The Real Estate Blog - a real estate weblog - real estate news.

California Homeowners "Keep Your Home"

noreply@blogger.com (Fran and Rowena) — Wed, 12 May 2010 12:45:00 +0000

California Housing Finance Agency (CalHFA) is participating in a program aimed to help California homeowners keep their home.

According to the website, "The Obama Administration has directed CalHFA to submit program proposals to assist California homeowners who are struggling with their mortgage payments."

Funded with nearly $700 million through the U.S. Treasury’s Housing Finance Agency Innovation Fund, the proposed programs are not yet available to California homeowners. The proposed programs have been submitted to the U.S. Treasury, and CalHFA is awaiting approval. It is anticipated to take between six to eight weeks from the submission date of April 16, 2010.

California homeowners should check the official CalHFA website here: Keep Your Home California

Program eligibility is spelled out on the website, explaining that "The eligibility criteria are designed to assist those who have been most seriously impacted by the current housing crisis."

In addition to borrower eligibility, you can read about property eligibility requirements on the website, including general exclusions.

Foreclosure activity up in first quarter

noreply@blogger.com (Fran and Rowena) — Thu, 15 Apr 2010 15:49:00 +0000

Realtytrac.com reports that foreclosure activity is up in the first quarter of 2010, increasing 7% over the same quarter of 2009.

The Realtytrac.com website reports that "... its U.S. Foreclosure Market Report™ for Q1 2010, which shows that foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 932,234 properties in the first quarter, a 7 percent increase from the previous quarter and a 16 percent increase from the first quarter of 2009. One in every 138 U.S. housing units received a foreclosure filing during the quarter."

The top ten states for foreclosure filings in the first quarter are (in order): Nevada, Arizona, Florida, California, Utah, Michigan, Georgia, Idaho, Illinois, and Colorado.

An interesting report. You can read it online here: Realtytrac press release on first quarter 2010 foreclosures

National Home Sales Promising

noreply@blogger.com (Fran and Rowena) — Tue, 06 Apr 2010 15:09:00 +0000

The National Association of Realtors® (NAR) reports that pending home sales for the month of February were up.

According to the NAR, "The Pending Home Sales Index, a forward-looking indicator based on contracts signed in February, rose 8.2 percent to 97.6 from a downwardly revised 90.2 in January, and remains 17.3 percent above February 2009 when it was 83.2."

A sign of a busy real estate market this spring? Possibly. In our opinion, favorable home prices, low interest rates and government tax credits are certainly encouraging buyers to consider buying this year.

To read more: NAR press release

Second Installment Property Taxes Due

noreply@blogger.com (Fran and Rowena) — Mon, 05 Apr 2010 22:57:00 +0000

It's tax time - including property taxes!

The second installment of the annual property taxes is due on February 1st, and will be accepted without penalty, if payment is received or postmarked on or before April 10, 2010. Since April 10 falls on a Saturday, the deadline is 5 pm on the next business day, or April 12, 2010. After then, the 2nd installment becomes delinquent and is subject to a late payment penalty and cost(fee).

For more information including payment options, obtaining a copy of your tax bill:

Los Angeles County Property Tax Website

Ventura County Tax Collector

Orange County Treasurer Tax Collector

San Diego County Treasurer Tax Collector

San Bernardino County Treasurer Tax Collector

Santa Barbara County Treasurer Tax Collector

California State Board of Equalization - Property Tax

California Real Estate News

noreply@blogger.com (Fran and Rowena) — Sun, 28 Mar 2010 18:59:00 +0000

By the numbers ... California Real Estate:

The California Building Industry Association reports that new home sales in California were down 12% in January when compared to the same month in 2009.

Read more here: Press Release - California Building Industry Association

The California Association of Realtors reports that median home prices increased 14.1% in February when compared to the same month in 2009. However, home sales decreased 11.7% when compared in February year-over-year.

