Archive for the 'Sellers' Category
How to Come out of the Credit Crisis Unscathed
Posted by Mark Loscher | Leave A Comment »
I recently heard a story about a couple whose approved mortgage evaporated just as they were about to move in to their new home. In fact, they had already moved into a temporary apartment with their three kids and had a moving van en route, when they got the news.
The spreading mortgage crisis had hit their broker hard and the he was no longer able to offer them a loan. Despite their perfect credit rating and a combined income north of $175,000, the broker now felt that the couple was too much of a credit risk.
This is just one example of the hundreds of stories unfolding here in San Diego and around the country in response to the real estate market’s battle with excessive inventory and lending greed. A lot of loans were made to people with bad or no credit, and now the piper must be paid.
Home buying-hopefuls are faced with the challenge of navigating through a market exacerbated by reckless spending.
So where does that leave us?
The San Diego area has more than 20,000 homes for sale at an average asking price of $692,685. The number of homes for sale has been declining for the past four months and the average sales price has fallen by $44,000 in that same period.
While the media loves to splash portentous tales of credit catastrophes across their headlines, the forecast is not all doom and gloom. The speculative buying frenzy may have done a number on the loan industry, but the influx of foreclosures and resales is actually helping market prices self-adjust. Buyers will find that there is a large selection of homes available and that the prices are becoming more realistic.
Today’s buyer is highly sensitized to both price and condition. They are well-informed and willing hold out for the best overall value. With the seller to buyer ratio reaching 42 to 1 at the start of August, buyers can now find upgraded properties at competitive prices. Translation: the property you’ve been coveting for years but thought was unaffordable is probably within your reach. Falling prices and excess inventory make it a great time to be a buyer. Properties that are priced correctly are moving.
For years, real estate values appreciated so rapidly that it was hard for lenders to lose money. Even properties that faced foreclosure appreciated enough for the lender to make a profit. With housing prices depreciating, lenders have to price loans for the borrowers to bear the full risk of their credit score. The loan process is returning to a more prudent scenario, but with proper professional guidance you can find a lender with proven funding. Good money is always available to people who have good credit.
Your real estate agent will help you find a house you can afford and connect you to a lender who can secure the appropriate financing. To ensure that you get the best loan available, you should be ready to demonstrate the following things: you have a good credit score, a significant down payment, and the ability to make enough money to afford the loan. Ask your agent to scrutinize the loan-approval letters from lenders – they have a lot of experience pairing their clients with reputable lenders.
We are surrounded by wonderful, well-priced homes for sale. And financing is readily available to those who meet normal and prudent guidelines. I’ve been involved with real estate for more than 25 years and have watched the market rise and fall through the natural cycles of the industry. The market has always corrected itself in the past and, rest assured, it will correct itself this time, too.
San Diego is a one of the most resilient markets in the country. Our population has grown significantly in recent years and continued growth is anticipated. People want to live in San Diego and are willing to pay top dollar to enjoy this lifestyle. It is a great time for buyers who take the time to work with their agent on securing safe and affordable money.
Oh, and the couple I mentioned at the beginning of this article did get a loan. Their agent worked with a loan officer to verify that the couple was more than qualified and they were soon able to move into their new home.
Related Posts: Buyers, Foreclosures, Home Loans, Mortgage News, Real Estate News, San Diego, Sellers
Kimberly Sellars Impresses Lt. Col in U.S. Marine Corps
Posted by Erica Vautier Liodice | Leave A Comment »
Exclusive Properties agent Kimberly Sellars enjoyed praise from Lt. Col Damphousse in the U.S. Marine Corp for her brilliant performance in the sale of his Escondido home. Damphousse was so impressed with Sellars performance, that he sent an outstanding letter of recommendation to Exclusive Properties management.
“The listing was unusual as, during this time, I was forward-deployed to Iraq with the U.S. Marine Corps and my wife was staying in Florida,” said Damphousse.
The challenging situation led the Damphousses to three different agents over several months; none of whom were able to bring much interest to the property.
Sellars was undaunted by the situation and skillfully managed the entire listing via the phone, internet and fax.
“The time difference was an issue so, I made myself available very early in the morning or very late in the evening via phone or e-mail to communicate the previous day’s events,” said Sellars, who went beyond representing the Lt. Col and his wife as just an agent, but also put herself in their shoes and acted on their behalf.
“Her motivation, personality and aggressiveness in closing a deal for us was outstanding,” wrote Damphousse in a recent letter about Sellars. “Within 45 days Kimberly had brought in several clients and had two different offers on the home, far exceeding the cumulative efforts of the previous three Realtors®.”
Sellars, a San Diego resident of 30 years with more than six years of real estate experience, closed the listing within three weeks of an offer being accepted.
Despite the additional work of a demanding listing, Sellars considers this to among her most rewarding real estate experiences. “Working with Mr. Damphousse was an honor and a pleasure,” said Sellars. “During all of this, he was fighting a war for me and our Country. What more could anyone ask?”
Sellars has worked with several other military clients in the past and looks forward to helping them buy and sell properties in the future, whether they are in San Diego or overseas.
“If they plan to buy, I can send them houses currently on the market either by mail or e-mail. Should they need to sell, they can be assured that their home is in good hands,” said Sellars. “Thank goodness for communications venues that make this all possible!”
Damphousse, who described Sellars as “professional and thorough”, said that she stands out as one of the best Realtors® he had ever worked with and that he would recommend her services to anyone trying to sell or buy a home in San Diego.
Related Posts: Exclusive Properties, Exclusive Properties Agents, Military, Real Estate News, San Diego, Sellers
