It's Easy When You Know How!

Thursday, October 8, 2009

A Historic Time to Buy

Young people just starting to invest and buying their first homes are potentially the winners in this recession.

First-time homebuyers, most between the ages of 25 and 45, accounted for about 45 percent of home sales from January through July 2009, according to the National Association of REALTORS®

"This is a historic time," says George Jaramillo, a 35-year-old business analyst in Atlanta, who recently bought three homes, two of them foreclosures. "It's a great opportunity to make some great gains in the future."

A study by investment company T. Rowe Price points out that investing when prices are low can result in amazing gains. For instance, between 1970 and 1990, the annualized rate of return for the S&P 500 was 11.5 percent.

"We need to be shouting from the rooftops that this is not the time to get out of the market if you're young," says Christine Fahlund, a senior financial planner with T. Rowe Price. "This is the time to be in the market."

Source: REALTOR.org, The Associated Press, Chip Cutter (10/05/2009)

"Making Real Estate Simple!"

Barbara Ann Wibe, e-PRO, REALTOR
Cell: 619.850.4174 e-Fax: 619.512.5156

www.MyRealtorBarbie.com
Barbarainc@gmail.com

Coldwell Banker Nautilus
9535 Mission Gorge Rd #E
Santee, Ca 92071

Thursday, October 1, 2009

Work on Mission Gorge Road to Begins

The work has been completed on N. Magnolia between Mast and El Nopal, and now it’s Mission Gorge’s turn for a face lift. Work will be starting this Sunday, September 27, and will continue until Thursday, October 15, between Fanita Drive and the Post Office. The same work will go on as was done on N. Magnolia, including patching, laying rubberized asphalt, and installation for traffic cameras. Because Mission Gorge is the main drag through Santee, construction will take place from 9:00 pm to 5:30 am from Sunday through Friday. One lane will be open for each direction during work.

Source: scoutingsantee.wordpress.com

Wednesday, September 23, 2009

Police Consider Baiting Houses

Police in St. Louis are contemplating what they are calling “bait” houses – gussying up empty homes with steal-able stuff like flat-screen TVs and new computers in order to woo crooks to the scene.

The bait will all be wired, so when the thieves make off with it, the cops will be right behind. Hidden cameras will confirm that they got the bad guys.

The police say the program has other advantages as well. "I hope that for every person that we arrest out of a bait house, there's another 20 who don't decide to break into a house because they think it might be a bait house," police department spokesman Rick Eckhard says.

Source: REALTOR.org, The St. Louis Post-Dispatch (09/10/2009)

D.C. Dances Around Tax Credit Extension

Washington is being forced to take a hard look at the expiring $8,000 first-time homebuyer tax credit.

Nearly a dozen bills have been proposed to extend the credit past the Nov. 30 deadline, but the top decision makers are just beginning to weigh in.

On Thursday, Senate Majority Leader Harry Reid endorsed a six-month extension. Treasury Secretary Timothy Geithner said Thursday that he hasn’t made a decision yet. And the White House economic team says it will make a recommendation to President Barack Obama by the end of Friday.

Extending the credit is a tough sell in some corners because so far the credit has cost an estimated $15 billion, twice what was projected last February.

Source: REALTOR.org, The Associated Press, Adrian Sainz (09/17/2009)

Thursday, September 10, 2009

Home Buyer Tax Credit Countdown Begins

Home Buyer Tax Credit Countdown Begins
The first-time home buyers tax credit ends Nov. 30. Is it possible to buy in the next two weeks and still close in time to collect it?

Some professionals say yes. “It still can be done in six weeks," says RE/MAX Town & Country associate Lynn Ayers in West Chester, Pa.

Economist Kevin Gillen of Econsult predicts a mad rush to close as the deadline nears.

Bruce Hahn, president of the American Homeowners Grassroots Alliance in Arlington, Va., is pushing for an extension and an expansion of the credit.

Legislation to do that is critical, he says, because the recovery has so far been mostly jobless and people need more time to get their feet on the ground in order to buy.

