Lynn's Blog

It's Official- The California Tax Credit Has Been Signed In

Lynn Kenton Ventura Real Estate (Ventura Property Shoppe) — Fri, 26 Mar 2010 10:06:34 -0700

Gov. Schwarzenegger has signed Assembly Bill 183, the Homebuyer Tax Credit legislation, into law. This bill provides $200 million in tax credits for qualified first time home buyers in California.

It involves a credit of 5% of the purchase price not to exceed $10,000 . To qualify you must be a first time home buyer of a new OR existing home and the sale must occur between May 1, 2010 and December 31, 2010 or after December 31, 2010 until August 1, 2011. This credit will be applied in three equal installments over three consecutive years and the buyer must live in the property for two years or will have to repay the credit.

The bill received wide support on all sides and is expected to generate some economy stimulus via construction repairs and rehabilitation to the homes as well as retail sales of items for home improvements.

Almost 40 percent of first-time home buyers say they wouldn't have bought a home if the federal tax credit for first-time home buyers was not available to them, per C.A.R. research done last year. The positive effect of these home buyer tax credits is obvious.

California's former home buyer tax credit program for new home purchases had such a favorable outcome (particulaarly in the Ventura County Real Estate Market) that it depleted the tax credits by the end of June 2009, eight months before it was to expire and just as the state's housing markets seemed to be making a comeback. Unlike last year's legislation, AB 183 includes a tax credit for the purchase of an existing home by a first-time home buyer.

New Home Buyer Tax Credit Coming To California?

Lynn Kenton Ventura Real Estate (Ventura Property Shoppe) — Tue, 23 Mar 2010 13:33:18 -0700

There likely will soon be a tax credit of 5% of the purchase price not to exceed $10,000 for home buyers in the state of California. To qualify you must be a first time home buyer of a new OR existing home and the sale must occur between May 1, 2010 and December 31, 2010.

The bill received wide support on all sides and is expected to be signed by Governor Schwarzenegger.

THEY DID WHAT ???!!?

Lynn Kenton Ventura Real Estate (Ventura Property Shoppe) — Sat, 20 Feb 2010 11:38:00 -0800

We've all heard that phrase resonate throughout our industry as we deal with the banks and try to pick up the pieces for our clients in desperate need of a loan modification or short pay. (Advil, anyone?) The newspapers and high end politicians blithly tout the virtues of these programs to the public (really?) and have little idea as to what's truly occuring in the trenches.

The reality is a lot of unfair treatment by banks on loan modifications, short pays or foreclosures....Some of it simply defies common sense. We all have some nightmarish stories and it doesn't seem to be abating.

From my recent blog, "Ventura County Realtors are in the process of forming a focus group (Realtors, lenders, escrow officers, etc.) to present to Congresswoman Lois Capps and Representative Elton Gallegly. Both have expressed a desire to meet with us and provide a package of these stories to higher political offices."... We now have dates.

March 8, 2010 10 AM Please join us to contribute your experiences so we can formulate our presentations. I know you all have at least one! (Held at Aliso Escrow.)

March 18, 2010 9 AM Meeting with Rep. Gallegly's office (Held at VCCAR office)

March 24, 2010 9 AM Meeting with Congresswoman Capps office (Held at VCCAR office)

We need to create a groundswell of awareness with the people who have the power to exert some pressure on the lending institutions to expedite the processes. If you don't sell Ventura County Real Estate, you can get the ball rolling in your own area.

Give me a holler if you want more information- more to follow!

Comic Relief For The Realtor Soul

Lynn Kenton Ventura Real Estate (Ventura Property Shoppe) — Thu, 04 Feb 2010 09:58:27 -0800

Does the real estate market and it's challenges weigh heavily on you sometimes? Does your soul want to scream George Carlin's "Seven Words You Can't Say On TV"? Of course it does.

Of course there are those magic moments in our career that make our hearts go pitter-patter and we realize this is why we forge ahead and do what we do for a living. Ah yes, but one never knows when that will be. In the meantime we need to stay mentally healthy so we don't reach through the phone and strangle people some days, right??? They say keep smiling so when you get older all your wrinkles will be in the right place.