Read more here: Press Release - California Association of Realtors

Zillow's "Zestimate" Studied

noreply@blogger.com (Fran and Rowena) — Wed, 03 Mar 2010 23:52:00 +0000

The Winter 2010 edition of "The Appraisal Journal" contains an Abstract titled "Zillow's Estimates of Single-Family Housing Values", comparing Zillow.com's Zestimate of the value of single family homes with the actual sale price of homes sold in Arlington, Texas covering data from 2006. The results are that on average, the Zillow estimate overvalued the studied properties by 10% when compared to the sale price.

There's sure to be a lot of interest in the study.

Read the Appraisal Institute Press Release:
Zillow Values No More Accurate Than Homeowners' Estimates

Read Zillow's explanation: What is a Zestimate?

In our opinion, valuing a property is so much more than just how many bedrooms it has, number of baths, square footage of the house, lot size, updates, etc. While as a Realtor we call it an "estimate" (because we are not licensed appraisers, and therefore, it is not an "appraisal" of value), we know that there is a certain amount of subjective value, intuitive value and value based on external factors that provide us with conclusion of our value estimate.

Station Fire La Canada Flintridge - Reforestation Volunteers Needed

noreply@blogger.com (Fran and Rowena) — Sun, 28 Feb 2010 16:35:00 +0000

You can help repair the damage to the Angeles Forest caused by the Station Fire.

The US Forest Service has estimated that over 11,000 acres of the 168,000 that burned in the Station Fire will not regenerate naturally, and will have to be replanted. And, it is important that proper plantings be used.

TreePeople and the US Forest Service have formed a joint effort in this regard, offering training classes for volunteers who would like to help in the reforestation effort. The Refestation Supervisor Training class is next weekend. It's a one day class offered on either Saturday, March 6 or Sunday, March 7 from 9:00 am to 3:00 pm the San Bernardino National Forest.

Actual planting will begin in Spring of 2011. The Forest Service website states "TreePeople will recruit, train, and lead crews of volunteers in planting thousands of seedlings in the 2011 and 2012 planting seasons, as part of a comprehensive ecosystem restoration effort in the burned area."

Information about the March classes is here: Reforestation Supervisor Training

More information from the US Forest Service is here: Angeles National Forest - Volunteering

Press release: TreePeople to Coordinate Volunteer Tree Planting in Station Fire Burn Area

Your generous donation of time and energy will make a difference for generations to come.

Home Buyer Tax Credit Spurs Home Sales

noreply@blogger.com (Fran and Rowena) — Fri, 26 Feb 2010 14:38:00 +0000

The home buyer tax credit appears to be helping the real estate market across the United States. Real estate agents from coast to coast are reporting increased buyer interest, in part due to the home buyer tax credit. Continued low mortgage interest rates is another reason cited for buyers to "get off the fence".

Realtors from California, Utah, North Carolina, and New Mexico share their thoughts and experience in this article:

Home Buyers Tax Credit Helps Real Estate Sales Across the US

Economy: What's the 2010 housing market outlook?

noreply@blogger.com (Fran and Rowena) — Sat, 06 Feb 2010 16:30:00 +0000

CBS Channel 2 in Los Angeles has a one hour special on this Sunday that will air after the Super Bowl (at approximately 8 pm). Titled "2010: New Decade, New Hope", it explores what this new decade may look like and how it will affect our lives.

As part of that timely special report, we were asked to sit down for an interview with veteran news anchor Paul Magers. Spending an afternoon with Paul and the skilled CBS 2 technical team, we covered many aspects of real estate --- sharing personal stories, and thoughts on real estate today, and in the future.

You can view and read the segment online here:
Economy: Is The Housing Crisis Coming To An End?

There's a web-extra 17+ minutes of interview - Paul Magers discussing the housing market for buyers and sellers with Fran and Rowena - online here:
Web Extra: Realtors Discuss Local Real Estate Market

It was an interesting discussion, to become part of a bigger picture on the economy. The hour-long special on Sunday should have thoughtful insights into what's ahead for all of us. With the economy weighing so heavily on us all, this program is a "must see".