Source: REALTOR.org Philadelphia Inquirer, Alan J. Heavens (08/31/2009)

**This article summary was corrected on Sept. 4, 2009. The original summary contained the wrong time period for the first-time home buyer tax credit deadline as well as mistakenly identified a quoted source. We regret this error. You can view the original article by the Philadelphia Inquirer online.

http://www.philly.com/philly/classifieds/real_estate/20090830_Time_Running_Out.html?text=lg&c=y

Monday, August 31, 2009

First-Time Buyer Tax Credit Extension Possible

First-Time Buyer Tax Credit Extension Possible
Bills to extend the maximum $8,000 tax credit for first-time home buyers, which expires Nov. 30, are pending in both the U.S. House and the Senate.

Sen. Christopher J. Dodd, a Connecticut Democrat and chairman of the Senate Banking, Housing, and Urban Affairs Committee, is co-sponsor of a bill with Georgia Republican Sen. Johnny Isakson that would raise the credit amount to a maximum of $15,000.

Senate Majority Leader Harry M. Reid of Nevada favors an extension of the current credit. He was quoted by the Las Vegas Sun saying, "It's something we can get done."

Odds are that the credit will be extended and broadened to cover all buyers next year, but the chances of the amount increasing aren’t as good, observers say.

Source: Washington Post Writers Group, Kenneth R. Harney (08/22/2009)
Source:REALTOR.org

"Making Real Estate Simple!"

Barbara Ann Wibe, e-PRO, REALTOR
Cell: 619.850.4174 e-Fax: 619.512.5156

www.MyRealtorBarbie.com
Barbarainc@gmail.com

Coldwell Banker Nautilus
9535 Mission Gorge Rd #E
Santee, Ca 92071

Friday, August 28, 2009

ZILLOW.com vs Your REALTOR

I was helping one of my favorite clients this morning, when this topic came up. What is the difference between ZILLOW and other listing websites. Well here ya go...

There are 3 different ways to look up homes for sale. Most people start on a listing website like Zillow, Trulia or Realtor.com. (I know you will start at barbarainc.com though RIGHT!) They all start the same way; sign up, enter search criteria into the search box, and the search comes back with all of the listings that match the criteria. Zillow, Trulia and other real estate search engines all work the same way. In fact - your realtor will do the same exact thing - enter the search criteria into the local Multiple Listring Service (Aka: MLS.) But what is the difference??

Let me Take a moment to break it down for you as follows:

MLS - This is the tool that REALTORS subscribe too, to list homes for sale and invite other REALTORS to sell the listed homes to their clients. The MLS is updated in real time and has everything in the county listed; Mobile Homes, Manufactured Homes, Lot/Land, Condo's, Houses, Apartment Buildings and even Business Opporitunities and Commercial Office Leasing.

There is a Spot for apartment managers to list their apartments for rent too, but 95% of them do not want to pay the monthly fee's for the MLS, for a rental that will be taken in 3 weeks, and then have to pay a realtor a sevice fee for finding them a warm body to fill that apartment. For this reason, my renter friends, there are not very many rentals available on the MLS. I would try Craigslist!

The MLS is a powerful tool. The only thing I have found that it lacks in is the "For Sale By Owner" (Aka: FSBO - pronounced fizz-bo) Information, which there are very few of anyhow. If you are searching with a REALTOR and see a FSBO that you like - Let them know. Don't be afraid. Chances are they have seen it, but just in case they have missed the ad, let your agent know.

The coolest part of the MLS is that your agent can set up an automatic search to send you an e-mail anytime something new comes on the market. You may want to weed out all of the Short Sale's for example, or you may only want foreclosed homes in your list. Either way it is the fastes and most accurate way of staying up-to-date with your local market.

REALTOR.com - Probably the best site available to consumers to search property all over the Nation! This site is updated a few times per day with all of the MLS feeds from around the continental United States. It is the ONLY direct MLS feed site that I advise using. The downfall is that you cannot sort out thedifferent types of sales. Such as Short Sales, Foreclosure, or traditional sales. Bummer Dude!

