Sellers Raise Home Prices, Are Buyers Responding?

Sellers Raise Home Prices, Are Buyers Responding?

Click for metro-level data.

Median list prices rose by 0.7% in April from March to their highest level in nearly one year, even as the number of homes listed for sale stood at levels down nearly 19% from a year ago, according to a report released Wednesday.

Contact Tami Winbury Keller Williams Realty today to talk about the market in Ojai and Ventura County. 805-798-3412 www.ShortsSale.org

Compared with a year ago, median asking prices were up in 72 markets, flat in 14 markets, and down in 60 markets. But compared with the prior month, they were down in just five of those markets, according to Realtor.com.

Asking prices were up by 25% from one year ago in Phoenix, by 15% in Miami, and by 10% in Washington, D.C. Prices were down by 8% in Chicago and Philadelphia. Compared with March, sellers’ prices were up by 7.9% in Minneapolis, by 4.7% in Detroit, and by 4.6% in San Francisco.

Inventories of homes for sale rose by 2% from March but were down from one year ago in all but six of the 146 markets. Inventory fell by 53% in Oakland, by 47% in Phoenix, and by 39% in Atlanta.

Meanwhile, median age of inventory listed for sale in April stood at 84 days, down by 11.6% from one year ago, meaning that homes listed for sale are staying on the market for less time. In Oakland, homes were listed for just 20 days, down by 55% from one year ago, while the median age of inventory in Denver stood at just 32 days.

The Realtor.com figures include sale listings from more than 900 multiple-listing services across the country. They don’t cover all homes for sale, including those that are “for sale by owner” and newly constructed homes that aren’t always listed by the services.

Contact Tami Winbury Keller Williams Realty today to talk about the market in Ojai and Ventura County.  805-798-3412 www.ShortsSale.org

By Nick Timiraos

Budget Friendly Ways to Improve Your Home Value

Selling your home in today's market can seem like a challenge, especially if your home could use some tender loving care. But what if you just don't have it in your budget to invest thousands of dollars into a remodel? For many cash strapped homeowners this is the dilemma that keeps them awake at night.  Call Tami Winbury Keller Williams Realty to walk your property for a free home value and tips to sell 805-798-3412 DRE#01878369

Rest easy, there are many small projects that you can do around the house that will increase your home's value without breaking the bank. Let's take a look at 10 budget-friendly ways to increase your home's value:

1. Landscaping

   By spending just a few hundred dollars on grass seed or replacement sod, new flowers, bushes, or trees, any homeowner with a shovel and some elbow grease can dramatically improve their home's curb appeal over a long weekend. For inspiration check out Landscaping.com.

2. Wash instead of paint

   If you can't afford to paint the home, how about giving it a good wash? With a ladder and an extension brush any homeowner can give their home's exterior a thorough scrub down. Don't forget to wash the screens, windows, and gutters while you're at it. And when you're done outside, move inside.

3. Paint the trim and front door

   Another way to revitalize your home's exterior is to paint just the trim and front door - two items buyers' eyes are naturally drawn to when driving by your home. Just be sure that the paint is a good match to the base color and to you avoid embarrassing drips.

4. Clean the floors

   If you can't afford new flooring, consider steam cleaning carpets, washing or waxing laminate, hardwood or linoleum floors, and cleaning the grout on tile floors. Have a hole or permanent stain in the carpet? Consider replacing the flooring in just that room by talking to your local flooring vendor and ask about large remnants (left over materials from larger jobs that may fit smaller rooms).

5. Re-caulk plumbing fixtures

   Over time caulk, the silicon that protects surfaces from water seepage around plumbing fixtures, can discolor, tear, or degrade. Stripping this material out and replacing it with a fresh bead of silicon is an inexpensive way to improve both bathrooms and kitchens. Caulk now comes in different grades and colors, so be sure to shop for a product that is appropriate for the job and matches your décor.

6. Pressure wash sidewalks and driveways

   Over the years dirt, dust, and grime work their way into the driveways and sidewalks of every home. The good news is that a few hours with a pressure washer can turn back the clock on these surfaces. A word of warning: while it might be tempting to use the same device to wash your home, don't. The high pressure stream can easily peel the paint off your home ( which is not a good selling point).

7. De-clutter the home

   A home packed full of furniture, clothing, collections, exercise equipment, and memorabilia can cause a home to look much smaller than its actual size. Have a garage sale, rent a storage unit, or start making trips to the landfill and be sure to whittle down your home's contents to a manageable size.

8. Fix the small things

   Every homeowner keeps a list of the small projects that they never seem to have time to complete. Now is the time to jump on those projects. Need a gentle reminder? Replacing light bulbs throughout the home, fixing holes in doors or walls, greasing squeaky cabinets or doors, cleaning the gutters, fixing leaking plumbing fixtures, and changing the air filters would be a good start.

9. Update lighting fixtures

   You can spend a fortune on lighting fixtures but you don't have to. Consider selectively changing lighting fixtures that date the home. Exterior garage lights, bathroom lights, or bedroom lights are all great choices.

10. Deep clean the home

    A deep cleaning isn't just straightening up or rearranging the dust bunnies. It's a no holds barred war on dirt. Starting from the highest point in the home clean every single surface. Yes, you will have to move furniture, clean out closets, and lift up the couch, but the results will be well worth the effort.

Improving your home's value doesn't always have to mean taking out a second mortgage. Sometimes small projects can improve the value of your home in big ways. So roll up your sleeves, put on your gloves, and have fun!

Top 10 Tips to Sell Your Home for Top Dollar

Top 10 Tips to Sell Your Home for Top Dollar

Hey - isn't this the worst real estate downturn since the Great Depression? If that's true how are some sellers still able to successfully beat the odds and sell for top dollar despite the market conditions? The answer is that they employ time tested and market approved techniques and strategies that give them an all important edge over their competition.  Contact Tami Winbury Keller Williams Realty for a free home value report and consultation. 805-798-3412 DRE#01878369

To model the success of these savvy homeowners, let's take a look at the top 10 tips to sell your home for top dollar:

1. Price your home aggressively

   Setting the right price for your home is the single most important decision you will make when you decide to sell. Go too high and you risk turning off every buyer in the marketplace, go too low and you leave money on the table. One simple but powerful technique for pricing your home aggressively is to spend the day looking at your competitors' homes. By doing so you will be seeing the world through the buyers' eyes. Be tough and honest with yourself. Compared to the competition what would be a price that would position your home as the best value proposition for buyers in your marketplace?

2. Use price points

   Buyers don't walk into an agent's office and announce that they would like to see homes priced at a specific price like $227,900 dollars. Instead they ask to see homes between price ranges that are separated by five to ten thousand dollar increments. Because of this, consider setting your price near one of these natural price points. For instance a price $229,900 would probably net you exactly the same number of buyer inquiries as a price of $227,900, but moving your home down to $224,900 (the next price point down) would widen your potential buyer pool.

