Wendy's Blog

I CAN DO IT MYSELF!! Do you need a Realtor's help?

Wendy Rich-Soto (Main Street Realtors) — Mon, 07 Dec 2009 23:35:54 -0600

I can do it myself!!

Do you need a Realtor’s help?

Now seems to be the best time to enter the housing market and look for a home that fits you like a glove! You get online because everyone you know found their house that way and start looking for a place. This shouldn’t be that hard and you can do it without help. How hard can it be? You know better than anyone else what you are looking for and when the right home jumps out at you, you will know it!

Why should you let a Realtor drive you around to houses you won’t like anyway! That is just a waste of your time! You are going to go it alone that way you can get the place you really want, right? Well, maybe but possibly not. And while we are on the subject of time and that time being yours, let’s examine that a little further.

Have you noticed that sometimes the days go by so quickly it seems like minutes instead of hours and hours instead of days? Why would you spend your time searching for a home when a committed professional Realtor would do it for you? Wouldn’t you rather spend your time doing the things you enjoy that you cannot do when you are working?

Let’s just say for the sake of argument you go online and register on some site or two or three. Next thing you know you have 3 agents emailing and calling you. They say they can help you but all you want is to be left alone to research the market on your own. Then you think to yourself, “All I have to do is find the right house. When I find it, I will call the number on the sign and I will buy it from that person.”

Well, yes you could try that. However, depending on where you live, the market is changing and it is changing daily. You may think the country is in a recession and that you have nothing but time to find the right place and make your move. In LOS ANGELES COUNTY where I sell homes, I can tell you that this is NOT the case. The market here depending on purchase price is moving at a break neck pace. There is very little inventory and what comes on the market, provided it is priced right, sells very quickly. Homes sell with MULTIPLE offers and they sell over asking price. “No way!” you say. Well, I recently was representing a buyer client who wanted a home really badly. But they did not want to pay asking price. The house was on the market for 1 day when we made the offer and the sellers received 51 offers and the home went to the highest bidder!

Now I am not going to tell you that all homes sell like that! I mean after all it isn’t 2005! But the person who listed the property worked for the seller! Their job was to sell the home for the highest and best price the market would bear. So they priced the home well below market value. It was a beautiful little home in a great neighborhood. So of course there was a feeding frenzy and there were many heartbroken buyers who didn’t get the home.

The point is that if you do not have an experienced Realtor in your corner helping you each step of the way the likelihood of you buying your home just by cruising the internet on your own is slim and none. Your Realtor will sit down and talk to you and find out what your needs are. They will preview homes for you to make sure you see what you want and not things that won’t work for you. They don’t want to waste your time and they want you to have a great experience and some fun finding your home!

But please keep in mind this is just the beginning! If you identify a home that you want to purchase and you put in an offer and your offer is accepted, then the escrow period begins. Your Realtor is trained to help negotiate the offer in a way that allows you to purchase the home at the right price and that protection clauses are enforced so that you don’t get stuck in something you may regret.

There are many steps that happen between finding the home and getting your keys. Those are things that your Realtor can walk you through and all the work that is required in getting those keys is what your Realtor will do for you! Find a Realtor that you feel comfortable with and that you feel you can trust! That is your #1 job! Once you do that you will be on your way to homeownership! You are sure to have a lot less headaches and in some cases heartache which should never be a part of buying a home! Please remember these important points when considering a real estate purchase in LOS ANGELES COUNTY.

Happy House Hunting!

SAN PEDRO CALIFORNIA! WHAT A GREAT PLACE TO LIVE & BUY A HOME!!

Wendy Rich-Soto (Main Street Realtors) — Mon, 07 Dec 2009 14:39:38 -0600

San Pedro, California!

What a great place to live & buy a home!!

What a great place San Pedro is! I moved to “Pedro” from Northern California and when I did I had no idea what my new town would be like. I first saw the harbor and Cabrillo Beach and thought that was so wonderful! All the cruise ships pulling into port and the sail boats going by were so amazing to watch. The harbor is filled with transport ships full of containers making their way towards their next destination. Sitting at the water and watching one of these massive boats pass by one has to wonder, “How the heck does that ship float on the water?” ;-)

The revitalization in downtown San Pedro with new businesses, restaurants and cutting edge, urban lofts and condos were exciting to see! I thought the little town was going to grow and become a very special place! Well what I didn’t know is just how special San Pedro already was!!

The homes here are truly special! San Pedro Real Estate is not the norm for the area. There are so many properties with views of either the harbor or of point Fermin! If you want water views this is the place to buy a home! Think about buying a home in SAN PEDRO when you consider the area surrounding. The culture is a little different than most places, but it is easy to feel at HOME here in SAN PEDRO!!