ZILLOW.com, TRULIA.com, Etc. - These are by far some of the worst places to look for homes. They are fun, and pretty, and provide a little bit of insight... but not much. These sites are NOT... I repeat ARE NOT linked to ANY MLS FEEDS!!!!! Thses sites are only user updated, and the information can be WAY OFF! Especially if you are using it to find the value of your own home. It is misleading and most people have no idea how far mis-lead they are. For instance I had a client who exhausted the available inventory in Santee on REALTOR.com, and started looking on Zillow.com for more listing that might be available. Sounds Innocent enough. But the listings she broght back to me were SOLD anywhere from 5 months to 15 months earlier. The problem here, is that the agent who manually entered the information for the listing that they wanted to sell - forgot to (or decided not to, because they love the phone calls) - go back in and edit the listing as SOLD. The agent also forgot to tell us how much it sold for, which throws off the neighborhood values in that area, creating a domino effect.

Another awesome example of the accuracy of these websites is the listing that was on "Honey stop the car" street and another on "Spacious" in santee. They were mearley an ad that an agent put up to get calls about a listing that didn't even exist.

Needless to say, If you are looking for a house on Spacious St or Honey Stop The Car Ln in santee, I am now the Listing agent for those awesome homes on zillow.com. If this is your home, please call me ASAP! - I have put the Links below:

http://www.zillow.com/homedetails/Honey-Car-STOP-THE-Santee-CA-92071/2140043925_zpid/

http://www.zillow.com/homedetails/Spacious-Santee-CA-92071/2140043919_zpid/

Tuesday, August 25, 2009

Buyers--> Foreclosure vs Short Sale

I was councilling a client today and wanted to post a blog to review the differences between the two WHEN YOU ARE THE BUYER:

-Bank Owned Property-

*Often called REO or Foreclosure property

*The Lender owns the property (duh =) and they are required to transfer clear title (NO LIENS)

*Once the property has reverted back to the bank, the price is at it's lowest!

*Banks will not counter offer, They accept the highest and best offer submitted.

*Banks are easy to work with and usually respond to your offer within 24-72 hours. The longest response time I have seen was a week. (not the case when dealing with a short sale.)

*Banks can close in 30-45 days (not the case when dealing with a short sale.)

*Banks will usually give the buyer closing cost assistance and usually always perform all termite damage repairs.

-Short Sale-

*Also called a Pre-Foreclosure or Short Pay

*The Owner of the property is trying to sell the property for less than what the owner owe's the bank on the existing mortgage(s)

*Often there are 2 lenders who need to agree to the short sale. (95% of short sale's that don't go through are because the 1st lender will only allow the 2nd lender to get $1,000 - and usually the second lender doesn't agree to these terms.) TRY to make offers on homes with 1 lender - you will have a better shot at a successful short sale.

*Seller may not be transferring Clear Title, due to the fact that they are in distress and often months behind on payments, Sometimes Liens appear on the title month after sale from debt that the original owner may have had with someone else. The paperwork takes time to process and sometimes liens pop up later that you may need to take to court and deal with.

*Often times (since the seller is in a distressed situation or facing a hardship like job loss, medical bills, or divorce etc.) the buyer has to bring additional funds into escrow to close the property. I have seen a short sale get down to the last few days in escrow, and the appraisal comes back high-right before closing, and so the price of the house has to be raised to meet the appraisal value. Since the sellers have no money, the buyer was asked to come up with an additional $6,000 within the week. Needless to say the deal was cancelled.

*If in fact a short sale does work out you can get a really good deal, (but if the same house foreclosed you will get the best deal)

*Although the seller of a short sale has accepted your offer, they have to submit it to the bank and you may have to wait 2-9 months for a response from the bank about whether or not they will accept a short sale on the property.