So - set your TiVo, program your VCRs, hit the "record" button ... or just watch along with us on Sunday after the Super Bowl, around 8 pm on CBS 2 Los Angeles.

Paul Magers with realtors Fran and Rowena

Best Real Estate Agents in Los Angeles

noreply@blogger.com (Fran and Rowena) — Mon, 11 Jan 2010 14:52:00 +0000

We are proud to be named among the Ten Best Real Estate Agents in Los Angeles.

You can read the article online here: Ten Best Real Estate Agents in Los Angeles

Where have we been?

noreply@blogger.com (Fran and Rowena) — Sun, 29 Nov 2009 05:51:00 +0000

Come on over! Our Facebook page is constantly updated with news and information related to real estate in general, and items of interest in our real estate market area.

Become a fan!

Fran and Rowena on Facebook

National Real Estate News Equals Local Results

noreply@blogger.com (Fran and Rowena) — Fri, 24 Jul 2009 11:36:00 +0000

In case you missed it yesterday, the National Assocation of Realtors (NAR) released positive real estate market statistics that is widely credited with the rally on Wall Street that pushed the Dow to close over 9,000.

The NAR stated that "Existing-home sales rose for the third consecutive month with inventory easing and home prices declining less sharply in June". Taking this as an indication that the housing market has started to recover, the financial markets reacted accordingly.

Yes - that's exactly what has happened in our business. Sales are up over last year, more buyers are seriously "in" the market ... not just looking. We're noticing that in some price ranges in some areas, prices actually seem to be holding steady ... or even inching up a bit. This has generally been fueled by multiple offers, thereby pushing prices upward.

Further, the NAR states that "A June survey of NAR members shows 37 percent experienced at least one lost sale as a result of the new Home Valuation Code of Conduct, with seven out of 10 reporting an increased use of out-of-area appraisers. Seventy percent of NAR appraiser members said consumers were paying higher fees, while 85 percent report a perceived reduction in appraisal quality."

Yes - that's exactly what we wrote about in our blog post here: Whose Real Estate Market is it Anyway

To read more: National Association of Realtors July 23 press release.

10210 McBroom Street, Shadow Hills 91040 - horse property for sale

noreply@blogger.com (Fran and Rowena) — Thu, 16 Jul 2009 06:05:00 +0000

Video of Fran and Rowena listing. This five bedroom residence is approximately 4,400 square feet and is located on over 40,000 square foot lot. Pool, spa and three additional guest quarters. This Shadow Hills horse property has much to offer!

For additional information, a color brochure or a confidential appointment to see this property, please call Fran and Rowena of Dilbeck Realtors at (818) 952-0077.

Whose Real Estate Market is it Anyway?

noreply@blogger.com (Fran and Rowena) — Thu, 09 Jul 2009 03:50:00 +0000

Observations from the trenches ...

If you are familiar - even vaguely familiar - with real estate terms, then you have heard the phrases "it's a buyer's market" and "it's a seller's market". Those phrases describe who has more "control" of the real estate market.

Well, today we say "it's a lender's market".

"What do you mean by that?" you ask. In our opinion, today's real estate market is "controlled" by the lenders. If the home buyer wants to get a loan, and if a home seller wants to sell their home to the buyer who has to get a loan, then both the home buyer and the home seller have to conform to the lender's requirements.

Home buyers must qualify for the loan with strict lender guidelines.

Home sellers know that their property must qualify for the loan via the appraisal, and stringent appraisal guidelines. These appraisal guidelines changed significantly this past May 1. Read more about it here: Home Valuation Code of Conduct, enhancing the independence of appraisers. The result? Strict appraisal guidelines.

So, in today's real estate market - today's "lender's market" - it's what the lenders want that determines the fate of the transaction.

At least, that's our opinion.

