california: The Baby Boomers are Coming! The Baby Boomers are Coming!
- 09/19/06 04:19 AM
I have noticed a strong trend lately. The Baby Boomers of California are now becoming "Empty Nesters." The kids are out of the house, they don't need all of that space and they are sitting on a property in the Bay area, Los Angeles, Orange County or San Diego and they are getting ready to retire soon. The only problem....Almost all of their net worth is tied up in their homes! So, downsizing will be taking place soon. Moving to areas such as Northern California and my hometown of Chico, where they can live in a great community, have twice the … (6 comments)
california: Kiss PMI Goodbye!
- 09/18/06 10:47 AM
Kiss private mortgage insurance goodbye California! I've received new announcements today from multiple investors, stating that they are doing 100% first trust deed loans with NO MORTGAGE INSURANCE. In the past, investors were doing maxed 80% first trust deeds and 20% seconds to avoid PMI. Now you can avoid those higher interest rate seconds by refinancing or purchasing with a single 100% loan with NO PMI on your Primary Residence, Second Home or Investment Properties! Scott GormleyBroker/OwnerOak Valley Mortgage2006 Chico Assoc. of Realtors Affiliate ChairmanDirect: 530.592.8362Fax: 530.267.5555Website: http://www.CALoan.com "You find the perfect home, we'll find the perfect loan!" … (0 comments)
california: Where in the world is Chico?
- 09/17/06 05:03 AM
Are you looking for a great place to live? I'll tell you about a hidden gem in California, but don't tell too many people! Chico is located 90 miles north of Sacramento, California and home to 105,000 Chicoans. Boasting a "home town college feel to it", Chico is the home to California State University,Chico and a variety of amazing things. Chico is one of the only places I have lived in the world where residents take a strong pride in their community and speak so gracefully about it. So what makes Chico so unique? Here's a few things: Bidwell Park (This is where the original Robin … (11 comments)
california: Which Direction?
- 09/16/06 05:16 AM
One of my favorite things about being a member of the Active Rain Real Estate community is the network I'm growing for my clients' benefit. Think about it, having not necessarily more...but better directions to send your clients is a great thing, adding value to what I do for them. Now I can feel comfortable with learning about professionals within the network and sending my clients in the correct direction. There is a great peace of mind that comes with such opportunities. My hats off to the AR community and I look forward to sending business in your direction when the time … (0 comments)
california: Preparing For the Appraisal
- 09/16/06 04:52 AM
Over the years, I have heard many questions about how to prepare for an appraisal. I thought it might be to your advantage to know what your appraiser is looking for, and what you can do to get the most out of your appraisal. Here are a couple of hints: Make a List If you are refinancing it is likely that you have owned your home for a couple of years and you have made improvements,additions,upgrades and general maintenance. Make a list of anything you have done to the home over the past few years. Report roof,appliances,floor coverings,water heaters,window upgreades, etc..Do this before … (0 comments)
california: In the year 2010!
- 09/15/06 06:19 AM
Do you have any ideas of what the banks and investors will come up with next in product innovation to get homebuyers into homes? We've seen mortgage loan types that my dad would not have even imagined 25 years ago, but now they are a reality...Zero Down,Interest Only,100% Financing,6% sellers concessions,No Mortgage Insurance,Stated Programs,40 and now 50 year terms,Option Arms with 1% start rates (Neg Am loans), I've now seen loans with start rates of 25 basis points...Think about that...If you have a 30% equity position in a home, they will loan you up to 70%! On a $1,000,000 home with a … (1 comments)
california: Big Fish,Little Fish?
- 09/14/06 06:39 PM
I've lived and conducted Real Estate business in two types of areas/markets. In one you feel like a little fish in BIG pond and in the other you feel like a BIG fish in a little pond. I'm curios to see what AR members feelings are about being in each kind of market and which scenario offers greater opportunities in the Real Estate business. In the small pond, you feel like you can have a faster and more impactful message, but the business seems slower. In the big pond, it feels more impresonal and competitve, taking you longer to penetrate the market … (3 comments)
california: Minorities Pay More?