It is a town located in Los Angeles County which of course is associated with being a huge metropolitan area. However, Pedro is pronounced “Pee-dro” is a quaint little town near Los Angeles! It has that small town feel and everyone knows everyone here it seems. San Pedro is a one of a kind place.

After being here just a short time I took a day trip with my daughter to the other side of town. We ended up at Point Fermin Park. We parked our car and walked from the baseball diamond at Royal Palms down Paseo Del Mar to the Point Fermin Lighthouse! This is of course adjacent to the Korean Friendship Bell. This area took my breath away!

There is a small little spot I refer to as the “beloved stump” right behind the baseball diamond. Don’t laugh, or don’t knock it until you try it! On this concrete stump you can sit and see fishermen down below casting their nets, you can look to the left and see the lighthouse in the near distance and you can look to the right and get a breath taking view of the Palos Verdes Pennisula! Depending on the day you go and what the weather is like, you can see Catalina Island directly in front of you and the water is usually about 3 different colors of blue!

I remember thinking, “Do I really live here?!” Lucky for me yes I do and if you are considering a purchase in this amazing little town, give me a call! It won’t take you long to fall in love with “San Peedro!”

YOU CAN BUY A HOME FOR .5% DOWN!!

Wendy Rich-Soto (Main Street Realtors) — Thu, 03 Dec 2009 14:53:24 -0600

Buy your first home with only .5% down!

The house market has changed drastically and you are sitting on the sidelines waiting for a chance to take advantage of the great prices and interest rates, but one minor thing is holding you back. You are saving for your down payment and feel like it is taking forever to reach your goal of the required 3.5% down for an FHA loan. Good news has just arrived!

Down payment and closing cost assistance programs may have been in the minds of many of thing of the past. However, with the reinstatement of the California Homebuyer Down payment Assistance Program (CHDAP) earlier in June, 2009; we now have some great opportunities to help first time homebuyers buy homes.

What does this really mean? The other 3% is in the form of a “silent second” but you don’t have to come up with the money to purchase. The loan is for a term of 15 years and the current interest rate is 8.5%. On a purchase price of $300,000 you would have a second mortgage payment of $87. Not much and it gets you into a home now not years in the future. By then home values may have gone up so much that you can’t purchase the type of home that you can right now. In 15 years when that part is paid off free and clear you will have an even lower mortgage payment and you will have bought the right way. I’m sure you have heard the term, "Buy low, sell high?" That is exactly what buying today will help you to do!

CHDAP does not have to be used with FHA only. It can be used with any other financing that is approved through the California Finance Agency. Make sure your lender is qualified to offer CalHFA loan programs. Not all lenders are approved so this is critical.

Did you know that you could have a fico score of 587 and still qualify for an FHA mortgage?

CHDAP is a special program offered by the State of California and has specific qualifying requirements that are difference from FHA or Fannie Mae first mortgages. An experienced lender will be able to explain the requirements for being eligible for this program.

The $8,000 tax credit can help you even further and put more money in your pocket each month to help you make your new mortgage payment! Check with your tax accountant to understand how changing your exemptions can help you each and every month!

Call me today so I can explain how you can take advantage of this fantastic opportunity to become a homeowner and make your dreams of homeownership a reality!

It doesn't matter whose fault it is!!

Wendy Rich-Soto (Main Street Realtors) — Mon, 30 Nov 2009 12:03:33 -0600

Lately I have been reading so many posts and articles about whose fault it was that bubble popped! There are cycles in our market that are beginning to facilitate change. We are turning the corner and slowly but surely we are on the way to the recovery we have been wishing, hoping and praying for! But yet there is a new wave of innuendo about who should shoulder the blame for what has happened. Then there are those who are throwing out things like, "We haven't learned anything!" "It's just going to happen all over again!" Well, there will always be bad guys out there to be sure. Those savvy types that are out for a buck without caring who they hurt to earn it. They can be found in the Mortgage lending industry, they can be found in Resale brokerages across the nation as well. But there has been such a crack down on appraisers, that the buddy buddy pal aspect of Bad Realtor hooks up with Bad Lender hooks up with crooked appraiser, is OVER!

Also, if a person has lost a home and had ANY emotional tie to that property, they don't want to go through that again. NOT NOW, NOT EVER! Now, does that mean that some people won't get in over their heads or that financially things could change making them unable to pay their mortgages, sure. Life goes through twists and turns of course. The important thing to remember is that it will not be intentional on the buyers part. That is critical! Not to mention with lending guidelines tightening so much, lenders don't have all the loop holes they had to squeeze bad loans through.

