TOP 10 REASONS TO BUY A HOME THIS YEAR!!!

If you are still wondering if this is the right time to purchase a home, the answer is YES!! Here are some of our favorite reasons why.... 1. HOME PRICES ARE DOWN: There are incredible deals available. Not only are there bank-owned properties out there, but sellers are competitively pricing their homes to compete with foreclosures! 2. BUYERS DON'T HAVE TO PAY FOR EVERYTHING: Sellers are willing to help with closing costs, and are willing to negotiate. 3. RATES ARE LOW: With the increased loan limit amounts currently in effect because of the Economic Stimulus Act, rates for loans are still low. 4. ECONOMIC STIMULUS ACT COMING TO END: The increased loan limits are expected to expire by the end of 2008, unless signed in permanently during the next presidency. But why wait and see if the loam limits will be gone forever? Purchase now while they are still in effect! 5. MORE INVENTORY: With more homes available for sale, buyers have more variety to choose from. It is much easier to find your dream home with more inventory on the market. 6. BUYING VS. RENTING: Why throw your money away every month by paying somebody else's mortgage as a rentor? 7. GOING BIGGER AND BETTER: This is a time for trade up opportunities. You can sell your home and move into a home that better suits your family's needs. Even if you sold your home now for 10% less than what you would have liked, you would also be paying 10% less for the home you purchase! The market condition evens outs money in/money out of your pocket. If you sold your home for more money, you would also be PAYING more money for your trade-up home. 8. TAX DEDUCTIONS: Mortgage interest and property taxes on your home ARE DEDUCTIBLE! 9. PRIDE OF OWNERSHIP: You will have a stake in real estate! You will be the owner of your castle. 10. FAMILY WEALTH: Real estate ownership creates wealth in families because throughout time, in the long run, real estate value will only increase.

Increased Loan Limit programs Coming To An End

Last February, President Bush signed the Economic Stimulus Act increasing the FHA loan limit amount for borrowers. In Los Angeles and Orange Counties, the loan limits were increased to $729,750 and in the San Bernardino County area, it was increased to $500,000. Prior to this legislation, the conforming loan limit amount was $417,000. This was great news since it leveled the playing field for us Californians. It allowed us access to competitive interest rates. We should not have to pay more on our mortgage because we live in an area where the median home price is higher than most of the country. This was also wonderful news for first time home buyers who were more comfortable with obtaining a "safe" conforming loan, instead of being forced to go with a jumbo loan. As a current property owner, the legislation also allowed current homeowners to refinance at reasonable rates. However, these increased loan limit amounts are expected to expire AT THE END OF 2008 (unless the new president decides to keep them permanent...something we will have to wait and see). Please contact us today so that we may help you find you a home while these loan programs ARE STILL IN EFFECT.

Jump Off The Fence and Into Your New Home!!!

After 33 months of a slow down-turning Real Estate market where home prices have fallen so drastically with all the foreclosures and bank-owned homes, there was really nowhere to go in the Real Estate market but UP! Prices have fallen to a point where consumers not only feel that homes are affordable, but that the purchase would be considered a value. Investors and first-time home-buyers alike are all moving into the real estate market. Bank-owned homes are being sold just as quickly as they are being advertised for sale. Multiple offers on homes are being reviewed, and consumers are offering ABOVE listing price for certain homes to ensure that their offer gets accepted against all other offers. If you are still sitting on the fence waiting for prices to drop before making your move, you may miss your opportunity of either moving into the home of your dreams (or buying an investment property) at the price you can afford. Just think of your home purchase as your personal investment. You buy now and sell later when the real estate market is back to normal. You will definitely make a profit! At worst, even if home prices did fall another 10% by mid 2009 (which I don't think will happen, but even if it did), you would have already started your investment TODAY. By the time the real estate market does stabilize, the market value of your home at that point would compensate for the supposed 10% decline, and you will have the ability of moving yourself into a bigger home (or choose to stay exactly where you are and refinance to buy another investment property). Any way you slice it, if you BUY NOW during this time when home prices are at a low, YOU WILL BENEFIT. Let's face it, at this point, there is really nowhere for the Real Estate market to go but UP...don't miss your opportunity and call us today so we can help in your next Real Estate Investment/Purchase!!!!

We are back =)

Hello everyone! We know it's been awhile since we've updated our blog. We are now parents to 02 beautiful little boys!! Our latest addition to the family came at the end of last year, and we have been having such a blast being parents to both of our children. Our family is now settled into our daily routine, and we will be posting new blogs on a more regular basis. Please continue to stop by for Real Estate news and updates, as well as, miscellaneous stories that we find interesting enough to share with our readers because we feel they can benefit from it =)

"FSBO": FOR SALE BY OWNER

Most people want to save money where they can. Being a bargain-hunter myself, I can definitely relate to that philosophy. When it comes to real estate transactions, homeowners who wish to save money by selling their home on their own are termed "FSBO's" or "For Sale By Owners". FSBO's hope to forgo the commission that they would otherwise have to pay in hiring a real estate agent.

