Calif. median home price - September 07: $530,830(Source: C.A.R.)
Calif. highest median home price by C.A.R. region September 07: Santa Barbara So. Coast $1,667,500(Source: C.A.R.)
Calif. lowest median home price by C.A.R. region September 07: High Desert $271,940(Source: C.A.R.)
Calif. First-time Buyer Affordability Index - Second Quarter 07: 24 percent (Source: C.A.R.)
Mortgage rates - week ending 11/08: 30-yr. fixed: 6.24%; Fees/points: 0.4% 15-yr. fixed: 5.90%; Fees/points: 0.5% 1-yr. adjustable: 5.50%; Fees/points: 0.6% (Source: Freddie Mac)
Sunday, November 18, 2007
Saturday, October 20, 2007
Why Work With a Realtor®? Part 3
In addition to the advantages by Realtors® in the home-buying and selling process, here are a few others that should be mentioned:
1. Realtors ® have done it before. Most people buy and sell only a few homes in a lifetime, usually with a quite a few years in between each purchase. And even if you've done it before, laws and regulations change. That's why having an expert on your side is critical.
2. Realtors ® provide objectivity. Since a home often symbolizes family, rest and security, not just four walls and roof, home-selling or buying is often a very emotional undertaking. And for most people, a home is the biggest purchase they'll ever make. Having a concerned, but objective, third party helps you keep focused on both the business and the emotional issues most important to you.
3. Realtors ® are members of the National Association of Realtors ®, a trade organization of more than 1 million members nationwide. Realtors ® subscribe to a stringent code of ethics that helps guarantee the highest level of service and integrity.
1. Realtors ® have done it before. Most people buy and sell only a few homes in a lifetime, usually with a quite a few years in between each purchase. And even if you've done it before, laws and regulations change. That's why having an expert on your side is critical.
2. Realtors ® provide objectivity. Since a home often symbolizes family, rest and security, not just four walls and roof, home-selling or buying is often a very emotional undertaking. And for most people, a home is the biggest purchase they'll ever make. Having a concerned, but objective, third party helps you keep focused on both the business and the emotional issues most important to you.
3. Realtors ® are members of the National Association of Realtors ®, a trade organization of more than 1 million members nationwide. Realtors ® subscribe to a stringent code of ethics that helps guarantee the highest level of service and integrity.
Thursday, October 18, 2007
Why Work With a Realtor®? Part 2
So... Why do you need a Realtor®?
How about the following reasons:
1. A real estate transaction is complicated. It involves many disclosures, inspection reports, mortgage documents, insurance policies, deeds and multi-page government-mandated settlement statements. A Realtor® can guide you through the entire process to make sure all i's are dotted and t's crossed.
2. What about the fact that most consumers are unprepared to even figure out market prices, much less knowing what to offer to make sure they get the property they want. With a transaction that can take up to a few months to complete, the Realtor® is a good anchor to this process.
3. How about acronyms such as PUD, HOA, CMA? What do you think they mean or require? A Realtor® can speak the real estate language and guide you through the pros and cons of all types of ownership.
Stay tuned for more in part 3.
How about the following reasons:
1. A real estate transaction is complicated. It involves many disclosures, inspection reports, mortgage documents, insurance policies, deeds and multi-page government-mandated settlement statements. A Realtor® can guide you through the entire process to make sure all i's are dotted and t's crossed.
2. What about the fact that most consumers are unprepared to even figure out market prices, much less knowing what to offer to make sure they get the property they want. With a transaction that can take up to a few months to complete, the Realtor® is a good anchor to this process.
3. How about acronyms such as PUD, HOA, CMA? What do you think they mean or require? A Realtor® can speak the real estate language and guide you through the pros and cons of all types of ownership.
Stay tuned for more in part 3.
Monday, October 15, 2007
Why work with a Realtor®? Part 1
It seems that recently the number of FSBO (For Sale By Owner) properties have gone up. When driving by these properties I always think about the reasoning behind the concept. Of course, anything is doable, provided you have the energy, the resources and the help you can get when transacting on a major asset in your life.
I always admired those homeowners with the determination to do this, and I ponder on the thought of whether these homeowners have sold a property by themselves before, or are they desperate for a true professional to come and sweep them off their feet with professionalism, integrity and the enthusiasm to get the job done?