So take a few minutes for your mental health and take a look at this video. I promise you it is laugh out loud, slap your knee funny and will make your day better. The link below will take you to the video and comments page (which, by the way, you are welcome to make). Just be sure to scroll up to the video part and know that the show really gets started around the two minute mark.

Here's to your health!

http://www.vendoralley.com/2010/02/01/life-of-a-realtor-video/comment-page-1/#comment-866

Paging Michael Moore....!

Lynn Kenton Ventura Real Estate (Ventura Property Shoppe) — Thu, 28 Jan 2010 17:17:52 -0800

Regarding unfair treatment by banks on loan modifications, short pays or foreclosures.... We all have some nightmarish stories and it doesn't seem to be abating.

Ventura County Realtors are in the process of forming a focus group (Realtors, lenders, escrow officers, etc.) to present to Congresswoman Lois Capps and Representative Elton Gallegly. Both have expressed a desire to meet with us and provide a package of these stories to higher political offices.

Let me know if you'd like to contribute your experiences or know of someone who does. If you're not in our area, feel free to get on the bandwagon in your zone. It would be great if this could become a grass roots effort on our part as professionals.

Far too many elected officials are still looking through rose colored glasses.....

City of Ventura Household Hazardous Waste Drop- Off

Lynn Kenton Ventura Real Estate (Ventura Property Shoppe) — Thu, 07 Jan 2010 17:33:31 -0800

Just a reminder to City of Ventura residents that Saturday January 16th is a household Hazardous Waste Event. It's a good time of year to get rid of some of that old oil, paint, solvents, etc. you'll never use that's taking up space!

http://www.cityofventura.net/public_works/resources/environmental_services/res_hhw_q_a

It's truly a "no-brainer". Just make an appointment and drive through. They even unload it for you...

Let's keep our homes safe and our city clean!

Breaking News

Lynn Kenton Ventura Real Estate (Ventura Property Shoppe) — Thu, 05 Nov 2009 17:02:32 -0800

First-time Homebuyer Tax Credit Extended

The U.S. Congress has approved a bill that extends and broadens tax credits that were set to expire this month. The bill extends the credit for contracts signed by April 30th and closing by June 30th.

Income limits are expanded to cover more affluent buyers; couples earning up to $225,000 and individuals earning up to $125,000 annually now qualify. It also creates a new $6,500 credit for buyers who have owned their current home for at least five years. Homes worth more than $800,000 wouldn't be eligible.

President Obama is expected to sign the bill as early as tomorrow, although he may have his hands full with the Fort Hood situation...

GOT THE REO BUYER BLUES???

Lynn Kenton Ventura Real Estate (Ventura Property Shoppe) — Wed, 04 Nov 2009 13:28:17 -0800

The days of flagrant overbidding may be coming to an end- even for well qualified investors- unless it's an all cash offer. One of our local Ventura Real Estate Brokers who does a lot of business in REO'S has reported a new trend on the part of the seller/ lenders.

Typically, what we've seen with multiple offers is buyers offering far over list price and value just to be "the chosen one". All the while you're head is straining from the HIGHEST AND BEST OFFER guessing game. The logic is that if it doesn't appraise, the seller will negotiate a lower realistic price rather than put it back on the market and start over.

I'll admit to being guilty of this because, after all, I have a selfish streak and I want MY buyer to get the property after I've written 8 realistic offers and gotten knocked out by those pesky over-bidders. It's particularly daunting if you have an FHA or VA buyer...(picture PeeWee Herman in the ring with Mike Tyson- not a pretty sight, eh?)

So now if they're considering accepting an offer absurdly over market value, they require the buyer to ammend out or delete the appraisal contingency and pay the price difference in cash if it doesn't appraise.

In all honesty, I'm surprised they haven't caught on sooner and it will be interesting to see how quickly the rest jump on the band wagon and level the playing for all.

I'd love to hear if any of you have had any experience with this yet!

Therapy For Real Estate Professionals

Lynn Kenton Ventura Real Estate (Ventura Property Shoppe) — Fri, 30 Oct 2009 08:31:00 -0700

Is the market still getting you down? Are you struggling to get in that Happy Place and keep on your Game Face? Ready to pull that short sale Negotiator who lost your file for the last four weeks through the phone lines?

