| |
If you're thinking of selling your Long Beach home and trying to choose an agent, there are a number of factors to consider. Track record, experience, and communication skills are important. But so is the agent's marketing plan and the quality of their marketing - particularly the photos.
Most home buyers begin their home search on the Internet and the first exposure they will probably have to your home is the pictures that the agent provides to the Multiple Listing Service (MLS). It's very important that there be lots of pictures -- and that the pictures are of good quality.
In the age of digital cameras, some agents will still enter listings into the MLS without any photos, indicating that photos will be coming later. What that means is that for many buyers, the first exposure to the home is without any photos. Many home buyers won't even consider your home if there are no phtos. The buyers assume there are no photos because the house is ugly or the seller doesn't want them to see it.
Sometimes there are very few photos. Again, buyers assume that's because the house doesn't have any features worth showing.
If you're interviewing agents, ask them who will be taking photos of your home and how many photos there will be. More is better.
Quality also matters. Look at the photos the agent uses in their printed marketing (flyers and postcards) as well as the MLS. Is this the way you want your home to presented?
 Check out this photo that was just posted in the MLS for a Long Beach home priced at just under $1 million.
The description makes this home sound lovely. The photo makes it look dark and outdated.
Is that because the home is dark and outdated? Hard to say.
Here's another photo of the same house:
Ideally, the photos would be well lit, crisp and clear. A virtual tour or multiple views of the same space from different angle also appeal to buyers.
Check out the photos of the kitchen of a Long Beach home I currently have listed:
 
Note that buyers can get a good sense of the space with these kitchen shots -- not only how it relates to the rest of the home, but also how it relates to the space outside it. The shots are well lit and inviting.
Who you hire to sell your Long Beach home really does matter. Make sure that whoever you choose will represent you and your home as well as possible.
Shannon Jones, CDPE and PSC (Pre-Foreclosure Specialist)
Keller Williams Realty
562-896-2456 // 562-335-1965 // www.ShowMeHome.com
 If you're wondering about home price trends in Long Beach or surrounding neighborhoods, we've got exciting news for you. Our Market Insider report will provide information on real estate trends as well as school reports, crime statistics, and more.
Introducing Market Insider, the FREE report that gives you valuable, customized, and up-to-date information on real estate trends in your local communities. Whether you're buying or selling a home, you'll have access to the data you need to make informed decisions in this ever-changing market.
Create a customized Market Insider report on the areas you care about most, and then sign up to receive FREE monthly updates. Market Insider provides home listing and sale prices, community demographics, school ratings, side-by-side neighborhood comparisons, and more!
 Whether you are looking to sell and want local market data, or are thinking about buying and want to explore different homes and neighborhoods, here is a great resource for you!
To view a Market Insider report for your Long Beach neighborhood or another neighborhood that interests you, click here. You can also compare neighborhoods.
Wondering how to interpret the data or want more information, feel free to call us at 562-896-2456 or email Info@ShowMeHome.com
Shannon Jones, CDPE and PSC (Pre-Foreclosure Specialist)
Keller Williams Realty
562-896-2456 // 562-335-1965 // www.ShowMeHome.com
With so much of the current housing inventory now made up of distressed properties, I'm often asked by home buyers in Long Beach and surrounding communities, what's the difference between a short sale and a foreclosure? Doesn't the bank make the decision in both. Not exactly.
Here's a quick guide to who's who and what's what in the world of distressed properties:
 Short sales - These are homes that are still owned by Jane and Joe Homeowner, regular people like you and me. Unfortunately, they are "upside down" on their mortgage (or mortgages), meaning that they are "short" on equity. Because of this, they need approval from their lender (or lenders) to sell the home for an amount that would result in paying back less than the full amount of the loan(s). With short sales, the seller has the right to list the home, choose a price, and accept an offer. Their agent then submits a package to the sellers' bank(s) that includes documentation on their financial situation (usually paycheck stubs, tax returns, bank statements, a financial budget worksheet and a letter of hardship). The package will also include listing paperwork, a contract and documentation on the buyer's ability to obtain a loan. The bank will then assess the value of the property, review the package and make a decision on whether to approve the short sale and whether the offered price is acceptable. This process can take several months. I've seen approvals in just a few weeks and have heard of them taking a year or more. Many short sales are never approved. Before my team and I show a short sale property to one of our clients, we do an assessment of the "short sale viability" to determine whether it's a situation our client would want to get involved in.
