Living in Contra Costa County: December 2010

If you are thinking of selling your home then one of your questions will certainly be: "how long will it take to sell my house?"  In today's market, it's worth calling a few real estate agents just for the entertainment value of the possible answers:

• How long would you like it to take?
• Let's list it and see what happens.
• Anyone who claims to be able to answer that is lying.
• When the Moon is in the 2nd house and Jupiter aligns with Mars.

If you would like to plan your life around more than astrological projections or wishful thinking, you and your Realtor have some work to do.

If you want to sell in your time frame and not endure months of inconvenience and anxiety, you must be the best value on the market. Value is made up of price, condition, location and emotional intangibles like attractiveness. So how do you set and manage the value?

Evaluate Comparables: I don't think there is an alternative to previewing the Active comparables with a knowledgeable local Realtor. You must visit the houses in person and realistically "think like a buyer". You should also drive by the houses that have recently Closed or are Under Contract. Carefully study the online interior photos and make lists of the pros and cons compared to your house. 

Ask yourself: would my house been chosen over the ones that just sold?

Market Analysis: Your Realtor should show you a detailed market report of the inventory of comparable houses, the absorption rate (how many will sell each month), and the average market time of the Closed sales. The report should be based on data from MRED (the MLS of northern Illinois) and independent research from a company like Altos Research. You should be able to develop a very clear picture how many houses like yours will sell each month.

Ask yourself: do I want to be the next house to sell in my area?

Be Realistic: Will your house will compete against distress sales in your area? Foreclosures or short sales sell for as low as 40% below market value so you must make your home worth the difference in price.To sell in this market, your home must be compellingly priced, professionally staged and be aggressively marketed by a full-time Realtor with a successful brokerage.

Ask yourself: do I really want to sell?

"How long will it take to sell my house?" won't be a quick or simple answer but it doesn't require a crystal ball. A real answer will require that you are realistic, willing to work hard and that you hire the right Realtor.

Thinking of selling in St Charles IL or other communities in the western suburbs of Chicago? Give me a call at (630)945-7935.

 

Search For Your Next Home Now!

          

          

 

This post was written by Leslie Ebersole of Baird & Warner Real Estate.

(630) 945-7935

leslie.ebersole@bairdwarner.com

    

Since 1975, the California Housing Finance Agency (CalHFA) has been making low interest rate loans through the sale of tax-exempt bonds.  As the state's affordable housing bank, CalHFA is a completely self-supporting state agency and the bonds are repaid by revenues generated through mortgage loans, not taxpayer dollars. 

CalHFA's mission is to provide affordable housing finance opportunities to low and moderate income first-time homebuyers.  They do this by offering below market, fixed rate mortgages along with down payment assistance (dpa) programs.  CalHFA has recently launched their new FHA program (they've never offered FHA before) as well as their improved Cal30 program and their CHDAP dpa program.

CalHFA generally offers a reduced interest rate for eligible homebuyers who meet the "Low Income" limits, adjusted for household size.  Loans with competitive interest rates are also available to "Moderate Income" households.  The following are the current rates to eligible low-medium income applicants for both conventional loans as well as the FHA loans: 

Both of these loan programs can also be combined with CalHFA's dpa program CHDAP or they can be combined with another HUD approved dpa program (AHPP). 

CHDAP provides down payment assistance in the form of a deferred payment second loan, commonly referred to as a "silent second" because you make no payments on the loan for as long as you hold the loan.  The amount of the loan is up to the lesser of three percent (3%) of the purchase price or appraised value.  Interest is calculated at 3.25% per annum simple interest and is not due until the loan is sold and/or refinanced. 

Borrowers must be first-time homebuyers as well as meet the program income guidelines and requirements and the property must be within CalHFA's sales price limits, which are as follows:  

All borrowers must complete a homebuyer education course and receive a certificate of completion through an eligible homebuyer counseling organization.  A  "targeted" area is a census tract that has been identified as an area where 70% of the residents who live there earn less than 80% of the the statewide median income.  CA currently has 33 counties that have targeted areas.  Nearly half of the designated targeted areas are located in Los Angeles county. 

Today's real estate market can be really scary, which is why it's important to get as much information as possible before starting your search.  The pre-approval process is not a simple process and it's because it can get really complicated and convoluted, that borrowers today need affordable loan options that are best suited for their own needs. 

That's what I'm here for and I would love to be able to assist you in your search for an affordable home loan here in Los Angeles or Ventura county.  For more information, please feel free to contact me, Donne Knudsen, at 805.5278554 or donne4loans@earthlink.net. 

