Fall 2011

The real estate market September 2011.

Many short sales, and bargains are available now. Foreclosures are on the upswing, the banks are going to move forward with more foreclosures again, we had a little breather from the heavy load of foreclosures while the banks went through some issues, legal problems with the way they were handling their foreclosures. But those problems have been and are being dealt with. Now the banks are going to go forward with them again and I believe in a bigger way, and this will keep home prices in most areas from rising, actually prices may be going down another 1% to 5% +- in some areas in the next year. Once we get through this next cycle, and once we get this country working again, by that I mean unemployment goes from 10%+-(really 15%) back down to 5%+-, then we can get real estate back on track again with some gradual appreciation. In the mean time investors are buying up the "bargains" and some 1st time buyers are finding out it's cheaper to buy, than to rent. Believe me, there are a number of homes selling, with Interest rates at 4%+- (interest rates lower than I have ever seen before) now may be a good time to buy.

If you are a seller, you may not like the idea of selling in todays market, but you should remember, many of you will be a buyer once you sell, and you will also be bargain hunting and getting a great price on your next home and it will make the transition a little easier to handle, actually a lot easier to handle. And many others of you are considering "short sales", you may be upside down in your home, maybe in a financial bind, and in need of some good advice and some answers to your real estate questions and concerns.

Of course if you are a buyer, you should know that interest rates have never been lower, and of course home prices are 50%+- of what they were just a few short years ago, and the bargains are out there! You just might want to check it out.



Bottom line: Short Sales, foreclosures/REO's (bank owned homes) are going to be here for a little longer, and no one can tell you when this real estate market will change again. But one thing is certain, IT WILL CHANGE AGAIN.

A little advertisement:

I am working with buyers and sellers every day. The company I work for has one of the best "short sale" depts in the industry. We have a full time staff that handles our clients transactions and negotiates short sales with the lenders. We have experience and leadership, the owner/broker of the company gives Short Sale Seminars regularly, (for time and locations just give me a call), we also give our clients (sellers) at no charge, the opportunity to discuss their short sale lender's 'approval' with an attorney, before accepting the banks conditions/approval of the sale of their home. We go the extra step, because we know how important it is to you!

Please contact me with any questions or to discuss your real estate needs.

The statements I made are my opinion (and you know what they say about opinions, everyone has one).

Holiday Real Estate Market '10

It's just after Thanksgiving, and the weather is not good. Real Estate market is changed a little, short sales are the name of the game, and probably will be for the next 2 years. I have done a bunch now, and am working on 3 as I write this. Still some REO's, but mostly short sales. If you are looking for a bargain, this just might be the right time. Interest rates in the 4's, I've been selling real estate for over 30 yrs and these are the lowest interest rates I can remember. Lenders are tough, no more "liar loans", you really have to qualify now, and that's a good thing. Homes prices have now dropped about 40%+- since the high of '06. Some homes have dropped more, and some less, but I'd say on average 40%+-. It will take years to get that lost equity back, I think we may see prices drop some more in the next 12 months, maybe another 3%+-. I can't predict the future, but I'm not stupid. Until we see more jobs, most people are just going to "wait and see". We need to have confidence in our economy and our government leaders, and until that happens, we just can't move forward as fast as we all would like. I am a full time real estate broker, who is just trying to make it. And I will!!!

Real Estate in the Foothills 7/16/10

Did you know that 1 in 4 Americans have a FICO score of less than 600!!
You can now get an adjustable rate loan from Wells Fargo starting at 3.8% for up to 10 yrs?
If you use more than 30% of your available balance on your credit card, it will NEGATIVELY affect your credit rating? A Bankruptcy will knock your credit score down 135 -240 pts?
A Foreclosure or Short Sale will knock your FICO down up to 160 pts?
If you do a short sale, it will be about 2 yrs before you can buy again? Foreclosure 5-7 yrs before you can buy again? Wells Fargo/Wachovia would now rather do a 'short sale" 1st?
then a "deed in lieu"? and last a Foreclosure? If you want to do a short sale, you will still need a legitimate hardship, strategic short sales are frowned on and probably won't get approved, and could get you in trouble?
Did you know that 50-75% of loan modifications re-default?? If you are a buyer looking to cash in on today's short sale inventory, bring cash to the table and your chances just increase dramatically if you are in a competitive bidding situation??

