Foust Team Real Estate Blog

Fullerton Real Estate Sellers - Many still cling to old prices

Tue, 01 Dec 2009 14:56:48 -0600

It is with a sad heart that I have to report that many of the local Fullerton home sellers have not learned, and in fact are not listening. Real estate in Fullerton is very location specific, price wise that is. Even in this "buyers market", many of the sellers have personal opinions that are not supported by the facts. Many sellers for homes in Fullerton believe that their house is the exception to the rule - that their house did not really go down with the rest of the market in the last two years. This is just plain denial. Overpriced homes for sale in Fullerton are just sitting on the market and not getting very much traffic and especially not getting any offers. Hopefully time will teach the sellers that their price is not right - that they need to be comparable to other homes in their neighborhood - and that nothing good will happen until they lower their prices.

Specialists in Fullerton home sales, Fullerton home search, and Fullerton real estate guides plus an informative expert Real estate blog on all facets of real estate in California.

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Tue, 01 Dec 2009 12:37:47 -0600

Here's a sample of a foreclosure home tour we've made:We're working on the quality but this stuff is a lot of fun.

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Specialists in Fullerton home sales, Fullerton home search, and Fullerton real estate guides plus an informative expert Real estate blog on all facets of real estate in California.

New Real Estate Tax Break 101 - A CPA gives the whole run down

Fri, 20 Nov 2009 18:26:23 -0600

My CPA has put it all down in one easy to understand briefing. I have attached it as an "informed" professional testimonial for what the new law entails. I am sure many have re-capped it in their own words, but I wanted to get it straignt from a pro who does this for a living. Hope it helps all of you.

FIRST-TIME HOMEBUYER CREDIT UPDATE!
November 16, 2009

Dear Robert,

We are contacting you today to alert you to a significant change in the First-time Homebuyer Tax Credit that was written into the recently passed Worker, Homeownership, and Business Assistance Act of 2009. Especially as the close of the current tax year approaches, you may want to take certain steps to maximize your tax savings under the new law. We are here to assist you and answer your questions. First-time homebuyer credit: The first-time homebuyer credit is one of the most popular tax incentives in recent years. However, it is not a permanent tax break. It is temporary. Its originally scheduled expiration date of November 30, 2009 prompted Congress to extend and expand it. The new law extends the maximum $8,000 credit for principal residences purchased on or before April 30, 2010. If a taxpayer enters into a binding contract (i.e. enters escrow) before May 1, 2010 to close on the purchase of a principal residence before July 1, 2010, the credit will apply. Members of the U.S. armed forces, foreign service and intelligence community may have additional time to claim the credit if they are serving on qualified official extended duty outside of the U.S. Until now, the credit was limited to first-time homebuyers. The full credit (the $8,000 credit) is still limited to first-time homebuyers. However, some long-time residents of the same principal residence may be eligible for a reduced credit of $6,500. Generally, you must have owned and used the same residence as your principal residence for any five consecutive-year period during the eight year period ending on the date of the purchase of a subsequent principal residence. This provision is intended to help younger homeowners who are trading up and seniors who may be looking to downsize. Another change in the new law is notable in enabling many more taxpayers to take advantage of the credit. Congress raised the income phase-outs for the credit. Previously, the credit phased out for single individuals with modified adjusted gross income (MAGI) between $75,000 and $95,000 and for married couples filing joint returns with MAGI between $150,000 and $175,000. Under the new law, phase out starts for single individuals with MAGI at $125,000 and for married couples filing joint returns with MAGI at $225,000.
The homebuyer credit can be very valuable. The credit is also very complex. In addition to the provisions we have described, there are special rules for repayment, new documentation requirements, a purchase price cap, and more. Please contact our office for more details about the credit.
Sincerely yours,

Michael Silverberg, CFP, EA
Coleman Cook, CFP, EA, MBA

Check for comparable neighborhood prices at www.foustonline.com, Home searches will help you to see what the market is saying. Also review neighborhoods to get a comparison of the areas.

Follow Us on Twitter!

Fri, 20 Nov 2009 15:58:11 -0600

The link is just off to the left! What's Twitter? Ok we think the way it's usually used is kinda wierd. We're not sure why anybody would want status updates of what others are always doing. Anyway, we have found a cool use for it and are going to use it to give our information-hungry clients the latest real estate information, hot properties for sale, and things they really really should know.