 

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Donne Knudsen
Mortgage Loan Originator - Cobalt Financial Corp.
NMLS# 249822   /   DRE# 01364050
805.2069123

E-mail   Blog

Serving low-medium income individuals and families as well as first time buyers with their mortgage needs including down payment assistance

Los Angeles County  --  Ventura County

© 2010 - All Rights Reserved

As a Mortgage Loan Originator here in Los Angeles and Ventura county who works with mostly buyers, many of whom are first time buyers, I get a lot of questions about the availability of affordable home loan options.  I actually love it when consumers ask me questions because I love talking about all the ways they can stop throwing their money away on rent and finally buy a home of their own.  I love hearing all the stories about how long they've been dreaming of being able to buy their own home and how this is the first time that they may actually be able to afford to finally buy.

I also get a lot of questions about how the loan process works and the documentation that they have to provide.  Many others want to know about specific practices they have heard about or seen here in our local market. 

So many people have either heard horror stories about how awful the loan process is from their friends and family or they've already experienced their own horror story with another MLO or lender.  Still others seem to think that based on the things they've read that they're not going to have a problem getting approved or buying a home. 

After eight years of working mostly with buyers, there are a few questions that I seem to get asked most often. 

What kind of first time buyer programs do you offer? 

What do I have to do to qualify for the program? 

What kind of paperwork do you need to pre-approve me? 

Why do I have to get pre-approved with other lenders I don't want to use before I can make an offer on a property? 

Why kinds of things can go wrong and what will happen? 

At this time, I'd like to address the first question about the various loan programs available here in Los Angeles and Ventura counties for first time buyers.  Whenever I am asked this question by a local consumer, whether it be via phone or email, I will always follow-up with an email to the prospective homebuyer outlining all the various programs available by using links to posts I've written on the specific programs.  I will also include links to posts for a couple of affordable home loan options that aren't just limited to first time buyers. 

Below is an outline of the links that I often provide to the consumers who contact me about the various first time buyer programs as well as the other affordable home loan options that are available here in Los Angeles and Ventura counties. 

ATTENTION LOS ANGELES COUNTY FIRST TIME BUYERS: NSP Receives More Than 27M in Additional Funds (30DC18)  

ATTENTION LOS ANGELES COUNTY FIRST TIME BUYERS: LAHD Receives New Funds for LIPA Buyers 

SIMI VALLEY HOMES ELIGIBLE FOR DOWN PAYMENT ASSISTANCE: Up to $200,000 in Down Payment Assistance 

ATTENTION CALIFORNIA FIRST TIME BUYERS: CalHFA Rolls Out New Program 

LOW COST DOWN PAYMENT ASSISTANCE FOR CALIFORNIA BUYERS: CHF Access Offers Up To 3% In Assistance 

FIRST TIME BUYER OPTIONS IN LOS ANGELES & VENTURA COUNTIES - PART 4: 100% Financing Still Exists for Some Buyers  

There are other programs that are available to the first time buyer but these are just the ones I get asked about the most as well as the ones that I work with the most.  If one of these programs doesn't suit your needs, contact me for more info on other affordable home loan options you may be eligible for.

I hope you stay tuned for Part 2 where I will discuss the second question about the qualifying requirements for these programs (that were not included in my blog posts) that can often be a determining factor on whether or not a prospective homeowner will even be eligible to apply. 

 

Today's real estate market can be really scary, which is why it's important to get as much information as possible before starting the home search.  The pre-approval process is not a simple process and it's because it can get really complicated and convoluted, that borrowers today need affordable loan options that are best suited for their own needs. 

Furthermore, it's absolutely vital that they work with an MLO and lender that has experience closing these types of loan transactions.  That's what I'm here for and I would love to be able to assist you in your search for an affordable home loan.  If you have any questions and/or concerns, please feel free to contact me, Donne Knudsen at 805.2069123 or donne4loans@earthlink.net. 

 

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Donne Knudsen
Mortgage Loan Originator - Cobalt Financial Corp.
NMLS# 249822   /   DRE# 01364050
805.2069123

E-mail   Blog

Serving low-medium income individuals and families as well as first time buyers with their mortgage needs including down payment assistance

Los Angeles County  --  Ventura County

© 2010 - All Rights Reserved

With 2011 only a few days away, home project resolutions for the New Year are on a lot of folk's minds.