The idea of being able to save on the paid commission to an agent is very enticing. But often times, homeowners are unaware of the time, energy, paperwork, and responsibility that come with the transaction of selling a home. Additionally, homeowners run the risk of being sued should anything go awry in the transaction due to negligence. Of course, as a real estate agent, we take on the responsibility and the liability throughout the entire transaction making it a smooth process for all parties involved.

USA Today published an article regarding the hardships involved with selling your home as a "FSBO". This article was published in 2003 when there were actually more homes being sold in the real estate market in comparison to today's market, which means that in this current "buyer's" market, a homeowner can get even more exposure and marketing through use of an agent. This translates into time and money saved in the long run.

Here is the link to the article in USA Today: "For Sale By Owner" Can Be a Hard Sell.

Best of luck to anyone attempting to sell a home on your own. But, if you feel that the process can be too overbearing, confusing, or time-consuming, please contact us so we can take all that stress away =)

Bargain hunting for your home

The majority of us love saving money whenever we can while still being able to purchase what we love. It's a bargain hunter's dream to be able to buy what we want at a price we couldn't beat. Most of us shop around to find that perfect house - the one to raise our family in, the perfect bachelor/bachelorette pad, the home to retire in, the perfect starter home, etc. Whatever it may be, we try to get the most of what we pay for, by shopping around. As a woman who LOVES to shop and SAVE MONEY at the same time, I decided to share my secret weapon with all of you when shopping for home decor and furnishings. If you are in the Los Angeles County area, Orange County area, or the Inland Empire and have recently spent the majority of your savings in the purchase of your home, have no fear! I am here to help. You no longer have to eat dinner off those cardboard boxes that once held your clothes and personal belongings for transport. You no longer have to sit on the floor to watch your favorite tv show, and you definitely don't have to use just that single mattress that is sadly placed all by its lonesome in the corner of your bedroom floor to sleep on. Please check out the following links. You might just find exactly what you're looking for at a way affordable price: - Furniture - Flooring - Fabric & Upholstery - Home Decor - Home improvement - Linen & Bedding - Mattresses - Office Supplies - Appliances. Specifically for Inland Empire residents, please check out this link for discounted goodies in your area: Merchandise for the IE residents. For Orange County residents, please check out this link for affordable merchandise closer to home for you: Merchandise for the OC Residents. So there you have it. A few locations that I like to visit for my own personal home decorating that I felt you might like to check out as well to start your bargain hunting. Happy shopping!!

Southern California Home Sales Down BUT Home Sale PRICES still UP!!

In working with various clients looking into purchasing a home, some fear that home prices will drastically drop by year's end at a whopping rate of 20%!! They fear "overpaying" for a home if they buy now. Therefore, to put these clients at ease and to share the knowledge that we have come across, we wanted to address this fear by giving you data and statistics. According to DataQuick Information System, it is true that home sales have slowed to its most drastic sales rate in 14 years. This means that homes are not flying off the shelves and there is an abundant amount of inventory available in comparison to home sale numbers of 2006. This already translates to being beneficial for buyers because there is a wide selection of homes to choose from. Feel free to shop around!

Now, based on the survey by DataQuick Information Systems, the median price paid for a Southland home was $502,000 in June of 2007. Okay, here's the exciting part!! Although the number of homes being sold had lessoned, the PRICES of homes actually ROSE!! In comparison to June 2006, the median Southland home price was $490,000. So in 2007, home prices were actually up 2.4% in comparison to the exact same month last year. Additionally, the typical monthly mortgage payment that Southland home-buyers paid in June of 2007 was $2,430 in comparison to $2,364 in May of 2007 and $2,422 in June of 2006. Buyers are actually willing to pay MORE now than they did the month before and even the same time a year ago.

With this in mind, we can conclude that although Southern California home sales have declined drastically, home prices are still stable or increasing in certain markets. As a buyer, if you are looking to purchase a home to live in, now is a good time to buy because home prices will most likely not be dropping as drastically as some may assume. According to the data above, home prices are actually increasing. It is now a good time to purchase because interest rates are still low, home prices are still affordable and not unreasonable, and in the long run, while you are living in your dream home, you will be accumulating wealth.

On the other hand, this is Southern California and even if home prices did have a slight decline by the end of 2007, historically speaking, it eventually surpasses prices of the previous years. As you can see by the chart above published by DataQuick Information Systems, home prices have generally increased since 1988. So, as long as you are purchasing a home for yourself and your family to live in, it wouldn't matter if your home price decreased by the end of the year because you're not going to be selling it - you'll be living in it. Buy your home now, live in it and enjoy it, sell later when you are ready to upgrade, and make some money while you're at it! Oh yea! Please don't forget to contact us (www.minhandchristie.com) so we can represent you as you laugh all the way to the bank ;)