Sometimes people confuse short sales with foreclosures because short sale listings may (or may not) be in the process of foreclosure. If a Notice of Default or Notice of Trustee Sale has been recorded against the property, then time is of the essence.
Because the homeowner will get no money from a short sale, they will usually be selling the home "as is." As a homebuyer, you'll have the opportunity to do a home inspection and if you don't like what you find, you'll have a chance to back out. But you won't usually get a termite clearance and the seller won't usually do any repairs.
Foreclosures - These are also sometimes called bank-owned or REO properties. They may have even once-upon-a-time been short sales that were unsuccessful. In this case, the bank went through the process of taking the home back because the homeowner didn't pay their mortgage. In the case of bank owned properties, the transaction will be very much like a "regular sale" except that you're dealing with a bank instead of Jane and Joe Homeowner. Banks will almost always sell the property "as is" and they won't be able to disclose much about the properties because they've never lived there. In fact, they are exempt from some disclosures. Banks will frequently shorten the inspection contingency period from the usual 17 days to 7 or 10 days. In addition to the contract, you'll need to sign a bank addendum, which is usually filled with boilerplate legal language designed to protect the bank. The addendums may include terms such as per diem penalties if you're unable to close on time. Remember, you are dealing with a financial institution here and the bank is looking at the bottom line.
Probates - These are not as common in our current market as short sales or foreclosures but we do run across them sometimes. With a probate property, the owner has passed away. "Probate" is the legal process for distributing the assets. Depending on the heirs, the will, and the title, the probate property may either be sold with our without court confirmation. To buy a probate property, your agent will need to use a special probate purchase agreement and it will spell out the terms of whether or not that court confirmation is required. Your agent will check on that for you. If the court confirmation is NOT required, then the process won't be very different for you than a regular sale. You'll just need to keep in mind that again, the property will be sold in its present condition and the estate probably won't be making any repairs. If court confirmation is required, then you'll need to wait for a court date and then go to court to see if anyone comes to "overbid." You'll need to do all of your due diligence, including inspections and loan application/appraisal, prior to going to court because you'll be expected to close quickly once the court approves the sale.
If you have any questions about buying a home in Long Beach or surrounding communities, please give us a call. My team and I would be happy to help you with the process.
Shannon Jones, CDPE and PSC (Pre-Foreclosure Specialist)
Keller Williams Realty
562-896-2456 // 562-335-1965 // www.ShowMeHome.com
Recently I received a phone call from Long Beach homeowners who had just received a notice of trustee sale. With the foreclosure sale around the corner, they wanted to know if it was too late to do a short sale.
The answer? Not necessarily. We listed theirLong Beach home as a short sale, helped them select an effective pricing strategy and quickly launched an aggressive marketing campaign that resulted in three offers in just three days.
We were then able to submit a complete short sale package to our clients' bank, Bank of America, and just last week, we got the trustee sale postponed, allowing time for the bank's review of the short sale.
Hopefully, we'll be able to secure a short sale approval for these Long Beach homeowners as we have for dozens of others. For them, doing a short sale rather than simply allowing the home to go to foreclosure means they may be able to buy another home in 2-3 years -- which is their goal.
Some Realtors will not list homes when a trustee sale is already scheduled, but we are always happy to help homeowners explore their options. Yes, it is easier to do a short sale when it's earlier in the foreclosure process. And some banks have very strict deadlines with regards to submission of short sale packages prior to trustee sale dates. Each situation is unique.
If you or someone you know is facing foreclosure of a home in Long Beach or surrounding communities, we'd be happy to help you explore your options. I've been certified as a Pre-Foreclosure Specialist (PSC) and Certified Distressed Property Expert (CDPE).
If you'd be interested in a free E-Book on Fighting Foreclosure, please email Info@ShowMeHome.com and I'd be happy to send you one.
