Okay, folks, I, Jo Ann Poole, Simi Valley Realtor says...I've got news...it is...indicators include when the phone starts ringing more (and people are looking to find out more about Simi Valley real estate), if it's only inquiries (and people are inquiring about Wood Ranch real estate) or more visitors are walking through the doors or coming on to websites (and they aren't looking anymore for Simi Valley bank owned or Simi Valley foreclosures)...these are indicators that the economy is picking up...especially when we are seeing multiple offers on non-distressed properties.
This article came across my desk and it's important enough for you to review, especially the highlighted areas. The Window of Opportunity for low offers and "great" deals has passed. Either you step up to the plate in today's market, or you will have to wait until the next cycle...and who knows when they will be.
Everyone Wants a Lower Price, But What About the Impact of Interest Rates?
When shopping for a home, the natural tendency of any buyer is to want to pay the lowest price possible. It's important to keep in mind, however, that the sales price is not the only factor that determines what the monthly payment will be. In fact, the impact of higher interest rates can easily nullify any benefit of waiting for a lower price.
Why Should I Rush to Buy? While you may have heard discussions in the media about the decline of property values in many markets, the rate of decline appears to be stabilizing. That being said, it would not be unreasonable for buyers to want to hold out for an additional decline of 10%, hoping to capture the best possible price. However, as property values have declined in many areas to 2003 levels or lower, waiting longer to pull the trigger could be a mistake. Many markets are reporting that lower property values have been bringing out investors and the result has been multiple offers on many properties. Properties priced correctly are not declining and, in fact, are creating a lot of interest.
Interest Rate Complacency The problem is that many home buyers have been lulled into a sense of complacency because of extremely low interest rates. Since the Federal Reserve initiated its program of buying mortgage-backed securities, which control the rates people pay for their home loans, rates had been range bound, bouncing between 4.50% to 5.00% for a 30-year fixed-rate loan.
But buyers shouldn't be confused by this. These rates are artificially low! Historically, interest rates have been above 6.00%. And any rate obtained below this number is a great deal, especially on homes with price tags from 2003!
Markets are Unforgiving The last two weeks of May showed just how unforgiving the markets can be for people who choose to procrastinate. In just five days, interest rates from many lenders increased anywhere from .50% to 1.00% as fixed-income investors demanded more for their money.
For anyone who was waiting for prices to drop even more, a 1.00% increase in interest rate would bring a higher monthly principal and interest payment on a home, even if the price of that same home had fallen an additional 10% in value.
If you are waiting for prices to fall even lower, be aware that while holding out for a lower price may help you win the battle, you could lose the war in terms of monthly payments and overall affordability. With the Federal Reserve scheduled to end its buying of mortgage-backed securities this year, rates only stand to go higher for those that wait. In fact, interest rates are already on the rise and could go higher from here.
Clock is Ticking on Free Money If you are planning on purchasing their first home this year, be sure to know that you need to take possession before 12/01/2009 to be eligible for a tax credit of up to $8,000. In a survey conducted in March by Move.com, nearly 50% of home buyers are currently unaware that this free money exists in the marketplace. And since over 50% of all buyers are first-timers in today's market, this could impact a lot of you.
It is so easy for me to assist my clients with their problems. After all, it is my business to place individual and families in a "safe haven." Whether they are first-time home buyers or move-up buyers or relocating, the feeling is one of euphoria when I talk into their new home with them after getting the keys.
Wow, little did I know that when this Simi Valley/Wood Ranch realtor came home several weeks ago that I would find my safe haven, my Wood Ranch home, being filled with water, and not in the bathtub or sink!!! And guess what...I would be considered a Simi Valley relocation!!! Yes, to the near-by hotel to live out the repairs...
Yep, folks, to make a very long story short, leaks under the slab, flooring ruined, walls torn up, personal belongings pushed and shoved away from the potential water flow, grandchildren and their parents being sent to be with Auntie 'cause our home is unlivable!!! So my Simi Valley property sent me to a local hotel with a few personal belongings; and that just doesn't cut it...