Stay tuned for additional posts on why it is important to work with a Realtor® when buying, and ESPECIALLY when selling your property.
I always admired those homeowners with the determination to do this, and I ponder on the thought of whether these homeowners have sold a property by themselves before, or are they desperate for a true professional to come and sweep them off their feet with professionalism, integrity and the enthusiasm to get the job done?
Stay tuned for additional posts on why it is important to work with a Realtor® when buying, and ESPECIALLY when selling your property.
Sunday, October 7, 2007
What's With the Real Estate Market?
Should I buy now? Why should I buy now? Prices are coming down right?
These are all questions in everyone's minds these days. With the sub-prime market struggling right now, it is surprising to many people to find out that there are still good loan programs out there for every qualified buyer. The common misunderstanding right now is that the entire mortgage market is in crisis is absolutely incorrect.
On a 30-year, fixed-rated loans of low 6% range for qualified buyers with reasonably good credit is still available, although full documentation is usually the hardest part for people to gather and present to lenders.
One thing to keep in mind is that, buying a property to call your HOME does not, and should not call for any guesswork, because a HOME is were you will rest, relax, and grow a family. So, when you can afford to buy, you buy.
Stay tuned for upcoming posts on first time home-buyer assistance program information.
These are all questions in everyone's minds these days. With the sub-prime market struggling right now, it is surprising to many people to find out that there are still good loan programs out there for every qualified buyer. The common misunderstanding right now is that the entire mortgage market is in crisis is absolutely incorrect.
On a 30-year, fixed-rated loans of low 6% range for qualified buyers with reasonably good credit is still available, although full documentation is usually the hardest part for people to gather and present to lenders.
One thing to keep in mind is that, buying a property to call your HOME does not, and should not call for any guesswork, because a HOME is were you will rest, relax, and grow a family. So, when you can afford to buy, you buy.
Stay tuned for upcoming posts on first time home-buyer assistance program information.
Friday, September 28, 2007
Real Property Tax Assessments
I had this question asked of me recently by a dear friend of mine, and I know that it comes up quite often, so I decided to check my resources and tell you about the facts.
Per Los Angeles County Assessor's office, Prop 13 sets rules on certain factors affecting taxes.
In 1978, California voters passed Proposition 13, which substantially reduced property tax rates. As a result, the maximum levy cannot exceed 1% of a property's assessed value, not including bonded indebtedness and direct assessment taxes. Also, increases in assessed value are limited to 2% annually. Additionaly, only four events can cause a reappraisal:
1. A change in ownership;
2. Completed new construction;
3. New construction partially completed on the lien date (January 1); or
4. A decline-in-value.
With this said, if your taxes have been raised due to a refinance or by any other cause not listed above, you may have a good reason to request for your taxes to be re-adjusted.
Learn more about taxes by clicking here: http://assessor.lacounty.gov/extranet/guides/realprop.aspx
Hope this helps!
Per Los Angeles County Assessor's office, Prop 13 sets rules on certain factors affecting taxes.
In 1978, California voters passed Proposition 13, which substantially reduced property tax rates. As a result, the maximum levy cannot exceed 1% of a property's assessed value, not including bonded indebtedness and direct assessment taxes. Also, increases in assessed value are limited to 2% annually. Additionaly, only four events can cause a reappraisal:
1. A change in ownership;
2. Completed new construction;
3. New construction partially completed on the lien date (January 1); or
4. A decline-in-value.
With this said, if your taxes have been raised due to a refinance or by any other cause not listed above, you may have a good reason to request for your taxes to be re-adjusted.
Learn more about taxes by clicking here: http://assessor.lacounty.gov/extranet/guides/realprop.aspx
Hope this helps!
Wednesday, September 26, 2007
New Blog discussing real estate issues now alive...
Welcome friends, clients and future patrons!
This is a new forum made and sponsored by a Real Estate Professional who cares about the real estate industry and has set on a journey to make a difference in how people think and feel about the real estate market.
Your comments, input and questions are most welcome.
I look forward to making this blog a success...
Thank you.
Nelli Derderian
This is a new forum made and sponsored by a Real Estate Professional who cares about the real estate industry and has set on a journey to make a difference in how people think and feel about the real estate market.
Your comments, input and questions are most welcome.
I look forward to making this blog a success...
Thank you.
Nelli Derderian
Subscribe to:
Posts (Atom)