Archive for the 'Education' Category
Homeowners Do Their Homework . . . and it’s paying off!
Posted by Erica Vautier | Leave A Comment »
Dramatic advancements in online tools means more real estate resources are available to more people than ever before. Armed with a plethora of new tools, buyers are doing their homework. They can search for homes, tour neighborhoods, and get expert advice from the convenience of their personal laptop.
A recent survey by the National Association of Realtors (NAR) shows that more than 77% of consumers now start the real estate process online. On sites like Realtor.com, buyers can specify what type of home they are interested in and have a list of properties that meet their criteria appear in seconds.
Good real estate sites let visitors save searches, send automatic notices when new listings enter the market, and provide extensive information on the property. Advanced sites will even provide foreclosure lists and help locate great real estate buys.
It’s no wonder that more than 3 out of 4 respondents to the NAR survey said they use search engines to browse through properties. While internet buyers spend a longer period of time looking for a home online than traditional buyers, they spend less time searching with their agent and have to view fewer properties in person.
A 2007 California Association of Realtors (CAR) survey showed that next to searching for homes, buyers spend most of their time online surveying neighborhoods. They look at comparable sales, watch local videos and map out the area.
User-generated videos on YouTube provide unique insight into many San Diego cities; a search for “La Jolla, San Diego” yields more than 1,100 results! Some reports suggest that buyers are beginning to prefer these amateur tours to the store-bought variety, which can come off as manufactured.
To further examine neighborhoods, buyers use interactive mapping tools like Google Maps. Simply type in an address and Google Maps displays: satellite images of the location; charts of the terrain; real-time traffic reports and drive times; and frighteningly accurate, panoramic street views. Online maps allow visitors to take a virtual stroll down their future block without ever leaving home.
As buyers migrate toward the internet, so are many real estate agents. Through industry blogs like Active Rain and personal blog sites, real estate agents are sharing their knowledge and experience with the world.
Most buyers are tired of the pre-canned information that populates most real estate sites and are instead choosing to read more organic blog entries.
On our company blog, Picture Perfect San Diego, Windermere agents write about the community, home sales, area activities, market trends, financing options and so much more. It’s a great forum for buyers to meet our agents, read first hand accounts of what is going on in the real estate market, ask questions and leave feedback.
The abundance of research tools available online has made today’s buyer more educated than ever before. They can search for homes, tour neighborhoods, and get expert advice online.
There is a lot of information out there, have you done your homework?
If you need help getting started on your homework, these links may help:
- Read More Articles by Erica Vautier about the Technology and Marketing Available to Homeowners and Agents
- Contact me about working for Windermere and gaining access to these tools
- Contact me about becoming a VIP Member of our site and gaining access to great technology search tools for homeowners
- Leave Feedback and let us know what you’d like to learn more about
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Related Posts: Buyers, Education, Foreclosures, Free Foreclosure Lists, Homeowners, Marketing, Picture Perfect San Diego, Technology, Windermere, Windermere Agents
New Conforming Loan Limits Announced For 2009
Posted by Kevin Kueneke | Currently 1 Comment »
After months of speculation, we finally know what the new 2009 high balance conforming loan limits are for San Diego and other “high cost” areas. The Federal Housing Finance Agency (FHFA) said that the $697,500 number we enjoyed for part of 2008 is dropping to $546,250 in San Diego.
Some areas such as Los Angeles-Orange Counties, San Francisco, San Jose, and Santa Cruz are having their 2009 numbers set at the new maximum of $625,500.
According to FHFA’s press release, the 2009 loan limits were calculated using 115% of median house prices as determined by the Federal Housing Administration (FHA) whereas the 2008 loan limits were calculated using 125% of median house prices.
So what does this mean? It means that anyone currently in escrow in San Diego with plans to borrow more than $546,250 needs to do everything they can to get their loan closed before 12/31/2008 or face significantly higher interest rates. There is almost a 2% interest rate difference between loans less than $697,500 and loans greater than $697,500 (also known as true jumbo loans) because conforming loans are guaranteed by the government (FNMA and FHLMC). Guidelines are also more strict for true jumbo loans than for conforming and high balance conforming loans.
As expected, the Federal Housing Administration (FHA) announced that FHA Jumbo limits will match the high balance conforming limits. The Department of Veteran’s Affairs (VA) said that VA Jumbo loans with zero-down payments will be allowed up to the high balance conforming loan limits through the end of 2011. This is good news for FHA and VA buyers as they will still be allowed to take advantage of these programs for higher priced properties.
Any questions or comments? Please email me at Kevin@MyCWMtg.com
Popularity: 47% [?]
Related Posts: Buyers, CW Mortgage, Education, Financial news, Home Loans, Homeowners, Interest Rates, Mortgage News
Loan Modification Success
Posted by Rachel LaMar, J.D. | Currently 1 Comment »
Many homeowners have been hit hard by the recent changes in the housing market. We all know someone who has been threatened with foreclosure or is fearful that they will lose their home due to interest rates resetting, job loss, illness or other factors.
Some homeowners took equity out of their homes in good times and with decreased values they now find that their homes are worth less than what they actually owe. All this fear has lead many to foreclosure, including intentional foreclosure or “walk aways.”
Whether it’s a friend, neighbor, family member or yourself facing this issue the fact is that it effects all of us by bringing down property values. The reality is that there are other options to foreclosure and walking away, including loan modification.