Shannon Jones, CDPE and PSC (Pre-Foreclosure Specialist)
Keller Williams Realty
562-896-2456 // 562-335-1965 // www.ShowMeHome.com
 If you’re thinking about making a move in 2012, now is the time to plan for it. Typically the real estate market kicks off after Super Bowl Sunday. (on’t ask me why because I’ve never understood the connection between football and real estate – I just know it occurs every year!)
For buyers, there are two major reasons to enter this market – low interest rates and relatively low prices.
For sellers, the biggest reason to consider selling now is that buyers seem to finally getting off the fence.
One of the more popular neighborhoods in Long Beach is Lakewood Village, known for its large lots, custom homes and proximity to excellent schools, inclduing award-winning Twain Elementary School.
Four homes sold in the Lakewood Village neighborhood in January 2012 – the same number that sold during January of 2011. This year, sales prices ranged from $375,000 to $630,000, with an average sales price of $488,250. That is down from the average sales price of $583,750 for January 2011.
As of February 7th, there are seven homes on the market in Lakewood Village, ranging from $414,900 to $875,000. Additionally, there are 10 homes in “pending” or “backup” status, ranging in price from $399,700 to $709,900.
If you’d like information on what your home is worth in today’s market, give us a call at 562-896-2456 or email Info@ShowMeHome.com and we’d be happy to provide you with a customized market analysis. You can also logon to www.ShowMeHome.com for a free Market Snapshot.
Shannon Jones, CDPE and PSC (Pre-Foreclosure Specialist)
Keller Williams Realty
562-896-2456 // 562-335-1965 // www.ShowMeHome.com
 Long Beach home sales and sales prices were both down a little in January 2012 when compared to the same month last year.
In January 2012, 129 Long Beach single family homes closed escrow, ranging in price from $89,900 to $2,199,000. The average sales price was $374,762 and the average days on market was 96, according to the Multiple Listing Service (MLS).
In comparison, there were 144 Long Beach houses that sold in January 2011, with an average sales price of $395,851 and average days on the market of 97 days.
Here's that the current inventory looks like:
Currently, there are 565 single family homes listed for sale in Long Beach, ranging in price from $85,000 to $9,495,000. The average list price is $554,753 and the average time on the market is 104 days.
Additionally, there are 469 Long Beach houses that are in "backup" or "pending" status, ranging in price from $70,000 to $1,995,000.
If you're interested in finding out the value of your Long Beach home in today's market, visit our website at www.ShowMeHome.com and request a Market Snapshot. Or give us a call at 562-896-2456.
Interested in finding a great deal? Check out all the Long Beach homes for sale on our website by clicking here. If you save your search and request automatic updates, you'll receive emails with every new listing that matches your specific criteria.
Shannon Jones, CDPE and PSC (Pre-Foreclosure Specialist)
Keller Williams Realty
562-896-2456 // 562-335-1965 // www.ShowMeHome.com
You've probably heard that having too many inquiries on your credit can negatively impact it... But is that always? Here's the scoop from lender Larry Bettag: Via Larry Bettag - Cherry Creek Mortgage:
Recently I wrote a post about credit scoring entitled What You Need to Know About Credit Scoring. There were 5 variables that affect the credit score of the borrower. Needless to say, I really think that while credit inquiries have the lest amount of weight towards your credit, it also happens to be the most misunderstood category.
The 5 Categories that Specifically Impact your Credit are:
- Payment History
- Outstanding Credit Balances
- Credit History
- Type of Credit; and
- Inquiries
Like I said, Credit Inquries are the least impactful, but probably the most frequently misunderstood. So... what's the 101 on credit inquries?
What's an inquiry?
Basically, it's when you specifically authorize lenders to look into your credit, specifically from a credit bureau. IF THE CREDIT INQUIRY WASN'T AUTHORIZED BY YOU, THEN IT'S NOT A HIT AGAINST YOUR SCORE!!! Know that so that you don't freak out!
Does applying for new credit affect my credit scores?
The short answer is probably. The reality is the more you apply for NEW CREDIT, the more likely it is that you need credit to live. In other words, you're having a hard time making ends meet and, therefore, are applying for new credit to shoulder some of they debts. If you need credit to live....in general, that ain't a good thing! Looking for credit too much means that your score is probably gonna drop!
