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Could it get any better?

January 15th, 2009 2:58 PM

I talk to allot of Buyers who are currently renters trying to make a decision about the right time to buy. We've talked about this before. How do we know we're at the bottom. I had a client the other day who was preparing to purchase a duplex that was so far below the appraisal that was received less than a year ago, it was crazy. But the investor said, I'm going to hold on because i'm sure it will go down further. Other than free how can it go down further! You can actually buy this place and return a profit monthly from the first day after it closes. I haven't heard that in a long time. Buyers have the opportunity to purchase a home that just 2 to 3 years ago would have cost 25% to 40% more. The craziest thing is when was the last time you heard of a 30 year fixed rate mortgage for 5% or LESS?? When I was a Mortgage Broker the only time I heard rates less than 5% was when the 15 year rate went to 4 5/8's. Some of the great foreclosure and REO properties today could actually cost less than rent for someone to purchase. And to make it worse we're starting to hear about rents rising. That means it will soon be cheaper to own than rent - and don't forget the tax write-offs. Today, renters that have good credit should definitely be out there looking to become a home owner. So if you have some money, good credit, a job and an income that can be verified by a bank - go for it. Call me and I'll help you figure out what you can afford to own. Do it, before you turn around and rent is up and sales prices are up and mortgage rates are up and you are feeling down because you didn't do it. Remember most lenders today will allow family gifts of money - so if you can tap Mom or Dad or your Grandparents there has never been a time when that was more valuable.

Posted by Heather Burke on January 15th, 2009 2:58 PMPost a Comment (0)

Foreclosures

January 27th, 2009 7:56 AM

I thought we had reached the maximum absorption point on Foreclosures and then this morning I read that there is another wave coming at us. Apparently according to the Mortgage Bankers Association the next wave is coming at us quickly. I keep hearing from everybody about how difficult it is becoming to get a home loan. I think the banks are afraid of everybody. They can't predict unemployment so it doesn't matter who you are or how high your credit score is, you'll scare them. There were allot of subprime loans that had 5 year fixed periods before they adjusted. Those loans are about to come due in the spring this year. As a Realtor we want to sell you a home that can become your home. A place to raise your family and stay for a long time. A place that let's the kids go to school to the same school until they are finished their time there and can move on. We don't want to see anybody loose their home. At the same time, we are please that there are opportunities today for first time buyers that haven't existed in a long time. The housing affordability index is higher than it has been in my years of selling homes and I think that means there are a bunch of folks out there that, if they are conservative can actually buy a house right now. That's amazing. If you have good credit, are confident in your earning ability and have low debt it's a great time to look for a home. There are some foreclosure bargains to be had. The only way for us to get the market moving again is to move through our fear and find a house that can become our home.

Posted by Heather Burke on January 27th, 2009 7:56 AMPost a Comment (0)

Forget the bottom - worry about getting a loan

January 24th, 2009 11:28 AM

I think this bottom question will haunt me until we start to see some appreciation. I still gets calls from people asking the question - is it the bottom yet? I can't be any clearer about my position on this. I'm not a gambler, a soothsayer or even a good predictor of the future so I'm the wrong person to ask. If was any of these things I would be rich and retired by now! But I will tell you that we spend way too much time and effort trying to second guess when we will hit the bottom. At the beginning of 2008, all the economists in the country that are tied to real estate predicted the bottom would come midyear. That period came and went. I've heard the first half of 2009 to the end of 2011. Sometimes the bottom isn't what we should be looking for but rather when is the time right for me to buy! Your circumstances, decision to buy or sell should be based on your personal needs, not some artificially set bottom of the market. If the prices drop another 5% on a half million dollar home that's only 25,000, amortized over 30 years, that's at current rates $134/mo. Sometimes you can negotiate that amount. More importantly would be will interest rates be below 6 when you want to buy. A 1 point swing in costs or rate could cost you more than this. So I say to you all, it is a great time to buy. There are willing sellers, distressed properties and the lowest rates in 40 years, if you have a need to buy or to sell and buy again, it's a great time don't let the media fool you.

