"We've lived here for 10 years and never had water in the basement until that really bad storm last year. Do we have to disclose that?"
"The fireplace can't be used because it needs a new liner, but it was like that when we bought it. Do we have to disclose that?"
"We had a fire several years ago, but as you can see...it's like a brand new house. Do we have to disclose that?"
Sellers Aren't Trying To Hide Anything
The list can go on and on, but you get the idea. Since we are the real estate professionals, sellers are constantly asking us what they should or need to disclose when it comes time to put their house on the market. I don't believe they ask us these questions because they are trying to hide something. I believe they ask because they really don't think there is an issue with not disclosing something that was a one time occurrence or something that was repaired.
When In Doubt...
Although some jurisdictions don't even have disclosure laws and statues and the jurisdictions that do have very different criteria, I believe that common sense should take over at some point. When in doubt, the answer is "yes", you should disclose (unless you are in a jurisdiction that does not require disclosure and the seller directs you not to disclose certain information).
Do The Right Thing
I say you should disclose because it is the right thing to do. Buyers deserve to know what they are buying. In most cases they make an offer on a property prior to having a home inspection, so they are depending on the seller's disclosure to give them an idea as to the condition of the property. If they knew the property had lots of little (and sometimes big) issues, they probably would have made a different offer.
What Will The Neighbors Say?
Another reason to disclose...neighbors. Almost every neighborhood has a neighbor who thinks they know everything about every one. Can you imagine the buyers meeting the neighbor for the first time and the neighbor asks, "so you're the people who bought the house that caught on fire last year". How do you think the buyers will feel if they had no idea the house they just moved into had a major fire? More than likely they will feel deceived and begin to wonder what else wasn't told to them. Sounds like a lawsuit waiting to happen.
Why not just tell buyers upfront and let them make an informed offer. In my opinion, when it comes to disclosure...if you have to ask the question, than you need to disclose it...period.
Friday, June 29, 2012
Tuesday, June 26, 2012
Housing Trends eNewsletter
| Welcome to the most current Housing Trends eNewsletter. This eNewsletter is specially designed for you, with national and local housing information that you may find useful whether you’re in the market for a home, thinking about selling your home, or just interested in homeowner issues in general. Please click on this link to view the Housing Trends JUN-2012 Newsletterhttp://wendyjimenez.housingtrendsenewsletter.com The Housing Trends eNewsletter contains the latest information from the National Association of REALTORS®, the U.S. Census Bureau, Realtor.org reports and other sources. Housing Trends eNewsletter is filled with local and national real estate sales and price activity provided by MLSs and the National Association of Realtors, U.S. Census Bureau key market indicators, consumer videos, blogs, real estate glossary, mortgage rates and calculators, consumer articles, and REALTOR.com local community reports. If you are interested in determining the value of your home, click the “Home Evaluator” link for a free evaluation report: http://wendyjimenez.housingtrendsenewsletter.com/dispContent.cfm?loadid=2&loadtype=0 Sound decisions can only be made with accurate and reliable information, and I am happy to be a trusted resource for you. Thank you for the opportunity to provide you with this monthly eNewsletter, and I look forward to answering any questions you may have and to the opportunity to be your REALTOR® in the future. Sincerely yours, Wendy Jimenez Century 21 Jervis and Associates 800 N. Harbor Blvd La Habra CA 90631 562-243-2966wendy@wendyj4homes.com to unsubscribe.wendy@wendyj4homes.com |
Saturday, June 23, 2012
"Beyond The Headlines" Weekly Real Estate Headlines"
Welcome to C.A.R.’s Market MattersYour weekly market response guide
View “Beyond the Headlines” a version specifically formatted for consumers that you can print, share via email, or post on your Website.
The New York TimesTaking advantage of low rates
Mortgage rates continue to set new record lows, leaving many home buyers and refinancers wondering how low rates can go and how to capture the best rates now.
Mortgage rates continue to set new record lows, leaving many home buyers and refinancers wondering how low rates can go and how to capture the best rates now.
Making sense of the story
- Many economists are forecasting that mortgage rates will rise again later this year as the American economy gradually improves and as more global investors turn to the U.S. as a safe haven for money.
- The average rate on a 30-year fixed-rate mortgage averaged 3.71 percent the week of June 14.
The rate had averaged 3.9 percent three months earlier and 4.5 percent a year earlier.
- According to one economist, rates could possibly fall further, perhaps as much as a quarter of a percentage point, but it is more likely that they would start a “slow drift” upward.
- Those planning to refinance or buy a home in the next two or three months might want to consider locking in a mortgage rate now.
- Borrowers with rate locks, with a built-in deadline, often receive priority treatment from lenders, because the borrower is telling the lender that he or she is serious about closing soon.