3. Consider value range marketing

   Another pricing technique that may be the ticket to more showings and more offers is to use value range marketing. Value range marketing is a pricing technique in which you choose a listing price based on what you would sell for today if a buyer wrote you a check. You then choose another lower price - one that you wouldn't reject if offered but would use as a starting point negotiate towards some middle ground. So instead of listing your home at a specific price of $496,000 dollars, you list the home between $459,000 and $496,000.

4. Offer a bonus to selling agents

   The agent who brings a buyer to your home is typically referred to as the selling agent or the buyer's agent. In a market crowded with inventory many sellers find it wise to provide an incentive to motivate these agents to show their home more frequently. While you may cringe at paying real estate brokers even more money, the fact is it may provide just the push they need to work a little harder to sell your home for top dollar.

5. Hire an aggressive listing agent

   Not all listing agents are created equal. Tami Winbury is an aggressive full time agent.   In addition, be sure to come to an agreement about a specific, documented marketing plan before signing a long term listing agreement.  View an example of Tami's marketing plan http://tamiwinbury.mymarketingbook.com/.

6. Encourage two way critiques

   Successful sellers aren't afraid of a little (or a lot) of constructive criticism. In fact, they invite agents to give them helpful suggestions on everything, from pricing to curb appeal, to help them secure the highest possible price for their home. On the flip side, when hiring an agent, be sure to find an agent that is open to suggestions. For instance, as a seller you may find ways to improve advertising copy, flyers, photographs, or even virtual tours.

7. Offer incentives & pre-paids

   A buyer who has narrowed their search down to two or three top choices may need a little push to motivate them to take action. To encourage buyers, many sellers offer incentives like buying the interest rate down on the purchaser's loan, paying for closing costs, inspections, or repairs, or providing allowances or credits for home upgrades after closing. In addition, many sellers prepay for services like internet services for a year, taxes or homeowners association dues, or even golf club memberships.

8. Stage the home & use curb appeal

   Buyers won't pull the trigger unless they become emotionally invested in your home. To help build a stronger first impression start from the outside first by working hard to improve your home's curb appeal. Next move inside and stage each space by creating a focal point and a story for each room. A set dining table, a book by the bed, or a game in the kids room are all simple examples of staging.

9. Use a pre-appraisal and pre-inspections

   A pre-appraisal is an appraisal of the home before a buyer has made an offer. By having this done early you will have an objective voice that has provided a value for the property independent of your own opinion and may be a great tool in talking with buyers. In addition, many sellers do pre-inspections of the home to provide buyers with a clear whole home inspection or pest and dry rot inspection. (A word of caution: anything discovered during a pre-inspection will likely need to be disclosed whether you fix the issue or not).

10. Learn to fail fast

    If something isn't working, successful sellers have the strength to fail fast by making adjustments to their strategy quickly. For instance, if after implementing your marketing plan buyers don't begin to view your home on a regular basis, this is a clear indication (a red flag) that the market is rejecting your price. There is only one solution: lower your price. On the other hand, if you have steady stream of buyers touring your listing, yet you aren't receiving any offers, this is often a symptom of buyers rejecting, not the price, but the home itself. Something about the home is turning them off. Savvy sellers attempt to identify the problem and take proactive action to correct it.

To sell your home for top dollar takes hard work and a commitment to position your home in a way that attracts the maximum number of prospective buyers. By implementing one or more of these techniques you will be taking the first step towards a successful sale.

Contact Tami Winbury Keller Williams Realty for a free home value report and consultation. 805-798-3412 DRE#01878369

Trulia.com

Pros and Cons to Buy or Rent

Pros and Cons to Buy or Rent

Deciding whether it's best to buy or rent a home isn't an easy decision. There are financial pros and cons to each. Plus, whether or not you want to become a homeowner may depend on your lifestyle, so it's very much a personal choice. Take a close look below at the pluses and minuses before making your move.  For personal information and discussion about the home buying process contact Tami Winbury Keller Williams Realty 805-798-3412  DRE#01878369

Pros to renting

• You're not required to save up a hefty down payment.

• Renting is normally a short-term commitment (you normally can sign a lease for as little as a few months to a year).

• You are usually free of major maintenance costs and paying property taxes -- your landlord takes care of that. Also, it's normally up to the landlord to take care of major maintenance issues for the home. You're probably not responsible for tiring tasks like mowing the lawn or the shoveling the snow.

• You aren't tied down to one place, and can relocate fairly easily.

• In some cases, renting may be less costly than owning a home. While you may be able to afford the rent on a pricier home, you might not have the means to buy a similarly priced residence.

• Since you are only obligated to a relatively short-term lease (a few months, or a year), committing to a particular rental isn't an arduous decision.

Cons to renting

• You aren't building equity (the value an owner has in a piece of property minus the debt against it).

• You can't take advantage of tax benefits (like tax deductions for mortgage interest and property taxes) only available to homeowners.

• You may be subject to rent increases that you can do little about.

• You might not be able to decorate a home as you like. (You may have to stick with the white walls and beige carpeting that your landlord put in.)

• You may be subject to restrictions on pets (some landlords don't allow them). Also, your landlord could infringe on your lifestyle -- e.g., complaining about the level of noise from parties and the number of guests who park at your place.

• You are dependent on the landlord to maintain the home and keep things in working order. (This could be a bad thing if he or she is lax about it.)

• You could be evicted (say, if the landlord decides not to renew your lease, or to sell the home) and may need to seek another place to live.

Pros to buying

• You can build equity over time.

• The home is yours, so you have more control over how to decorate it and landscape it.

• Greater stability -- as long as you can afford the property taxes and your mortgage payments, you don't have to worry about being evicted.

• Getting to know the neighbors. Because you are likely to stay in a home you own longer than one you rent, you may become more involved in your community.

• You can benefit from tax deductions on real estate taxes and mortgage interest.

Cons to buying

• It's a big commitment. You may be in that home for quite some time, so deciding which home to purchase can be tough -- you want to make sure it's a good fit.

• When it comes to maintaining a home, it's all about you. It's up to you to make the repairs when the toilet leaks or pay the handyman for the fixes.

• Homeownership insurance premiums. You'll have to pay these to cover the cost of any potential damage to your property. Also, if your home is part of a homeowners' association (HOA), you'll have to pay HOA fees.

• You may have to borrow heavily and pay interest (take out a mortgage) to afford the home. You could lose your house if you can't keep up with your mortgage payments.

• You have less mobility because of the work and time required to find a buyer, sell your place and move your belongings. (Which you may have acquired more of, now that you own space to keep things in.)

• If you can't keep up with your mortgage payments, you could face foreclosure and a loss of equity. (Not to mention the damage it'll do to your credit history.)

Let's talk today!  Contact Tami Winbury Keller Williams Realty 805-798-3412 DRE#01878369

How to For Sale By Owner

How to For Sale By Owner

Can you explain why it's smarter for a potential home seller to list with you, Tami Winbury Keller Williams Realty, as opposed to attempting a for-sale-by-owner (FSBO) deal? Showing the FSBO the value you bring to the transaction may be much easier than you realize.

