homebuying: Your Market News: - 02/13/12 07:23 AM
Your Market News:   2012 is off to a promising start. Mortgage rates continue to drop and have remained under 4% for nearly two months. Home sales are strengthening and pending home sales, a measure to gauge future sales, are at their highest levels since March 2010.   Job growth has been increasing for most of 2011, with unemployment dropping to 8.4%. As more people are getting jobs, consumer confidence has also been increasing.   Even with substantial national improvements, this continues to be a "one neighborhood at a time" recovery. Payroll jobs are up in 25 states. Global factors such … (0 comments)

homebuying: A Thanksgiving Compromise - 11/28/11 05:54 AM
A Thanksgiving Compromise
A story of bipartisanship.
 
Over the long weekend, Congress came up with a Thanksgiving compromise that could change the mortgage choices of buyers and refinancers in more than 660 markets across the country: It raised maximum loan limits for the Federal Housing Administration while leaving loan ceilings untouched for Fannie Mae and Freddie Mac. This will make the FHA the go-go financing option for borrowers in high-cost areas.
 
FHA used to be the place for low-income, first-time buyers. Now, borrowers in high-cost areas like ours, needing loans up to $729,750 with down payments as low … (0 comments)

homebuying: The Truth Behind Some Real Estate Myths - 07/26/11 10:45 AM
When it comes to real estate, all is not always as it seems. Many buyers — and some sellers — labor under misconceptions that could sink their housing aspirations.
Take the notion that you will hunt for a house until you find the "perfect" one. Sorry. There is no such thing as the perfect house. Even gently used houses come with blemishes. And new homes rarely, if ever, have absolutely everything you want at the price you want to spend.
Another popular myth is that the longer a house is on the market, the more willing the seller will be to … (1 comments)

homebuying: To Own or Rent: That is the Question - 04/07/11 10:09 AM
Making the determination to rent or buy will always require a close evaluation of your personal circumstances. Lately, the economy and high unemployment rate have only made it more complex for many families. And that's in spite of historically low mortgage rates.
Many are reconsidering homeownership as a lifetime goal and no longer consider renting a taboo.  But owning a home is a mainstay of the American dream that offers numerous benefits to the homeowner.
Here are two reasons why I always believe owning is superior to renting, if you are in the financial situation to choose, of course.
Homeownership is … (0 comments)

homebuying: Nondistressed Markets and the Road to Recovery - 03/28/11 07:36 AM
The harder hit real estate markets are found in places that had great job and population growth in the mid- 2000s. Las Vegas, Pheonix, and Miami come to mind. Los Angeles, to a lesser extent, is considered a distressed market as well. After the housing and economy woes of the past few years, these cities are hurting. But people always want to live in those sunny locales, and their job markets are starting to recover.
The big test in the major cities hit hard by the real estate bubble is absorbing the steady stream of distressed properties. The foreclosures put downward … (0 comments)

homebuying: Warren Buffett's Words of Wisdom - 03/23/11 05:52 AM
The third richest human being on the planet, Warren Buffett, spoke out recently about the importance of home ownership.  In Buffett's most recent letter to his company's shareholders, he made a striking declaration of his feelings about owning a home: "[h]ome ownership makes sense for most Americans, particularly at today’s lower prices and bargain interest rates."  He went on to rave about home ownership, saying that "the third best investment I ever made was the purchase of my home.”  Now, that's a big statement from a guy whose investment decisions have earned him a net worth over $50 billion!
Here are … (3 comments)

homebuying: Springtime Real Estate - 03/14/11 10:32 AM
Spring is such an amazing time to buy or sell a home. The season, innately, has hopeful and optimistic characteristics and it creates the perfect energy for finding a new home. A recent poll showed that 68% of potential homebuyers and home-sellers expect that their property values will recover in the next year or two. That is up from 47% that expected their home prices would rise at this time last year.
The spirit of renewal that comes during Easter and the luck of the Irish that surrounds March have helped me close many transactions over the years. I have recently … (2 comments)

homebuying: February: Short and Sweet for Luxury Real Estate - 02/28/11 05:50 AM
February has been a short but memorable month! This is especially true for the luxury home market here in Los Angeles. Buyers started seriously flirting with higher offering prices this Valentine’s season and recent data indicates that the long courtship has finally paid off for homeowners.
February is just a small example of a growing positive trend. Last year, sales of luxury homes priced at $1,000,000 and up surged more than 20 percent in California. That represents the first spike in sales of high-end properties in five years, and is positive proof that we are in the midst of a continued … (2 comments)

