As a mom of three, I am constantly preparing my household for the next transition...maybe that's why I seem to clean more frantically, read more and write more at a seasons transition. There's a shift in the house and how we function every few months. Summer is here - so now what?!
Well, all the kids are home and keeping busy with various activities, and this is the traditional busy time for me in real estate. My desk is full of prospects, newletters and listing information. My head is full of the latest stats (for the most part!) and my coffee is warm and my mind fully caffeinated. So now what? Well, interest rates are seriously at historic lows (OK, I know I have said this before, but truthfully, I do not know how much lower we can go). Conventional and FHA rates are nearly the same (high 4's low 5's). Buyers that have been waiting have a seriously prime, once in a generation time to buy. Why keep waiting?
Many of us that bought in the last decade may wish we had waited for a time such as this. I have helped many families who got caught in the upswing and due to job loss, or health issues could no longer afford their home. But, many of these families, who just a few short years ago had to short sale their home, have been able to get back in to the market.
How is this possible? Well, there are several factors. My theory includes the need for housing does not cease to exist (and if rent is just as much, why not buy?)Houses in the San Gabriel valley - especially foothill areas - are positioned in much desired locations. The locations are prime because of schools, safety, scenery and proximity to urban work centers (i.e. downtown LA, Pasadena). Despite the economy here - it is worse other places. FHA loans still have low rates, high loan limits and low downs (3.5%). There are also other programs that have been very helpful with regard to buyer assistance. The economy needs the housing industry to recover and there are more loan programs to help people than before!
If you are on the fence, still wondering and worried about a double dip (which has not happened in LA County), stop fretting and get buying! Trust me when I say this is once in a generation conditions for prime buying!
If you are looking to sell your home for any reason - whether you have equity or not - I am here to help you as well. This is the best time to look at all of your options!
Call or email if you would like to discuss the current state of the market! Be ready for change! The time to move couldn't be better!
Wednesday, June 22, 2011
Tuesday, January 25, 2011
January - A time to Re-start!
Recharge your thoughts - your goals - your life! January is a month that makes change seem not only possible, but exciting!
The past year saw babies born, very special people pass away, homes built, sold, foreclosed on; Interest rates were at (and continue to hover around) historic lows. Home sales were awesome the beginning of the year, and slowed a bit at the end (a normal occurence).
As the new year is ramping up and new opportunities appear, I have spent some time thinking of my "job" in real estate and what really matters to me, and usually my clients. I am reminded of where I think some of my "sales" philosophy comes from.
My great grandparents, Claude and Octavia Browning were home builders and sellers. They began Browning & Sons Construction in Glendora, California. When they began their business, Glendora was a very small town. There were no "tract" homes. But, there was a lot of land. My great-grandfather built their first home on Leadora Ave. (between Minnesota and Cullen Ave.) The house is still there - and I drive by it several times a day. He went on to build countless homes all over town, one at a time. Each home was built by Claude, and then decorated by Tava (as she was known). Tava also was the one who actively worked to sell the home. Tava did not have her real estate license; In those days, it was done very differently. They waited until the house sold and bills were paid before starting the next home. Amazing! They accrued zero debt as they went on this way until moving to Redding in the later 1960's. In Redding, the building process continued and included my grandfather, who eventually took over the business.
This past year I was holding an open house in Glendora when high school friends of my grandparents wandered through. We got to talking - and since I had never met them before I didn't know who they "knew" in town. Once I mentioned my family, they smiled and their faces lit up. They recalled the building not of houses, but of Glendora's four square church my great-grandparents attended. They recalled my great-grandfather building the actual church building decades ago. What was interesting to me was I had never realized he was such a big part of building the church. They never talked about what they did - they were very humble.
So, as this new year begins, I fondly recall The Browning Family and the legacy they built in the early real estate of Glendora! You won't find information on them in the library, and they don't have any buildings or parks named after them. But, their business philosophy will remain in me; Treat people right, be honest, be fair and sell each home one at a time. It's the biggest purchase most people will ever make. And last, give back. Whenever you can, find a way to give back to your community. You never know what child will meet your grandchild in 60 years and be able to smile at your memory and what you did for others!