- 09/14/06 01:42 PM
In an article recently posted by James R. Hagerty at RealEstateJournal.com, James explains that African-American and Hispanic borrowers are "much more likely than whites to pay high interest rates on mortgage loans", according to a Federal Reserve study released recently! My first reaction was, WOW! I would not figure that this would even be a topic to write about and I think it is a sad fact. In my business, I bring forward the need for Equal Housing Lending. Obviously, the ability to make on time mortgage payments has nothing to do with race. This is my mind bottling thought of … (3 comments)
california: Curb Appeal
- 09/13/06 08:28 AM
In a competitive market where there are many choices for buyers, agents must bring the topic up of "curb appeal" to their clients. Questions such as, "what does the home look like from the front?", and "what will potential buyers first reactions be from the outside?" are VERY IMPORTANT! The home may be beutiful from the inside, but potential buyers won't give it the time of day if the outside is scary. Trimming you lawn, pulling weeds, sweeping the porch and getting rid of spider webs can make a lasting first impression! When it comes down to it, how long do you want your … (4 comments)
california: Website Hosting
- 09/13/06 07:54 AM
One of the most important decisions that Real Estate professionals need to make is who will do their website hosting. There is a large range of offerings that are out there and comparing and differering their services can be time consuming, but I assure you that it is worth every second! Why? It is estimated that close to 70% of all home purchases started with the consumer's "research phase". If a potential buyer goes to your website and it takes 1 minute to load up, YOU'VE LOST THEM and their potential business! It is human nature to want things immediatly at … (0 comments)
california: Buyers Market
- 09/13/06 07:33 AM
With the influx of homes on the market, things have switched to a buyer's market! So, what does that mean? Well, from the sellers perspective, you need to offer incentives that will differentiate your home from the rest of the flock. You can do so with offering a credit towards the buyers closing costs to ease the burden of coming up with "on hand cash", or you could do seller carryback financing, offering a rate that is lower than the prevailing rate on the open market to induce a purchase. Coming up with creative ways to market your home can make … (2 comments)
california: Community Involvement
- 09/12/06 03:49 AM
I think community involvement is one of the most important things that each of us can participate in as Real Estate professionals. Everyday, each of us in some way contributes to people moving into our neighborhoods. Helping someone find a home, sell a home, finance a home, insure a home, etc. Participating in the various organizations and understanding their roles within your community will help you to explain what makes your community so unique. In Chico, I'm involved with: Big Brothers Big Sisters-To take a little to their first baseball game is pretty cool! Ability First-Week long camp for children with physical disabilities. Chico Challengers-Local baseball team for … (1 comments)
california: MLS to RSS
- 09/12/06 03:14 AM
I'm looking forward to finding a website that does a great job at offering an MLS to RSS service...Say what? That's right, an RSS feed that will update my website in "Real Time" with homes that have just hit the market! Maybe a "New Home of the Hour" or "Just Listed!" link on our homepage. This is the only website that I have found remotely close so far in California....http://homes.point2.com/ Has anyone else found anything? Scott GormleyBroker/OwnerOak Valley Mortgage2006 Chico Assoc. of Realtors Affiliate ChairmanDirect: 530.592.8362Fax: 530.267.5555Website: http://www.CALoan.com "You find the perfect home, we'll find the perfect loan!" … (9 comments)
california: Placing Our RSS Feed On Our Homepage!
- 09/10/06 05:28 AM
We have decided to add our Active Rain RSS blog feed onto our homepage. Why? Instead of having a generic website that always comes up, now our blogs will be shown on the homepage randomly, keeping the content new and fresh! The search engines should recognize it because the content will be continuously updating on the site, which is good. I recommend that other AR members do the same, as it should help with informing the general public about your points of view, helping them to differentiate you from your competition. Scott … (2 comments)
california: Dinner with Sheree
- 09/10/06 05:21 AM
My wife (fiancee then), recently sold her condo, which was an overall smooth experience. I have dealt with many agents so far in this business, but last night I experienced one of my firsts. Her agent, Sheree Darner, invited us over to her house for dessert and coffee after we went out to dinner at a nice Italian restaurant. Let me tell you, what a difference it makes to have an agent that cares enough to welcome you to her home and personal life after the deal is already done. I felt as though she really did care and it wasn't … (3 comments)
california: Checking Up On Your California Mortgage Broker/Real Estate Agent!
- 09/08/06 10:04 AM
Are you wondering who you are dealing with in California? I think it is important to know what the status is of an agent or broker's license! You have the ability to do some research on California brokers and salespeople at the California Department of Real Estate's website. You can do a lookup by click going here -->Click Here! Afterall, as an agent or client, you are dealing with transactions in the hundreds of thousands of dollars. It is nice to have the peace of mind behind every transaction!
… (0 comments)
california: Paying Points
- 09/05/06 05:03 AM
Should I Pay Points? The best way to decide whether you should pay points or not is to perform a break- even analysis. This is done as follows: 1.) Calculate the cost of the points. **Note: 1 point is equivalent to 1 percent of the loan amount. Example: 2 points on a $100,000 loan is $2,000. 2.) Calculate the monthly savings on the loan as a result of obtaining a lower interest rate. Example: $50 per month. 3.) Divide the cost of the points by the monthly savings to come up with the number of months to break even. In the above example, this number … (0 comments)
california: Early Bird Catches the Worm!
- 09/05/06 04:54 AM
Here's an old saying that I use to hear from my dad growing up, "early bird catches the worm!" This is a phrase that I would not come to understand better than when I grew up and graduated from college...Ahh, the good old days of waking up at noon. But as I get older, I have learned to appreciate the things that can be done in the morning. Think about it, you start setting up your day at 7am and you have a "game plan" to work by 8am. On the flipside, Joe Schmoe gets in the office at 8:30am, starts … (2 comments)
california: Closing Costs~Part 2
- 09/04/06 07:30 AM
Closing Costs Part 2 Borrowers typically have 3options for paying closing costs: Pay all associate closing costs "out of pocket." Increase your loan amount and have "non-reoccurring closing" costs paid through the loan. Pay a higher interest rate and let the lender give you a "closing credit" towards "non-reoccurring closing costs." I will go into detail with each option, so you can make better decisions about how you prefer to have closing costs paid. Each has their benefits and setbacks as in any other decision in life that you need to make. Being well informed of your options will empower you to do what is … (3 comments)
I stayed up one night, pondering what I could do to differentiate myself from the "rat pack". What is the rat pack? The rat pack is the group of companies, all in the same field, that try to gain the acceptance and business of someone or something. In this particular case, Realtors and agents on tour day. Afterall, there are several mortgage companies in our local market to choose from, so, "Why would an agent want to refer their business to me over the competition?" After staying up all night, I decided to "think outside the box" and take a different approach. … (8 comments)
;)
;)
