Tag Archive: real estate


Did I catch your attention??

You might be asking yourself what the catch is, and I would be lying to you if i said there are none. So, here’s the deal, the city of Anaheim is giving $100,000 dollars toward the purchase of your next home…wow! The best part, as long as you live in the home the loan does not have to be payed back!!!!!!

 Ok, here are the specifics. Eligible parties can not make more than $72,500, and not all housing will apply toward this program. I will use a buyer that I have been working with as an example: the purchaser made a little over $50,000 a year, and was prequalified for a loan amount of $200,000. His options were fairly limited and his tastes were a little less peanut butter and jelly, and a little more caviar and escargot. After applying the 100k from the city of Anaheim, his purchase price had escalated to 300k, and the complex he chose was state of the art, with all of the amenities (health club, open access wi fi, pool, spa, clubhouse, controlled access entry to the complex, etc…).  Everybody wins!

As I mentioned earlier, a certain amount of housing is eligible, and specific lenders must be contacted to qualify. Contact me for more details, you wont be sorry!

Buying your first home? Selling your house? Looking to relocate? Give me a call, Carlos J. Amador at (562) 833-4292   
  
RE/MAX North Orange County   

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Fullerton Police Headquarter

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▪ Mortgage rates will stay low. Even with rates climbing — maybe to as high as 6 percent by 2012 — they are still well below where they have been historically.
▪ Tax cuts could help. Extending the tax cuts could encourage a more rapid recovery for the economy.
▪ Americans want to be home owners. A recent Fannie Mae survey showed that Americans still believe a home is a safe and desirable investment.
▪ Builders are about to begin building. Home builders have been sitting on the sidelines. This year, they think pent-up demand will create an appetite for new homes.
▪ Homes are shrinking. Homes are getting smaller, which has made them more affordable.

Buying your first home? Selling your house? Looking to relocate?
Give me a call,   Carlos J. Amador at (562) 833-4292 or visit my website http://www.carlosjamador.com. For a no obligation free consultation. Free first time home buyer information for Fullerton, Orange County, and Los Angeles residents. Real Estate information for Fullerton, Orange County and Los Angeles residents. Home Sellers in Fullerton, Orange County, and Los Angeles.

Source: Investopedia, Michele Lerner (12/24/2010)

 

1.  Reality check yourself . . . before you wreck yourself (and the sale of your home, that is). The age-old real estate advice to wanna-be sellers is to get real about pricing – and like my sweet Grandma’s advice about always rinsing the cake batter out with cold water, never hot, the caution against overpricing is advice that will stand you in good stead. (And that cold water trick works, btw – rinsing with hot starts to cook the batter to the bowl!  But I digress)  Before you even get to pricing, though, first you should get real about what your goals really are. Why do you want or need to sell?  And how badly – how important is it to you?  What would it take to make selling make sense?  If you even think you may want to sell your home next year, get clear on these items in your own head before you even talk to anyone outside of your household. Your very next step is to look at your mortgage account statement online and find out what you owe, and find out what your payoff amount would be.

Step 3? Get a reality-based idea of what your home is worth – by talking with several local real estate agents who have a strong, recent track record of succesfully selling homes in your area; these are the folks who’ll have a strong idea of what recent sales are the most comparable to yours, and what a local buyer would agree to pay for your home, as well as what it might appraise at. If 3 agents give you one range, and one gives you a bizarrely higher number, be skeptical about the outlier; there are rare bad apples out there in the agent world who will tell you whatever it takes to get the listing.  Get real and stay there – don’t fall prey to the fallacy that your home is worth more than others, for no substantive reason beyond the fact that, well, it’s yours.

Then, move toward making a decision about whether selling actually makes sense for you. Whatever you do, don’t let your mental GPS steer you anywhere near that fantasyland where all your plans for selling, moving, etc. rest on the hypothetical that you can get 25% more than your home’s actual fair market value. That sort of magical thinking costs you and your agent the time, inconvenience and money it takes to try to conjure up a sale that just ain’t gonna happen, and that doesn’t even count the opportunity costs of other things you could be doing with those resources. If your home’s current value is bizarrely less than you want or need to move on, consider a short sale and price it appropriately or consider staying put and sprucing up your home so it better suits your needs – but don’t price it at your “wishful thinking” price and set yourself and your agent up for failure.