Many real estate experts thought the Internet would result in more people being able to successfully sell their home without a real estate agent.

The exact opposite has happened. According to research from the National Association of REALTORS®' latest Profile of Home Buyers and Sellers, FSBOs accounted for 10 percent of sales in 2011, down from 14 percent in 2003 and 2004.

Nearly half of FSBO sales were intrafamily transfers or other situations where the sellers already knew the buyers. Only 6 percent of 2011 sales were FSBO transactions in which the seller did not know the buyer.

Here are some of the key factors that deter most homeowners from selling without an agent. Tami Winbury DRE#01878369

1. The decline of print advertising as a major lead generator
In the past, newspaper ads would produce a fair number of calls on FSBOs. Today, a three-line ad in the local newspaper has little chance of competing with the wide array of information online, including video, color photos, 360-degree virtual tours, and a wealth of community and lifestyle data.

2. Buyers seek rich content
IDX and VOW solutions, Realtor.com, Trulia and Zillow provide access to virtually all the listings in most market areas. Most buyers comb these major sites simply because it's more efficient than searching for single properties.

3. Instant gratification
A third problem for FSBOs is that people who surf the Web usually are seeking instant gratification. In fact, most visitors will only visit a website once and stay for 15-30 seconds. If the FSBO has no strategy for capturing the lead's contact information or for immediately following up, the lead moves on to the next website. Even if the Web lead does contact the FSBO, unless the buyer gets back to the FSBO quickly, that lead is gone.

4. Buyers want the savings
Even for those who do search for FSBOs, most buyers automatically deduct 6 percent from the sales price because they want the savings in their pockets, not the seller's. The result is that many FSBOs end up selling for up to 20 percent less on average as compared with sellers who hire a Realtor.

5. The needle-in-the-haystack effect
A major challenge for FSBOs is the needle-in-the-haystack nature of the Web. There are millions of websites including the hundreds of thousands of company and agent sites. Without search engine optimization, meta tags and a host of other branding strategies to achieve high Web placement, the probability of the Web buyer finding the FSBO's single listing online is small.

Of course, the buyer could post on sites such as ForSalebyOwner.com, ByOwnerMLS, or utilize the "Make Me Move" feature on Zillow. The challenge is that unless the buyer specifically wants to purchase a FSBO, it's much more efficient to search on the brokerage or MLS sites.

The FSBO could also put his home on Craigslist. There are two challenges, however. First, the FSBO has to repost the ad regularly for it to appear near the top where it can be found. Second, there have been so many rental scams and unsavory people using that site to identify targets for possible criminal activity that listing there could be a major safety issue.

6. Web leads are reluctant to share contact information
Another issue FSBOs must face is that most Web buyers are reluctant to provide contact information to a stranger, especially during the search process. Instead, buyers identify homes they want to see and then normally contact a single agent who can show them everything they want to see, not just a single home.

7. Availability for showings
Because FSBOs don't have lockboxes, that means the FSBO will need to be present for every showing. There are numerous challenges with this situation, the most important of which is safety. Is the person who wants to see your house legitimate or not? Even if you accept an offer from a potential buyer, how do you know whether the person meets the income and credit requirements to close the deal?

8. The proof is in the pudding
Here's a great closing question for sellers who believe that becoming a FSBO is a smart move. Did you know that Colby Sambrotto, founder of ForSalebyOwner.com, which is one of the most popular and robust FSBO sites on the Web, ended up listing his home with an agent AND paying a full commission?

If he couldn't get the job done for himself using his website, how effective do you think this approach will be in getting your home sold for the highest possible price in the shortest amount of time?

Call Tami Winbury Keller Williams Realty today to help you get top dollar for your home.  805-798-3412  www.tamiwinbury.com

Bernice Ross

Foreclosure Filings Up?

Foreclosure Filings Up?

Contact Tami Winbury Keller Williams Realty for more Short Sale and Foreclosure Information and all your Real Estate needs today.  805-798-3412

The number of homes hit with foreclosure-related filings picked up during the first three months of the year in more than half of markets tracked by public records aggregator RealtyTrac, "an early sign that long-dormant foreclosures are coming out of hibernation in many local markets," the company said.

The number of homes subjected to some type of foreclosure filing increased in 114 of 212 markets with populations of 200,000 or more, compared to the fourth quarter of 2011.

Foreclosure-related filings were up from quarter-to-quarter in 26 out of 50 of the nation's largest metropolitan areas, including Pittsburgh (up 49 percent), Indianapolis (up 37 percent), Philadelphia (up 30 percent), New York (up 24 percent), Raleigh, N.C. (up 23 percent), and Virginia Beach, Va. (up 22 percent).

Many industry analysts expect loan servicers to step up the pace of foreclosures in some markets as they put the "robo-signing" controversy behind them.

But foreclosure filings have dropped off dramatically in other markets. The total number of homes subjected to foreclosure-related filings nationwide fell 2.25 percent from the fourth quarter of 2011 to the first quarter of 2012, and 15.9 percent from the same time a year ago.

During the first quarter, a total of 572,928 housing units -- 1 in every 230 -- were subjected to a foreclosure-related filing, either a default notice, scheduled auction or bank repossession. That was the lowest total since the fourth quarter of 2007, RealtyTrac said in a report earlier this month.

The biggest quarterly decreases in foreclosure activity among the 50 largest metro areas were in Portland, Ore. (down 28 percent), Las Vegas (down 26 percent), Providence, R.I. (down 24 percent), Salt Lake City (down 22 percent), Boston (down 21 percent), and San Jose, Calif. (down 21 percent).

Eight of the top 10 metros with the highest foreclosure rates during the first quarter were in California. Stockton and Modesto topped the list with foreclosure filing rates of 1 in 60 housing units each.

Stockton topped the list despite a 13.3 percent decline in the foreclosure rate from the previous quarter, and an 18.9 percent drop from a year ago. Modesto saw similar improvement, with an 8.14 percent drop in foreclosure activity for the quarter and a 21.48 percent plunge for the year.

Top 10 U.S. metros with highest foreclosure rates, first quarter 2012

Source: RealtyTrac

Riverside-San Bernardino, Calif., topped RealtyTrac's list of foreclosure activity in the nation's 50 largest metros, with 1 in 62 of its housing units in some stage of foreclosure during the first quarter of 2012.

Seven other metros among the nation's 50 largest had foreclosure rates more than twice the national average: Sacramento, Calif. (one in 77 housing units), Las Vegas (one in 82 housing units), Phoenix (one in 87 housing units), Atlanta (one in 90 housing units), Miami (one in 95 housing units), Orlando (one in 101 housing units), and Chicago (one in 107 housing units).

