Trying to hide from reality will only exacerbate the situation. Allowing your home to be foreclosed by your loan holder may have significant long term impact on your credit score and financial situation in general.
There are several reports as of the last few weeks stating that short sales are going up as foreclosures are going down. In fact, the number of homes in peril has remained about the same, at 9.9 percent of American households, according to the Mortgage Bankers Association. What has actually changed is that banks have realized that they do not want to be in the home maintenance business, and are beefing up and expediting the short sale process.
Short sales are selling, buyers realize that they are paying fair market (today's market!) value and although it does take a bit more time to close escrow than a regular sale, it is not taking the 10-11 months that it used to take.
As a Seller, choose a Realtor you trust and has had experience with short sales. Keep in mind that when you list your home as a short sale, it should be treated like a standard sale with all the benefits of preparation and marketing.
My Associate Anne Salerno and I have been holding "Saturday Short Sale Conversational Cafes" to provide basic "how to" information on short sales. Each meeting brings more homeowners anxious to have the most current information presented and an unlimited opportunity to ask questions pertinent to their unique situation.
To reserve a space, give me a call at 760-799-1540.
More short sale information to come on my next blog!
Monday, October 18, 2010
Friday, September 24, 2010
Do You Qualify As A First Time Buyer?
If you have not owned a home in the last three years, you qualify as a first time home buyer!
This is a buyer's market. As we are four to five years into the biggest housing bust in modern history, and prices have come down a long way, about 30% from their peak.
Mortgages are exceptionally low, you can get a 30-year loan for around 4.5%. Compared with rates of 6.3% (about two years ago), that drop cuts your monthly payment by a fifth.
You will save on taxes, you can deduct the mortgage interest and real estate taxes from your income taxes!
Buying a home is forced savings; today, you can pay a mortgage for less than it takes to rent!
This is a buyer's market. As we are four to five years into the biggest housing bust in modern history, and prices have come down a long way, about 30% from their peak.
Mortgages are exceptionally low, you can get a 30-year loan for around 4.5%. Compared with rates of 6.3% (about two years ago), that drop cuts your monthly payment by a fifth.
You will save on taxes, you can deduct the mortgage interest and real estate taxes from your income taxes!
Buying a home is forced savings; today, you can pay a mortgage for less than it takes to rent!
Monday, August 2, 2010
Have We Hit The Bottom Of The Real Estate Housing Market?
Well, the jury is still out as to whether we have hit bottom. Most experts believe that as long as unemployment stays at present levels, we will have a way to go. But, we have had some encouraging news.
Nationally, existing home sales in June were 9.8% higher than in June 2009.
Single-family home sales fell 5.6 percent to a seasonally adjusted annual rate of 4.70 million in June from a level of 4.98 million in May, but still have increased 8.5 percent above the 4.33 million sold in June 2009.
The median existing single-family home price was $184,200 in June, up 1.3 percent from a year ago.
Existing-home sales in the West dropped a bit, but they were still 0.9 percent higher than a year ago. The median price in the West was $221,800, up 1.5 percent from June 2009.
Another good indication that I have noticed while working out in the field, is that mortgage lenders are a bit more willing to lend to qualified buyers; but, there are still strict qualifying and house appraisal guidelines.
In regards to the seller, accurately pricing a home for sale continues to be one of the most important and difficult factors in determining whether a home sells or lingers on the market. In some cases, sellers may need to reduce their asking price to attract buyers and offers. Some homeowners may struggle with determining whether or not they should reduce their list price.
A Realtor® will be able to show the seller if the sales prices of recently sold homes in the area are lower than the list price of the home listed for sale. Remember that the home will be appraised for the new loan, and if it doesn't appraise, the mortgage lender will not make a loan on that particular home.
Nationally, existing home sales in June were 9.8% higher than in June 2009.
Single-family home sales fell 5.6 percent to a seasonally adjusted annual rate of 4.70 million in June from a level of 4.98 million in May, but still have increased 8.5 percent above the 4.33 million sold in June 2009.
The median existing single-family home price was $184,200 in June, up 1.3 percent from a year ago.
Existing-home sales in the West dropped a bit, but they were still 0.9 percent higher than a year ago. The median price in the West was $221,800, up 1.5 percent from June 2009.
Another good indication that I have noticed while working out in the field, is that mortgage lenders are a bit more willing to lend to qualified buyers; but, there are still strict qualifying and house appraisal guidelines.
In regards to the seller, accurately pricing a home for sale continues to be one of the most important and difficult factors in determining whether a home sells or lingers on the market. In some cases, sellers may need to reduce their asking price to attract buyers and offers. Some homeowners may struggle with determining whether or not they should reduce their list price.
A Realtor® will be able to show the seller if the sales prices of recently sold homes in the area are lower than the list price of the home listed for sale. Remember that the home will be appraised for the new loan, and if it doesn't appraise, the mortgage lender will not make a loan on that particular home.