Fear not! I have the perfect answer to your mental woes! PLAY WITH YOUR FOOD!!!!

The merits of this treatment are as follows:

1. It's cheaper than a Shrink.

2. It doesn't have to come in at value.

3. You can use common household items. (i.e. It's inexpensive)

4. Doesn't need recharging and so eliminates the pesky daily task of finding the right charger.

5. The wine corks have to come from SOMEWHERE.

Any additional ideas my friends? Happy Carving and Happy Halloween!

RUMOR HAS IT...

Lynn Kenton Ventura Real Estate (Ventura Property Shoppe) — Wed, 28 Oct 2009 12:55:38 -0700

I heard from one of my lenders recently that we may know in the next week of the fate of the First Time Homebuyer Tax Credit. There are a few possible tweaks to the current system if they renew it, such as:

The current tax credit of $8,000 may be increased to $15,000
Income restrictions may be changed or eliminated. At this time the maximum income is $75,000 for a single person and $150,000 for a couple.
May be used by anyone, not just first time homebuyers. (Defined as someone who hasn't owned a home in the last 3 years.)
6 -9 month extension after the new bill is in place.

There are, of course, pros and cons if this occurs. (Like how much money can we print?) But I don't believe anyone can contest the fact that the current credit has contributed in large part to the increase in sales over the last several months- at least in the Ventura Real Estate market- which is a crucial component in the economic recovery.

Rumors abound like sad tales and short sales what the "powers that be" have up their sleeves. Any scoop out there in AR land???

Welcome Home!

Lynn Kenton Ventura Real Estate (Ventura Property Shoppe) — Mon, 26 Oct 2009 14:07:48 -0700

Very clean, move-in ready Oceana Tract home. 4 bedrooms, 2 full baths. 2 story w/ one bedroom and bath on first floor. Hardwood floors, crown moldings and a good size yard. Over 1800 s.f.

Listed at $315,000. For more information and pictures on this and other Ventura County Homes for sale, contact me or visit my website at http://www.LynnKenton.com

Finally!!!!!

Lynn Kenton Ventura Real Estate (Ventura Property Shoppe) — Fri, 16 Oct 2009 15:57:38 -0700

Let's be honest, the market is coming around, but it's a test of fortitude and resilience for agents and their buyers to find and close a deal these days. You put in offer after offer and the entry level buyers frequently get knocked out of the ring by investors with a higher down payment or cash. Now, PLEASE, all my investor friends, don't misinterpret that last statement, just know that everyone has to start somewhere and sometimes the first time home buyers feel like Peewee Herman in the ring with Oscar De La Hoya.

Being encouraging and accessible as an agent when they're feeling downtrodden can keep a buyer on the right track and make for some good referrals down the line. This latest closing took awhile to come to fruition, but we were blessed with another set of great buyers who stuck it out for over a year total!

After following my web site for several months (thank you AR for Google placement assistance!) I received a call from Aaron and Kristyn who were getting discouraged having written about a dozen offers with another Realtor. Not sure what transpired there, but we began working with them. After a seven more offers and a lot of patience and pep talks , we closed escrow yesterday on a great Ventura Home!

The absolute best part...?

When you can hear the wife squealing with unbridled glee a 1/4 block away, you know it's a good day!

It's Raining Puppies!

Lynn Kenton Ventura Real Estate (Ventura Property Shoppe) — Wed, 14 Oct 2009 19:18:26 -0700

It's a trifecta today!

1. Closed an escrow for some great clients on a Ventura Home. (I think we wrote a total of 8 offers along

the way.)

2. Got some much needed rain in Ventura - 2 " +!

3. "Taxi" the wonder dog is in labor since 7 AM and has birthed 7 healthy white lab puppies so far.

A Class Act In Downtown Ventura

Lynn Kenton Ventura Real Estate (Ventura Property Shoppe) — Mon, 28 Sep 2009 11:11:22 -0700

First, let me say that I LOVE good food. I also love to cook. Unfortunately I've cooked myself into a corner. I usually love my job, but after a long day of dealing with Ventura Real Estate, I don't always have the desire to create a gourmet meal. My husband says I can cook as good as any chef and rarely wants to go out to a nice dinner. (Pizza and such does not count, though I like that too.) Is he being complimentary or being a cheapskate? Hmmmm, I'll not ponder that for long.

