed/ 1 Bath $450,000
For a tour of these or other homes, please call (562) 449-8421 or e-mail RealEstateKing@Century21.com.
Friday, January 06, 2006
A New Year's Resolution.
Are you ready for 2006?
We’re in the new year now and Its time to start the process of buying a home. All those sweaters and ties from Aunt Bessie were just great but now its time for a gift to yourself. That gift is the American Dream, and it’s a gift that keeps on giving. Every single financial planner you’ll ever talk to, will say that the road to a successful financial future begins with owning your own home.
The beginning of the year is a great time to take some simple steps to prepare yourself for homeownership. The first thing that I recommend everyone do, is, check your credit report. This is very important because frequently a buyer’s credit report will contain erroneous or invalid information that will hurt your chances of getting the loan you deserve. If you haven’t already done so, visit the http://www.annualcreditreport.com website and order your free credit report. You’ll have to be careful and navigate only to the free areas remember that the credit bureaus are in the business to make money which is good, and they have every entitlement to. But, according a Federal Law passed in 2004 ALL CONSUMERS ARE ENTITLED TO ONE FREE ANNUAL CREDIT REPORT.
Each of the three credit bureaus are required to provide this annual report upon your request. So be sure to get all three reports. (an error might appear on all three or just one)
If you don’t have internet access (if so, please e-mail me and tell me how you’re reading this) you can call 1-877-322-8228 and request your free credit report over the phone. The call is a free, but making it may save you thousands of dollars.
The next thing is to is figure out how to stretch your buying power. Here are some tips:
There are many other simple steps you can take to get yourself on the way to homeownership. For a complete buyer’s profile, Please feel free to contact us. (562) 449-8421 or e-mail TeamResults@Century21.com
We’re in the new year now and Its time to start the process of buying a home. All those sweaters and ties from Aunt Bessie were just great but now its time for a gift to yourself. That gift is the American Dream, and it’s a gift that keeps on giving. Every single financial planner you’ll ever talk to, will say that the road to a successful financial future begins with owning your own home.
The beginning of the year is a great time to take some simple steps to prepare yourself for homeownership. The first thing that I recommend everyone do, is, check your credit report. This is very important because frequently a buyer’s credit report will contain erroneous or invalid information that will hurt your chances of getting the loan you deserve. If you haven’t already done so, visit the http://www.annualcreditreport.com website and order your free credit report. You’ll have to be careful and navigate only to the free areas remember that the credit bureaus are in the business to make money which is good, and they have every entitlement to. But, according a Federal Law passed in 2004 ALL CONSUMERS ARE ENTITLED TO ONE FREE ANNUAL CREDIT REPORT.
Each of the three credit bureaus are required to provide this annual report upon your request. So be sure to get all three reports. (an error might appear on all three or just one)
If you don’t have internet access (if so, please e-mail me and tell me how you’re reading this) you can call 1-877-322-8228 and request your free credit report over the phone. The call is a free, but making it may save you thousands of dollars.
The next thing is to is figure out how to stretch your buying power. Here are some tips:
- Pay off long-term debt by using some of your available cash and making a lower down payment.
- If you have overlooked any income, be sure to tell your loan officer. Frequently overlooked income includes, alimony, child support, bonuses, future raises and more.
- Make a higher down payment or find a co-mortgagor who is will to go on the loan with you to help you qualify for a better loan.
- Consider loans and finance options that may help stretch your dollar. Some possibilities are FHA financing, adjustable rate mortgages, interest only financing, balloon financing, or graduated payments. Your lender will fully explain these options to you so you’ll be able to make good decisions.
- Repair your credit file if you find errors in the report you obtained earlier.
- Ask the seller to carry back financing.
- Get a gift from a family member.
- Ask the seller to contribute toward closing costs.
There are many other simple steps you can take to get yourself on the way to homeownership. For a complete buyer’s profile, Please feel free to contact us. (562) 449-8421 or e-mail TeamResults@Century21.com
Sunday, January 01, 2006
Heres to a Happy New
Here’s to a Happy New Year.
Nobody knows what the market will bring this year, but we can make the best of whatever happens. Whether buying or selling, Team Results is ready to take on the task of satisfying clients and partners again in this 2006.
Please let us know if there is anything we can do to help you in your California Real Estate Endeavors this year!
-Regards,
John Wall
Dixie Escobedo
& Staff.
Email : TeamResults@Century21.com
Phone: (562) 449-8421 or (562) 896-5319
Fax: (562) 408-2121
Mail: 4909 Lakewood Blvd., Top Floor, Lakewood, Ca. 90712
Nobody knows what the market will bring this year, but we can make the best of whatever happens. Whether buying or selling, Team Results is ready to take on the task of satisfying clients and partners again in this 2006.
Please let us know if there is anything we can do to help you in your California Real Estate Endeavors this year!
-Regards,
John Wall
Dixie Escobedo
& Staff.
Email : TeamResults@Century21.com
Phone: (562) 449-8421 or (562) 896-5319
Fax: (562) 408-2121
Mail: 4909 Lakewood Blvd., Top Floor, Lakewood, Ca. 90712
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