Friday, July 9, 2010
Low interest rates
According to an article in the Los Angeles time, interest rates are at a 39-year low, as low as 4.57%!
And well-qualified borrowers who shop around or pay additional points upfront can often get better rates than those in the.
Are you a first time buyer? This is absolutely the best time to purchase a home!
Go to my web site www.corinanoriega.net and take a look at homes for sale right now!
And well-qualified borrowers who shop around or pay additional points upfront can often get better rates than those in the.
Are you a first time buyer? This is absolutely the best time to purchase a home!
Go to my web site www.corinanoriega.net and take a look at homes for sale right now!
Thursday, June 24, 2010
5 Things to do Before Putting Your Home on the Market
1. Have a pre-sale home inspection. Be proactive by arranging for a pre-sale home inspection. An inspector will be able to give you a good indication of the trouble areas that will stand out to potential buyers, and you’ll be able to make repairs before open houses begin.
2. Organize and clean. Pare down clutter and pack up your least-used items, such as large blenders and other kitchen tools, out-of-season clothes, toys, and exercise equipment. Store items off-site or in boxes neatly arranged in the garage or basement. Clean the windows, carpets, walls, lighting fixtures, and baseboards to make the house shine.
3. Get replacement estimates. Do you have big-ticket items that are worn our or will need to be replaced soon, such your roof or carpeting? Get estimates on how much it would cost to replace them, even if you don’t plan to do it yourself. The figures will help buyers determine if they can afford the home, and will be handy when negotiations begin.
4. Find your warranties. Gather up the warranties, guarantees, and user manuals for the furnace, washer and dryer, dishwasher, and any other items that will remain with the house.
5. Spruce up the curb appeal. Pretend you’re a buyer and stand outside of your home. As you approach the front door, what is your impression of the property? Do the lawn and bushes look neatly manicured? Is the address clearly visible? Are pretty flowers or plants framing the entrance? Is the walkway free from cracks and impediments?
2. Organize and clean. Pare down clutter and pack up your least-used items, such as large blenders and other kitchen tools, out-of-season clothes, toys, and exercise equipment. Store items off-site or in boxes neatly arranged in the garage or basement. Clean the windows, carpets, walls, lighting fixtures, and baseboards to make the house shine.
3. Get replacement estimates. Do you have big-ticket items that are worn our or will need to be replaced soon, such your roof or carpeting? Get estimates on how much it would cost to replace them, even if you don’t plan to do it yourself. The figures will help buyers determine if they can afford the home, and will be handy when negotiations begin.
4. Find your warranties. Gather up the warranties, guarantees, and user manuals for the furnace, washer and dryer, dishwasher, and any other items that will remain with the house.
5. Spruce up the curb appeal. Pretend you’re a buyer and stand outside of your home. As you approach the front door, what is your impression of the property? Do the lawn and bushes look neatly manicured? Is the address clearly visible? Are pretty flowers or plants framing the entrance? Is the walkway free from cracks and impediments?
Friday, June 11, 2010
Things to do before your home goes on the market
"Curb appeal” is the first impression a home makes when a potential buyer arrives, and it is critical when selling a home.
One area often neglected is the driveway, which typically is one of the first features a potential home buyer notices when arriving. If the concrete driveway is oil-stained or has cracks, check with a local home center for cleaners and crack-repair compound. For asphalt driveways, a seal-coat often can make a big difference in appearance and also help prolong the asphalt.
When selling a home, first impressions are extremely important. Neglecting to
maintain a lawn by letting it turn brown or become overgrown may discourage a buyer. To prevent this, homeowners should cut back or remove trees and bushes that are overgrown, especially if they are hazardous. Weeding and laying fresh bark in planter beds also can contribute to a favorable first impression.
Are you thinking about selling your home? Don't hesitate to call me for a market analysis, and other marketing information.
Check my website at www.corinanoriega.net, or call me at 760-799-1540.
Thank you!!
One area often neglected is the driveway, which typically is one of the first features a potential home buyer notices when arriving. If the concrete driveway is oil-stained or has cracks, check with a local home center for cleaners and crack-repair compound. For asphalt driveways, a seal-coat often can make a big difference in appearance and also help prolong the asphalt.
When selling a home, first impressions are extremely important. Neglecting to
maintain a lawn by letting it turn brown or become overgrown may discourage a buyer. To prevent this, homeowners should cut back or remove trees and bushes that are overgrown, especially if they are hazardous. Weeding and laying fresh bark in planter beds also can contribute to a favorable first impression.
Are you thinking about selling your home? Don't hesitate to call me for a market analysis, and other marketing information.
Check my website at www.corinanoriega.net, or call me at 760-799-1540.
Thank you!!