I have had the experience of working for new home builders in the past. Right now I am personally aware of two major builders in the greater Los Angeles area who are gearing up to open new communities in the Spring. Builders know the market probably better than most Realtors out there. They are the quintessential investor are they not? If they believe now is the time to get started again, surely we have gotten through the worst of this! The point I am making here is that media seems to sensationalize just about everything! We need to remain positively optimistic about the future of the housing market. It has driven our economy and it has also been a major cause of the recession. Now with light at the end of the tunnel, lets not go back to harping on who did what to who and bringing more doubt and negativity into the minds of those considering a purchase.

The market is a cycle but it ALWAYS bounces back! Anyone who is in a position to purchase "within their means" would be silly not to. People keep worrying about the market continuing to lose value. Well all I can say is that if homes are selling with multiple bids above asking price everyday and that anything that hits the market that is priced right and in decent shape doesn't last a week the idea of the market conitnuing to go down isn't based in the reality of what is happening right now. Of course I am writing about LA County. I know the market is different everywhere. But here, we are seeing evidence of recovery now!

Fault finding isn't going to get us what we all want and need! We need to focus on positive now and on our future. Let's learn from what has happened and NEVER repeat our past mistakes! But also let's be grateful that we have a chance to start over and to do things right this time around!

If you want to buy a home in San Pedro, it starts with a Partnership!

Wendy Rich-Soto (Main Street Realtors) — Sat, 21 Nov 2009 04:21:06 -0600

If you want to buy a home in San Pedro, it starts with a partnership! A partnership between you and your Realtor. Today's market in Los Angeles County and San Pedro is a highly competitive one! That may surprise you to know especially since you've been hearing so much negative press for the last 3 years about the bubble and the bubble bursting! Depending on who you talk to it might be a while before the market makes a come back! Well, here are a few facts for you to consider; (This information comes from the California Association of Realtors)

Existing, single-family home sales increased 2.1 percent in September to a seasonally adjusted rate
of 530,520 units on an annualized basis.

· The statewide median price of an existing single-family home increased 1.1 percent in September to
$296,090, compared with August 2009.

· C.A.R.’s Unsold Inventory Index fell to 4.2 months in September, compared with 6.5 months in
September 2008.

LOS ANGELES (Oct. 26) – Home sales increased 2.1 percent in September in California compared with the same period a year ago, while the median price of an existing home declined 7.3 percent, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today.

“The market’s momentum continued in September, as many home buyers took advantage of the federal tax credit for first-time home buyers,” said C.A.R. President James Liptak. “The success of the federal tax credit is clear. Nearly 70 percent of first-time home buyers report that the tax credit was ‘the most important’ or a ‘very important’ factor in their decision to buy a home.

“C.A.R. is calling for the U.S. Senate to swiftly adopt the Dodd-Lieberman-Isakson amendment, which would extend the federal tax credit through June 30, 2010, remove the first-time buyer requirement and extend the credit to all home buyers, and increase the qualifying income limits so more families are eligible for the credit.”

Closed escrow sales of existing, single-family detached homes in California totaled 530,520 in September at a seasonally adjusted annualized rate, according to information collected by C.A.R. from more than 90 local REALTOR® associations statewide. Statewide home resale activity increased 2.1 percent from the revised 519,530 sales pace recorded in September 2008. Sales in September 2009 increased 0.6 percent compared with the previous month.

The statewide sales figure represents what the total number of homes sold during 2009 would be if sales maintained the September pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

The median price of an existing, single-family detached home in California during September 2009 was $296,090, a 7.3 percent decrease from the revised $319,310 median for September 2008, C.A.R. reported. The September 2009 median price rose 1.1 percent compared with August’s $292,960 median price.

“A new milestone was reached in September, when five C.A.R. regions reported positive year-to-year increases in the median price, the first such increase since January 2008,” said C.A.R. Vice President and Chief Economist Leslie-Appleton-Young. “September also marked the seventh consecutive month of month-to-month increases in the statewide median price and the first single-digit decline in the year-to-year median price since October 2007, after 22 consecutive months of double-digit decreases.

“Efforts by the government to stimulate housing and the economy clearly are impacting the market. Sales have exceeded 500,000 homes for 13 consecutive months, and now are 33.1 percent higher on a year-to-date basis compared with 2008,” added Appleton-Young.

Our market is changing almost daily. It is highly competitive and especially for first time buyers obtaining an FHA loan. If you do not have a partnership with a Realtor who will be working diligently to help you locate a home that meets your needs, negotiate a contract that will secure the home for you and work with you and your lender through out the escrow period to get that escrow to close successfully, you may as well not even try to purchase.

