Costa Mesa Real Estate Market

REALTOR'S CORNER as published in the Orange County Register

Buy Now, Retire Later!

Have you been hearing that it's a buyer's market?  Take a look at local home prices.  Have you been told that there's no time like the present to plan your retirement?  Again, take a look at those prices, and then think about investing for your future.

When retirement nears, many of us consider making a move, either to a more desirable location or maybe into a smaller home.  How do you think home prices now will compare to prices in the future?  Buyer's market or not, you can bet that home values will rise.

Even if you're years from retirement, you could consider buying your retirement home right now.  If you've built up substantial equity in your current home, you're in a great position for financing on that second home.  Even if you can't afford to buy it outright, you'll certainly qualify for more attractive terms on the mortgage.

You see, if you're buying a second home as a residence, most lenders will offer you a lower interest rate than if you were buying another home simply as a real estate investment.  Honestly, though, what better "investment" could you make than to purchase your dream retirement property now, while prices are certainly lower than they will be in five to ten years?  Consult with a real estate agent and your financial advisor to learn more!                              

Larry Weichman is President/ Broker for Costa Mesa based Weichman Realtors. Direct your questions to Larry@WeichmanRealtors.com or call 714-444-4663.

Wednesday, December 19, 2007

REALTOR'S CORNER as published in the Orange County Register

Could you sell for half-price?

Remember playing Monopoly? "Do not collect $200!" became a household phrase. Sometimes, towards the end of the game, you might have sold a property to another player for half-price just to raise some cash.

In real life, you would never accept half-price for your home - or would you? What if you owed $88,000 on a home you wanted to sell for $100,000?

Now what if a prospective buyer offers to buy it at a discount of 6 percent off the asking price? Although you would like to receive the full asking price, you accept. You've just sold your house for half-price!

How's that? Your equity - the difference between the sale price and what you owe - is what you receive at closing. It can easily slip through your fingers at the hands of a buyer who is good at negotiation.

Allowing that 6 percent discount ($6,000), you are selling for a price of $94,000 while you still owe $88,000. That means you will receive $6,000 cash in hand at closing rather than the $12,000 you had anticipated - half-price!

Perhaps the most valuable role played by real estate agents is that of negotiator. When you list your home, you empower the agent to represent you in any negotiations that take place. Expect the best from your agent and reap the financial rewards.

Larry Weichman is president/broker for Costa Mesa-based Weichman Realtors. Direct your questions to Larry@WeichmanRealtors.com or call 714-444-4663.

December 7, 2007

REALTOR'S CORNER as published in the Orange County Register

How it all began

Have you ever wondered how and when real estate became a national industry, and buyers and sellers began to seek professional representation? You may be surprised that realty's modern history began less than a century ago. Those early days have affected home ownership ever since.

Back in the 1920s, Herbert Hoover pushed the idea that home ownership was the foundation of democracy. He and others helped to professionalize and standardize the practice of building and selling homes.

It wasn't until the Great Depression, however, that the government really got involved, with the National Housing Act of 1934. Critical to the act was the introduction of mortgage insurance and putting established practices into law.

After these policy changes, large numbers of middle-income families began buying homes. Before then, only the wealthy and upper-working class could afford such a purchase, and usually without a mortgage.

Now we can apply our modern perspective and imagine how things might be changing in our current economy.

The middle class is feeling the squeeze as the gap between wealth and poverty grows. Owning a home makes more sense now than ever, as a secure place to live and as an investment.

But great care must be taken to avoid the problems of over-financing and risky home loans. Trust a professional real estate agent to protect your best interests.

Larry Weichman is president/broker for Costa Mesa-based Weichman Realtors. Direct your questions to Larry@WeichmanRealtors.com or call 714-444-4663.

December 1, 2007

Be sure to check out the holiday light display that we are sponsoring at 2714 Albatross, Costa Mesa.  Show starts on every hour and the half hour, here is a link to view this amazing setup. http://theoclights.blogspot.com/2007/11/got-video-short-4-minute-clip.html

November 1, 2007

Costa Mesa real estate broker Larry Weichman was looking for a way to donate his time in the community when Decker showed him a video he had taken of     storm-battered Pascagoula from his last trip to the area in 2006. The images of houses still in disrepair more than a year after Hurricane Katrina moved Weichman      to help, he said.  Please read full text below on line at the Daily Pilot.
 

Daily Pilot Article on Weichman Trip to Help Hurricane Victim's