The past year saw babies born, very special people pass away, homes built, sold, foreclosed on; Interest rates were at (and continue to hover around) historic lows. Home sales were awesome the beginning of the year, and slowed a bit at the end (a normal occurence).
As the new year is ramping up and new opportunities appear, I have spent some time thinking of my "job" in real estate and what really matters to me, and usually my clients. I am reminded of where I think some of my "sales" philosophy comes from.
My great grandparents, Claude and Octavia Browning were home builders and sellers. They began Browning & Sons Construction in Glendora, California. When they began their business, Glendora was a very small town. There were no "tract" homes. But, there was a lot of land. My great-grandfather built their first home on Leadora Ave. (between Minnesota and Cullen Ave.) The house is still there - and I drive by it several times a day. He went on to build countless homes all over town, one at a time. Each home was built by Claude, and then decorated by Tava (as she was known). Tava also was the one who actively worked to sell the home. Tava did not have her real estate license; In those days, it was done very differently. They waited until the house sold and bills were paid before starting the next home. Amazing! They accrued zero debt as they went on this way until moving to Redding in the later 1960's. In Redding, the building process continued and included my grandfather, who eventually took over the business.
This past year I was holding an open house in Glendora when high school friends of my grandparents wandered through. We got to talking - and since I had never met them before I didn't know who they "knew" in town. Once I mentioned my family, they smiled and their faces lit up. They recalled the building not of houses, but of Glendora's four square church my great-grandparents attended. They recalled my great-grandfather building the actual church building decades ago. What was interesting to me was I had never realized he was such a big part of building the church. They never talked about what they did - they were very humble.
So, as this new year begins, I fondly recall The Browning Family and the legacy they built in the early real estate of Glendora! You won't find information on them in the library, and they don't have any buildings or parks named after them. But, their business philosophy will remain in me; Treat people right, be honest, be fair and sell each home one at a time. It's the biggest purchase most people will ever make. And last, give back. Whenever you can, find a way to give back to your community. You never know what child will meet your grandchild in 60 years and be able to smile at your memory and what you did for others!
Wednesday, December 1, 2010
Where are we headed?
NODs and Trustee’s Deeds: Grim signs of real estate’s present condition | first tuesday journal online
The above link is an article I know will garner a lot of discussion.
I seem to not attend a party or gathering without someone asking me where I think the real estate market is headed in the coming year. The past several years have offered us a mixed bag of ups and downs - prices went up for a bit, interest rates went down. Then NOD's (Notice of Defaults) went up, yet the number of foreclosures went down (as they were NOD's being held and not processed). Prices have gone steady - even down in parts, sales have slowed, interest rates are down and the year is ending with a sense of uncertainty. Where are we headed?
The economy in general is struggling. As anyone can see from looking at friends and family out of work, moving or losing a home due to new financial situations, there is a definite air of uncertainty. Then there is that sign of hope we see - glimmering out in the darkest, blackest sky: A house on my grandma's street closed about $40K over asking price (Yes, OVER in this market)... interest rates are still in the 4% range (what's this talk about them ticking up?!) Inventory is steadily priced and so it becomes easier to ascertain that, for a buyer, this is a wonderful time to make the committment.
Now, we know there is talk of more foreclosure, more "shadow inventory" the banks are holding on to, and we are still in dire need of more, long-term jobs. But, if your job is steady, you've been out there, watching the market, wondering and waiting - I cannot think of a better time to buy. What if prices go down 2% or even 5%? Guess what? Even if prices go down, there is always the chance of interest going up. There's always risks involved with homeownership. There's risks involved in life - in every decision we make, every committment we make.
I think the economy has given us all a good chance to reassess what we are willing to risk. If you are ready to make the leap into homeownership, I still think if you can make the committment, it's a pretty safe risk!
The above link is an article I know will garner a lot of discussion.