*Once escrow is opened you will need 45-90 days to close it. Short sales are never guaranteed to close (- So what happens if you have given your landlord your 30 day notice??)

*Short Sales have NO Closing costs credited to the buyer

*Short Sales have NO repairs done to satisfy Buyer regardless of what the Inspector says about the condition of the property.

*A common problem with short sales is the buyer losing out on money paying an inspector up to $450 to inspect a property that they will never own.

If you are searching for a home and would like a daily list of what is going on in your market excluding all the short sales, please send me an email at barbarainc@gmail.com

Sunday, August 23, 2009

Stimulus Projects to Slow Down Traffic in Santee

Federal stimulus money is making its way to Santee in the form of asphalt overlay projects along N. Magnolia Ave. and Mission Gorge Rd. Starting August 24, work will be going on along N. Magnolia Ave. between Mast Blvd. and El Nopal between 8:00 am and 5:00 pm. The work will include filling and patching cracks and potholes, putting in video detection cameras, and putting on a rubberized asphalt overlay. The project should be completed around September 4, but it will cause delays during that time – but access will continue during the work.

From about September 14 to October 9 similar work will go on along Mission Gorge Rd. from Fanita Dr. to the Post Office. Most of this work will be done during the night to avoid major traffic delays. If and when I get more specific details I will post them.

(Source: Scouting Santee Blog 8/20)

Buyers Rush to Beat Tax Credit Deadline

Real estate professionals report that first-time home buyers are flooding the sale market, pressed to finalize a deal before the federal government's $8,000 tax credit offer expires on Nov. 30.

Because mortgage approvals, residential inspections, and other steps in the buying process typically take about two months, buyers hoping to take advantage of the incentive will need to have a contract by the end of September.

The new flurry of activity now as house-hunters try to meet the deadline is triggering bidding wars and energizing the property market, which historically is slow at the end of summer. As a result, more homes are getting their full asking price.

Source: REALTOR.org & Chicago Tribune, Kathleen Lynn (08/14/09)

"Making Real Estate Simple!"

Barbara Ann Wibe, e-PRO, REALTOR
Cell: 619.850.4174 e-Fax: 619.512.5156

www.MyRealtorBarbie.com
Barbarainc@gmail.com

Coldwell Banker Nautilus
9535 Mission Gorge Rd #E
Santee, Ca 92071

Wednesday, August 19, 2009

JUST SOLD - LOS COCHES RD.

Monday, August 3, 2009

Sonic vs In-N-Out – The Results Are In

--> CLICK HERE TO READ THE FULL STORY... http://tiny.cc/BURGERS503

"Making Real Estate Simple!"

Barbara Ann Wibe, e-PRO, REALTOR
Cell: 619.850.4174 e-Fax: 619.512.5156

www.MyRealtorBarbie.com
Barbarainc@gmail.com

Coldwell Banker Nautilus
9535 Mission Gorge Rd #E
Santee, Ca 92071

$280,000 LAKESIDE 4/3 +FIREPLACE, SM YARD

CALL TO SEE TODAY

Thursday, July 30, 2009

Foreclosure vs. Short Sale

No equity? Struggling to make payments?

What’s better a short sale or foreclosure???

Here’s my objective opinion of the pro’s and con’s of a Short Sale vs. Foreclosure.

Your first step is to contact your lender and ask to talk with someone about a loan modification. In some cases, banks will actually modify (decrease) mortgage loan interest rates and payments to allow people to stay in their homes. I suggest you try it on your own at first… However, I’ve heard some people have gotten good results paying a consultant $500 to $3,000 for assistance. I would hire an attorney! If this route isn't working your next option is Short sale or Foreclosure.

Short Sale:
- Arguably a little better for your credit than a foreclosure. To be approved for a short sale, you typically need to be several months behind on your payments, which will hurt your credit.
- Better emotionally than losing your home to foreclosure
- Involves the hassle of having your home on the market and waiting a very long time to find out if the bank will approve your short sale. Many are not approved.