Contact Tami Winbury Keller Williams Realty for more Short Sale and Foreclosure Information and all your Real Estate needs today. 805-798-3412

Foreclosure Victim

Foreclosure Victim- Children Who Lost Homes to Foreclosure: 2.3M, Report Reveals

Esther Cho

Marriage and Mortgages

Marriage and Mortgages FAQs

Contact Tami Winbury Keller Williams Realty for all your Real Estate needs. 805-798-3412     DRE#01878369

How Cloud Computing Works- Why You Should be in the Clouds!

A typical cloud computing system. HowStuffWorks

More Computing

• How Cloud Storage Works
• How Music Clouds Work
• 5 Ways to Keep Your Information Secure in the Cloud
• Curiosity Project: What is ubiquitous computing?

­Let's say you're an executive at a large corporation. Your particular responsibilities include making sure that all of your employees have the right hardware and software they need to do their jobs. Buying computers for everyone isn't enough -- you also have to purchase software or software licenses to give employees the tools they require. Whenever you have a new hire, you have to buy more software or make sure your current software license allows another user. It's so stressful that you find it difficult to go to sleep on your huge pile of money every night.

Soon, there may be an alternative for executives like you. Instead of installing a suite of software for each computer, you'd only have to load one application. That application would allow workers to log into a Web-based service which hosts all the programs the user would need for his or her job. Remote machines owned by another company would run everything from e-mail to word processing to complex data analysis programs. It's called cloud computing, and it could change the entire computer industry.

In a cloud computing system, there's a significant workload shift. Local computers no longer have to do all the heavy lifting when it comes to running applications. The network of computers that make up the cloud handles them instead. Hardware and software demands on the user's side decrease. The only thing the user's computer needs to be able to run is the cloud computing system's interface software, which can be as simple as a Web browser, and the cloud's network takes care of the rest.

There's a good chance you've already used some form of cloud computing. If you have an e-mail account with a Web-based e-mail service like Hotmail, Yahoo! Mail or Gmail, then you've had some experience with cloud computing. Instead of running an e-mail program on your computer, you log in to a Web e-mail account remotely. The software and storage for your account doesn't exist on your computer -- it's on the service's computer cloud.

What makes up a cloud computing system? Find out in the next section.

Call Tami Winbury Keller Williams Realty for all your High Tech Real Estate needs.  Tami is eCommerce Designated.  805-798-3412 www.ShortsSale.org   DRE#01878369

by Jonathan Strickland

App to Streamline Homebuying Process

App to Streamline Homebuying Process

Users can organize notes and photos of for-sale faves

Contact Tami Winbury Keller Williams Realty for all the up to date info. in Real Estate.  805-798-3412  DRE#01878369

IDreamAgent, a new iPhone and Web application focused on helping home shoppers organize their favorite for-sale properties, launched this week.

The app, available on the Apple App Store for $4.99, was designed to streamline the homebuying process and help a home shopper drill down to the house he or she wants to buy, said a iDreamAgent representative.

"We aren't replacing the agent with this application. It is meant to help manage the data around the homebuying process," said a company representative.

Users can add details for each home they're interested in, like asking price, photos they take of the home, and notes for the home as a whole and for specific home features, such as living rooms, kitchens, etc.

Users can then share the home info by email. The app also gives the user the ability to create a Web page for each personalized listing, which can be shared via Facebook, Twitter and other social media platforms

Tami Winbury is a Techi- Real Estate Keller Williams Realtor.

www.inmannews.com

10 Spring Home Maintenance Tips

10 Home Maintenance Tips for Spring

Tami Winbury Keller Williams Realty is available to help you with all your Real Estate needs.  805-798-3412  DRE#01878369

 The sun is peeking out and the plants are starting to blossom, so it must be about time for spring chores again. Here's my annual spring checklist of important issues to tend to around the house.

1. Roofing repairs: If you suspect winter storms may have damaged your roof, it needs to be inspected. (If you're not comfortable with the height or steepness of your roof, hire a licensed roofing contractor for the inspection.) Look for missing or loose shingles, including ridge-cap shingles.

Examine the condition of the flashings around chimneys, flue pipes, vent caps, and anyplace where the roof and walls intersect. Look for overhanging trees that could damage the roof in a wind storm, as well as buildups of leaves and other debris.

If you have roof damage in a number of areas, or if older shingles makes patching impractical, consider having the entire roof redone. Also, remember that if the shingles have been damaged by wind or by impact from falling tree limbs, the damage may be covered by your homeowners insurance.

2. Check gutters and downspouts: Look for areas where the fasteners may have pulled loose, and for any sags in the gutter run. Also, check for water stains that may indicate joints that have worked loose and are leaking. Clean leaves and debris to be ready for spring and summer rains.

3. Fences and gates: Fence posts are especially susceptible to groundwater saturation, and will loosen up and tilt if the soil around them gets soaked too deeply. Check fence posts in various areas by wiggling them to see how solidly embedded they are.

If any are loose, wait until the surrounding soil has dried out, then excavate around the bottom of the posts and pour additional concrete to stabilize them. Replace any posts that have rotted.

4. Clear yard debris: Inspect landscaping for damage, especially trees. If you see any cracked, leaning or otherwise dangerous conditions with any of your trees, have a licensed, insured tree company inspect and trim or remove them as needed.

Clean up leaves, needles, small limbs and other material that has accumulated. Do any spring pruning that's necessary. Remove and dispose of all dead plant material so it won't become a fire hazard as it dries.

5. Fans and air conditioners: Clean and check the operation of cooling fans, air conditioners and whole-house fans. Shut the power to the fan, remove the cover and wash with mild soapy water, then clean out dust from inside the fan with a shop vacuum -- do not operate the fan with the cover removed.

Check outdoor central air conditioning units for damage or debris buildup, and clean or replace any filters. Check the roof or wall caps where the fan ducts terminate to make sure they are undamaged and well sealed. Check dampers for smooth operation.

6. Check and adjust sprinklers: Run each set of in-ground sprinklers through a cycle, and watch how and where the water is hitting. Adjust or replace any sprinklers that are hitting your siding, washing out loose soil areas, spraying over foundation vents, or in any other way wetting areas on and around your house that shouldn't be getting wet.

7. Check vent blocks and faucet covers: As soon as you're comfortable that the danger of winter freezing is over, remove foundation vent blocks or open vent covers to allow air circulation in the crawl space.

While removing the vent covers, check the grade level around the foundation vents. Winter weather can move soil and create buildups or grade problems that will allow groundwater to drain through the vents into the crawl space, so regrade as necessary. Remove outdoor faucet covers. Turn on the water supply to outdoor faucets if it's been shut off.

8. Prepare yard tools: Replace broken or damaged handles, and clean and condition metal parts. Tighten fittings and fasteners, sharpen cutting tools and mower blades, and service engines and belts in lawn mowers and other power equipment.

9. Change furnace filters: Now is the time to replace furnace filters that have become choked with dust from the winter heating season. This is especially important if you have central air conditioning, or if you utilize your heating system's fan to circulate air during the summer.