Wednesday, June 2, 2010
Teaching Children About Money, Your Kids vs. Your Wallet
How many times have you wondered whether your children think money does indeed grow on trees? It probably seems like every time you turn around your wallet is being attacked by the "gimme's". If you honestly examine your spending habits (and those of your kids), you may realize that you have not given them any reason believe that you don't have a money tree.In truth, we all want things and kids are no different. How easy it is to whip out the credit card(s) and instantly gratify our desires. What message are we sending our kids?What follows is a collection of ideas about how we can instill in our children a better understanding of money and how it works.
Every child should have his own savings account even if it is just a piggy bank. Whether your child receives an allowance or works a job, establishing a savings plan is a must. Encourage your child to donate a certain amount to charity (to help them develop a lifelong habit of helping others). Then establish a certain percentage for long-term savings (such as college) and short-term savings (such as clothes, toys, etc.). Saving for both long- and short-term goals will build a child's confidence in her ability to save and helps her learn delayed gratification. And, once the savings goal has been met, she may even discover that the money would be better spent for something else.
Hold a Bill-Paying Night
This is a great activity to show your school-age children where your money goes. You might even learn a bit yourself. First, assemble a list of your monthly and/or weekly expenses and their amounts. The amounts don't have to be exact. Write the expenses and their amounts on separate slips of paper. Then, add up your monthly income and use pretend money (Monopoly® money or make your own) to represent the amount.Next, take the expense slips and give them to your children. Have them come to you and "collect their bill" one expense at a time. This is an excellent visual representation of how quickly the paychecks get depleted! Afterward, discuss ways you can cut your spending to help stretch the paychecks for things that are really important. You might be really surprised at your children's input.
Establish Spending Limits
Establish spending limits for items like clothes and shoes. Be willing to pay so much for something, but your child must make up the difference with his own funds if he goes over the allotted amount. For example, he may want a $100 pair of shoes. You agree to pay what you normally pay (say $40) and he has to pay the rest. New school clothes take a huge bite out of the family budget; why not enlist the aid of your kids? Agree to only pay for so much and then leave the buying up to them (within reason, of course). They may surprise you with what they are able to do with their money. Encourage them to watch for sales in order to maximize their dollars.
Take Your Child Grocery Shopping
If your child can run a calculator, she can help you grocery shop. Give her a fixed amount that you will spend on groceries and have her subtract each item from the total as you shop. Teach her to compare food labels and get the best product for the money. Ask for her input about how you can reduce your overall grocery bill.
There are many ways to teach your children the value of money and help them build valuable skills. If you don't teach them, who will? So take the opportunity to call a cease-fire in the battle between your kids and your wallet and work out a compromise in which both sides win.
Every child should have his own savings account even if it is just a piggy bank. Whether your child receives an allowance or works a job, establishing a savings plan is a must. Encourage your child to donate a certain amount to charity (to help them develop a lifelong habit of helping others). Then establish a certain percentage for long-term savings (such as college) and short-term savings (such as clothes, toys, etc.). Saving for both long- and short-term goals will build a child's confidence in her ability to save and helps her learn delayed gratification. And, once the savings goal has been met, she may even discover that the money would be better spent for something else.
Hold a Bill-Paying Night
This is a great activity to show your school-age children where your money goes. You might even learn a bit yourself. First, assemble a list of your monthly and/or weekly expenses and their amounts. The amounts don't have to be exact. Write the expenses and their amounts on separate slips of paper. Then, add up your monthly income and use pretend money (Monopoly® money or make your own) to represent the amount.Next, take the expense slips and give them to your children. Have them come to you and "collect their bill" one expense at a time. This is an excellent visual representation of how quickly the paychecks get depleted! Afterward, discuss ways you can cut your spending to help stretch the paychecks for things that are really important. You might be really surprised at your children's input.
Establish Spending Limits
Establish spending limits for items like clothes and shoes. Be willing to pay so much for something, but your child must make up the difference with his own funds if he goes over the allotted amount. For example, he may want a $100 pair of shoes. You agree to pay what you normally pay (say $40) and he has to pay the rest. New school clothes take a huge bite out of the family budget; why not enlist the aid of your kids? Agree to only pay for so much and then leave the buying up to them (within reason, of course). They may surprise you with what they are able to do with their money. Encourage them to watch for sales in order to maximize their dollars.
Take Your Child Grocery Shopping
If your child can run a calculator, she can help you grocery shop. Give her a fixed amount that you will spend on groceries and have her subtract each item from the total as you shop. Teach her to compare food labels and get the best product for the money. Ask for her input about how you can reduce your overall grocery bill.
There are many ways to teach your children the value of money and help them build valuable skills. If you don't teach them, who will? So take the opportunity to call a cease-fire in the battle between your kids and your wallet and work out a compromise in which both sides win.
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