2.  Figure out the lay of your local land.  National blogs and media outlets offer all sorts of useful advice about whether, how and when to sell your home, but there’s one thing that sort of advice cannot convey: what’s going on in your local market. Get active in Trulia Voices, ask questions and read blogs in your local market and start talking with the real estate brokers and agents from your area who are actively blogging, listing properties and answering questions. They can give you the hyperlocal essentials you need to knows.  Sure, it’s a buyer’s market nationwide, on average.  But if you live in Omaha, that may mean that homes sell at or near asking in 45 days or less; in Mesa, Arizona, your home could stay on the market 6 months and sell for 30% below asking.  In my neck of the woods, it’s not bizarre for homes to sell at 5 percent above asking, in two weeks – and that’s still a buyer’s market compared to the 20% above asking sales that were common in 2006.  

Every market is different, and you can neither know what to expect when you list your home for sale, nor implement smart strategies for getting your home sold without knowing what’s going on in yours. 

3.  Tour nearby Open Houses. Your job, as the seller of your home, is to present a compelling package to buyers – compelling enough to make them sign away 30 years of their lives and the vast majority of their worldly possessions in exchange for your home (kinda ups the ante, doesn’t it?). To do that, it helps to get inside the minds of your home’s target buyers.  And to do that, you need to think how they think and see what they see.

Visiting the other homes your target buyers will also see online and/or in real life will give you a sense for how your home’s price and condition will measure up to the competition.  Go view other homes that are for sale in your area, making sure you see at least a few that fall into each of these categories: (a) properties in your neighborhood or similar neighborhoods, (b) homes in your home’s general price range, all around town, and (c) homes that have similar numbers of bedrooms, bathrooms and square feet – no matter what the price. You’ll likely end up seeing homes in a wide range when it comes to price and condition; know that your home, to sell, will need to beat these on one or both measures. Also, if you try to go to at least a few open houses, rather than just asking your agent to show them to you at your convenience, you’ll also get a sense for what sort of buyer traffic you can expect from open houses, and you can even chat with those home’s listing agents about local market dynamics and what factors they believe may help or hurt that particular listing.

4.  Formulate a plan: in A-B-C order.  Collaborate with your broker or agent to put an action plan in place.  Make sure you address: list price, list date, showing arrangements and the property prep work (see #5, below) that your agent recommends you do prior to listing the place. To minimize the stress of a somewhat inevitably stressful experience (i.e., selling your home!), work with your agent on Plans B and C now, too!  What is the average number of days a home stays on the market in your area before it sells (DOM)?  (Hint:  don’t look at the ones that never sold, because you don’t want to be part of that group!)  Decide up front if your home sits on the market for X number of days with no offer, you’ll lower the price to Y.  Also cover alternative marketing plans/vehicles for your home, and even calendar when you might start to offer transactional incentives, like closing cost credits, interest rate buy-downs, throwing in personal property and even making reverse offers to buyers who have expressed an interest but can’t seem to get off the fence. At some point along the timeline, include a pause where your agent can interview buyer’s brokers who have shown your home to collect buyer feedback, so you can course correct your pricing, marketing or staging strategies accordingly.

5.  Do your prep work – fix and pre-pack.  If you are sure you’re selling in 2011, and want to put your holiday vacay time to good use, make a list of all those little repairs you’ve been wanting to do forever, call up your neighborhood handyperson and get ’em done. Loose knobs and handles, double-hung windows that are painted shut, the frayed carpet on the steps, that broken bathroom tile – fixing those things can give your place just the patina and polish it’ll take to compete with the ample, low-priced competition you’ll have next year.

It may be tough for non-distressed home sellers to compete with foreclosures and short sales on price.  But one area where individual home sellers usually can best the competition is CONDITION! Your home can present to buyers in tip-top  condition in a way that most foreclosures and short sales cannot.  And this includes staging – most foreclosures will be shown vacant, and/or with the debris of the former owner’s lives tragically littering the premises.  Short sales are usually (but not always) a bit better, but are most often shown fully occupied, furnished and cluttered – just as the owners live in them, because of the distressed nature of the sale.  As a non-distressed home’s seller, it behooves you to ensure that your home’s curb appeal is at it’s best and that throughout the interior, the buyer is able to visualize the lovely life they can, scratch that, WILL live once they buy and move into your home.  Depersonalizing and decluttering are essential to this staging effort- put most of the personal items that make your home yours in a box, like you’re getting ready to move (which you are!) and leave your place in as close to model-home move-in condition as possible.