HOWEVER, there is a blessing to this mess...not only will my flooring get replaced and my home become a safe haven again with fresh paint but the friends I have met and have encountered during this transition is part of the blessing. I am healthy, my children and grandchildren are too and I am blessed with many friends wanting to invite me for a home-cooked meal. And that I won't turn down!
Sellers who want to sell their Wood Ranch real estate just need to call their REALTOR (hopefully, it's me!!!) and take a few minutes to chat. We are seeking listings desperately as Wood Ranch homes and Simi Valley homes in general are low in inventory. Non-distressed sellers not calling a realtor is getting the tainted view that real estate is bad.
I must stress...it isn't. We are seeing multiple offers on Simi Valley bank owned properties, but the properties that require no fixing are coming in demand.
From the Owner of City Auto Body and Automotive 2045 Easy Street Simi Valley CA 93065 805-581-1671
February 9 2009
To Whom It May Concern
I am writing this letter to potential real estate clients as well as fellow business people. I feel the need to express how pleased my wife and I have been with Jo Ann Poole and her team of professionals. I must say that we have never been catered to as thoughtfully and professionally as we were with Jo Ann. Our recent purchase went smoothly every step of the way, and would not hesitate to enlist her services again or to refer friends or family. I am available for a personal recommendation by phone during business hours.
Having known the Halls for over five years and relocating them twice before, it was a another "rung on the ladder" when their Tarzana home needed to lease or sell and Jo Ann became the on-site property manager for well over a year...here Jo Ann is going above and beyond when major repairs on the roof and sun room are needed...your home, same as theirs, would be cared for as if it were Jo Ann's own.
Four months' time will pass between the Notice of Default and the Sale on the courthouse steps. Once the sale happens, the bank (the new owner) will give the tenant (resident) a written 60-day notice to vacate. This is when the tenant should concentrate on vacating and getting a new home. That is when a Simi Valley realtor can help to do a Simi Valley home search either in all of Simi Valley or in a Wood Ranch gated home community, Simi Valley luxury home, or help you find anything in Simi Valley real estate listings.
The bank (the new owner) isn't in a contracted lease with the resident and most likely won't give a three-day Notice to Pay or Quit, but they will certainly act to evict the tenant if the tenant is still occupying the home at the end of the 60-day notice period.
Banks are generally requesting judgments for possession only; so in theory, the tenant uses their security deposit for the last sixth days of rent and everyone will be even.
Sounds easy, doesn't it? But if in doubt, contact a real estate attorney. An of course, if your needs require a Wood Ranch Realtor or Simi Valley real estate agent to help with Simi Valley relocation, do not hesitate to contact me, your local Simi Valley realtor.
Whew! The Presidential Election is over...and I hope your "team" won.
Now that we have it behind us, you can concentrate on the "TEAM" that will win over your vote with integrity, high-quality service, true professionalism and dedication to accomplish what you, the "constituent" wants! Getting your home SOLD is my goal and I will work endlessly for you!
Inventory is low and your house will stand out NOW! Call today, with no delay, for your FREE Market Analysis.
Remember, too, that we will drop everything to help someone you referred to The Poole Team!
Everyone looking at Simi Valley real estate seems to be running scared of the economy and not knowing if the right time is now to purchase a new home or not...whether it be for investment for living!
Wood Ranch condos and homes and Wood Ranch real estate in general is thriving. We are seeing a marked DECREASE in inventory and significant increases in properties showing as pending in the MLS and properties are receiving multiple offers. Those multiple offers are a direct result of lesser properties on the market and homes priced right.
Remember, some president way back when said something like, "There is to fear but fear itself." So, the time is now for those of you on the fence. Take the risk, make the move or buy that investment property.
Simi Valley real estate, or anything to do with real estate today just doesn't seem like a topic to discuss...the recent tragedy of the Metrolink accident seems to be taking a lot of us off guard.
So, with that, let me just offer a prayer of condolences to families I know personally and those I don't...may the strength of those surrounding you, loving you and holding you up at this time be of comfort to you."
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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