I seem to not attend a party or gathering without someone asking me where I think the real estate market is headed in the coming year. The past several years have offered us a mixed bag of ups and downs - prices went up for a bit, interest rates went down. Then NOD's (Notice of Defaults) went up, yet the number of foreclosures went down (as they were NOD's being held and not processed). Prices have gone steady - even down in parts, sales have slowed, interest rates are down and the year is ending with a sense of uncertainty. Where are we headed?
The economy in general is struggling. As anyone can see from looking at friends and family out of work, moving or losing a home due to new financial situations, there is a definite air of uncertainty. Then there is that sign of hope we see - glimmering out in the darkest, blackest sky: A house on my grandma's street closed about $40K over asking price (Yes, OVER in this market)... interest rates are still in the 4% range (what's this talk about them ticking up?!) Inventory is steadily priced and so it becomes easier to ascertain that, for a buyer, this is a wonderful time to make the committment.
Now, we know there is talk of more foreclosure, more "shadow inventory" the banks are holding on to, and we are still in dire need of more, long-term jobs. But, if your job is steady, you've been out there, watching the market, wondering and waiting - I cannot think of a better time to buy. What if prices go down 2% or even 5%? Guess what? Even if prices go down, there is always the chance of interest going up. There's always risks involved with homeownership. There's risks involved in life - in every decision we make, every committment we make.
I think the economy has given us all a good chance to reassess what we are willing to risk. If you are ready to make the leap into homeownership, I still think if you can make the committment, it's a pretty safe risk!
Tuesday, September 14, 2010
Fall - A great time to make a move!
Fall and Back to School time has always felt more like a "new" year to me than January 1st. The weather changes (yes, even in southern California), the kids get back into a routine, soccer and football start - new things are all around us. As much as real estate is busy in spring and summer - fall is also a time I notice changes brewing in people who were "waiting". Fall is the great equalizer for many - you know there may have been goals made for the year in January, but between the business and fun of spring and summer things got passed up. Fall is when you decie if you want to spend the holidays where you are - or somewhere else.
That is why I think Fall is a great time to move! You don't have the heat to contend with when you have an open house. People looking are more serious and are ready to seal the deal before the end of the year. Even big banks with bank owned properties are ready to move inventory -- and you just might get an offer accepted now that would not have happened in May (I have one in the works as I write this).
What does fall mean - besides cooler temps, leaves, harvest? Well, it is that one last chance to make a stab at the goals you had for the year. It's the last stretch of the race to completion - and if your goal for 2010
That is why I think Fall is a great time to move! You don't have the heat to contend with when you have an open house. People looking are more serious and are ready to seal the deal before the end of the year. Even big banks with bank owned properties are ready to move inventory -- and you just might get an offer accepted now that would not have happened in May (I have one in the works as I write this).
What does fall mean - besides cooler temps, leaves, harvest? Well, it is that one last chance to make a stab at the goals you had for the year. It's the last stretch of the race to completion - and if your goal for 2010
Saturday, July 31, 2010
Early Lessons - Lifelong Application
I have been re-reading an old favorite parenting resource by Dr.'s Henry Cloud & John Townsend called Raising Great Kids (co. 1999). I love this book because it is full of practical wisdom and advice - nothing dogmatic - just a very down to earth guide of "Parenting with Grace & Truth". As with this book, I find most of what is taught in leadership training, parenting or professional enrichment classes can be applied across the board in various facets of life.
The current chapter I am reading, "Living in an Imperfect World: Reality", is so applicable to the world of real estate today, I wanted to share a section:
"Not only will your children frustrate themselves and be frustrated by others, but the world will frustrate them as well. Birthday parties will get rained out. Pets will die. Toys will break and bicycles will get stolen. In short, they will experience the lost ideal of not living in Eden. They will have many days in which very frustrating things will happen.
But so do all the happy people in the world. Your job is to help your children develop the character that will enable them to be happy in a world that daily gives them opportunity to be miserable" (Cloud & Townsend, PP. 110-111)
Why is this relevent now, in the current real estate market? Well,many homeowners are still, as they say, "upside down" in their mortgage. That is a bad thing and it can be a miserable fact for a hard working person. Some people I have consulted with bought at the height of the market (unbeknownst to them) and are now working double shifts to keep up -- or face a short sale. It can be easy to go to the place of frustration, fear, anxiety and hopelessness. There are also potential homeowners wondering if they should buy now -- "will the market crash again?", "will I lose my job?", "what will the payment do to my entertainment/college/preschool fund?"