So when the opportunity came up last week to take our daughter out for her birthday while he was out of town, we jumped at the excuse to go out and have a REALLY NICE DINNER. On his dime, I might add:)

Westside Cellar

in Charming Downtown Ventura has been around for a few years and has gone through some changes in owners and chefs. Having heard some good chatter about the new chef we decided to give it a try. Turns out it was a fantastic choice.

The Prosciutto Wrapped Scallop appetizer was delectable served with a cilantro pesto and a balsamic reduction. I could have eaten a dozen of those!

For our main course we both chose the seared duck breast which was cooked to perfection. Crispy skin (gotta have it sometimes) slightly pink in the middle and succulent with a fruit compote to offset the rich flavor. We opted out of the apple risotto (wouldn't want too much fruit with my meat) and substituted the truffle pomme frites. OMG! Pure heaven on a pretty plate! (The gym is only a day away...)

Our servers, though young (guess I can't hold that against them), were both attentive and knowledgeable with the food and wine. The atmosphere is cozy and elegant and I can't wait for an excuse to go back. Ideas are welcome!

Give it a try next time you're in Ventura looking for a dining experience that's a notch above the norm.

(Sorry about the grainy pictures but it was the best I could do with my Blackberry and a glass of wine. Or two...)

(The Happy Birthday Girl!)

Ventura Homes Real Estate Snapshot

Lynn Kenton Ventura Real Estate (Ventura Property Shoppe) — Tue, 08 Sep 2009 14:41:59 -0700

I updated the bi-weekly Market Stats for Ventura Homes last week. We're still holding strong especially in the $450,000 and under range with homes in escrow now outnumbering the available homes by almost 6 to 1.

Wondering when and if any more REO's will be released and to free up more inventory for our anxious buyers!

9/2/09

Active Contingent Pending In Escrow Sold DOM Av. $ Med $

All Prices 233 169 116 285 432 85/103 $408,870 $372,500

-$450,000 74 143 85 228 308 74/88 $296,100 $307,500

GOT TOYS? THIS HOUSE ROCKS!!!

Lynn Kenton Ventura Real Estate (Ventura Property Shoppe) — Fri, 28 Aug 2009 14:59:44 -0700

A B-E-A-utiful Ventura home with extensive upgrades. Custom tile & paint thru-out. Granite countertops in a gourmet kitchen with custom cabinets. French doors lead to a beautiful covered patio in backyard for entertaining. Expansive Master boasts a bedroom size walk-in closet for all your sartorial cravings. Loft area is large enough for pool table or another bedroom. 3 Car Garage and a huge lot complete the picture!!!

Listed at $625,000

http://idx123.realtytech.com/lkenton/nacimiento.aspx

http://www.LynnKenton.com

Sad To Say, Back On The Market.........!

Lynn Kenton Ventura Real Estate (Ventura Property Shoppe) — Wed, 08 Jul 2009 18:19:12 -0700

And no, it wasn't an appraisal issue here! This well cared for 4 bedroom, 2 bath home has hardwood floors, upgraded kitchen and baths,office/bonus room off of the kitchen, lots of cabinets, lots of windows, bright home. New Pool and spa in backyard.

Listed at $429,000

2118 Antonio Dr., Camarillo, CA

OPEN HOUSE THIS SATURDAY & SUNDAY FROM 1-4!

Department of Insurance Has Come To Their Senses...For The Moment

Lynn Kenton Ventura Real Estate (Ventura Property Shoppe) — Tue, 07 Jul 2009 11:09:32 -0700

According to a title company source, the Department of Insurance has finally seen the light and retracted their recent misguided decision of no documents and comps from our hard working Title Companies! Thank you CAR and NAR for your efforts in making my job of selling Ventura homes a tiny bit easier. Now if only we could fix this HVCC mess....

A Sign of the Times?