Check for comparable neighborhood prices at www.foustonline.com, Home searches will help you to see what the market is saying. Also review neighborhoods to get a comparison of the areas.

Big deposits help La Mirada real estate buyers get chosen

Wed, 18 Nov 2009 10:54:08 -0600

La Mirada real estate, not unlike others, can be aided by buyer using a unique offering strategy. Recent buyers have started offering very large deposits with their offers to purchase homes in La Mirada. Homes for sale in La Mirada are being lured by a relly big deposit (like $20-30,000) in place of the normal 1 or 2% deposit. It is really just a lure to be selected by the Seller, seeing large numbers. The risk to Buyer is fixed at 3% or the earnest money deposit , whichever is less -- in these cases it is still just the 3%, no matter how high the deposits is. La Mirada real estate is just where we have used this strategy most recently - it works in many other areas.

Check for comparable neighborhood prices at www.foustonline.com, Home searches will help you to see what the market is saying. Also review neighborhoods to get a comparison of the areas.

South Bay Home For Sale - Harbor City, CA

Fri, 13 Nov 2009 13:37:48 -0600

In Escrow, Just Got Approval From The 1st Loan!!

Will take backup offers..

Price: $249,000

Bed: 2

Baths: 3

SqFt :1,008

Pre-forclosure sale

HOA Dues $ 200 + 0

Garage: 2 cars

Beautiful Cambridge Court Townhouse Priced To Sell! Vaulted Ceilings add dramatic look in Spacious Bedrooms, including Master Suite. Home has been lovingly maintained and is ready to move right in! This is NOT a Fixer.

Living Room is spacious and centered around handsome Fireplace. Two Full Bathrooms Upstairs and a Convenient Half Bathroom in Living Area. Light and Bright Kitchen will make meals a pleasure. Community has nice Pool, Security Gate, and Grassy Areas. Outside patio has room for a barbeque as well as a table and chairs.

This is a short sale so buyers will need to exercise some patience with the process, however, we do have a good contact with the lender and expect this to be a quick short sale. This Townhome has all of the most important things condo buyers are looking for: Private Laundry, No Upstairs/Downstairs Neighbors, and Private Direct Access Garage Parking....Better hurry, this deal won t last long.

Find more homes for sale on our Long Beach Homes For Sale and Long Beach Real Estate pages.

Serrano Heights View Home Recently Sold --2651 N Promontory Way, Orange CA

Thu, 12 Nov 2009 13:48:14 -0600

Just Sold by us for
$778,000

Beautiful Serrano Heights View Home!

4 Bed
4 Bath
Nearly 3000 Sqft

180 degree view lot

Built in 2002

Not a short sale or reo.

2651 N. Promontory Way
Orange, CA

Learn more about real estate in the city of Orange with our home buying guide and then find the right home at our city of Orange homes for sale page

Multiple bids on Anaheim real estate - $400,000 home gets 4 bids in three days

Thu, 12 Nov 2009 11:50:46 -0600

Anaheim real estateis just getting crazy again - run of the mill 4 bedroom home gets 4 offers in three days and then wants "last and best offers" to choose from. Is this really happening again? Sure is, for the very popular 350-450 thousand dollar range of homes for sale in Anaheim. What happened to the buyers market? Well, the supply has dried up so now all the buyers are fighting over the reachable priced homes in Anaheim. My buyers chose not to participate, but 3 of the 4 others did offer a scecond and last bid. Price went up by 30,000 dollars. This will only stop when we have more inventory to sell - soon to happen I believe.

Check for comparable neighborhood prices at www.foustonline.com, Home searches will help you to see what the market is saying. Also review neighborhoods to get a comparison of the areas.

Mid-Range Fullerton Homes for sale will finally see some buyers

Mon, 09 Nov 2009 18:45:50 -0600

At last there is some light at the end of the tunnel for the mid-range homes for sale in Fullerton, as well as many other cities around the country. Fullerton real estate has been plagued with the lack of buyers above the entry level (bargain basement) category. But now the new tax credit for move up buyers may change all of that. The new law encourages the move up by allowing a tax credit of up to $6500 for purchases of move up homes as long as the price does not exceed $800,000. The income limits have also been raised to $125,000 for single and $225,000 for joint participants. Also in order to qualify the buyer must have lived in their current house for 5 of the last 8 years. If this incentive works, then the move up market can improve and it will also bring some more entry level homes into the market. Sounds like a Win-Win to me.