Foreclosure:

- Allows you to stay in the home longer (payment free)
- After the foreclosure, you’d likely receive “cash for keys” of a $1,000 to $3,000 to help you move

Wednesday, July 22, 2009

Experts Say Now is the Time to Buy

Experts Say Now is the Time to Buy
Many investment experts advise it's time to buy. With prices falling, it is a once-in-a-generation chance to load up on property, they say.

How much of an investment portfolio should be devoted to real estate? David Swensen, who manages Yale University's endowment, says 20 percent is a smart number.

One possibility is real estate investment trusts (REITs), which, despite the fact that they are slashing dividends to conserve cash, are still paying average yields of 7.3 percent. That’s double the yield on Treasurys.

Should a home be part of the equation? Michael Kirby, founder of Green Street Advisors, says no.

"You should own a house to provide shelter," says Kirby. "In a way, it's not an investment, and it's not part of your investment portfolio. It's really just a living expense. By owning a house you are prepaying rent."

Source: Forbes (08/03/2009)

FHA Loans Set Record

FHA Loans Set Record
The Federal Housing Administration guaranteed 186,000 mortgages in June, a record number in its 75-year history.

FHA loans are popular because they are one of the few sources of low-down-payment mortgages. In the last year, they have accounted for about 46 percent of all mortgage applications.

Along with increasing numbers of FHA activity comes a rising number of delinquent loans, with the level of FHA mortgages in some stage of foreclosure reaching 7.4 percent in May.

Source: The Wall Street Journal, Nick Timiraos (07/20/2009),Source:REALTOR.org

First-Time Buyers: Hurry for $8,000 Tax Credit

First-Time Buyers: Hurry for $8,000 Tax Credit
It’s time to remind first-time home buyers that in order to qualify for the government’s $8,000 gift in the form of a tax credit, the deal must close by Dec. 1.

Buyers should have a purchase contract signed by early October, so they have 45 to 60 days to arrange financing and safely close the deal.

"There's not as much sand in the hourglass as we may think," said Jim Merrion, regional director at RE/MAX Northern Illinois.

Source: REALTOR.com, Chicago Tribune, Mary Ellen Podmolik (07/11/2009)

Downpayment, Closing Costs Biggest Obstacles

Downpayment, Closing Costs Biggest Obstacles
Most Americans still consider having enough money for downpayment and closing costs to be the biggest obstacles to buying a home, according to the 2009 National Housing Pulse Survey, an annual survey released Thursday by the NATIONAL ASSOCIATION OF REALTORS®.

The survey, which measures how affordable housing issues affect consumers, also found job security concerns to be the highest in seven years of sampling. Two-thirds of Americans think job layoffs and unemployment are a big problem; eight in 10 cite these issues as a barrier to homeownership.

“Homeownership is an investment in your future; however, saving for a downpayment and closing costs is still too great of an obstacle for 82 percent of house hunters looking to take advantage of the current market,” says NAR President Charles McMillan. “Monetizing the $8,000 first-time buyer tax credit for downpayment or closing costs on FHA-insured mortgages is a positive first step. Our hope is that the tax credit will be extended and expanded to all home buyers and will help bring stability to the housing market and enable more Americans to achieve the dream of homeownership."

Survey: Consumers Still Believe in Homeownership

Despite the challenges with the economy and housing market, 83 percent of Americans still believe buying a home is a good financial decision.

Three-fourths of those surveyed also believe now is a good time to buy a home, a number that has increased steadily the past two years. In fact, one-third of renters are thinking more about buying home than they were a year ago.

While Americans are seeing more stability in the real estate market, uncertainty persists. The number of those who feel buying and selling activity has stabilized or stayed nearly the same has grown significantly, from 18 percent last year to 26 percent this year. However the majority (58 percent) report that activity in their market has slowed.

Regarding home sales, nearly eight in 10 say it’s harder to sell a home in their area today than it was a year ago, despite the fact that nearly three-fourths of respondents say home prices are less expensive. Large home inventories could be to blame; 44 percent cite concerns about the high number of homes and condos for sale in their area.