- Lock-in costs and policies vary widely, and are based partly on the time frame the borrower wants covered. Most borrowers will need a 60- to 90-day lock.
- If interest rates continue to fall during the lock period, borrowers can ask the lender to rewrite the rate lock at an additional cost, or obtain a “float-down” provision in the original agreement. A lock with a float-down agreement allows the borrower to change the rate, often only once, before closing on the mortgage. This option is generally more expensive than a standard lock.
* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * *
NOTICE: FREE California Short Sale Training Event. Fast close,
direct assignment short sales. Learn how to become a Lender
Preferred Short Sale Agent. Grab your spot and register now!
Warning: Limited space available for this FREE event.
* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * *
NOTICE: FREE California Short Sale Training Event. Fast close,
direct assignment short sales. Learn how to become a Lender
Preferred Short Sale Agent. Grab your spot and register now!
Warning: Limited space available for this FREE event.
* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * *
In other news ...
CNNMoneyCheap homes lure foreign buyers
Lured by bargain home prices, foreign buyers stepped up their purchases of U.S. homes by 24 percent over the past year, according to the NATIONAL ASSOCIATION OF REALTORS®.
Lured by bargain home prices, foreign buyers stepped up their purchases of U.S. homes by 24 percent over the past year, according to the NATIONAL ASSOCIATION OF REALTORS®.
The Wall Street JournalWhat aren’t there more homes for sale?
It’s no secret to anyone who has watched the real estate market over the past year that the number of homes for sale has dropped sharply.
It’s no secret to anyone who has watched the real estate market over the past year that the number of homes for sale has dropped sharply.
The Los Angeles TimesUCLA forecasts California housing recovery next year
Despite quickening home sales and rising prices in some parts of California, the state’s housing market won’t begin a full-fledged recovery until next year, economists at UCLA predict.
Despite quickening home sales and rising prices in some parts of California, the state’s housing market won’t begin a full-fledged recovery until next year, economists at UCLA predict.
* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * *
Property-Specific Marketing, in about 30 seconds.
Impress sellers and win listings. You’ll blow away
your competition with a listing-specific mobile site, and you’ll
get all of this for EVERY one of your listings. Learn More.
* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * *
Property-Specific Marketing, in about 30 seconds.
Impress sellers and win listings. You’ll blow away
your competition with a listing-specific mobile site, and you’ll
get all of this for EVERY one of your listings. Learn More.
* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * *
CNNMoneyForeclosures spike 9 percent in May
Foreclosure filings in May spiked 9 percent compared with a month earlier, according to RealtyTrac.
Foreclosure filings in May spiked 9 percent compared with a month earlier, according to RealtyTrac.
Bloomberg NewsAmericans see biggest home equity jump in 60 years
Home equity in the first quarter rose to $6.7 trillion, the highest level since 2008, as homeowners taking advantage of record-low borrowing costs to refinance their loans brought cash to the table to pay down principal. The 7.3 percent gain was the biggest jump in more than 60 years, according to an analysis by Bloomberg of Federal Reserve data.
Home equity in the first quarter rose to $6.7 trillion, the highest level since 2008, as homeowners taking advantage of record-low borrowing costs to refinance their loans brought cash to the table to pay down principal. The 7.3 percent gain was the biggest jump in more than 60 years, according to an analysis by Bloomberg of Federal Reserve data.
The Wall Street JournalWhy mortgage rates are so low
Glimmers of hope in the housing market suggest a turnaround is near, with statistics showing stabilizing home prices and an increasing number of home sales.
Glimmers of hope in the housing market suggest a turnaround is near, with statistics showing stabilizing home prices and an increasing number of home sales.
I hope all readers enjoy this post and find this information interesting and useful.