10. Check smoke detectors: Daylight Savings Time snuck up early again this year, and that's usually the semi-annual reminder to check your smoke alarms. So if you haven't already done it, now's the time. Replace the batteries, clean the covers, and test the detector's operation before it's too late.

If you have gas-fired appliances in the house, add a carbon monoxide detector as well (or check the operation of your existing one). CO2 detectors are inexpensive and easy to install, and are available at most home centers and other retailers of electrical parts and supplies.

Paul Bianchina
 

How Much Does it Cost to Relocate?

How Much Does it Cost to Relocate?

Every year, 16 million American families move, nudged by a new job, family ties, or the lure of a better lifestyle. But before you pack the first box, research the price tag of that better lifestyle. If you move to an area with higher living costs, you could end up with a lower standard of living -- even if you're making more money. On the other hand, a lower-cost location can help you live rich -- even if you aren't.

How Much Will Your Lifestyle Cost There?

You need details to get a fairly accurate cost picture. The local newspaper is a great source; consider subscribing to your new town's newspaper for a month or two so you can check out grocery promotions, car ads, housing and employment classified ads, and news. Other tips:

• Contact at least three real estate or rental agents. Ask them to do some legwork on homes and schools for you.
• Call the local library. Ask them for names of consumer shopping guides and real estate publications.
• Call everyone you know in that area -- even friends of friends. Hunt for information so you can get a good idea of the true cost of living your current lifestyle in a new place.
• Use the relocation company. If your new employer hires a professional relocation company to help you move, lean on their staff for all the answers you can get. They've got 'em.

As you uncover cost-of-living information about the location you're considering, put those figures into a worksheet. A worksheet will help you figure the income you'll need in the new location, and it will help you answer the should-I-stay-or-should-I-go question. Here are some key price points to consider:

Study Housing from Every Angle

The cost of housing is one of the easiest yet most complex parts of the relocation puzzle. Easy, because home-price comparisons abound on the Internet, in local newspapers and via real estate agent Winbury Realty. Complex, because to find a comparable home, you must take in many factors besides the size of the lot or the number of bedrooms.

To find out what a home like yours would cost in a new location, quiz personal contacts and real estate agents (or both -- the more the better) about school districts, local parks and recreation, the crime rate, the proximity of stores, services, and places of worship and the age, education, and occupations of the neighbors. Ask about "hidden" homeowning costs, such as recreation fees, trash collection, and community services.

Finally, check out the costs of homeowners insurance and the mortgage itself --Call John Maggio www.maggioinsurance.com  both of which tend to vary by region.

Try to get year-round sample bills for the kind of home you're considering. Some people pay plenty for cable TV, others rely on satellite dishes, and still others live so far out in the country that they pay long-distance fees to get on the Internet and have their own pumps and septic tanks instead of community water service. If you're moving to an area that gets dark early, has lots of swimming pools, or is very hot all summer, you can expect higher utility bills.

Pay Attention to Taxes

But don't dismiss a high-tax environment. Those taxes are paying for something, and if you're picking up better schools, convenient swimming pools, good libraries, trash collection, and more, the benefits may outweigh the cost. Saving on taxes could lead to higher expenses in other categories.

Insurance Rates Vary

There are huge regional differences in insurance rates, and for several reasons: Insurance companies and state regulations may be different, and some areas -- such as those prone to flooding or packed with expensive homes -- are more expensive to insure than others. The more populated your area, the higher your auto insurance costs will be.

Transportation Can Add Up

In the nation's big cities, the cost of train fares, parking, and bus tokens can pull hundreds of dollars out of your monthly budget. A small-town commute, on the other hand, can be a short walk or bike ride. Gasoline prices can vary widely from one place to the next. And if you're moving into an expensive part of the country, remember that everyone there charges what it takes to afford their own lives. So you can expect your new mechanic to charge more than your old one did for the same oil change.

Can You Still Find the Tacos You Love?

Comparing food costs from one area to another isn't a simple matter of pricing hamburger by the pound. The food you like best might not even be available, or at least not at a cost you can afford. If possible, take a shopping trip to your target area, or ask somebody who lives there to price your favorite foods for you.

Lifestyle differences can affect your food budget, too. If you're moving to an area with many high-priced restaurants and an active nightlife, you might be tempted to spend more on eating out and less on home cooking than you would in your current home.

"Free Time" Has Its Price, Too

How do you and your family spend your free time, and what will it cost to pursue those interests in a new location? Some communities have inexpensive youth sports leagues, swimming pools, skating rinks, and more, but in other areas those facilities are more limited. You might have to join an expensive club just to get tee time or a reliably-available tennis court.

Will a move take you far away from dear friends and family? If you envision keeping in touch to a great extent -- frequent phone calls, flying back to spend vacations with loved ones -- be sure to allow for the additional costs.

Get Rough Estimates From the Internet

You can do a quick-and-dirty estimate on the Internet, where cost-of-living calculators abound. But remember, these are very general figures that won't take your specific housing situation or special needs into account.

• Homestore.com's moving section provides you with a slew of calculators and resources, including a quick-and-easy salary calculator.
• Monstermoving offers cost-of-living databases for 500 American cities, as well as comparative data for real estate prices and taxes.
• Relocation Central is a complete source of relocation information, including state directories for everything from apartments to churches to utilities.
• Runzheimer International, an international relocation company, provides detailed information and data for a fee.

What Will Your New Life Cost You?

Income
Salaries
Investments
Other
Total Income

Expenses
Housing
Monthly mortgage or rent
Security deposit
Condo fees
Homeowners insurance
Maintenance
Water
Gas
Electric
Trash collection
Property taxes
Income taxes -- state and local

Transportation
Commuting costs, parking
Gasoline
Auto insurance
Auto maintenance
Auto registration fees

Everyday Expenses
Food
Childcare
Private school fees
Entertainment
Restaurant meals
Lawn service
Cable television
Hair care
Medical care
Orthodontia
Kids' Activities
Entertainment
Family vacations
Long-distance phone bills
 

Net cost: Total income minus net expenses

If the bottom line in your new location is negative, think twice about the move, expect a lower standard of living, or ask your prospective employer for more money.  Call Tami Winbury Keller Williams Realty for all your Real Estate needs. 805-798-3412 DRE#0187369

By Linda Stern

Home Sellers- How to Sell in the Current Market

Home Sellers- How to Sell in the Current Market

Call Tami Winbury Keller Williams Realty for all your Real Estate needs 805-798-3412.

Do your home's features justify your asking price?

Six years after the market peaked in 2006 and prices started to decline, many sellers are still in denial about the current market value of their homes. It's difficult for most sellers to accept the reality of today's home-sale market, whether they bought at or near the peak and will lose money selling today, or bought decades ago but are still stuck at 2006 prices.

An Ojai, Calif., many homeowners say they are aware that home prices had dropped quite a bit over the last five years. But feel that their home hadn't lost any value.