I'm hoping we can put an end to this question. I believe our efforts would be better spent thinking about the interest rates and how people can get qualified for a loan. That's actually the hardest part today. People that have credit scores well into the 700's, have been on their jobs for a long time have good down payments and have bright futures can't qualify for loan. Now that's just crazy. Until the lenders let up a little on the qualifications we'll all be frozen in time and that's not good for anyone or the economy.

Let's stop the worry about the bottom and start questioning when will any of be able to qualify to purchase again.

Posted by Heather Burke on January 24th, 2009 11:28 AMPost a Comment (0)

Just Listed! 210 Tomahawk Dr. Palm Desert, CA 92211

January 15th, 2009 3:49 PM

$675,000.00
210 Tomahawk Dr.

Palm Desert, CA 92211

Beds: 3.0	Rooms: 10
Baths: 3.00	Sq. Ft.: 2368.00
Garage: 2.0	Built: 1997

Beautiful single family home in Indian Ridge with fabulous northern exposure and relaxing tranquil views.

This is a new listing that
I thought you might be
interested in. Visit this
listing online to see more
photos of the property,
Google Earth satellite
images, and much more.

If you have any questions
about this property or
require more information,
please feel free to call.

Heather Burke
Main Street Realtors
5627192596
www.findalongbeachhome.com

Visit this listing at Here

Posted by Heather Burke on January 15th, 2009 3:49 PMPost a Comment (0)

Just Listed! 38574 Nasturtium Way Palm Desert, CA 92211

January 15th, 2009 3:47 PM

$489,000.00
38574 Nasturtium Way

Palm Desert, CA 92211

Beds: 3.0	Rooms: 10
Baths: 2.00	Sq. Ft.: 1918.00
Garage: 2.0	Built: 1989

Don't miss this amazing home in an exciting gated Golf Course community in Palm Desert.

This is a new listing that
I thought you might be
interested in. Visit this
listing online to see more
photos of the property,
Google Earth satellite
images, and much more.

If you have any questions
about this property or
require more information,
please feel free to call.

Heather Burke
Main Street Realtors
5627192596
www.findalongbeachhome.com

Visit this listing at Here

Posted by Heather Burke on January 15th, 2009 3:47 PMPost a Comment (0)

Just Listed! 357 Villena Way Palm Desert, CA 92260

January 9th, 2009 5:10 PM

$3,200.00
357 Villena Way

Palm Desert, CA 92260

Beds: 3.0	Rooms: 6
Baths: 1.00	Sq. Ft.: 1650.00
Garage: 2.0	Built: 1969

Fabulous 3 bedroom 2 bathroom unit with private courtyard, on a cul de sac with 2 car garage.

This is a new listing that
I thought you might be
interested in. Visit this
listing online to see more
photos of the property,
Google Earth satellite
images, and much more.

If you have any questions
about this property or
require more information,
please feel free to call.

Heather Burke
Main Street Realtors
5627192596
www.findalongbeachhome.com

Visit this listing at Here

Posted by Heather Burke on January 9th, 2009 5:10 PMPost a Comment (0)

Woulda, Shoulda, Coulda

January 5th, 2009 8:29 AM

Well we're off on a New Year and I hope for all of us it's an exciting upbeat time. I think we're all tired of the news belaboring our wows. We know them better than anybody. I have been working with several buyers lately who have been waiting for something to change in the market. We've talked about this before and of course none of us can predict when and if that will happen. I had a buyer tell me this past weekend that they were ready to move forward and were serious about their move now that 2009 is here. When I asked why the husband said, I will feel better saying I'm glad I did and not come to the end of 2009 and say I wish I had. I thought that was a great observation of the current market. I remember my mother telling me when I was still in high school don't get to your old age and say if I woulda done this...or I shoulda done that...or I coulda done.... I feel the same way today about the marketplace. I think it's part of my job as your real estate professional to help you overcome your fear and doubt. If you do your homework and there is a compelling reason for you to move then you couldn't find a better time. Remember once the market has hit bottom and is stabilizing or rising opportunities will begin to slip away. Let me know if I can help you in any way recovering from your indecision.

Posted by Heather Burke on January 5th, 2009 8:29 AMPost a Comment (0)