Thursday, June 21, 2012
Monday, June 18, 2012
Home Sales Report from April 1, 2012 through June 17, 2012 for Whittier
| /2012 | Price Range: $150,000 - $550,000 | |||
| County: LA | City: WH | Area: All |
| Residential Detached Sales | Other Statistics | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Price Class | Bedrooms | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2 OR Less | 3 | 4 OR More | Attached | Detached Active | Attached Active | ||||||||||||||||||||||||||||||||||||||||||||||||||
| $0 - $99,999 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
| $100,000 - $149,999 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
| $150,000 - $199,999 | 0 | 2 | 0 | 2 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
| $200,000 - $249,999 | 6 | 13 | 1 | 3 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
| $250,000 - $299,999 | 9 | 23 | 4 | 3 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
| $300,000 - $324,999 | 5 | 19 | 1 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
| $325,000 - $349,999 | 0 | 9 | 3 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
| $350,000 - $374,999 | 1 | 14 | 2 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
| $375,000 - $399,999 | 0 | 5 | 2 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
| $400,000 - $424,999 | 0 | 2 | 2 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
| $425,000 - $449,999 | 0 | 2 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
| $450,000 - $474,999 | 0 | 2 | 3 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
| $475,000 - $499,999 | 0 | 2 | 1 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
| $500,000 - $549,999 | 0 | 3 | 1 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
| $550,000 - $599,999 | 0 | 1 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
| $600,000 - $649,999 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
| $650,000 - $699,999 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
| $700,000 - $749,999 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
| $750,000 - $799,999 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
| $800,000 - $999,999 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
| $1,000,000 - $1,999,999 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
| $2,000,000 and over | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Totals | 21 | 97 | 20 | 8 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Average Price | 272.8 | 323.2 | 368.4 | 221.6 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
| (In Thousands $) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Median Price | 285 | 312 | 350 | 205 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
| (In Thousands $) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Software Copyright © First American MLS Solutions, Inc. 1997 - 2012 All Rights Reserved v3.0The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally
verified through personal inspection by and/or with the appropriate professionals. © Copyright, California Regional Multiple Listing Service, Inc., Copyright, CARETS®
.Disclaimer Fair Housing Notice. Map Disclaimer.
Online Customer Support:http://www.crmls.org/support
Customer Service: 800-925-1525 or 909-859-2040
Monday, June 11, 2012
National Headlines and Local Real Estate Markets
National Headlines and Local Real Estate Markets
Do National Real Estate Headlines Actually Influence Local Markets?
This is a question we are frequently asked. Local real estate professionals know the best information for either buyers or sellers is local market data. However, we must realize that what happens in the national real estate market dramatically impacts regional and local markets. For example:
Are 30 year mortgage interest rates in North Dakota under 4% because of what happened in the their market over the last few years?
Of course not. They benefit from lower rates because of what happened in the national economy (if not the world economy).
Buyers all over the country are concerned about the reports of distressed properties about to come to market and what impact they will have on house values. The truth is only a handful of states will be adversely affected. However, if overall consumer confidence is shaken, every market is impacted. This is why it is important that you work with a real estate professional that understands three things:
What the national headlines are saying and why they are saying it
What effect the issue may or MAY NOT have on your local market
How to simply and effectively explain both of the above to you
Agents who just ignore national headlines are hiding their heads in the sand. Agents who use the headlines as scare tactics to unfairly influence the actions of their customers are engaging in unethical behavior. Agents who take the time to keep abreast of the national real estate issues and are patient in explaining how these issues will impact you in the local market are true professionals.
The first two types of agents could cost you dearly. The last group will maximize the outcome of your real estate transaction – both personally and financially.
Call me today to discuss your real estate needs.
Do National Real Estate Headlines Actually Influence Local Markets?
This is a question we are frequently asked. Local real estate professionals know the best information for either buyers or sellers is local market data. However, we must realize that what happens in the national real estate market dramatically impacts regional and local markets. For example:
Are 30 year mortgage interest rates in North Dakota under 4% because of what happened in the their market over the last few years?
Of course not. They benefit from lower rates because of what happened in the national economy (if not the world economy).
Buyers all over the country are concerned about the reports of distressed properties about to come to market and what impact they will have on house values. The truth is only a handful of states will be adversely affected. However, if overall consumer confidence is shaken, every market is impacted. This is why it is important that you work with a real estate professional that understands three things:
What the national headlines are saying and why they are saying it
What effect the issue may or MAY NOT have on your local market
How to simply and effectively explain both of the above to you
Agents who just ignore national headlines are hiding their heads in the sand. Agents who use the headlines as scare tactics to unfairly influence the actions of their customers are engaging in unethical behavior. Agents who take the time to keep abreast of the national real estate issues and are patient in explaining how these issues will impact you in the local market are true professionals.
The first two types of agents could cost you dearly. The last group will maximize the outcome of your real estate transaction – both personally and financially.
Call me today to discuss your real estate needs.
Saturday, June 9, 2012
HARP Refiances
June 1, 2012 Stefanie Johnson (202) 649-3030
HARP Refinances Surge in First Quarter; More Underwater
Borrowers Helped
Washington, D.C. – The quarterly number of loans refinanced through the Home Affordable
Refinance Program (HARP) has nearly doubled since HARP 2.0 was rolled out in January,
according to the Federal Housing Finance Agency’s (FHFA) March 2012 Refinance Report.
