30 Offers to get a house...? Wow what a market! I am on the team...The Real Estate Geeks, What that means is... we are a FORCE of knowldege. A team of people who get your offer accepted... over the other 29... Yes, and WE DO SHORT SALES too. --------------------------------------------------------- WHY YOU SHOULD OWN YOUR OWN HOME There is nothing quite as important as taking the proper steps toward stabilizing your future. Your house is your best investment. No matter what you do, you have to have a roof over your head. Why not own that roof which will pay for its self with in your lifetime. Did you know that if you have a 30 year fixed loan on your home, it will utilmately pay all costs of living in your home; utilities, and taxes? Yes, it is true and I will email you the formula example that I have used if you ask for it.
Buying? It can be intimidating to buy or list your home for sale especially in today's market, unless you have a team working for you like The Real Estate Geeks who close 100% of the time..including Short Sales! For most people, buying a home is the biggest purchase in their lifetime. It is extremely important to have an experienced agent working for you. What better then a whole team of agents?
With a wide range of experience in La Habra, La Habra Heights, Fullerton, Brea, La Mirada, Yorba Linda, Hacienda, Heights, Buena Park, Huntington Beach, Westminster, Whittier most of LA & OC southern California real estate areas. Us Geeks work extensively to help buyers and sellers meet their real estate goals.
If you are looking to buy or sell a home or would just like to know more about the current market, call or Email me today.
Selling? As a listing agent in Orange County, my extensive marketing plan gives a homeowner the opportunity to get the maximum value for his/her property. AROUND THE CORNER News Brief for the most current word in Real Estate. I find the perfect property for buyers and then I work to negotiate the best possible deal. Marketing is easy with a stock list of 4,000 ready buyers. We may already have a buyer for your home...now.
*My background in buying, selling, owning & managing investment property holds knowledge that surpasses the average real estate agent. Thanks again for choosing Renee Baccaro as your Orange County Real Estate Source.
This is one of the questions that is asked on "The Housing Bubble" blog by the Mysterious Flying Miser to Bruce Norris.
His answer:
No, not at all. We buy REOs and rehab the properties into near-new condition. The cost is about $35,000. Let's say an REO is priced at $65,000. With repairs, my cost is $100,000. What would be my motivation to repair this property and improve the neighborhood if I could not sell the property for a profit? If I sell this property for $130,000, it would be double the REO price. My sales cost would be at least 10%, or $13,000. I would net $17,000 for taking on this construction project. If the appraisal came in at $113,000 or less, then I would have done all that work for nothing.
The problem here is that if professionals did not use all the current sales data, then it would not be accurate for all buyers. I do understand the issue of the capital opportunity that is being described here, but you can't change the economic reality that the whole world is facing. How would an appraiser be able to exclude certain homes and only cherry pick the comparable sale of his/her choice? It is a cold hard world out there in real estate and no one says it is going to get easy any time soon. This is a eye opener for buyers who are looking for a home in good condition with a few problems who have since... been on the fence. If these guys can buy up homes and turn around and put them on the market for double the price...then Why Can't You?
Buyers...take advantage of the current window of opportunity. Get out there and BUY A HOME. Of course call me first!
Oh my, oh my, oh my... it's hot! Every year this time of summer I swear I'm not going to live through this. It is late July looking at a wide open door of more hot days and night in August. I have lived in La Habra all my life. I remember so many good times about the summer days. Why, I remember ...going to the Corn Festival and eating to much cotton candy, corn dogs on a stick, or going into the funny house with strange mirror that made you look very fat or very tall or extremely skinny. I wish I had one of those skinny mirrors in my room to look in every morning. Maybe it would help my attitude for the day. In the sixties my mom would pack us a lunch and five or more of us in the neighborhood would take-off headed for the bamboo forest, or if we were real ambitious we'd hike to the Nikie Military base. That was always dangerously exciting. It was very likely we'd speculate that we might be shot by pellet guns from the security men protecting the base. Or worse stampede by a bull who may have broken out of his corral. At the Bamboo Forest you could walk across the one man bridge. It must have been 25 feet high with a one-foot wide water pipe running along one side of the bridge clearly rusty all the way across. Someone would always dare me to cross it. I was no chicken in those days so I'd do it.
La Habra has always been a good place to live and to grow up. We have wonderful people here. People are happy for the most part. Neighbors drop their extra lemons on the porch in a bag. One neighbor helped my dad retile his roof and ten years later he helped him again. Last month in June, one neighborhood of my parents named Connie heard that my sister died of cancer. She brought over at least five meals that week. She baked a dozen oatmeal cookies too. She dropped them off on the porch. She is one of the nicest neighbors I have ever known. Connie and my mom attended water coloring classes at an adult school in La Mirada. My twenty year old daughter Gen went with them a couple times. I wish she had gone more because she is very gifted in art.