It is my job to boost and maintain consumer confidence in the housing sector - and confidence is what makes a sale. When I instill confidence in my client and reinforce their ability to make wise choices, they feel ready to either sell their house, or move forward on a purchase. Much of this confidence happens in steps, just a child learns to trust the world, people have to learn to trust their REALTOR (R). And therein lies my comparison of this parenting resource to being a REALTOR (R) in the southern California housing market: I am here to help homeowners and potential homeowners navigate the confusion and sometimes frustration of the housing market and I strive to always do so with grace and truth. As the Dr,'s Cloud & Townsend write, "Only the internalized character of grace and truth can help children negotiate lifes ups and down successfully. And that character can only come from a loving but truthful parent (or REALTOR!) who forces them to deal with reality, accept themselves and others, and continue on to pursue their ideals" ( P.112). As always, if you have any questions, or know someone who is looking to buy or sell, please send them my way! I promise to take good care of them (and be honest at the same time)!
The current chapter I am reading, "Living in an Imperfect World: Reality", is so applicable to the world of real estate today, I wanted to share a section:
"Not only will your children frustrate themselves and be frustrated by others, but the world will frustrate them as well. Birthday parties will get rained out. Pets will die. Toys will break and bicycles will get stolen. In short, they will experience the lost ideal of not living in Eden. They will have many days in which very frustrating things will happen.
But so do all the happy people in the world. Your job is to help your children develop the character that will enable them to be happy in a world that daily gives them opportunity to be miserable" (Cloud & Townsend, PP. 110-111)
Why is this relevent now, in the current real estate market? Well,many homeowners are still, as they say, "upside down" in their mortgage. That is a bad thing and it can be a miserable fact for a hard working person. Some people I have consulted with bought at the height of the market (unbeknownst to them) and are now working double shifts to keep up -- or face a short sale. It can be easy to go to the place of frustration, fear, anxiety and hopelessness. There are also potential homeowners wondering if they should buy now -- "will the market crash again?", "will I lose my job?", "what will the payment do to my entertainment/college/preschool fund?"
It is my job to boost and maintain consumer confidence in the housing sector - and confidence is what makes a sale. When I instill confidence in my client and reinforce their ability to make wise choices, they feel ready to either sell their house, or move forward on a purchase. Much of this confidence happens in steps, just a child learns to trust the world, people have to learn to trust their REALTOR (R). And therein lies my comparison of this parenting resource to being a REALTOR (R) in the southern California housing market: I am here to help homeowners and potential homeowners navigate the confusion and sometimes frustration of the housing market and I strive to always do so with grace and truth. As the Dr,'s Cloud & Townsend write, "Only the internalized character of grace and truth can help children negotiate lifes ups and down successfully. And that character can only come from a loving but truthful parent (or REALTOR!) who forces them to deal with reality, accept themselves and others, and continue on to pursue their ideals" ( P.112). As always, if you have any questions, or know someone who is looking to buy or sell, please send them my way! I promise to take good care of them (and be honest at the same time)!
Saturday, June 19, 2010
California home prices jump 20.9% in May
California home prices jump 20.9% in May
Tax incentives spur sales. The median home price rises to $278,000, reflecting less a rise in housing values than a shift in sales toward more expensive coastal markets.
By Alejandro Lazo, Los Angeles Times
June 18, 2010
Fueled by tax incentives, California home sales rose in May, helping lift the Golden State's median home price by 20.9% from its year-earlier mark.
The median was $278,000 last month, MDA DataQuick of San Diego said, a 9% increase from April. But that reflects less a rise in the actual valuation of homes than a continued shift in sales away from cheaper, inland areas of the state toward more coastal markets.
That shift is being driven partly by an increasing willingness of owners in pricier neighborhoods to sell at a lower price, DataQuick has said. And much of the jump in sales has been driven by a surge of buyers rushing to close deals to take advantage of state and federal tax incentives.