Buying your first home? Selling your house? Looking to relocate? Give me a call,   Carlos J. Amador at (562) 833-4292 or visit my website http://www.carlosjamador.com. For a no obligation free consultation. Free first time home buyer information for Fullerton, Orange County, and Los Angeles residents. Real Estate information for Fullerton, Orange County and Los Angeles residents. Home Sellers in Fullerton, Orange County, and Los Angeles.

Source: Tara-Nicholle Nelson of trulia

 Predictions for 2011
Freddie Mac analysts point to five features that they believe will likely characterize the 2011 housing and mortgage markets:

1. Low mortgage rates. With Fed observers expecting the central bank to keep the federal funds rate at its current target range of 0 percent to 0.25 percent for most (or all) of 2011, relatively low mortgage rates will be a feature of the 2011 mortgage market. Thirty-year fixed-rate loans are likely to remain below 5 percent throughout the year, and initial rates of 5/1 hybrid adjustable-rate mortgages will likely remain below 4 percent in 2011.

2. Prices have hit bottom. House prices are likely to begin a gradual, but sustained recovery in the second half of 2011.

3. Housing will remain affordable. With affordability high, many first-time buyers will be attracted to the housing market in the New Year, likely translating into more home sales in 2011 than in 2010.

4. Refinances will dwindle. Many eligible borrowers have already refinanced and the federal Making Home Affordable refinance program is expiring on June 30. While fixed-rate loans are likely to remain low, they will move up gradually, making it even less likely that refinances will be attractive to most home owners.

5. Delinquency rates will decline. Based on the last several business cycles, the share of loans that are 90 or more days delinquent or in foreclosure proceedings — known as the “seriously delinquent rate” — generally crests within a year of the start of the recovery in payroll employment, and this economic recovery appears to fit within that pattern. Payrolls began to rise last January, and by the spring the seriously delinquent rate had begun to fall.)

Buying your first home? Selling your house? Looking to relocate? Give me a call,   Carlos J. Amador at (562) 833-4292 or visit my website http://www.carlosjamador.com. For a no obligation free consultation. Free first time home buyer information for Fullerton, Orange County, and Los Angeles residents. Real Estate information for Fullerton, Orange County and Los Angeles residents. Home Sellers in Fullerton, Orange County, and Los Angeles.

Source: Freddie Mac (12/09/2010)

The Mortgage Bankers Association (MBA) released its tallies of new mortgage activity Wednesday for the week ending December 3, 2010.

The trade group’s index of mortgage applications for the purchase of a home jumped 1.8 percent. This is the third weekly increase for the purchase index, which has reached its highest level since early May.

Mortgage interest rates have been steadily rising for several weeks now, and analysts expect the climb to continue. The fact that home purchase activity has been uninterrupted by the sustained hike in rates is likely an indication that buyers too are keenly conscious that the upward trajectory will carry on and realize the earlier they commit, the lower their borrowing costs will be.

MBA’s data covers over 50 percent of all U.S. residential mortgage applications taken by mortgage bankers, thrifts, and commercial banks, and it shows that the average contract interest rate for 30-year fixed-rate mortgages increased to 4.66 for the week ending December 3, up from 4.56 percent the week before. MBA says the 30-year rate has reached its highest mark since July.

The average contract rate for 15-year fixed mortgages came in at 3.98 percent last week, according to MBA’s study. That’s up from 3.91 percent the prior week. The 15-year rate is the highest it’s been since early September.

All market indicators point to further increases in borrowing costs for home loans. Data compiled by Bloomberg News shows that yields on Fannie Mae and Freddie Mac mortgage securities, which are closely tied to the direction of mortgage interest rates, jumped to their highest reading in almost six months on Tuesday.