My parents have lived on the same street since the homes were built in 1956. In the sixties we'd run and slip n' slide across the plastic sheet with the hose on the grass on a hot summer afternoon and have the time of our lives. If I tried that now I'd break my hip. Oh those fun old days. Now we have to be careful to conserve water. But you can have just as good a time at La Habra High School in the pool. It is open to the public and I know the entrance rate is reasonable. We lived near Sierra Vista School and every summer they had a recreation time. From 12:00 to 3:00 daily. We could check out a game or activity for free. They also had contests. I remember apple bobbing, pie eating, and chess contests. My brother had a newspaper and every morning my sister and I would help him fold 25 or 50 papers. We would then carefully put them in the bike pouch stacked straight up so he could just take off quickly on his bike. Sometimes we helped him collect the money too. That was the hardest part. We did it for free. I hope he appreciated it.
And so it is another hot summer year in La Habra California. There are at least 1000 more things I do not have room to put here that you can do in La Habra.
The numbers are in: Data Quick numbers show 833 houses and condos were foreclosed on in June ‘09 in OC. Up 41% from May and 31% from the year before.
4,052 properties were seized in Orange County down 26% from the first half of 2008.
Not that we didn't know they'd be high.
Loan modifications are only working out about 50% of the time. The California Foreclosure Prevention Act had only stalled the inevitable with this 90 day moratorium. The Assembly Bill X2 7 the Terminator signed in February was duped by banks who filed for exemptions giving them a loop-hole buy showing they have already had a modification program in place. The law impacts loans made from 2003 to 2007. One of the methods for loan modification is lowering the interest rate or to extend its term to 40 years. If the servicing contract says foreclosure is preferable to a loan modification, nothing in the law stops foreclosure. Was it a sham? Did "We the People", get the wool pulled over our eyes again? Will we ever learn?
Let us switch to some positive news in the real estate market. We are at a 9 month high with a 6.4% price increase showing in May from the last two years. California with one of the highest unemployment rates in the nations needs confidence that the housing market has hit bottom and is on its way back to some sort of normal arena. Any big surge in mortgage foreclosures could hurt a greatly desired recovery. We are in a delicate balance. I urge anyone who has considered buying a home to get out there now and start the hunt. You couldn't ask for a better time to buy a home with interest rates down. They are not going to stay that low forever. I just browsed a dozen homes ranging from 125k to 199k. They were all 3 bedroom homes 1100 sqft or more. P E O P L E! What is it going to take to make you get out there and create the lift that this state needs? We Realtors are willing to work with those short sales now! Well I am willing!
Stats: Medium home $250k - June homes above 500k rose 20% - Typical monthly mortgage payment in So-Cal for buyers was $1,193 last month - 23,262 new & resale homes closed in June. Call me if you live anywhere near: La Habra, La Habra Heights, Fullerton, Brea, Whittier, La Mirada, Buena Park, Hacienda Heights, Friendly Hills, Mar Vista Heights, Orange, Anaheim, Santa Ana, Pico Rivera, Azusa, Covina, etc.
Even though we are currently experiencing economic challenges, there are proven strategies to help you sell your home. In addition a recent 2009 pulse survey sponsored by the National Association of Realtors show that 83% of Americans believe that buying a home today is a good financial decision and a sound long-term investment. More than 75% of Americans believe that now is a good time to get in to the housing market. Three-fourths of those surveyed also believe now is a good time to buy a home. In fact, one-third of renters are thinking more about buying a home than they were a year ago. Low prices, good housing selection, an $8000 tax credit, and historically low interest rates make buying more desirable then in the recent past. One major concern for most Americans is the money for the down-payment and closing costs. However many folks who were not able to buy a home in the past are able to buy a home in today's market.
For seller's planning to list their home knows that more then 5 million homes sold last year in the United States. However, remember buyers are looking for a bargain. This is no time to reach for the sky when selling your home. The majority of homes selling are distressed properties. Ask your Realtor about the comparable sales in your neighborhood for the past six months or less. Pricing is the number one reason buyers are buying right now. For the past year there has been a considerable inventory available to buyers. Sellers, if your home is listed substantially higher then the bulk of homes in your neighborhood...it is possible that is why your home is not getting any offers. Remember you may have to sell your home lower then you may like, but if you are planning on buying elsewhere, you will also buy for a lower price. That means property taxes will be lower as well. If you buy your next home for a lower price you will carry those benefits forward well in to the future. Look at the homes that are selling in your neighborhood and homes that are not selling. Ask your Realtor why? It may be price it may be other factors. If a buyer offers a higher amount for your home still it may not appraise at that price which means the buyer can't secure a loan and the deal will fall apart.
Not everything comes up Roses...two-thirds Americans are concerned about losing their jobs which keeps some from entering the market. California was hit hard by the economic down turn. Prices fell about 40% and was devastating for many. However, right now buying activity is going through the roof.