homebuying: Warm Climates and Great Deals - 02/21/11 11:05 AM
“We live where you vacation” is the motto that many happy Californians apply to their lives. And it’s true. With the winter that the rest of America is having, our homes are more desired than ever. People who have dreamed about owning a second home in a warm climate or dreamed of retiring on the West Coast are looking at these ideal buying conditions and working to make their dreams a reality.
If you were thinking about selling your home, you should consider this time of year as optimal. Now is a great time to put your house on the market … (1 comments)

homebuying: Motivations - 01/31/11 08:10 AM
The Wall Street Journal is reporting that “affordability” was the top reason for home buying in 2010.
That makes sense, especially in these crazy market conditions. Buyers, as always, are looking for a bargain but, more than ever, they’ve been enticed by low home prices and low interest rates. This is according to a recent real estate survey of 1,261 clients who bought homes between July 1 through December 31, 2010. This can tell us a lot about what to expect from buyers in 2011.
Interestingly, pride in homeownership was not the driving force in 2010. Instead, it came down to … (0 comments)

homebuying: Buyers are like Kids in a Candy Store - 01/17/11 08:42 AM
$600,000 is the new $1 million when it comes to home-buying. Million-dollar homes are the most affordable they’ve been in YEARS. This is fascinating news. Buyers are like kids in a candy store. And things aren’t too shabby for sellers either. Even though home sales are down nearly 30% from this time last year, existing home sales picked up steam at the end of 2010.
Sales of previously-owned homes jumped 5.6% to an annual rate of 4.68 million, the National Association of Realtors reported. The rate was down 27.9% from 12 months earlier, when a homebuyer tax credit helped lift sales … (3 comments)

homebuying: New Year, New Results - 01/04/11 08:50 AM
Property markets across the country are relying on an economic recovery to make their Christmas wishes come true. The past year was a tough one. But home prices stabilized in the first half of 2010 as the government offered tax credits to spur sales. That stimulus has come and gone.
This year, similarly, the market will also be affected and driven by what goes on in Washington. Get excited! 2011 has the potential to further the recovery! Large price declines have made housing more affordable than at any point in the last decade. New housing construction is stuck at its … (2 comments)

homebuying: The Gift of a Down Payment - 12/06/10 08:54 AM
The new holiday fad this year is both thrifty and smart.  Parents are now fashioning bows around down payments.  Apartment hunting can be rough for young adults in their twenties and when you consider that the cost of a monthly house payment is equal to rent, it just doesn’t make sense to continue the search.  Home prices and mortgage rates are so appealing right now, everyone wants to buy.  It can be hard for young people, however, since no-money-down loans are nonexistent today.  That’s where the holiday cheer comes in! Over the past year, 36% of first-time buyers got help with … (1 comments)

homebuying: Early Christmas for Buyers - 12/01/10 06:46 AM
There are a large number of homes that are poised to be added to the already massive supply of homes on the market.  CNN Money has dubbed these homes the “shadow inventory” because they represent the homes that were reposed by lenders within the past year.  After the slow repossession process, banks are now bringing these foreclosures back to the market.  
The “shadow inventory” is not nearly as ominous as it sounds.  This is an amazing opportunity to buy.  This undocumented portion of the market jumped 10% during the past year.  There are 2.1 million homes nationally that are ready … (0 comments)

homebuying: Get Started on Your House Search - 11/22/10 06:34 AM
It is a great time to buy for many would-be homeowners. The market offers historically low interest rates, as well as affordable home prices- prices that are down more than 10% nationwide since last year.  Freddie Mac just announced that the 30-Year and 15-Year Fixed-Rate Mortgages haven fallen to new lows.
If you are interested in taking advantage of these amazing conditions, consider these five tips.
1. Check Your Credit Report. Your credit report says a lot about you. Lenders use it to evaluate your risk potential and to inform themselves on how responsible of a borrower you are. The more … (0 comments)

homebuying: Five reasons to buy a home this year - 11/11/10 04:28 AM
 
Affordability returns to housing, and buyers have loads of negotiating power
You might be in for the home-buying opportunity of a lifetime.   If you're qualified to buy a home now, there are five reasons why you may be headed for a great deal:
1. Affordability is better than ever
According to the National Association of Realtors' housing affordability index, homes were more affordable in December than at any other point since the group started the index in 1970. The affordability index is a measure of the relationship between home prices, mortgage interest rates and family income.
2. … (1 comments)