Thursday, July 26, 2012

Aug. 4th, 2012 Will be a very special day for me...

Wednesday, January 11, 2012

The Value of Real Estate-Rising or Falling??


Following is an article I found regarding the National trend in Real Estate.

Economists don't agree on real estate recovery In some areas, home prices could fall another 10%
By Dian Hymer
Inman News®
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It wasn't long ago that some economic forecasters anticipated a turnaround in the home-sale market by 2012. When the economic recovery stalled and the housing market showed no sign of turning around quickly, projections for a housing recovery were pushed out two, three and even seven years.
Ken Rosen, chairman of the Fisher Center for Real Estate & Urban Economics at the University of California, Berkeley, believes that home prices have bottomed and are increasing in areas powered by strong job growth. However, even in places where prices are rising, they are not rebounding.
Not all economists agree that home prices have hit bottom; many anticipate another 5 percent price decline over the next two years.
Rosen gives a 65 percent probability that the recovery will be choppy. He forecasts a 5 percent chance of a strong recovery and a 30 percent chance of a double-dip recession. Factors holding a recovery back: a general sense of uncertainty that undermines consumer confidence; millions of unsold foreclosure properties; high unemployment; cutbacks in services; and tight credit conditions.
In some urban areas of the country, like Atlanta, Chicago, Miami and Phoenix, it may be more advantageous to buy than to rent. Apartment rents have been rising due to increased demand for rentals from people who have lost their homes in foreclosure, empty nesters trading down, people with jobs who have decided not to buy, and people who would like to buy but who can't qualify.
The same lenders who gave risky mortgages to buyers who couldn't afford them in 2005 and 2006 are now making it difficult for qualified buyers to get financing. It used to take a credit score of 620 or more to qualify for a conventional mortgage. In those days, loans to buyers with 5 to 10 percent cash down were readily available.
Today's buyers need a credit score of 760. Some conventional lenders require a 20 percent cash down payment. If the buyers are self-employed it can be more difficult to qualify. It's a great time to trade up, but most buyers can't qualify to buy the new home without first selling their current home.
One of the best things that could happen to the housing market at this point would be an easing of credit-qualifying standards -- not to the ridiculously low level of several years ago, but to a level that would enable more creditworthy buyers to take advantage of today's low interest rates and relatively low home prices.
Good news lately bodes well for the future, but you should anticipate continued volatility. The jobless rate dropped to 8.6 percent nationally in November, the lowest level in 2 1/2 years. The consumer confidence index rose 15 points in November, to 56. Although encouraging, if the economy were on solid ground we would expect a reading of 90.
HOUSE HUNTING TIP: It's a good time to buy a home in many areas of the country. However, it's only a good time if you buy for the long term and you have realistic expectations about what buying a home will entail. It will require maintenance, which costs money and takes time.
Your home is unlikely to be the cash cow that most buyers expected -- and many achieved -- during the bubble years. According to Robert Shiller, Yale University economist, home prices track, on average, with the inflation rate over long periods.
Renters with good incomes and good credit who are tired of moving could benefit from buying a home now. Just be aware that if we go into a double-dip recession, prices could drop another 10 percent in some areas. That's why you don't want to buy for the short run.
THE CLOSING: Buyers having trouble amassing 20 percent for a down payment should check with independent banks that have more flexibility in their qualifying criteria.
Dian Hymer, a real estate broker with more than 30 years' experience, is a nationally syndicated real estate columnist and author of "House Hunting: The Take-Along Workbook for Home Buyers" and "Starting Out, The Complete Home Buyer's Guide."

Friday, January 14, 2011

New Year: New Beginning


A great beginning for the new year! Prices are still low, so are interest rates! If you have ever been interested in purchasing Real Estate, now is the time! Contact me for more details about property for sale in the Oroville area!

Tuesday, September 7, 2010

The Pendulum

These days it is not so easy to get a purchase loan. A few years back it seemed that having a heartbeat was the requirement for obtaining a loan. They then found out that was not a good idea.
In my years in Real Estate, I have seen the loan Pendulum swing back and forth. At one point you needed to prove you can pay your loan with all cash within a week of closing before the underwriters would give you a loan. Then they started loosening up, only to swing back again to wanting your firstborn to prove they could work for the bank 100 hours a week during the duration of the loan before pre-qualifying you.
Then, around the beginning of this decade, they decided everyone should be able to get a loan, even if you were a student and you did not have a regular paycheck, you could get a trillion dollar loan!
It is now 2010. not only do you need to prove you are an actual person, the banks now demand proof for everything you do. It is possible to get a loan, but now, you have to prove you CAN pay the loan off in the time allotted by the terms. So, when applying for a home loan, be sure to bring all your records. Call ahead to see what they will request from you. If you are obtaining gift money, be sure to have the giftor sign a letter that they are, in fact, gifting you the money. The lender may also ask for a copy of the giftor's bank statement to be sure they have the resources.
Obtaining a loan does take a little longer than before, but if you do your homework, and work with a great, communicative lender, it can go a lot smoother then the horror stories you hear out there.
As always, if you are considering Buying a home, call me. I can assist in finding the home, and the lender that will work for you.

Thursday, May 6, 2010

Great Times!

It has been busy in our office. Lots of sales and Buyers. Our office includes Property Management services, and we have rented out most of our inventory. Now, if only the rest of the economy would pick up..

Whew! Been

Whew! Been