Catching Up on Real Estate News

noreply@blogger.com (Fran and Rowena) — Thu, 25 Jun 2009 13:36:00 +0000

It's been busy in our office. To catch you up on some of the recent real estate news:

National Association of Realtors reports sales of existing homes rise in May, giving the market it's first back-to-back months of increased sales since 2005. Can we call it a trend? Time will tell. Read more here: National Association of Realtors May Existing Home Sales

California has 90-day moratorium on foreclosures starting June 15. Do you qualify? Read more here: California Foreclosure Prevention Act

Federal Reserve leaves Fed Funds Rate atatus quo. To read more: Federal Reserve June 24 Press Release

and finally ...

The National Association of Home Builders reports sales of new homes nearly flat in May. Read more here: NAHB May New Home Sales

Home Buyers - Time for a Change?

noreply@blogger.com (Fran and Rowena) — Wed, 24 Jun 2009 16:03:00 +0000

We got an email this week. This email led to the following blog post, sharing something that is a symptom of the real estate market today.

The email was from a prospective home buyer (a couple) who had seen us online, and read reviews of us online, and emailed us stating that they wanted to work with us to buy a home.

At their (email) request, we called this prospective home buyer. In the course of the conversation it was revealed that they had made offers on several properties, only to be "beat out" by other buyers. They were frustrated, upset, confused ... wondering why this was happening. After all, it's a "buyer's market", right?

Seems the buyer was ready for a change - a change in real estate agent.

What happened in our conversation may very well have talked the buyer out of changing agents.

We explained that multiple offers is the norm in the price range and area that the buyer is considering. There's a lot of home buying competition right now. And, the competition is tough! There are many buyers with a lot of cash to use as a down payment (yes, even in today's economy). Buyers are competing on many levels with their offers - offer price, financing terms, plus other terms that differentiate each buyer.

In addition, this prospective home buyer was discouraged that the homes they were making offers on were selling for more than asking price. They were genuinely surprised by this. We explained that many distressed properties (they were looking at foreclosures) are listed at very aggressive prices, thereby encouraging multiple offers and sales prices over the list price.

The bottom line - if you feel the agent is working hard for you, continue working with that agent. We told the buyer that we would appreciate the same loyalty if it were a buyer who was working with us.

We don't know if the buyer will decide to work with us or not. But, we do know that they appreciated our input.

And, that other agent will never know that his/her buyer called us.

Pending Home Sales Rise

noreply@blogger.com (Fran and Rowena) — Sun, 14 Jun 2009 00:45:00 +0000

While national home prices have been reported on the decline (reference our May 26, 2009 blog post: Home Prices Continue Decline Nationally"), the National Association of Realtors® (NAR) has recently released data showing that pending home sales are up for the third month in a row.

What's leading this buyer return to the real estate market? The NAR says that "Record low mortgage interest rates boosted pending home sales for the third consecutive month, with some benefit now from the first-time buyer tax credit".

To read more: NAR Press Release: Pending Home Sales Up for Three Months in a Row.

The Federal program is "A tax credit of up to $8,000 ... available for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009".

To learn more about this Federal program, please read here:
Federal Housing Tax Credit for First Time Home Buyers

Many states have their own "stimulus" program for home buyers.

In California, there is a tax credit for "qualified home buyers" who purchase a "qualified principal residence that has never been occupied". To learn more details about the program, read here: California Tax Credit for New Home Purchase

Report on Mortage Application Activity

noreply@blogger.com (Fran and Rowena) — Wed, 10 Jun 2009 13:11:00 +0000

The Mortgage Bankers Association (MBA) reports that for the week ending June 5, 2009, higher interest rates have put applications for purchases on a steady course while applications for refinances are down.

The MBA numbers indicate that "The refinance share of mortgage activity decreased to 59.4 percent of total applications from 62.4 percent the previous week. This is the lowest the refinance share has been since November 2008."

Not much of a surprise here. Our home buyers are very aware of rising interest rates. Our advice to prospective home buyers: check with your lender to see how the current interest rates will affect how much you can afford to spend on a home purchase.

To read more: Mortgage Bankers Association Press Release 6/10/09

Real Estate Major Factor in Job Change

noreply@blogger.com (Fran and Rowena) — Wed, 10 Jun 2009 09:54:00 +0000

Observations from the trenches ...