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"In the second half of the year, there's obviously going to be less wind in the market's sails, given the fading tax credits," MDA DataQuick President John Walsh said. "A healthier job market and low mortgage rates will be key to driving demand."
A total of 40,965 new and previously owned houses, condominiums and town homes sold last month, a 9.3% increase from April and a 4.9% jump from May 2009. Experts fear that once the effects of the credits wane, sales and prices could slump again.
"Of course, you are going to see a slowdown; these programs basically steal sales from the future," said Christopher Thornberg, principal of Beacon Economics. "Now that may be a good policy option, but understand when you get to the future you are going to feel the effects of that. It's just the nature of the beast."
The federal credits of up to $8,000 for first-time buyers and $6,500 for some current homeowners required that deals be reached by April 30 and close by June 30, though Senate Democrats have moved to extend the closing deadline to Sept. 30.
The California credits, which kicked in May 1, are for first-time buyers and purchasers of new homes, with $100 million set aside for each credit. The state credit for first-time buyers is quickly running out. The state's Franchise Tax Board said Thursday that it had received applications claiming an estimated 80% of the first-time credit. It expects to run out of money for the first-time credit much faster than the one for new homes as those sales often lag because of the time it takes to construct a home and because the resale market is much bigger. The state did not say Thursday how many applications had been received for the new-home credit.
In the San Francisco Bay Area, sales took off in some of the region's costlier neighborhoods last month, DataQuick reported, helping push the median home price above $400,000 for the first time since the U.S. was gripped by the financial crisis 21 months ago. The decline in bank-owned inventory there helped the median sale price for all property types reach $410,000, up 10.8% from April and 20.1% from May 2009. Sales jumped 18% in May over April and 11% over May 2009.
The Southland's median price rose 22.5% from its year-earlier level to $305,000, DataQuick said Tuesday, and sales jumped 7.2% from May 2009.
Tax incentives spur sales. The median home price rises to $278,000, reflecting less a rise in housing values than a shift in sales toward more expensive coastal markets.
By Alejandro Lazo, Los Angeles Times
June 18, 2010
Fueled by tax incentives, California home sales rose in May, helping lift the Golden State's median home price by 20.9% from its year-earlier mark.
The median was $278,000 last month, MDA DataQuick of San Diego said, a 9% increase from April. But that reflects less a rise in the actual valuation of homes than a continued shift in sales away from cheaper, inland areas of the state toward more coastal markets.
That shift is being driven partly by an increasing willingness of owners in pricier neighborhoods to sell at a lower price, DataQuick has said. And much of the jump in sales has been driven by a surge of buyers rushing to close deals to take advantage of state and federal tax incentives.
Get a daily snapshot of business, financial and technology news delivered to your inbox with our Business Daily newsletter. Sign up »
"In the second half of the year, there's obviously going to be less wind in the market's sails, given the fading tax credits," MDA DataQuick President John Walsh said. "A healthier job market and low mortgage rates will be key to driving demand."
A total of 40,965 new and previously owned houses, condominiums and town homes sold last month, a 9.3% increase from April and a 4.9% jump from May 2009. Experts fear that once the effects of the credits wane, sales and prices could slump again.
"Of course, you are going to see a slowdown; these programs basically steal sales from the future," said Christopher Thornberg, principal of Beacon Economics. "Now that may be a good policy option, but understand when you get to the future you are going to feel the effects of that. It's just the nature of the beast."
The federal credits of up to $8,000 for first-time buyers and $6,500 for some current homeowners required that deals be reached by April 30 and close by June 30, though Senate Democrats have moved to extend the closing deadline to Sept. 30.
The California credits, which kicked in May 1, are for first-time buyers and purchasers of new homes, with $100 million set aside for each credit. The state credit for first-time buyers is quickly running out. The state's Franchise Tax Board said Thursday that it had received applications claiming an estimated 80% of the first-time credit. It expects to run out of money for the first-time credit much faster than the one for new homes as those sales often lag because of the time it takes to construct a home and because the resale market is much bigger. The state did not say Thursday how many applications had been received for the new-home credit.