Check for comparable neighborhood prices at www.foustonline.com, Home searches will help you to see what the market is saying. Also review neighborhoods to get a comparison of the areas.

La Mirada real estate becoming a destination community

Wed, 04 Nov 2009 13:26:24 -0600

La Mirada real estate is gaining popularity, especially now that "value" has become a diving force for buyers. La Mirada offer a wide range of homes and condos that can appeal to every levelof buyer. Proximity to the college has developed into an outstanding perk for many of the staff as well as students and citizens. Property price have been driven down to where La Mirada is seen to offer more square feet of home for the dollar. This, coupled with clean and safe neighborhoods, makes La Mirada homes for sale a destination city - one that people want to live in.

Check for comparable neighborhood prices at www.foustonline.com, Home searches will help you to see what the market is saying. Also review neighborhoods to get a comparison of the areas.

One great tip for Buyers when offering on Fullerton Real Estate - or anywhere

Mon, 02 Nov 2009 19:50:00 -0600

I know that this will seem apparent, but it is often overlooked. If trying to buy a home for sale in Fullerton, or any other city for that matter, the buyer has to watch the price very carefully. Now I am not talking about value, but rather about the negotiation and getting them to accept your offer, instead of one from someone else. It may seem crazy, but do not bid an even or round number. Just bump the bid up by $1,000. For example if you want to bid $375,000 for a home, stop and think - will someone else likely pick that same number? Set yourself apart from the crowd by bidding $376,000 instead. I have seen just one thousand dollars make a distinguishing difference to the Seller, in effect they just say "give it to the high bidder". Especially in these days where many people want the same nice home, a minor price difference can get your offer selected (and what is the downside - nothing). Give it a try - no harm, no foul.

We have seen this happen in Fullerton real estate two times in the last two months, it works.

Check for comparable neighborhood prices at www.foustonline.com, Home searches will help you to see what the market is saying. Also review neighborhoods to get a comparison of the areas.

Tax credit for Move Up Buyers will help Fullerton real estate sales, and many others

Thu, 29 Oct 2009 13:47:04 -0500

If the current tax credit for first time buyers is extended and modified as is now proposed, then move up buyers will get a $6500 tax credit also. Fullerton real estate could get a real boost from this new twist - the current proposal not only allows for move up buyer to participate, but also increases the current limit on income. Being considered now is a plan to let income go up to $250,000 (for joint filling) or $125,000 (for single filing). Also required is the criteria that the buyer has to have lived in their current home for 5 of the last 8 years. Homes for sale in Fullerton would then get a boost, which has not been seen in the current wake of the existing tax credit. The current tax credit targeted the first time home buyer, and therfore excluded the mid range homes typically desired by the move up buyers. If this all passes then the real estate market will get a shot in the arm.

Check for comparable neighborhood prices at www.foustonline.com, Home searches will help you to see what the market is saying. Also review neighborhoods to get a comparison of the areas.

Fullerton Real Estate - Upscale homes being bid up, multiple offers syndrome

Wed, 28 Oct 2009 12:46:49 -0500

No matter what level of home that is for sale, it now appears that the good ones are bid up above list price. Fullerton real estate is undergoing a real unique period, now the higher end homes for sale are getting multiple bids in two days. We just experienced that for a home in Fullerton that had nine offers in the first three days, the listing agent then gave us all a second chance to offer "Best and Highest" in order to pick the winner. WOW -- we have seen this at the low ball - bargains - but not at the upper levels custom, premium homes. All we can say is WOW, what happened to the buyers market.

Check for comparable neighborhood prices at www.foustonline.com, Home searches will help you to see what the market is saying. Also review neighborhoods to get a comparison of the areas.

