K-Praise Radio Real Estate Recap (KRPZ 1210am) -7/28/2010
It is always a pleasure to work with Certified Financial Planner Marty Schneider and Radio Host Tom LeVine on K-Praise 1210AM KRPZ. Here is a recap of our most recent show:
San Diego Real Estate Market Update
There is a lot of optimism in the media, the industry and the local buyer/seller market. What is it based on? Is it real?
California Mortgage Defaults Hit Three Year Low:
San Diego based Real Estate research firm DATAQUICK reports that the number of California homeowners entering foreclosure dropped to its lowest level in three years during the second quarter of 2010. The first step in the foreclosure process is the NOD (Notice of Default) and Lenders send this notice out after a home owner misses at least 3 mortgage payments. The number of NOD’s sent in June was the lowest since the second quarter of 2007.
This could mean that we are seeing a leveling off of all those bad loans. It also shows proof that Lenders are listening to Home Owners and approving more Loan Modifications and Short Sales as the better option for everyone versus Foreclosure. The biggest improvement we have seen at New Team Realty is with Bank of America, Wachovia, World Savings, and GMAC who have made incredible strides in the processing of their Short Sale transactions. For those of you who are upside down and are having trouble paying your mortgage and justifying why you would spend the next decade trying to dig out from what may have been bad Real Estate timing, Short Sale may be the best option. The first step is to figure out how much you owe and how much your home is worth. Using automatically generated “Zestimates” is not the way to do this. Just click here for a real online home evaluation to see if you qualify for a Short Sale. If you do, we will help you with a proactive plan that puts you back in control of your life. We do this as a service to you, with your best interests in mind, at no cost to you.
Interest Rates are INSANE!
National average rates for fixed rate mortgages hit new lows, according to Freddie Mac’s weekly survey of conforming loans. So refinance applications shot up 7.6% over the week before, but best of all, purchase loan applications were also up a healthy 3.4%.***
Is This The Time To Sell My Home?
We see the inventory of homes listed for sale through the roof in San Diego County in the luxury market. If you have to get rid of your house I’d say now is the time. If you can wait, I would. If your home is worth under $500K I would recommend selling now. If you live in La Mesa, Oceanside, Vista, or San Marcos I would say list yesterday! The average days on market is under 20 days in these cities which means getting above market prices.***
Investors and Buyers – Where are the REAL deals, Rebecca??
Most of our Buyer and Investor clients come to us and ask for help finding Bank Owned Properties. Why? Because, word on the street says that’s where the deals are. We all know the supply and demand concept, right? If everyone thinks that REO is the bomb, the last thing a savvy buyer should be looking at is REO. Besides, who really wants to buy a house that smells like cat pee for more than they need to? (a lot of people evidently, just not our clients!)
REO/Foreclosure – If you are really into Bank owned homes, there is opportunity. But its not on the MLS friends, sorry. By the time they get there it’s a feeding frenzy of multiple offers bid up way beyond what we need to. Our Banking Industry and Trustee Sale contacts are finally beginning to allow us access to their inventory prior to MLS assignment so we can offer these homes to our Clients.***
Short Sales – We are huge fans of the Short Sale for several reasons. First, there is much less competition due in inaccurate public scrutiny. Sure, a year or two ago, Short Sale transactions were cumbersome and essentially a goat trail to nowhere. Today, our Short Sales are closing in a few weeks (not a few years) and on average close at 14% below Bank Owned homes. That means you could get a $400,000 home for $344,000. Is a couple extra weeks worth $56,000 to you?***
New Construction – Just like the Banks, Builders are motivated to hit their numbers and they will do what the market requires all day long. But not all Builders are in the position to deal. It simply depends on the land deal, the timing, their investors etc. Each Builder, and each community is different. Our clients are given access to the most amazing new construction opportunities in the County. Did you know there are BRAND NEW, never lived in, 3000 square foot homes available with amazing Golf Course views in the $400,000’s with tens of thousands of dollars of builder and lending incentives available with no waiting? Our clients are so excited to add these opportunities to their home buying options.***
That’s a lot of Good News!
What is the BEST News of all??
If you are a Buyer, Investor, or a Short Sale Seller our services, knowledge, negotiating power, and deal finding expertise cost you NOTHING! You can’t beat that deal!
*** We take very good care of our clients. We will help you at no cost and no obligation to ever buy a home or sell your home. All we ask in return is a 30 minute up front meeting at our office your home so that we can take down what you need from us and meet us in person.
Simply complete the form below along with what services you are interested in and Rebecca Austin will personally respond to you.
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