It's hard for homeowners to divorce themselves emotionally from a home they've enjoyed. But this is what sellers need to do so that they can make rational decisions about a list price that will actually result in a sale.

This decision should be based on listings that have sold in your area that could be considered somewhat comparable to your home. Some sellers go to open houses to evaluate the competition. If you're still emotionally wrapped up in your home, the exercise can be futile. You return home feeling that the other homes aren't as good as yours.

Put yourself in the buyers' shoes. This is easier for sellers who are also buying in this market. They know what it's like to want to make sure they're getting a good deal. Your house needs to be listed at a price that is enticing to buyers because it represents a good value. In most areas, buyers are buying in a market knowing that prices may continue to decline before the market fully recovers.

HOUSE HUNTING TIP: Be wary of real estate agents who tell you that your home will sell for a higher-than-supportable price just to get the listing. Then they work on you over time until you reduce the price to market value. REALTORS® refer to this as buying a listing.

It's hard to resist the temptation of trying for a higher price than the comparable sales indicate. However, you won't be happy if your home is on the market for months with no activity, and each time you drop the price it feels like too little too late. You can end up selling for less later if home prices in your area are still declining.

Refinance appraisals are notoriously inaccurate in terms of market value -- either too high or too low. An appraiser is attempting to gauge what price a buyer would pay when there isn't a ratified contract that states what a buyer will pay. A high refinance appraisal can leave the seller with a false expectation.

Listing your home based on what you want or need to net from the sale won't motivate buyers to pay more. Buyers pay market value. They're won't overpay in today's market.

Find out what buyers are looking for in your area and see how your home matches up to their expectations. Generally, today's buyers are looking for a home that is well-located, in good condition and is priced right for the market.

If your home needs a lot of work compared to the competition, you'll either need to have work done before selling, or discount your price accordingly.

Walk-to locations are highly desirable in some areas. If your home doesn't offer this amenity, you may have to make a price accommodation.

Homes with level-in access from the street are usually at a premium. If they're difficult to find in your area, you may be able to adjust your price upwards in comparison to similar homes that sold recently but had lots of steps.

THE CLOSING: For best results, be realistic about the current market value of your home and what preparation it needs in order to sell successfully in today's market.

Tami Winbury Keller Williams Realty is an eCommerce Marketing Specialist.  Helping Sellers and First Time Home Buyers with all their Real Estate needs 805-798-3412.  DRE#01878369

Dian Hymer,

How Long Does it take for a Bank to Approve a Short Sale?

How long does it take for a bank to approve a short sale?

This is the million-dollar question. While it takes an average of three to six months, the timeline – and the process – vary quite a bit from one bank to another.

Call Tami Winbury Keller Williams Realty for a Free consultation about how to short sale or how to purchase a short sale. 805-798-3412 www.ShortsSale.org

Short sale approval timelines depend on the bank (some just take longer than others). While each bank has different short sale guidelines, the short sale has to make sense to the bank. The more sense the short sale offer makes to the bank, the faster the approval process.

Here are some things that slow down the process by several weeks or more – these usually involve more people or more factors:

• Multiple liens on the property
• A third party negotiating the short sale on behalf of a seller. Some states allow third parties to do this, for a fee; some states, like Virginia, limit this to real estate licensees, attorneys, and employees of attorneys.
• Private Mortgage Insurance (PMI) on the property
• Additional investors

Action: To make an accurate prediction about the short sale timeline for a particular property, research the bank’s general timelines, the property’s liens, and whether there is PMI before writing the offer.  Tami Winbury Shoprt Sale Specialist and team have close relationships with many leanders.  Winbury Realty knows how to work well with others to get the deal closed.

Will the bank make repairs to the property?

The short answer is, probably not.

Here’s why:

• The bank does not have possession of the property and has no authority to make repairs on behalf of the seller.
• Many short-sale sellers do not have the financial means to make repairs.
• Many banks require the short sale to be sold strictly “as-is” and do not allow the seller to pay for any repairs.

Why wouldn’t a bank allow the seller to make repairs? your buyer may ask. A short sale is a sticky situation for a bank, and that the bank wants to avoid potential liability. For example, if the bank allowed the seller to make repairs and the repairs proved to be faulty, the buyer might potentially hold the bank liable, since the seller doesn’t Tami Winbury suggests asking for termite section 1 to be complete.  More and more banks are paying for termite work to be complete.

How do other types of debt affect the short sale outcome?

Many short-sale sellers are more than just “house-poor.” Many have additional debts that place a cloud on title. These include tax liens – income and property, medical liens, mechanic’s liens, and child support judgments.

Depending on your state, some creditors can try to collect debt by going to civil court and getting a judgment lien placed on the property against the homeowner. These liens must be cleared before the short sale transaction can be closed.

• Surprisingly, tax liens are probably the easiest to clear off the title. The IRS has several avenues to collect back taxes, and doesn’t want to become a real estate holding company. Removing a tax lien can take up to 120 days, so it is imperative that this process is started well in advance of the short sale.
• Medical liens can usually be negotiated and a payment plan worked out. However, this is a time-consuming process and needs to be started as soon as possible.
• Mechanic’s liens are a little harder to get removed. There is not much recourse for tradespeople and bad debts.
• Child support judgments are also difficult to remove because they usually involve government agencies.

In short, additional debts can tie up the short sale process.

Action: Make sure to ask the listing agent if a preliminary title search has been performed on the property so you can advise your buyer about possible obstacles.

The more information you can offer your first-time home buyer, the more confident they can be about the transaction. The more confident they are about the transaction, the more likely they will see the transaction through to the closing table.

Call Tami Winbury Keller Williams Realty for a Free consultation about selling your short sale or purchasing a short sale.  805-798-3412  www.ShortsSale.org  DRE#01878369

Avoiding Foreclosure

The Obama Administration has implemented a number of programs to assist homeowners who are at risk of foreclosure and otherwise struggling with their monthly mortgage payments. The majority of these programs are administered through the U.S. Treasury Department and HUD. This page provides a summary of these various programs. Please continue reading in order to determine which program can best assist you.

Distressed homeowners are encouraged to contact their lenders and loan servicers directly to inquire about foreclosure prevention options that are available. If you are experiencing difficulty communicating with your mortgage lender or servicer about your need for mortgage relief, click here for information about organizations that can help contact lenders and servicers on your behalf.

Making Home Affordable

The Making Home Affordable © (MHA) Program is a critical part of the Obama Administration's broad strategy to help homeowners avoid foreclosure, stabilize the country's housing market, and improve the nation's economy.

Homeowners can lower their monthly mortgage payments and get into more stable loans at today's low rates. And for those homeowners for whom homeownership is no longer affordable or desirable, the program can provide a way out which avoids foreclosure. Additionally, in an effort to be responsive to the needs of today's homeowners, there are also options for unemployed homeowners and homeowners who owe more than their homes are worth. Please read the following program summaries to determine which program options may be best suited for your particular circumstances.