Inventory of homes still low - Fullerton homes for sale at record lows

Fri, 23 Oct 2009 13:37:41 -0500

Fullerton homes for sale are still at record low levels. This is partly due to a bad economy and partly due to depressed prices. Owners want to sell at fair market prices, and they now think that prices are depressed (still many of them are remembering what their house used to sell for). Fullerton real estate is very typical to all of Orange County and is a good "measure" of what is happening all over the county. Even people who may want to trade up are hesitant to put their home up for sale (and compete with the low ball short sales and REO homes). As of today there are only 195 single family homes for sale in Fullerton. Also at this time there are only 65 condos for sale in Fullerton. Fullerton real estate is highly regarded, but supply is so short that it may push prices up in the local community.

Check for comparable neighborhood prices at www.foustonline.com, Home searches will help you to see what the market is saying. Also review neighborhoods to get a comparison of the areas.

Fullerton REO homes - still difficult, multiple bids situation

Thu, 22 Oct 2009 17:49:31 -0500

Fullerton real estate is still experiencing a drought of REO homes. In fact so much so, that most of the good deals (bargains) are accepting multiple offers at once. When that happens, the sellers will ask for "last and best" counter offers from all of the bidders. Not really the situation that any of the buyers want. It ultimately becomes a blind bidding war -- where you send in your best dollar offer price you can muster up -- and hope it is good enough, but fear that you may be overpaying. Buyers, especially for Fullerton real estate, want to purchase property without the fear that they may have been tricked into paying too much.

Check for comparable neighborhood prices at www.foustonline.com, Home searches will help you to see what the market is saying. Also review neighborhoods to get a comparison of the areas.

Short Sales more abundant than REO - North Orange County real estate update

Mon, 19 Oct 2009 19:25:20 -0500

North Orange County real estateis changing, and not getting easier to find REO homes for sale. September was the first month this year in which the number of closed transactions listed as Short Sales was greater than the number of closed transactions listed as REOs. The chart below indicates the percentages of Short Sales and REOs as a percentage of the current listings, current pending transactions, and as a percentage of the closed sales in the month of September.
Sept, 2009
            Short Sales   REOs
Listings   25.85%       4.27%
Pending   56.49%      9.93%
Closed    19.63%      17.81%

North Orange County real estate follows the same patterns(above figures are for Orange County), not enough REO homes for sale, but plenty of Short Sales - at least in comparison.

Check for comparable neighborhood prices at www.foustonline.com, Home searches will help you to see what the market is saying. Also review neighborhoods to get a comparison of the areas.

Brea, city of opportunities -- more than just real estate

Mon, 19 Oct 2009 18:08:01 -0500

One of the best cities in North Orange County is Brea. This small but special little city offers many special benefits to home buyers looking in North Orange County. The Brea Mall is filled with shoppers delights, discount ,as well as top flight. Brea real estateis also a myriad of possibilities. Homes range from inexpensive condos to estates of gigantic size. Brea has a wide range of real estate, some of the most varied North Orange County real estate.

Check for comparable neighborhood prices at www.foustonline.com, Home searches will help you to see what the market is saying. Also review neighborhoods to get a comparison of the areas.

La Habra real estate - two very special neighborhoods

Sat, 17 Oct 2009 14:01:20 -0500

In the city of La Habra you can find a vast array of homes and neighborhoods. Two of my favorite neighborhoods are North Hills and Country Hills. They are on opposite sides of town, and both have home sites in the hills as well as on the flatlands. Both communities are very well maintained and show high levels of pride of ownership. La Habra real estateofferings provide many features and benefits for all ranges of buyers, but these two are predominately for move-up buyers or those with significant down payments. Homes for sale in La Habra can be a very good investment of the byers time.

Check for comparable neighborhood prices at www.foustonline.com, Home searches will help you to see what the market is saying. Also review neighborhoodsto get a comparison of the areas

Bank Owned real estate sales - another step toward fairness for buyers

Fri, 16 Oct 2009 17:53:31 -0500

AB 957 will ensure that home buyers can use local escrow services to provide better service at lesser cost in the purchase of Bank Owned houses.

It is about time that the banks were forced to do what they should have been doing anyway. From now on, REO sales will not be forced to use the bank hand-picked services (and service is not what they are about). We are talking about escrow providers as well as title companies. California "got it right" this time - let the free market, not the banks, pick the best "service" suppliers for real estate transactions.