How much will credit inquiries affect my score?
Bottom line...it depends. So abstract. So cliche. Really it will affect each person differently based upon their own credit history. For example, don't use credit often and have an inquiry....then don't worry about it. But if you need a briefcase to hold all of your credit cards together, then this inquiry is more apt to hurt a bit....at least a lot more than for the dude who has perfect or a stellar use of credit. Here's a good stat for you....Statistically, people with six inquiries or more on their credit reports can be up to eight times more likely to declare bankruptcy than people with no inquiries on their reports. I don't know the science of credit scoring, but I do know that there's a reason for everything.
Are all Credit Inquiries treated Equally?
Nope, nada, fogettaboutit! Credit inquiries that go to rate shopping are treated with less scrutiny than those inquiries used to obtaining new credit. You have a 14 day shopping range to look into credit for a mortgage, or getting a better rate. CAPECHE? Bottom line is that for multiple inquries for rate shopping, the scoring ignores mortgage, auto, and student loan inquiries made in the 30 days prior to scoring.
Shannon Jones, CDPE and PSC (Pre-Foreclosure Specialist)
Keller Williams Realty
562-896-2456 // 562-335-1965 // www.ShowMeHome.com
 Last weekend I met with a woman who was trying to decide what to do with a Long Beach home. Her uncle just passed away and as the trustee and executor, it's her job to take care of the estate. Unfortunately, the primary asset is a home with no equity.
The mortgage is current right now, and we discussed her options. She wondered whether she should attempt a short sale of the Long Beach home or simply walk away from the mortgage. What about other options?
Certainly, the woman I met with this weekend is not alone. As the current housing market drags on, many homeowners find themselves in this position. They want to sell or move, but they don't have equity. Nationally, almost 11 million homes are now underwater, according to financial information provider CoreLogic. About 3.5 million homeowners are behind on their payments and about 1.5 homes are in the foreclosure process, according to RealtyTrac. The New York Federal Reserve estimates that 3.6 million foreclosures will take place over the next couple years.
Ultimately for the woman I met with last weekend, walking away from her Long Beach home (sometimes known as "strategic default") probably does make the most sense. She came to that decision after we'd discussed all the options and considered her circumstances. But for other homeowners, a short sale or bankruptcy make more sense. Factors to consider are your credit, your equity position, your other debts, whether you are current or delinquent on the mortgage, and what your future plans are.
Many owners feel a moral obligation to continue paying their mortgage and I've met with homeowners who have drained their financial resources to continue doing so. I met a couple last year who had maxed out their credit cards and taken out personal loans just so they could continue paying their mortgage. Finally, when they had exhausted every resource and couldn't even keep the utilities on, they decided to ask for help.
 Asking for help can take on several forms. www.MakingHomeAffordable.gov is a great government resource on loan modification programs, home affordable refinancing programs and other alternatives. We are happy to help homeowners explore options and we offer free E-books on Fighting Foreclosure and Real Estate Short Sales. We also recommend consulting an attorney or accountant as well.
For some Long Beach homeowners, doing a short sale can be preferable to simply walking away. The benefits can include less impact to credit score and a shorter time period before lenders will again extend credit. We helped one couple with two Long Beach short sales about a year ago and were surpsied to hear that their credit scores actually went UP after the short sales, perhaps because the debt was no longer appearing and they sold both homes while remaining current on their mortgages.
Other options to foreclosure or short sale include bankruptcy or deed in lieu of foreclosure.
If you have negative equity in your Long Beach home or are having trouble paying the mortgage, please give us a call. We'd be happy to help you explore your options. We've worked with lots of homeowners in your situation. I have gone through training to become a Pre-Foreclosure Specialist (PSC) and Certified Distressed Property Expert (CDPE) as well as Certified HAFA Listing Agent Specialist (CHLAS).
By participating in a HAFA short sale, homeowners become eligible for $3,000 in relocation assistance.
One thing to keep in mind is that time is of the essence. When a lender forecloses on a home or approves a short sale, their loss becomes your "gain" and is considered income. The Mortgage Debt Relief Act of 2007 provided tax relief for many homeowners, but unless it is extended those protections are good only through the end of the year. In the world of short sales and foreclosures, that isn't really very much time.