While nearly three-fourths of Americans are concerned about the local drop in home values, respondents expect to see more stability in the near future. Nearly seven in 10 expect local home prices to remain about the same in the next three months; only 18 percent expect prices to further decrease. The drop in prices has improved affordability, and consequently, concerns about the lack of affordable housing are the lowest they’ve been in seven years of polling – 34 percent say it’s one of their biggest worries, down from 41 percent two years ago.

Foreclosures Among Top Concerns

Foreclosures remain a real concern among survey respondents. Slightly more than half (51 percent) say foreclosures are a big to moderate problem in their area. However, the rate of foreclosures is generally seen as stabilizing; 41 percent say the rate of foreclosures in their area is about the same as last year.

Ninety-two percent of respondents said neither they nor members of their immediate family have experienced a foreclosure in the past year, yet it is still a personal concern for many. One in five respondents said they are very or fairly worried that they will have difficulty making their mortgage payments over the next year. Thirty-two percent say it’s a big or moderate worry that they, or a member of their family, may have their home repossessed or foreclosed because they are unable to pay rising monthly mortgage payments.

In 2008, more than half of respondents (54 percent) were open to the federal government taking a more active role in overseeing mortgage and lending practices – the number dropped this year to 47 percent. This could be because 42 percent of Americans believe the country is back on the right track, more than double the number last year (16 percent).

Obtaining Financing Another Obstacle

Regarding financing, seven in 10 Americans cite a lack of confidence in their ability to be approved for a home loan as an obstacle to homeownership. The same number also say that banks are making it too hard to qualify for a loan (71 percent) and that fewer mortgage options offered by banks have made it harder for them to buy a home (71 percent). The perception of qualifying for a loan as a huge obstacle is especially high among minorities.

“Home buyers need protection from risky lending products but also need access to mortgages at a reasonable cost. While there has been some easing of credit in the mortgage market, the availability of credit continues to be an issue for many qualified home buyers,” says McMillan.

The 2009 National Housing Pulse Survey is conducted by American Strategies and Myers Research & Strategic Services for NAR’s Housing Opportunity Program. The telephone survey was among 1,250 adults living in the 25 most populous metropolitan statistical areas.

Source: NAR

Wednesday, July 1, 2009

Real Estate Improves in California

Median prices for single-family homes in California have risen for the third straight month, reaching $267,570, up 4 percent from April, according to a report from the California Association of REALTORS®.

The inventory of homes continues to drop, falling a 4.2-month supply in May, compared to 8.7 month supply in May 2008.

California’s real estate market always has been seen as a leading indicator for the rest of the country. What is happening in California bodes well for the rest of the nation, observers say.

Source: The Wall Street Journal, Stu Woo (06/26/2009)

REALTOR® Magazine-Daily News-Real Estate Improves in California

Shared via AddThis

Best Places for Aging Entrepreneurs

Entrepreneurs don’t retire, they just find a new project.

Over the past decade, baby boomers produced a high rate of entrepreneurial activity, and Dan Stangler, senior analyst at the Kauffman Foundation, says the number of baby boomers starting a business in their traditional retirement years is likely to increase.

In response to that analysis, U.S. News & World Report identified 10 places that it says are the best places for an entrepreneurial baby boomer to retire. It picked the areas because they have an affordable cost of living, proximity to healthcare, fun recreational amenities, and access to information, particularly colleges and university with technology-focused departments.

Here are their 10 best suggestions:

Arlington, Va.
Columbia, Md.
Fargo, N.D.
Fayetteville, Ark.
Fort Collins, Colo.
Knoxville, Tenn.
Lincoln, Neb.
Madison, Wis.
Round Rock, Tex.
West Des Moines, Iowa

Source: U.S. News & World Report, Emily Brandon (06/29/2009)

REALTOR® Magazine-Daily News-Best Places for Aging Entrepreneurs

Shared via AddThis