The market is slowing down again, per VP of asset management of Wells Fargo. But a little stability in the market is good. There are currently a lot of "FLIPPERS" out there, buying short sales & REO's, then cleaning them up, upgrading them and selling the homes for a profit?
Yes, it's true, and a lot of them are offering CASH when they buy!

Ever try to purchase a HUD home? I am currently working with a buyer that is. HUD and it's vendor PEMCO are not easy to deal with, we have had an offer that was "computer accepted" by HUD, on July 1, 2010, and we are still waiting for written acceptance over 2 weeks later, it's almost like they are trying to find a way to NIX the deal, amazing.

6/23/10

"Real Estate in the Foothills" has had a change. This blogger has just changed companies, I have joined a very progressive Real Estate Company, a company ready for the future, our slogan is "The future of Real Estate ... Today!" The broker is ahead of the game, with his "Smart Click Marketing System", and we are able to generate over 100 buyer leads per listing! (the average in the industry is 23). Our files are kept on line, signatures are web based electronic, our clients can view their transaction LIVE 24 hrs a day 7 days a week. WOW!!!

The main office is in Roseville on Pleasant Grove Blvd just a few blocks off of Hwy 65.
I have a suite in Auburn at 660 Auburn Folsom Rd in the Skyridge Courtyard on the South side of town (ste #202A upstairs, you can use the elevator).

Now for the current market, it's tough, yes it's still a very tough market, I don't care what all the talking heads are saying. I am working in the trenches, and it is work! Nothing is easy, there are no easy deals. The prices are still not climbing, in some cases still dipping, and in other cases prices are holding. Short Sales and REO's comprise most of the sales that are happening and it may continue that way for some time. The Federal Government with the HAMP and HAFA programs are gearing up for even more Short Sales, and most of the banks are joining in. It's not as complicated as you might think, you just need to call a "good Realtor" and he/she will help guide you through the process. Whether you are a seller or a buyer you need a good agent, one that can make the whole process a lot less stressful for you and one that has some experience with these transactions. Interest rates are still in the 5% range, Chase is refinancing owner occupied homes right now at a 5% int rate for 30 years with no pre-payment penalty. In this ever changing real estate market, this blogger is changing with it for the better.

Up to $18,000 in TAX CREDITS ! ! !

Buy a home now? Yes, if you've been waiting for just the right time to buy your home, Today is the RIGHT TIME! 1st time buyers, can get up to $18,000 in Tax Credits! And current owners can also get up to $6,500 in Federal TAX CREDITS & may also qualify for up to $10,000 in State Tax Credits! Remember to qualify for both Credits, Federal and State, you must be in contract no later than April 30th, and you must close your escrow before August 1st . There are several other conditions, contact me for details and to help you find your new home. Time is of the essence, You have just a few more weeks to act, to get started now, email me at realtors@re4u.net or call me at (530)320-1933. Interest rates are low, inventory is ok, and there really hasn't been a better time to buy!!! 4/8/10 cp

Real Estate in the Foothills

Toughest market I've ever worked in! And I started in real estate in 1977. But what an opportunity for buyers, 1st timers and old timers. There are "bank owned" homes all over the place and "short sales" too. I Recently sold a home in the $600's and one in the low $200's and both were good deals! As long as the interest rate stays in the 5% range, homes will keep selling. Prices are still not rising, that's because of the tough economy we're in. When you buy your home today, you need to be able to afford it, not with adjustable rate loans, or pay option arms, but with the old standard, "fixed rate loans". Most new loans today are FHA insured loans. Currently the limit on FHA insured loans in our area is $417,000(standard FHA), jumbo FHA goes up to $580,000. Which means you have a wide selection of homes to choose from. check it out at www.prurealty.com/clete .
7/30/09