HARP refinances topped 180,000 in the first quarter of this year compared to approximately
93,000 in the fourth quarter of 2011. The increased HARP volume is attributed to
enhancements to the program announced last fall. The enhancements include the removal of
the loan-to-value (LTV) ceiling for borrowers who refinance into fixed-rate loans and the
elimination -- or lowering -- of fees for certain borrowers. Only loans that are owned or
guaranteed by Fannie Mae and Freddie Mac are eligible to participate in HARP.
Also in the report:
Refinance volume surged in the first quarter of 2012 in response to historically low
mortgage interest rates.
One in seven refinanced loans during the quarter was through HARP.
The number of loans refinanced through HARP in the first quarter of 2012 nearly
doubled compared to the number of loans refinanced through HARP in the fourth
quarter of 2011, driven by a sharp increase in the number of loans refinanced above 105
percent LTV.
In March alone, there were nearly 80,000 HARP refinances, a quarter of them on loans
with LTVs greater than 105 percent.
More than 4,400 loans with LTVs greater than 125 percent were refinanced since the
beginning of the year; over half these loans were refinanced in the states of California,
Florida and Arizona.
With this report, FHFA returns to separate reporting of refinance and other foreclosure
prevention data in an effort to make the refinance information available more quickly. Other
foreclosure prevention actions will continue to be reported in the monthly and quarterly
foreclosure prevention reports. The refinance report will be released on a monthly basis.
The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac and the 12 Federal Home Loan Banks.
These government-sponsored enterprises provide more than $5.7 trillion in fundingfor the U.S. mortgage markets
HARP Refinances Surge in First Quarter; More Underwater
Borrowers Helped
Washington, D.C. – The quarterly number of loans refinanced through the Home Affordable
Refinance Program (HARP) has nearly doubled since HARP 2.0 was rolled out in January,
according to the Federal Housing Finance Agency’s (FHFA) March 2012 Refinance Report.
HARP refinances topped 180,000 in the first quarter of this year compared to approximately
93,000 in the fourth quarter of 2011. The increased HARP volume is attributed to
enhancements to the program announced last fall. The enhancements include the removal of
the loan-to-value (LTV) ceiling for borrowers who refinance into fixed-rate loans and the
elimination -- or lowering -- of fees for certain borrowers. Only loans that are owned or
guaranteed by Fannie Mae and Freddie Mac are eligible to participate in HARP.
Also in the report:
Refinance volume surged in the first quarter of 2012 in response to historically low
mortgage interest rates.
One in seven refinanced loans during the quarter was through HARP.
The number of loans refinanced through HARP in the first quarter of 2012 nearly
doubled compared to the number of loans refinanced through HARP in the fourth
quarter of 2011, driven by a sharp increase in the number of loans refinanced above 105
percent LTV.
In March alone, there were nearly 80,000 HARP refinances, a quarter of them on loans
with LTVs greater than 105 percent.
More than 4,400 loans with LTVs greater than 125 percent were refinanced since the
beginning of the year; over half these loans were refinanced in the states of California,
Florida and Arizona.
With this report, FHFA returns to separate reporting of refinance and other foreclosure
prevention data in an effort to make the refinance information available more quickly. Other
foreclosure prevention actions will continue to be reported in the monthly and quarterly
foreclosure prevention reports. The refinance report will be released on a monthly basis.
The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac and the 12 Federal Home Loan Banks.
These government-sponsored enterprises provide more than $5.7 trillion in fundingfor the U.S. mortgage markets
Wednesday, June 6, 2012
What Questions will my Real Estate Agent ask me when I interview them
When interviewing a real estate agent to sell your home you should expect to receive a lot of background questions from the real estate agent. If you don't get any questions about your home and your desires, you may have the wrong agent!
Most of these questions are targeted toward finding out about your property and may include general information like...
- Reason for selling.
- How long lived in your home,
- Whether leaving the area or buying a new home,
- Your time line,
- Your experience/familiarity with the real estate sales process,
- Any improvements made to your home,
- Your favorite things about your house.
The answers to the above questions are all useful to any real estate agent who is trying to get hired by you to market your home.
Don't Answer This Question First When Interviewing A Real Estate Agent to Sell Your Home
How much do you think your is worth in this market?
So how should a seller respond to this question?By asking the real estate agent the same question first.
Any real estate agent being interviewed to sell your home should be able to tell you a reasonable market price or list price without being influenced by your answer. And if that answer is different than what you had in mind you should request an explanation of how the agent derived the recommended price. Better yet ask them to provide you with a written comparative market analysis to review.
If you are considering selling your home in Whittier, La Mirada, La Habra, Brea, Placentia or Fullerton I will prepare a written comparative report for your home, and I will never ask you "What do You Think Your Home is Worth?
Remember the right agent Does Make a Difference!
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