In the San Francisco Bay Area, sales took off in some of the region's costlier neighborhoods last month, DataQuick reported, helping push the median home price above $400,000 for the first time since the U.S. was gripped by the financial crisis 21 months ago. The decline in bank-owned inventory there helped the median sale price for all property types reach $410,000, up 10.8% from April and 20.1% from May 2009. Sales jumped 18% in May over April and 11% over May 2009.
The Southland's median price rose 22.5% from its year-earlier level to $305,000, DataQuick said Tuesday, and sales jumped 7.2% from May 2009.
Tuesday, June 1, 2010
What kind of agent do you want?
What is the first picture that comes to mind when you think of a REALTOR (or real estate agent?) Someone like a used-car salesman, trolling along, looking for the next "victim"? Do you think of someone slick, boisterous, dimple cheeked and twinkle eyed? Or do you think of a slender, sly Eddie Haskell like person, waiting to manipulate the next situation? All of these perceptions are negative - and too often, they are true.
But, I am here to say, we are NOT all like any of those people. I prefer the honest, discerning approach to sales. I sometimes feel like a counselor, navigating through the process with an emotional couple, or people in all sorts of transition. A huge part of my job is establishing trust with my clients. If you have an agent that you have worked well with, you know what I mean. If you have an agent that made you question things more than understand them, I think you also know what I mean!
So, what are some good criteria when looking for a truly honest, hardworking agent?
1. Make sure that the facts they use to represent themselves are true -- and not inflated! I know of an agent who has claimed to be an expert in a certain area of sales - yet I know he did far less sales then he claims. It is aggravating to me and other agents -- and it is scary to think of the clients that believe him!
2. Make sure their Real Estate license is current, assigned to a broker in the area you are looking to move, and that they do not have any violations against them! (Look on CAR.org and enter license look-up)
3. Make sure their advertisements are where they say they are! Ask for copies, or look on your own. Do you see the ads they said they are paying for? You should!
4. Ask for references. A good reference can help clarify if the agent is the right choice for you!
5. Remember experience counts, but so does integrity! Look for honesty, validate what you are told and make sure they are not "too busy" to personally meet you at properties or inspections! A good agent will always schedule their time and be present.
Of course the above criteria are totally based on what I would want in a REALTOR. I made this list myself after buying our first home with a "Top Producing" agent. I realized I would do the job very differently -- and became a REALTOR. As a wife and mom, I know purchasing a home is one of the most important decisions a person can make....MAKE SURE you are with a TRUSTED AGENT!!!!
Happy House hunting!!!!
But, I am here to say, we are NOT all like any of those people. I prefer the honest, discerning approach to sales. I sometimes feel like a counselor, navigating through the process with an emotional couple, or people in all sorts of transition. A huge part of my job is establishing trust with my clients. If you have an agent that you have worked well with, you know what I mean. If you have an agent that made you question things more than understand them, I think you also know what I mean!
So, what are some good criteria when looking for a truly honest, hardworking agent?
1. Make sure that the facts they use to represent themselves are true -- and not inflated! I know of an agent who has claimed to be an expert in a certain area of sales - yet I know he did far less sales then he claims. It is aggravating to me and other agents -- and it is scary to think of the clients that believe him!
2. Make sure their Real Estate license is current, assigned to a broker in the area you are looking to move, and that they do not have any violations against them! (Look on CAR.org and enter license look-up)
3. Make sure their advertisements are where they say they are! Ask for copies, or look on your own. Do you see the ads they said they are paying for? You should!
4. Ask for references. A good reference can help clarify if the agent is the right choice for you!
5. Remember experience counts, but so does integrity! Look for honesty, validate what you are told and make sure they are not "too busy" to personally meet you at properties or inspections! A good agent will always schedule their time and be present.
Of course the above criteria are totally based on what I would want in a REALTOR. I made this list myself after buying our first home with a "Top Producing" agent. I realized I would do the job very differently -- and became a REALTOR. As a wife and mom, I know purchasing a home is one of the most important decisions a person can make....MAKE SURE you are with a TRUSTED AGENT!!!!
Happy House hunting!!!!
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