This option is getting a great deal of attention in the media right now due to the lenders’ panic to come up with solutions to foreclosure. The good news is that modifications are easier to get now than before, but you have to understand how to to approach this subject so that you can successfully work with the bank and possibly save your home.
The following information is from my book, Mortgage Walkaway Options. Let’s start with the basics. A loan modification occurs when there is a change in one or more of the terms of a loan, which reduces the loan amount and generally m
akes payments more affordable.
In simple terms, it means refinancing a loan to a lower amount. The lender and borrower must agree in writing to change the terms of the loan. Up until now many lenders didn’t want to speak with borrowers who had not yet defaulted on their loans.
This is because they had a plethora of active files sitting on the desks of their loss mitigation department already, and they were having trouble dealing with the ones who were in default and did not have the manpower to add more files that were not yet considered risky. Luckily that seems to be changing. There are a few recent regulations and announcements that will help you achieve a successful loan modification.
Firstly, if your first loan is with Bank of America or JP Morgan Chase you are in luck. B of A, now one of the largest lenders in the business, announced in October that it was going to begin review of all of its loans that were variable interest rate loans and option ARMs. Upon review, the lender plans to notify homeowners if they qualify for loan modification, and then to work with the homeowners toward resolution. Chase also announce it is putting a hold on foreclosures with the intent to work out modifications with qualified borrowers.
This news is HUGE for several reasons: one, it takes the burden off the homeowner to try for resolution with a lender who often does not have time nor manpower to help.
Two, the bank is actually being proactive in preventing more foreclosures, which will help many stay in their homes and eventually help the real estate market and likely induce other lenders to follow suit.
If your loan is with another lender who has not yet instituted such a policy, you can seek help under the newly enacted government plan, Hope for Homeowners. This legislation took effect October 1, 2008 and allows you to refinance your loan into a new 30-year fixed rate loan if you qualify.
Your loan will be based upon an appraisal of the CURRENT market value of your home, so if prices have gone down since you purchased your new loan payments will be based upon current values, making them much more affordable. 
This program requires you to contact the lender to initiate the process. There are important considerations you need to be aware of in regards to this program. For example, if you sell your home after the modification takes place the new lender will be entitled to a percentage of the gain on the property (appreciation and equity sharing). The amount changes over time.
Also, you will not be able to take out equity on your property after the change unless these second liens are directly related to property maintenance.
To understand fully the ramifications and qualifications under this legislation you can go to the website, www.MortgageWalkawayOptions.com and download my book, or you can feel free to call me and I will be happy to help you. My direct number is (760) 310-9466.
Most importantly, know your options in the face of foreclosure and educate yourself BEFORE taking any action. Right now is a great time to modify a loan, as there is a general consensus among lenders that this option benefits them the most (as does it benefit you, the homeowner).
Take advantage of the programs available to you so that you don’t have to lose your home or worry about an upcoming rate change. Just as important, you need to be in constant contact with your lender–keep a record of all correspondence and communications with your lender and be vigilant–keep calling.
If you are not having luck there are numerous counseling groups that can assist you. My favorite is HopeNow. They can be reached at (866)995-HOPE (4673). Best of luck to you!
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Related Posts: Contracts & Negotiations, Education, Financial news, Foreclosures, Free Foreclosure Lists, Home Loans, Homeowners, Mortgage News, Real Estate News, San Diego, Short Sales
Full Service Gas Stations Are Gone, But Full Service Real Estate is Alive at Windermere
Posted by Mark Loscher | Currently 1 Comment »
How many of you remember the true “full service” gas stations?
Well, I do.
For those of you who do not, let me fill you in, no pun intended.
Full service gas stations are a thing of the past, in California anyways. But not to long ago you could drive into your favorite gas station, say hello to a friendly gas station attendant, sit back, relax and let him or her, do all the service work.
What a concept!
They would ask you which grade of gas you’d like to have. They would check your oil levels for you. They would even check your tire pressure. Oh, and guess what? They would even wash your windows, without being asked. Wow, now that was service!
Unfortunately, that kind of service in the gas station business is a thing of the past, by and large.
In the Real Estate industry we are in danger of the same thing happening, if we aren’t careful. More and more companies are losing that personal touch, not only with their clients, but with the agents who work for them.
Not to long ago almost all Real Estate companies provided full service to their agents. They would provide a desk, a phone, a computer to work from, fliers, marketing materials, training, management support, and the latest technology products and support.They would have managers and administrative people available, 24/7 to help with a number of issues relating to helping the client.
Sadly, this too seems to be going by the way of the gas station and too many companies today focus on the number of people they hold licenses for, they focus on how many deals they produce, and they focus on themselves rather than on the client and the agent.
At Windermere we are a little old fashioned I guess, when it comes to service. We still believe it is very important to provide all of the support and tools that we can for agents, so they can provide the very best full service to the client.
We do provide all the tools, the technology, the administrative and management support, 24/7, to help our agents be the best they can possibly be. We understand the need to be on the cutting edge of technology and we are in so many ways, but not at the cost of that personal one on one touch that is so important in our people first industry.
Let us not forget that computers, phones and gadgets have been invented, developed and provided to assist us in our one to one personal business, not to replace it. The client and the agent need to have that personal interaction. They need to have that one on one conversation about the most important investment they are likely to make, a home. Just as an agent needs that same kind of relationship with their Broker and support staff.
At Windermere we value those relationships with our agents and the client.
We will continue to lead in our industry with the tools, the support, and the, yes, the “service” to our agents and ultimately to the client.
Check it out and see for yourself. I know that the support you need, we have.
Popularity: 50% [?]
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