In the "old" real estate market, we would get many inquiries about real estate prices from people considering a job change or transfer into our area, or into the state of California. They wanted to know how much it would cost them to buy or rent a home. Out-of-state people were usually shocked at California prices. Move to California and pay more money for less house. Sometimes pay a lot more money for a lot less house. Many people did not make the move based on the high cost of real estate. Therefore, they did not take the new job offer.

In the "new" real estate market, we are getting many calls from people wanting us to estimate the value of their California property as part of the consideration of a job change or transfer. Now people are not making the move because they are limited by the lower value of their home in today's real estate market. They cannot afford to sell their home and, perhaps, take a loss on their investment. Therefore, they are not taking the new job offer.

It's interesting, isn't it? In either market, real estate is a major factor in the job change decision. And, in either real estate market, it can be the deciding factor.

The Secret Ingredient in Real Estate Today

noreply@blogger.com (Fran and Rowena) — Sat, 06 Jun 2009 15:58:00 +0000

Are you buying or selling a home? Then you certainly must know that this is a "new" real estate market. Not the same market as last year. Not the same market as at the beginning of this year, for that matter. This "new" real estate market is ever-changing and evolving. There's no "status quo" here!

The beginning of 2009 started out with a resounding thud - relatively few sales ... few buyers wanting, willing or able to take the step that would commit them to a mortgage payment. The state of the economy meant the state of the real estate market was definitely on hold.

But, with the spring has come a spring thaw in the real estate market. A more positive vibe is out there with home buyers (reference our prior post: Housing Market Opens up in Spring). And, let's face it. If the buyers aren't buying, there is no real estate market.

Which brings us to the subject of today's article. It seems that while there are buyers ready, willing and able to jump into the market, there is a new breed of buyer out there. We've posted about this before - Two Real Estate Markets.

So, what is the secret to surviving and thriving in today's "new" real estate market?
Patience is what it's all about! Easy to say, not so easy to do.

Home buyers need patience to survive the multiple offer process, and steep competition for distressed properties. Buyers may need to write several offers before becoming the successful buyer. Have patience buyers! Your turn will come!

Home sellers need a big dose of patience to survive the competition out there. "Regular" home sellers are competing with the "distressed" sellers, and prices aren't what they used to be. Home sellers are lamenting their home value lost to the economy. Buyers coming through their home, yet no offers.

In our opinion, buyers are being very selective right now. And sellers - this means you will, most likely, have to go through a lot of buyers before the right one appears. And when they do appear, and write an offer, consider it very seriously.

You may be able to use this real estate market to your advantage ... if you take a big dose of patience along with it!

California Real Estate License Number Mandatory

noreply@blogger.com (Fran and Rowena) — Thu, 04 Jun 2009 11:50:00 +0000

California Senate Bill No. 1461 is effective as of July 1, 2009 and it has real estate agents scrambling to comply. This Bill amends Section 10140.6 of the Business and Professions Code. As of July 1st, it requires a real estate "...licensee to include his or her license identification number on specified solicitation materials, as defined, and on real property purchase agreements when acting as an agent in those transactions."

We've been putting our license number on the purchase agreements for some time now. The California Association of Realtors® purchase agreement has been updated to include a field for the information. However, completing this information has not been mandatory up to this point.

But, it does mean that to be compliant, we will have to print new business cards and other promotional materials including notepads, etc.

What is covered? The Business and Professions code states:
"A real estate licensee shall also disclose his or her license identification number on all solicitation materials intended to be the first point of contact with consumers and on real property purchase agreements when acting as an agent in those transactions... For purposes of this section, “solicitation materials intended to be the first point of contact with consumers” includes business cards, stationery, advertising fliers, and other materials designed to solicit the creation of a professional relationship between the licensee and a consumer, and excludes an advertisement in print or electronic media and “for sale” signs."