Why it took so long for legislation to see the light is amazing -- Banks were contracting for the lowest bidders for services, and then everyone else was left to suffer the poor or inferior service. That has all changed now -- life will be a little bit easier and way more fair.

Check for comparable neighborhood prices at www.foustonline.com, Home searches will help you to see what the market is saying. Also review neighborhoods to get a comparison of the areas.

Thinking of North Orange County homes? -- try thinking La Mirada instead

Thu, 15 Oct 2009 18:36:29 -0500

It may not actually be in North Orange County, but La Mirada is a compelling choice for those searching for the Orange County experience. La Mirada real estate and neighborhoods are every bit as nice as the mainstream North Orange County real estate. La Mirada also provides good schools, clean public parks, and upscale cultural activities. For example -- the La Mirada Theatre is famous for top notch entertainers and many Broadway musicals. Also the homes near BIOLA College are well designed, well cared for, and very desirable. Take a look at La Mirada - you will like what you find.

Looking for these homes can be easily done at North Orange County real estate or at La Mirada real estate.

Fullerton REO (bank owned) homes - still hard to find - selling fast

Tue, 13 Oct 2009 11:59:19 -0500

If we use Fullerton real estate as any gage at all, then REO (bank owned) homes are still very hard to find. At this moment there are on 14 of them in all of Fullerton. These are single family homes, not condos. Of these, 9 are priced under $400,000, which is to say that the low end of the market has more available than any other segment. We are sure this is due to the mortgage defaulting situation of lower income families - but this is also where the "bargain hunters" are shopping. Homes in this range move very quickly, thus creating the "hard to find" situation.

Looking for these homes can be easily done at North Orange County real estate or at Fullerton real estate.

Buyers Alert - Cancelling escrow is not free

Tue, 29 Sep 2009 14:54:47 -0500

I suspect many buyers believe that they can cancel an escrow and not lose any money. Not 100% true. Some escrows in North Orange County real estate have a cancellation fee, plus some out of pocket costs that escrow has to pay will be allocated to the buyer. Even the sellers cost of HOA documentation fees will be paid out of the deposit of the buyer (only until either another escrow is open on the property or the seller brings in some money to escrow). This will surprise many people. But remember, the only money in the escrow to pre-pay HOA document fee is the buyers money - until escrow closes of course. So be alert Buyers - you may not get all of your deposit back. (At least right away)

Bank Owned REO homes - Still hard to find

Mon, 28 Sep 2009 17:45:03 -0500

The Fullerton real estate market is still very lightly sprinkled with REO opportunities. And even the North Orange County market is sparse. On a month to month comparison the inventory of REO homes in all of Orange County has remained flat. That is to say that for each REO that gets sold, only one more comes onto the market. Hardly the "glut" of foreclosures that some experts have predicted. In fact eager buyers have to "rush" to the new offerings/listings in order to get a chance to buy. Usually it is a bidding auction for the descent ones. Today we have lots of buyers looking for bargain REO homes and very little to choose from.

Attorney tells Escrow to honor electronic signatures in Fullerton real estate

Fri, 25 Sep 2009 16:45:01 -0500

Yep --It actually happened. Escrow (not to be named) called their attorney about my use of electronic signature for buyers. He told them to honor them -- yes, a legal opinion that makes sense. Thanks to the attorney, we are now closing the escrow. -- Way to go, I will make a lot fewer attorney jokes from now on. Fullerton real estate will be "on board" with current technology (at least this escrow). We can make progress, even if it is painful (for all of us).

Electronic signatures - Will Fullerton Real Estate systems accept the change?

Wed, 23 Sep 2009 17:47:41 -0500

Real estate in Fullerton has a new obstacle to overcome. Times have changed, progress is happening. But can our systems "step up to the plate" with new technology and consider electronic signatures for their legal and solid validity?? Not so sure. We have tried several affiliates and are only batting about 65%. It seems some people just don't get it - they need the "boss" to say it is OK or get a memo changing the in-house rules to allow electronic signatures. We are battling with two firms as we speak. It will happen of course, they will some day get the word, but wow, some people don't like to change. We will fight on - it is worth it.

Check for comparable neighborhood prices at www.foustonline.com, Home searches will help you to see what the market is saying. Also review neighborhoods to get a comparison of the areas.