Modify or Refinance Your Loan for Lower Payments

• Home Affordable Modification Program (HAMP): HAMP lowers your monthly mortgage payment to 31 percent of your verified monthly gross (pre-tax) income to make your payments more affordable. The typical HAMP modification results in a 40 percent drop in a monthly mortgage payment. Eighteen percent of HAMP homeowners reduce their payments by $1,000 or more. Click Here for more information.
• Principal Reduction Alternative (PRA): PRA was designed to help homeowners whose homes are worth significantly less than they owe by encouraging servicers and investors to reduce the amount you owe on your home. Click Here for more information.
• Second Lien Modification Program (2MP): If your first mortgage was permanently modified under HAMP SM and you have a second mortgage on the same property, you may be eligible for a modification or principal reduction on your second mortgage under 2MP. Likewise, If you have a home equity loan, HELOC, or some other second lien that is making it difficult for you to keep up with your mortgage payments, learn more about this MHA program. Click Here for more information.
• Home Affordable Refinance Program (HARP): If you are current on your mortgage and have been unable to obtain a traditional refinance because the value of your home has declined, you may be eligible to refinance through HARP. HARP is designed to help you refinance into a new affordable, more stable mortgage. Click Here for more information.

“Underwater” Mortgages

In today's housing market, many homeowners have experienced a decrease in their home's value. Learn about these MHA programs to address this concern for homeowners.

• Home Affordable Refinance Program (HARP): If you are current on your mortgage and have been unable to obtain a traditional refinance because the value of your home has declined, you may be eligible to refinance through HARP. HARP is designed to help you refinance into a new affordable, more stable mortgage. Click Here for more information.
• Principal Reduction Alternative: PRA was designed to help homeowners whose homes are worth significantly less than they owe by encouraging servicers and investors to reduce the amount you owe on your home. Click Here for more information.
• Treasury/FHA Second Lien Program (FHA2LP): If you have a second mortgage and the mortgage servicer of your first mortgage agrees to participate in FHA Short Refinance, you may qualify to have your second mortgage on the same home reduced or eliminated through FHA2LP. If the servicer of your second mortgage agrees to participate, the total amount of your mortgage debt after the refinance cannot exceed 115% of your home’s current value. Click Here for more information.

Assistance for Unemployed Homeowners

• Home Affordable Unemployment Program (UP): If you are having a tough time making your mortgage payments because you are unemployed, you may be eligible for UP. UP provides a temporary reduction or suspension of mortgage payments for at least twelve months while you seek re-employment. Click Here for more information.
• Emergency Homeowners’ Loan Program (EHLP), Substantially Similar States: If you live in Connecticut, Delaware, Idaho, Maryland, or Pennsylvania, Click Here for more information about EHLP assistance provided in your state.
• FHA Forbearance for Unemployed Homeowners: Federal Housing Administration (FHA) requirements now require servicers to extend the forbearance period for unemployed homeowners to 12 months. The changes to FHA’s Special Forbearance Program announced in July 2011 require servicers to extend the forbearance period for FHA borrowers who qualify for the program from four months to 12 months and remove upfront hurdles to make it easier for unemployed borrowers to qualify. Click Here for more information.

Managed Exit for Borrowers

• Home Affordable Foreclosure Alternatives (HAFA): If your mortgage payment is unaffordable and you are interested in transitioning to more affordable housing, you may be eligible for a short sale or deed-in-lieu of foreclosure through HAFA SM. Click Here for more information.
• “Redemption”is a period after your home has already been sold at a foreclosure sale when you can still reclaim your home. You will need to pay the outstanding mortgage balance and all costs incurred during the foreclosure process. Click Here for more information.

FHA-Insured Mortgages

The Federal Housing Administration (FHA), which is a part of the U.S. Department of Housing and Urban Development (HUD), is working aggressively to halt and reverse the losses represented by foreclosure. Through its National Servicing Center (NSC), FHA offers a number of various loss mitigation programs and informational resources to assist FHA-insured homeowners and home equity conversion mortgage (HECM) borrowersfacing financial hardship or unemployment and whose mortgage is either in default or at risk of default.

• Click Here to log onto the NSC Loss Mitigation Programs home page.
• Click Here for answers to Frequently Asked Questions about FHA’s loss mitigation programs.

CONTACT FHA

FHA staff are available to help answer your questions and assist you to better understand your options as an FHA borrower under these loss mitigation programs. There are several ways you can contact FHA for more information, including:

• Call the NSC at (877) 622-8525
• Call the FHA Outreach Center at 1-800-CALL FHA (800-225-5342)
• Persons with hearing or speech impairments may access this number via TTY by calling the Federal Information Relay Service at (800) 877-8339.
• Email the FHA Resource Center
• The Online FHA Resource Center

For a free consultation please call Tami Winbury at Keller Williams Realty 805-798-3412 DRE# 01878369 Tami will help you with all your Real Estate needs.

Principal reduction isn't ideal fix for Foreclosures

Principal reduction isn't ideal fix for Foreclosures, official says

Thinking about walking away?  Call Tami Winbury and team for a free consulation and market analysis of your home first.  Tami Winbury Keller WIlliams Realty 805-798-3412  DRE#01878369

Edward J. DeMarco, acting director of the Federal Housing Finance Agency, tells a Senate panel that forcing Fannie Mae and Freddie Mac to reduce the balances on troubled mortgages would hurt taxpayers.

What to do when your Mortgage Payment is Behind?

What to do when your Mortgage Payment is Behind?

What Are Your Options?

Escrow for the Seller

Call Tami Winbury Keller Williams Realty for all your Real Estate questions.  I reccommend Danielle Franklin at Stewart Escrow in Ventura 805-798-3412 DRE#01878369 www.ShortsSale.org

How a Short Sale is Negotiated

How a Short Sale is Negotiated

Tami Winbury is a Short Sale Specialist.  Call her for all your Short Sale and Real Estate needs.  805-798-3412  www.ShortsSale.org DRE#01878369

The biggest problem with short sale negotiations has little to do with the buyer's agent and everything to do with the listing agent. If the listing agent is incompetent and misleads on pricing the home, coupled with weak short-sale negotiation skills, nothing short of a miracle is going to help.

Short sales involve asking the existing lender(s) to accept less on a sales price than the mortgage amount. They work primarily because the home is upside-down in value -- meaning more is owed against the home than the home is worth on today's market.

Be aware that the seller does not need to be in default for a short sale to occur; however, the credit ramifications can be exactly the same for a short sale as a foreclosure.

Short Sale Negotiation Problems

Many lenders do not return phone calls. Banks will call the listing agent when it's convenient for the bank to call and when they have something to say, providing they haven't already lost the file or laid-off the previous negotiator.

• If your file is incomplete, it's entirely possible your request for a short sale will fall to the bottom of the pile.

   

• You will start with the loss mitigation department and talk to a different person each time you call.