Reference: Senate Bill 1461 (note: this is a pdf file)

Home Prices Continue Decline Nationally

noreply@blogger.com (Fran and Rowena) — Tue, 26 May 2009 15:10:00 +0000

The Standard and Poors Case-Shiller Index report through March, 2009 was released today. The report states that "...the U.S. National Home Price Index continues to set record declines".

Metropolitan areas recorded a year-over-year decline of slightly more than 19% for the first quarter. Record monthly declines were noted in Minneapolis, Detroit and New York.

On the flip side, there were some metropolitan areas that recorded improved statistics year-over-year, or when looking at the statistics compared with the month of February, 2009.

To read the press release from Standard and Poors, go here: Case-Shiller Home Price Indices (Note: This is a PDF document)

Learn more: Read about the Case-Shiller Home Price Index

Unclaimed Property and Money

noreply@blogger.com (Fran and Rowena) — Thu, 21 May 2009 17:41:00 +0000

Who knew after we posted a link on Facebook last night to search for unclaimed property that there would be such a reaction? To our surprise we found money for our family members, and now several friends and clients have told us that they have found money and property (a safe deposit box) too!

So, we thought we would share it with our friends who read this blog.

While it's not "real estate", it is "property" ... so allow us the latitude, please.

There may be money or property for you - just waiting to be claimed! In the state of California, you can search for unclaimed property here:
California unclaimed property search

We used the "individual search" function and started by putting only a last name. When there were too many results, we put only the first initial of the first name (in case there were any derivatives of the first name).

Other states have similar searches. Put "unclaimed property search" + (state name) in your search bar to find the link and start searching!

Let us know if you find money or property! Send us an email: blog(at)lacanadarealestate.com

Five Tips for Buying a Foreclosure

noreply@blogger.com (Fran and Rowena) — Thu, 14 May 2009 21:26:00 +0000

We've been working with a number of home buyers whose home of choice happens to be a bank-owned property. Yes, it has been interesting ... walking into a home and finding an empty room where the kitchen should be, or finding rooms with missing light fixtures, etc.

But, for some the property they want to call "home" is part of the "distressed" sale market. And, with this type of property/seller, it can be quite a different transaction.

Here are five tips for buying a foreclosure:

1. Be patient. The banks work on their own time frame, and this does not include weekends or evenings. Most have files and offers stacked up, and are trying to get through them as quickly as possible. The banks don't want the properties on their books any longer than they have to.

2. Do your due diligence. There are fewer disclosures on bank-owned property, and as such, the risk is with the buyer. Have inspections so that you are comfortable with your level of knowledge about the property condition. Some lenders will provide a termite inspection/clearance, some will not. If not, consider paying for one yourself. Inspect - inspect - inspect.

3. Know your budget. Yes, bank-owned properties are generally below "market" value. However, we are seeing multiple offers on these properties, with the eventual sales price going for more than asking. When you combine the increased sales price, the amount of money you spend on inspections, and then include necessary repairs (that are funded with cash out of pocket) ... make sure the property really does fit your budget.

4. Pick yourself up and do it again. You may not get the first property you make an offer on - or the second - or the third. If your offer is not selected, then move on to another property. There are more homes coming on the market every day.

5. Use a real estate agent. Using a real estate agent will give you access to the greatest number of homes; and with their professional guidance and expertise, will help you succeed in today's real estate market.

Housing Market Opens Up in Spring

noreply@blogger.com (Fran and Rowena) — Mon, 04 May 2009 03:30:00 +0000

Real estate is blooming this spring as reported in five markets - Los Angeles, Las Vegas, Nevada; Greenville, South Carolina; Sarasota, Florida; and Myrtle Beach, South Carolina.

While many news stories are about the downturn in sales and prices, these local experts are reporting brisk home buying traffic and increased optimism about this year's real estate sales. Low prices and favorable interest rates are attracting buyers, in addition to incentives.

Read more about these five spring real estate markets here: Buyers Spring Back into Favorite Real Estate Markets

*********************************************

Follow Fran and Rowena on Twitter - Fran and Rowena on Twitter
Become a Facebook "fan" - Fran and Rowena on Facebook