It's time to upgrade that stodgy, old bathroom! Paint and repair that timeworn, old fence! Give that messy eyesore of a garage an organizational makeover! Clear out the clutter and Feng Shui up the space! 

The easiest way to stick to lofty 2011 home project resolutions and not get overwhelmed in the process is to make them smaller, realistically do-able and affordable, and spread them out over the course of the year.

Map out a small project in the home for each month and by the close of 2011 you will be proud of your New Year's resolutions and accomplishments!

The National Association of Remodeling Industry (NARI) recently conducted a survey of top builders and developers in the nation and what they found was that most people are not diving into major 2011 home renovation projects due to the economy. Instead, they are taking care of smaller DIY projects around the home.

Changes in the American Home

American Homes today are becoming smaller and simpler compared to oversized McMansions of yesteryear. Younger generations are looking to expand their homes to prepare for bigger families. Empty Nesters, those with aging parents or planning for their own retirement years want easy maintenance, quality materials and smart systems for the changing family and their needs.

DIY Retail Mega Giant Adjusting to Change

According to Home Depot, Inc, America's leading DIY home improvement retailer, a definite trend towards DIY small projects over major renovations has been apparent for the past two years. The mega giant expects Americans' increasing preference for small home projects to be a long-term shift due to the economy, uncertain housing market and the fact that remodeling is no longer considered the definitive way to add value to a home.

Craig Menear, Home Depot Vice President of Merchandising says that "Home Depot is adjusting to the emphasis on smaller projects and "shrinking its kitchen display areas by as much as 40%." The added space is now being used to sell flooring, bathroom vanities, tiles and cleaning products while keeping the focus on smaller projects that are cheaper than major kitchen renovations.

2011 Home Project Trends

• More and more homeowners are going green and getting energy-efficient upgrades. They are focused on maintenance and repair projects that lower the operating costs of their home. Glass upgrades will continue to be big.
• Open floor plans are also a popular. Removing interior walls open up spaces in older homes, helping to modernize them and help families be more flexible with the square footage they already have.
• Due to home values still falling in many areas, many homeowners are creating tranquil, relaxing and soothing spaces within their current homes such as Zen-like bathrooms and intimate small nooks for decompressing, distressing and quiet time out.
• More people are choosing to work from home so homes are taking on more of an industrial/commercial look for utilitarian convenience and professional creditability. Industrial high-tech design is extremely popular like exposed beams, stainless steel and architectural details.
• Homeowners want to pay CASH rather than borrow for home projects. They are on a budget and carefully choosing what projects they can afford and do without with the money they have. Rather than remodel an entire room, homeowners are saving money by updating selected features like cabinets, counter tops and hardware.

In summary, streamlined, smart and cutting-edge make-unders and energy-efficient upgrades are the new trends for smaller home projects in 2011!

Charlotte Real Estate Homes for Sale

Leigh Brown has distinguished herself as a leader in the Charlotte real estate market. Leigh assists buyers looking for Charlotte real estate for sale and aggressively markets Charlotte homes for sale. Leigh is also a Certified Distressed Property Expert (CDPE), avoid foreclosure and short sale expert, committed to helping families in financial hardship find options to foreclosure. You can reach Leigh by filling out the online contact form or give her a call. 

 Search all Charlotte Real Estate and Homes For Sale

Office: (704) 688-5005 
Mobile: (704) 507-5500
Fax: (866) 440-7136
Broker: (704) 688-5000

Victoria Stankard writes quality optimized content for real estate industry leaders who desire a strong Internet presence. Allow her to help you GET FOUND NOW! Email: victoria (@) getfoundnow.com

Motivational Monday: Don't have this. And don't have that?!

Focus on what you do have. Not on what you never had. Being negative leads to discontentment, often resulting in the ‘blame game', therefore avoiding true ownership to those feelings. Frame of mind plays a key part in being successful and when you think positively you may yield measurable results.

 Focus on:

• Achieving not Failing
• Progression not Regression
• Positivity not Negativity
• Optimism not Pessimism
• The Future not the Past

I agree it is difficult to maintain momentum when faced with setbacks and moving forward takes tenacity and perseverance. Learn from it and then use it to your advantage!

So Focus and you will move ahead in 2011, the entire year is yours to gain!

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I, Wanda Kubat-Nerdin at Prado & Kramer Real Estate am responsible for my opinions expressed in this blog. Information herein is deemed to be reliable but not guaranteed and may change due to market conditions. Please do not take my pictures or artwork and use them as your own, they are my property, other than the photos from Microsoft Publisher. Copyright ©