In January buyer activity in California was up 100% from a year ago, in February it was up 83%, in March 57% from a year ago. Up to 70% of homes sales in California are distressed properties. The reality is millions of people who were not able to buy in the past are buying now. Buyers are back; inventory is dropping fast which, is good news. February last year California home inventory was 15.3 months on the market. February this year inventory was 6.5 months on the market. How does this relate to the rest of the country? Because California was hit hard and fast, its' coming back shows what is going to happen to the rest of the country. Buyers coming back and inventory is shrinking show the market will eventually normalize. Values will stabilize and the market will again show increased quarterly measurements. 54% of California's who took the poll believe that California housing market will recover by the end of this year. Bringing buyers back in to the market is the first step. Low prices, low interest rates and the $8,000 tax credit has begun the healing process. Part two is getting rid of the excess inventory. That is happening. Step three price stabilization and eventually appreciation.
$8,0000 Federal tax Credit to first time home buyers
If this doesn't get people off the fence then I just don't know what will. I believe perhaps it takes time for folks to absorb the actuality of it. If it seems too good to be true...? Well, this is not... one of those times. This is one of those times when if you don't take advantage of the window of opportunity YOU ARE GOING TO MISS THE BOAT. The American Recovery and Reinvestment Act of 2009 authorizes:
•· Anyone who has NOT owned a principal residence in the past three-years.
•· Not a vacation home, but primary residence. New or resale.
•· Title must close before December 01, 2009.
How is this home buyer tax credit different from the tax credit that Congress enacted in July of 2008? The most significant difference is that this tax credit does not have to be repaid. For more information go to the link below. #8 on Federal Q & A site.
It is that simple.
What to consider:
If you're adjusted gross income is more than $75,000 or up to $150,000 (filing jointly), then your $8,000 tax credit will be reduced accordingly. Secondly, the tax credit is for $8,000, or 10% of the sales price. That means if you buy a house worth less than &80,000, you'll get 10% of the price.
Time Period:
January 01, 2009 to November 30th, 2009. Your loan on that purchase must close during that time period. We are at the middle of July 2009 which means because escrows are now taking up to 75 days, it would be best if you got into escrow by August 01, 2009 in my humble opinion. Depending on several factors. If you are buying all cash it will be a faster transaction. But with current appraisal issues causing time delays on lenders part, I suggest you start ASAP. You must allow for the unknown in a real estate transaction. Especially if you are buying a REO or Short Sale. If you are involved in a short sale ask your Realtor about the time lines, where is the process at? You must have approval on price from the lender, a contract signed by the selling side to know you can make that dead line.
You can NOT:
•· Not - Use the money toward you down payment.
•· Not - use the money for your closing costs.
When will you received your credit:
File an amended tax return - to receive $8,000 -- right away. You do not have to wait until next year.
This program is available anywhere you live in the US.
Why? The administration did this because history repeats its self and it worked in the past. So here we are again, and so far it is working. Remember your home is the biggest investment of your life for most folks. They opportunities only come around once in a great while. We really don't want to be in this situation again anytime soon. So seize the opportunity today.
Most people don't do the simplest actions that can boost their scores monthly. Even people I have spoken to with great credit believe it is because they have never been late on a payment, or think that because they have financed a car, or two, or own their own home and only have 1 or 2 credit cards is why their credit score stays high. Well, that is only part of the reason. As a nation we have learned the hard way traveling through this devastating economic period that good credit awarness is life changing. Hopefully we are nearer to its end. One of the most important statements about you in 2009/20010 is your FICO score. Did you know your employer looks at your score? Well, if you work for a corporation, private big business, or for our government part of the eligibility process is that darn number. Now if you have explained a low number in your cover letter and it is believable, then you may skip through to the last group of interviews. However, if you need that job you had better learn a few tricks.
First, if you pay your credit card twice in a period of their month (30 days usually), you will get one point for each payment. In 12 months that is 24 points per card and payment.
Second, you need 3 major credit cards to increase your scores average. Visa, MasterCard or Discover. You DON'T have to use all of them. But buy opening new cards (after the initial drop in number) by 30 days later you will see a significant increase in FICO score, up to 20 points per card. What the bureaus are determining in their formula is if you can handle credit or not. Buy having 3 or more cards puts you in the range of their credit worthy formula. If you have too many revolving accounts open which, includes major department stores that can significantly reduce your average. Closing your accounts can negatively affect your number therefore, what you can do is stop using the department store cards. Cut them up and throw them away! Believe me that 10 ro 15% discount is going to be gobbled up rather quickly in the monthly interest payment.
Another fact if that you can not rent a decent apartment or home if you don't have a good FICO score.
Be credit wise!
If you would like more information please contact ReneeBaccaro@gmail.com I will be happy to assist you in learning ways to increase that ever important number.
Now a days, you can't be to careful when preforming a notary. Did you know that you can now use a Government's employee's Id card that has been issued with in the last five years? The ID must have a photo of the person, a Number, and a discription of the person.
Also,, a subscribing witness can no longer appear before a notary public and prove identity based on personal knowledge. The subscribing witness must bring a credible witness. The credible witness must have identification, and prove identity by satisfactory evidence.
If you are in La habra, La Habra Heights, Fullerton. If you are in Orange County or Los Angeles County in Whittier, La Mirada, Buena park give me a call.
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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