While rising rates seems to have prompted some homebuyers to act now, mortgage refinancing, on the other hand, is becoming less attractive. MBA reports that refinance applications fell back by 1.4 percent last week. It’s the fourth straight weekly decrease for the group’s refinance index, which has hit its lowest level since June.

With refinances still making up about three-quarters of the industry’s mortgage activity, their decline lowered MBA’s index of total loan application volume by 0.9 percent compared to the previous week.

Buying your first home? Selling your house? Looking to relocate? Give me a call,   Carlos J. Amador at (714) 626-8880 ext 117 or visit my website http://www.carlosjamador.com. For a no obligation free consultation. Free first time home buyer information for Fullerton, Orange County, and Los Angeles residents. Real Estate information for Fullerton, Orange County and Los Angeles residents. Home Sellers in Fullerton, Orange County, and Los Angeles.

Source: DSNEWS.COM

To Buy or Not to Buy

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In these uncertain times, people more than ever need to know which housing strategy makes more financial sense, buying or renting. Two brothers in Virginia have a website that can help answer that question.

     

Housing isn’t the investment it used to be. Or is it?

Certainly if you bought at the peak of the housing boom — say, 2004 or 2005 — it isn’t. But most people who took the plunge more recently think it is.

In fact, 85% of a sample of folks who bought houses in the 12-month period from July 2009 to June 2010 view their homes as sound financial investments, according to a recent National Assn. of Realtors survey.

Nearly half the 8,500 buyers and sellers polled consider their homes a better investment than stocks, while 3 in 10 say housing is at least on par with stocks. And the findings are roughly the same across all subcategories: new home or existing, first-time buyer or repeat offender, single or married, male or female.
But participants in NAR’s annual Profile of Home Buyers and Sellers were also asked how long they expect to stay in their homes, and their answers indicate that most people have come to the realization that housing as a quick dash to riches is a thing of the past.

The median expected length of residence is 10 years, with repeat buyers planning to remain a median of 15 years.

But is even a decade long enough at today’s appreciation rates for an investment in housing to turn a profit? Or put another way, which makes more financial sense nowadays, buying or renting?

To be sure, homeownership isn’t for everyone. Some people simply can’t afford it, and others simply aren’t cut out for it.

Then there are those who simply enjoy their renter lifestyle. They don’t have to mow the grass or rake the leaves. When something breaks, all they have to do is call the landlord. And, if they haven’t signed a lease, they can pick up and move with proper notice.

Of course, renters give up a lot too. They can’t make their home truly their own because they usually aren’t permitted to make improvements or even paint the walls any color they choose — only neutrals, please.

And they don’t have much of a say when it comes to how their communities are run.

Despite those factors, though, the decision to buy or rent has been pretty much a monetary one.

So forget for a moment all that intrinsic stuff about being able to turn a house into a home, giving your kids their own backyard in which to play and living where the schools are better. If a family has enough dough salted away to cover a down payment and closing costs, if it can qualify for a mortgage and if it can afford the monthly payments, property taxes and insurance, it often buys.

Nowadays, however, many people are thinking twice about homeownership. Otherwise, they would be out there bargain-hunting, snapping up prized houses at rock-bottom prices and record-low mortgage rates, and laughing all the way to the Promised Land.

More than ever, people need to know what makes more financial sense, buying or renting.

That’s a problem Steve Rossi faced in the mid-1980s. Fresh out of college, he was told that it would be foolish to buy. But when he looked into the pros and cons of ownership versus renting, “all I got was bits and pieces,” he recalls. “Nobody really had the whole picture.”

So Rossi turned to his older brother, John, a computer specialist, and together they wrote a program that answered Steve’s question: After six years as an owner, he would turn a profit.

“How long you stay determines whether or not ownership will be profitable,” Steve says. “If you buy today and sell tomorrow, you are going to lose money. But the longer you live there, the more it pays to buy.”

Steve still lives in the Annandale, Va., house he bought 26 years ago. By day, he and John work for Uncle Sam. By night, the brothers have turned Steve’s dilemma nearly three decades ago into a business telling anyone who asks how long it will take his or her house to make money.