Lynn Kenton Ventura Real Estate (Ventura Property Shoppe) — Wed, 01 Jul 2009 14:42:47 -0700

We finally got our approval on a short sale that's been in escrow for almost 4 months. Yeah! Sold for $350,000 and appraised at that - 3 1/2 months ago.

Sooooo, the sellers lender (Countrywide) says it's a go, but we'll only take $315,000 for it. Apparently they're afraid of a review appraisal that would begin the whole process again. Say what??!!!! The buyer is elated because they just saved themselves $35,000 due to the slow response time.

And word has it that now WAMU has a crew of five full time employees to just process and post the incoming faxes. Maybe the loss mitigation and asset management departments are finally getting a clue? I'd love to hear from someone who works in that capacity and get some insight... Time is money for all of us!

Visit Ventura!

Lynn Kenton Ventura Real Estate (Ventura Property Shoppe) — Mon, 22 Jun 2009 09:59:48 -0700

Butterflies Alive!If you're planning a trip to Ventura, CA this summer, make it a point to take the short drive north to Santa Barbara (about 35 minutes) and visit the Santa Barbara Museum of Natural History (www.sbnature.org) to take in the BUTTERFLIES ALIVE! exhibit. An open air enclosure housing over 1,000 butterflies is home to these flying specimens and the plants that attact them.

Enter the enclosure and experience the grace and beauty of nature at it's best. It's a treat for all ages and you can spend all the time you want there. It IS unforgettable!

Appraisal Woes??? Get On The Bandwagon And Sign The Petition!

Lynn Kenton Ventura Real Estate (Ventura Property Shoppe) — Fri, 12 Jun 2009 14:39:39 -0700

Meeting an appraiser some days is akin to, hmmm, let's see, scheduling a root canal, preparing for an IRS audit, seeing a flashing red light in your rear view mirror. The list goes on and on.

This HVCC fiasco is costing untold amounts of money to consumers (some estimate in the billions of dollars). And what about the real estate market that is finally starting to show some tiny rays of light at the end of the tunnel?

I don't see this new system as being a fix. Not that all appraisers are to blame. I have two brothers and several friends who are appraisers. Unregulated Appraisal Management Companies (AMCs) are causing good appraisers and lenders with integrity to leave the business, causing huge delays in real estate transactions which affects everyone from the homeowners to the third party companies.

And now that the buyer can't take their appraisal to a different lender, they're stuck with the original lender even if he/she's an idiot unless they want to fork out another appraisal fee.

We're all in this together so let's put on some pressure. It will only take a minute to click on this link and voice your opinion before it really gets out of hand. Please sign it today!

www.hvccpetition.com

Ventura Hillside View Home

Lynn Kenton Ventura Real Estate (Ventura Property Shoppe) — Wed, 10 Jun 2009 13:35:49 -0700

Ocean views and a large lot compliment this classic custom home. Over 2600 ft. of tastefully appointed living area is accented by flagstone, slate, tile, & rich wood paneling. Enjoy the sun-soaked flagstone patio or large lawn area dotted with fruit trees in the fully-fenced back yard.

For more pictures and info on this and other Ventura Homes for sale, http://idx123.realtytech.com/dorothy.aspx?user=lkenton

It's A Jungle Out There!

Lynn Kenton Ventura Real Estate (Ventura Property Shoppe) — Wed, 10 Jun 2009 13:27:49 -0700

Wordless Wednesday- Fun In The Sun

Lynn Kenton Ventura Real Estate (Ventura Property Shoppe) — Wed, 03 Jun 2009 11:52:30 -0700

Every Closing Is An Event

Lynn Kenton Ventura Real Estate (Ventura Property Shoppe) — Tue, 02 Jun 2009 12:21:51 -0700

Although I have to give credit to my broker Jeanne for this idea, I liked it enough to pass it on...

Most of us like to do something nice for our buyers when they close their escrow. I try to go to the home before they arrive to leave flowers, champagne, or a gift. This time we Rolled Out The Red Carpet, literally. It was a big hit!

A word of advice- the runner that we used that day was cumbersome and stiff. Broke a nail rolling it up (I know, big deal!) I'll invest in one of those lightweight plastic red runners for the next one.

The Happy Family In Their Ventura Home

Thank you Phil & Erinn!!!