Shannon Jones, CDPE and PSC (Pre-Foreclosure Specialist)
Keller Williams Realty
562-896-2456 // 562-335-1965 // www.ShowMeHome.com
 Since I began listing and selling Long Beach homes in 1998, I've been able to successfully negotiate hundreds of contracts. Sometimes, it's simple, but sometimes you have to roll up your sleeves and really do a lot of work to come to an agreement.
For the past several days, I've been trying to negotiate a contract on one of my Long Beach listings and unfortunately, today I learned that the buyers have chosen to walk away. We were very close on the numbers, but unfortunately, the buyers were uncomfortable with some of the terms in the counter. These were terms that the seller felt were very important to include, but the buyers found offputting. For example, the seller was firm about stating that the property was being sold "as is," even though the Residential Purchase Agreement (RPA) in California already states that.
The seller's thinking was that it was important to communicate to the buyer that she didn't plan to spend any money on repairs. She's not aware that any repairs are necessary, and I explained to her that she could always say "no" to buyers' later requests, but just in case something comes up, she wanted the buyers to know she didn't plan to do any repairs. The buyers interpreted that clause as a disclosure that something must be wrong. And despite my assurances that the seller isn't aware of any major issues, that scared the first-time home buyers off.
Yes, we were a couple thousand dollars apart. But in the end, that wasn't what prevented us from reaching agreement. It was just an "uncomfortable feeling" the buyers got and in large part, it was because of something that really shouldn't have been an issue. It's a shame for the buyers because this is a great house. And it's a shame for the seller because she's left without an offer.
Whether I'm representing the buyer or seller, I counsel my clients to focus on the important points at hand and not get bogged down in the small stuff or reiterate points that are already in the contract. Counters filled with picayune details are off-putting for the other side. Everyone wants to feel like they're being heard and appreciated.
Obviously, buyer and seller have some different goals -- and one goal in common. The buyer wants to pay the least amount of money and perhaps gain the most amount of concessions from the seller. The seller wants the opposite. But at the end of the day, both sides want to win. And for both sides, reaching an agreement is a "win." Sometimes to win, you have to give a little bit.
Certainly in our business money is important, but it's not everything. I've represented sellers who were willing to take less money because of other details in the buyers' offer. And I've represented buyers who have walked away because of the "tone" of a counter-offer. Success is sometimes in the details AND the language.
If you are thinking of buying or selling a Long Beach home, hire a Realtor with a proven track record for negotiating. Ask them for advice on how you how you can best structure an offer or a counter-offer to reach your goals.
Shannon Jones, CDPE and PSC (Pre-Foreclosure Specialist)
Keller Williams Realty
562-896-2456 // 562-335-1965 // www.ShowMeHome.com
 The previous buyers couldn't qualify so this great duplex at 231 Euclid Avenue in the Belmont Heights neighborhood is back on the market! We will have it open Sunday, January 29th, from 1 p.m. to 4 p.m.
The front house has a beautiful remodeled kitchen, remodeled bathroom, hardwood floors, central heat & air conditioning. It's a fabulous blend of vintage charm and modern upgrades. In addition, there's a studio unit above the two-car garage at the rear of the property.
231 Euclid is walking distance to shops, restaurants and the beach. Want to see more photos and details? Visit www.231Euclid.com or www.ShowMeHome.com. Or call 562-896-2456 to schedule a private showing.
Shannon Jones, CDPE and PSC (Pre-Foreclosure Specialist)
Keller Williams Realty
562-896-2456 // 562-335-1965 // www.ShowMeHome.com
|
|
Shannon Jones - Long Beach Area Real Estate
Long Beach,
CA
More about me…
The Shannon Jones Team
Address: California Dept. of RE License #01247705
Office Phone: (562) 896-2456
Cell Phone: (562) 335-1965
Email Me
The Shannon Jones Team is a successful, customer-focused real estate sales team serving Long Beach and surrounding Los Angeles and Orange County Communities. This is their blog.
Long Beach Real Estate
 Listings
Links
Archives
|
An Illinois Residential Mortgage Licensee
;)
;)
;)