Years ago, most people came to the Rossi brothers through the Learning Annex, a Washington-area open university where they taught the class To Buy or Not to Buy — That Is the Question. But now, thanks to the Internet, their reach is much wider. In fact, it doesn’t matter where you live. If you can answer some basic questions at their site — http://www.tobuy.webs.com — and have $10 to spare, they can tell you when you will reach the break-even point.

When they first started, the brothers needed answers to 17 questions, things such as how much you expect to spend on utilities, insurance and maintenance, and where would you put the money if you don’t invest in a house. Now, they’ve pared their list of questions to 13.

The simplified “Buy or Not Buy” questionnaire doesn’t ask what you spend on utilities — the Rossis’ computer program adjusts for that automatically — but it still wants to know what you think you would be earning if you invested in something other than real estate. After all, Steve says, “money spent is money not being invested, so you have to adjust accordingly.”

Don’t worry if you can’t answer all the questions. The questionnaire has all kinds of prompts along the way, such as “3% is reasonable” when figuring the escalation rate of your utilities, maintenance and insurance. Even if some questions are left blank, the Rossi brothers have done so many of these analyses that they can answer them accurately for you, and all the information you provide is strictly confidential.

There are other programs that claim to do the same thing as the Rossis’. But most of those are written for or by real estate professionals who would like to sell you a house. The Rossi brothers, on the other hand, are independent and have nothing to gain whether you buy or not. Indeed, if there is room for bias in their program, it appears to be in favor of waiting.

Buying your first home? Selling your house? Looking to relocate? Give me a call,   Carlos J. Amador at (562) 833-4292 or visit my website http://www.carlosjamador.com. For a no obligation free consultation. Free first time home buyer information for Fullerton, Orange County, and Los Angeles residents. Real Estate information for Fullerton, Orange County and Los Angeles residents. Home Sellers in Fullerton, Orange County, and Los Angeles.

Source : Los Angeles Times

Yorba Linda, California

Image by Mastery of Maps via Flickr


Mortgage applications to purchase homes increased 14.4 percent last week on an adjusted basis compared to the previous week, according to the Mortgage Bankers Association weekly survey.

The unadjusted Purchase Index increased 9.6 percent compared with the previous week and was down 7.4 percent compared to the same week a year ago.

On a seasonally adjusted basis, this is the highest Purchase Index recorded since the week ending May 7, 2010 in the middle of the tax-rebate push.

“The increase in purchase applications last week aligns with other incoming data suggesting that consumers are feeling somewhat more confident with their financial situation,” said Michael Fratantoni, the association’s vice president of research and economics.

“The level of purchase applications on a seasonally adjusted basis is now at its highest level since the expiration of the homebuyer tax credit,” Fratantoni concluded.

Interest rates were mixed, with 30-year fixed-rate mortgages rising to 4.50 percent from 4.46 percent and 15-year fixed-rate mortgages decreasing to 3.83 percent from 3.87 percent.

Source: Mortgage Bankers Association (11/24/2010)

Buying your first home? Selling your house? Looking to relocate? Give me a call,        Carlos J. Amador at (714) 626-8880 ext 117 or visit my website http://www.carlosjamador.com. For a no obligation free consultation. Free first time home buyer information for Fullerton, Orange County, and Los Angeles residents. Real Estate information for Fullerton, Orange County and Los Angeles residents. Home Sellers in Fullerton, Orange County, and Los Angeles.

Mortgage Guaranty Building, aka City Lofts, 62...

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Home ownership rates in America continue to increase at a steady rate due in a large part to the implementation of FHA home loans more than seventy years ago. Over the years, FHA has helped Americans gain the financial independence that comes with owning a home. By creating jobs and reasonable mortgage rates for the middle class, financing military housing, and producing housing for the low income and the elderly, FHA has helped Americans become some of the best housed people in the world with over 73 million Americans currently owning their own homes.

HOW IT WORKS

By serving as an umbrella under which lenders have the confidence to extend loans to those who may not meet conventional loan requirements, FHA’s mortgage insurance allows individuals to qualify who may have been previously denied for a home loan by conventional underwriting guidelines.

FHA loans benefit those who would like to purchase a home but haven’t been able to put money away for the purchase, like recent college graduates, newlyweds, or people who are still trying to complete their education. It also allows individuals to qualify for a FHA loan whose credit has been marred by bankruptcy or foreclosure.