You need someone on your side and you should remember that a sign with a number on it for a home that is for sale has the number of the listing agent. A listing agent is in a contract with the seller. Their job is to protect the sellers interests. You need a Realtor who is going to be looking out for your interests. That Realtor is going to be your partner and be loyal to you! In order for that partnership to work you need to be loyal too! Sometimes when you are making a purchase like this it is hard to know who to trust. Interview your Realtor. Make sure that you feel comfortable with that person and that you can have a level of trust with them. You want to have peace of mind as you go through the process so the right Realtor is critical to having a good home buying experience. Choose wisely!

Wendy Rich-Soto, Realtor

Buyer Specialist

(562)606-4040

wendyrichsoto@gmail.com

http://www.WendySellsSoCal.com

FHA Commissioner Announces Delay of New FHA Condo Rule

Wendy Rich-Soto (Main Street Realtors) — Wed, 14 Oct 2009 16:27:49 -0500

FHA Commissioner Announces Delay of New FHA Condo Rule ( http://ping.fm/EsjsE )

Maybe there is still hope for all those FHA buyers trying to get into their first home afterall!

Can an FHA buyer still purchase a condo in Long Beach?

Wendy Rich-Soto (Main Street Realtors) — Mon, 21 Sep 2009 13:29:54 -0500

Can an FHA buyer still purchase a condo in Long Beach, California? Well, that depends on who you talk to. A lender can tell you that they can do a loan all day long but at the end of the transaction when the talking stops and the funding is due to occur and it can't then it doesn't really matter what they said before. The point is that lending guidelines are changing daily. If we are not updating our knowledge about what is happening in the mortgage industry right now, we may as well not even be Realtors!

As of September 1, 2009, new condo purchase rules were enabled which state that if a condo building was converted a reserve study must be produced and if the reserves are not at 60%, HUD will not insure an FHA purchase and therefore, an FHA buyer cannot purchase that unit. But wait...there's more!

As of October 1, 2009, all FHA approved condo projects must be certified every two years. A reserve study is needed and if reserves are not at 60%, then that project will lose its certification and there will be no more FHA purchases in that building, at least for two years. Then the association can reapply for certification.

Let us not forget that the owner occupancy ratio has to be 51% or higher and that is just today. It can change at any time!

Right now the easiest way to purchase a condo in Long Beach is to be a conventional buyer. But how many people just have a 15% down payment ready to go? Not many and especially in this economy and market climate! It almost seems like purchasing a single family residence is going to be the only option for FHA buyers for a while.

It keeps changing!

Wendy Rich-Soto (Main Street Realtors) — Sun, 02 Aug 2009 15:02:23 -0500

It is amazing how our market continues to change. As the market began its correction it was no mans land. Then as prices started to tumble it became a buyers market. Once the buyers got out there and started buying as quickly as possible it became a false sellers market because of supply or lack thereof and demand. Now it feels as though it is changing one more time. Everyone is waiting with baited breath for the incoming long promised REO listings that are due to surface after the moratorium was lifted. In the meantime, pickins are slim out there! If something is priced right and it is in good condition, it usually sells within its first week on the market and with multiple bids and usually above asking. However, strategy wise, bidding higher and higher can come back to bite a buyer if the property doesn't appraise which in this declining market can happen more often than not. If you are dealing with a bank owned property, then there is a really good chance they will be realistic and reduce their price based on the appraisal. However, if it is privately held, they have a bottom line and if they cannot meet their bottom line by selling it at the appraised value they may choose to hold onto it and rent it or continue to live there. Lord knows that the banks are coming around finally and doing loan modifications these days to stop foreclosures from occuring. Take nothing for granted in this market and don't assume you have it all figured out because by tomorrow, it is going to change again.

So are you waiting for the bottom of the market? It's gonna pass you by...

Wendy Rich-Soto (Main Street Realtors) — Thu, 22 Nov 2007 13:45:46 -0600

So many people that I talk to tell me that they don't want to buy a home right now because prices are still dropping. Yes, I say...you are correct. But, why would you wait for prices to drop? Why don't you drop them yourself? They say, "Huh?" If a home you fall in love with is listed for $350,000 and you offer the seller $325,000 and they accept your offer...didn't you just drop the price of the property yourself? And in this market sellers are wheeling and dealing! They want out for so many reasons! Some are just as worried about prices going lower as you as a buyer may be! But...find that happy medium and everyone wins! Give me a call and let's go on a hunt! I think you will be pleasantly surprised by what you can buy for the money these days! Affordability is back in style and you are about to become a style guru!