NUTS AND BOLTS

The most popular FHA home loan is the 203(b). This fixed-rate loan often works well for first time home buyers because it allows individuals to finance up to 97 percent of their home loan which helps to keep down payments and closing costs at a minimum. The 203(b) home loan is also the only loan in which 100 percent of the closing costs can be a gift from a relative, non-profit, or government agency.

Insurance on FHA mortgages are often rolled into the total monthly payment at 0.5 percent of the total loan amount which is roughly half of the price of mortgage insurance on a conventional loan. After five years or when the loan balance reaches 78 percent, the additional mortgage insurance is typically met and therefore drops off the total monthly payment.

GUIDELINES

It is not necessary to meet a minimum income requirement in order to qualify for a FHA loan but debt ratios specific to the state in which the home will be purchased have been put into place to prevent borrowers from getting into a home they cannot afford. This is done through a close analysis of income and monthly expenses.

Buying your first home? Selling your house? Looking to relocate? Give me a call,        Carlos J. Amador at (562) 833-4292 or visit my website http://www.carlosjamador.com. For a no obligation free consultation. Free first time home buyer information for Fullerton, Orange County, and Los Angeles residents. Real Estate information for Fullerton, Orange County and Los Angeles residents. Home Sellers in Fullerton, Orange County, and Los Angeles.

Source:Fha.com

Conforming 1and FHA Loans
30-Year Fixed 4.625% 4.812%
30-Year Fixed FHA 4.625% 5.488%
15-Year Fixed 4.000% 4.321%
5-Year ARM 3.125% 3.214%
5-Year ARM FHA 2.875% 3.000%
Larger Loan Amounts in Eligible Areas – Conforming and FHA.1
30-Year Fixed 4.750% 4.886%
30-Year Fixed FHA 4.750% 5.568%
5-Year ARM 3.375% 3.255%
Jumbo1 Loans – Amounts that exceed conforming loan limits1
30-Year Fixed 4.875% 5.012%
5-Year ARM 3.750% 3.388%

Buying your first home? Selling your house? Looking to relocate? Give me a call,        Carlos J. Amador at (714) 626-8880 ext 117 or visit my website http://www.carlosjamador.com. For a no obligation free consultation. Free first time home buyer information for Fullerton, Orange County, and Los Angeles residents. Real Estate information for Fullerton, Orange County and Los Angeles residents. Home Sellers in Fullerton, Orange County, and Los Angeles.

Source: Wells Fargo

These are the real estate market statistics for Fullerton for the month of October 2010. The number of  Single Family Home (SFR) listings in October compared to September declined. In September there were 111 new properties that were placed on the market.

Fullerton New overall Listings 10-10

 Current Actives price ranges 10-10

Below is the market statistics for single family home closings and the type of listing they were for the month of October 2010. There were a total of 70 closings in September. While standard or regular sales make up the majority of closings in September the amount foreclosures and short sales still account for 25% of all closed transactions during the month which is down from the 39% in September.  

Closed Fullerton 10-10

Fullerton Condominium Statistics For October 2010

The number of new condominium listings in October as compared with September was down. In September there were 40 new condo/townhome listings.

New condo listing 10-10

 Overal Ranges Condo 10-10

Below is the number of condominium closings and the type of listing each was for the month of October 2010.  Closings were slightly down from the previous month. There were a total of 24 closings in September. Foreclosed or short sale properties account for 55% of the October condo closings.

 Condo Closings 10-10

  Total Current Active, Backup and Pending Status Listings In The MLS For Fullerton.

Over current stats 10-10

These real estate stats are for the entire city of Fullerton for October 2010. Each individual neighborhood’s statistics are different from the others depending on varying and numerous factors. To obtain a much more precise free email report on your home contact me at the numbers below.

Buying your first home? Selling your house? Looking to relocate? Give me a call,        Carlos J. Amador at (714) 626-8880 ext 117 or visit my website http://www.carlosjamador.com. For a no obligation free consultation. Free first time home buyer information for Fullerton, Orange County, and Los Angeles residents. Real Estate information for Fullerton, Orange County and Los Angeles residents. Home Sellers in Fullerton, Orange County, and Los Angeles.

Source : Active Rain