   

• If foreclosure is looming, ask for the file to be escalated to a negotiator immediately, but expect that request to fall on deaf ears.

   

• The seller must be facing a hardship. If you can't substantiate the hardship, chances are your short sale will be not be approved.

   

• Send comparable sales that support the offering price because if the bank thinks it can get more money through foreclosure proceedings, it won't entertain offers at list price.

Negotiating With the Short Sale Negotiator

Don't be astonished if you end up dealing with more than one negotiator. I don't know if negotiators quit mid-stream because they can't handle the pressure or if the bank reassigns them to another position because it's short-handed.

Much like a projectionist at the movie theater being forced to sell popcorn in the lobby, your negotiator could be out in the bank's parking lot directing traffic the next time you call.

• Get the name, phone number (and, if possible, email) of the negotiator.

   

• Withhold your disappointment if that negotiator is no longer available when you call. Get the data on the next person.

   

• Find out the bank's objectives. Ask pointed questions such as "Is this offer feasible?" "Does your bank ever do short sales?"

   

• Don't take no for an answer. Ask for a supervisor. Be persistent.

   

• Be prepared to state your case in strong terms that the bank will understand.

Be Relentless in Short Sale Negotiations

The bank will be relentless, so you better be prepared to fight with the same set of tools. Be polite, but be firm and don't back down. Most likely, the bank will want to negotiate the real estate commission as well, plus there are cases where the bank decided at closing to renege on the promise to pay a commission.

• Be aware that the bank isn't forced to agree to anything.

   

• Ask for every agreement to be in writing, but don't be surprised when you don't get it.

   

• Make notations and keep a record of every conversation, with whom, and the date and time. You may need it in court.

   

• Ask the bank for a timeline and when it might be a good time to call back. Then call again a few days early.

   

• When you repeatedly receive voice mail, leave a message and call again just before lunch, right after lunch, just before the day ends and again in the morning before the day begins.

I'd love to see the day when banks get their acts together to deal with short sales on a practical level, but until that day comes -- like when pigs fly -- don't let the day-to-day irritations annoy you or your agent and keep on making those calls. Many short sales do eventually close.

_{At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.}

30-year fixed mortgage fell this week to record

30-year-mortgage hits record low

Call Tami Winbury Keller Williams Realty for all your Real Estate needs.  805-798-3412  DRE#01878369

 

 

 

Newly built luxury townhomes are offered for sale in Woodland Hills, Calif. Tuesday, Jan. 10, 2012. Fixed mortgage rates hit yet another record low on the second week of the new year. But the cheap rates are expected to do little to boost the depressed housing market. (AP Photo/Damian Dovarganes) / Damian Dovarganes/AP

The average rate on the 30-year fixed mortgage fell this week to a record low, the ninth time that has happened in the last year.

Even with the cheapest rates in history, the housing market remains depressed. Mortgage buyer Freddie Mac said Thursday that the rate on the 30-year loan dropped to 3.87 percent this week. That’s below the previous record of 3.88 hit two weeks ago.

The average on the 15-year fixed mortgage fell to 3.14 percent, also a record low. Records for mortgage rates date back to the 1950s.

Mortgage rates tend to track the yield on the 10-year Treasury note, which fell below 1.9 percent this week.

Rates have been low for more than a year, and the average rate on the 30-year loan has hovered near 4 percent for more than three months. Yet few people can afford to buy a home or qualify for a loan. Those who can have already done so.

High unemployment and scant wage gains have made it harder for many people to qualify for loans. Many don’t want to sink money into a home that they fear could lose value over the next few years

Written by Associated Press

Foreclosure comprised 20% of all U.S 3Q

The average foreclosed home sold during the quarter took 193 days to sell. That was up from 172 days in the previous quarter and 161 days in the third quarter of 2010.

Call Tami Winbury Keller Williams Realty for all your Real Estate needs.  Short Sale, Foreclosure and Bank Owned designated to help answer all your questions.  www.shortssale.org 805-798-3412 DRE#01878369

NEW YORK (CNNMoney) -- Sales of homes in foreclosure comprised 20% of all U.S. residential sales during the third quarter, according to RealtyTrac.

That share is a significant decline from the same period in 2010, when foreclosed homes made up 30% of residential sales, but it's still a far cry from levels seen during healthier housing markets when foreclosures comprised less than 5% of sales.

 

 

 

In total, 221,536 distressed properties were purchased during the quarter, down 11% from the previous quarter and 5% lower than the same quarter a year earlier, RealtyTrac said.

One reason for the year-over-year decline is that fewer homes are making it through the foreclosure pipeline, said Daren Blomquist, a spokesman for RealtyTrac.

Banks have slowed the processing and sale of foreclosures as they attempt to make sure they are not mishandling paperwork or attesting to facts that they have no knowledge of, both actions that were exposed during the robo-signing scandal.

"The number of REOs (bank-owned properties) coming onto the market has been artificially limited because of processing issues," he said. "That has reduced supplies."

As a result of these delays, the average foreclosed home sold during the quarter took 193 days to sell. That was up from 172 days in the previous quarter and 161 days in the third quarter of 2010.

Banks have also refrained from selling some distressed properties in order to avoid flooding the market with "for sale" signs that will weigh further on home prices. 

"There's a healthy demand for these homes: People see them as buying opportunities. But banks are not listing them as quickly as they could," said Blomquist.

For buyers and investors, there are indeed bargains to be found. On average, REOs sell for 42% less than conventional sales nationwide.

The smallest discounts are generally in places hardest hit by foreclosures. In those markets, so many of the sales are foreclosures that anyone selling a home has to price it very competitively, said Blomquist.

In Nevada, where foreclosure-related sales accounted for 57% of all residential sales during the third quarter, repossessed homes sold for only 20% less than conventional ones.

Call Tami Winbury Keller Williams Realty for all your Real Estate needs. Short Sale, Foreclosure and Bank Owned designated to help answer all your questions. www.shortssale.org 805-798-3412 DRE#01878369

Foreclosures: America's hardest hit neighborhoods

Trends for Kitchen Remodeling in 2012

3 Hot Trends for Kitchen Remodeling in 2012

Call Tami Winbury Keller Williams Realty for all your Real Estate needs and for a free home analysis. 805-798-3412 DRE#01878369  www.WinburyRealty.com

Mulling a kitchen remodel but want to keep costs low? You’re au courant with today’s trends that emphasize options and high-tech wizardry at affordable prices.

Negotiating a Real Estate Offer

Negotiating a Real Estate Offer

Here are a few tips to think about when negotiating a Real Estate Offer.  Sellers typically prefer deals with fewer contingencies. 

Negotiation strategies differ depending on how well the home is priced and who's on the other side. If you're trying to buy a short-sale listing where the lender has to agree to accept less than the amount owed, the seller doesn't have much say in the negotiations about price unless he can contribute money to pay down the loan amount.

Regardless of who you're dealing with, you're more likely to grab a seller's or lender's attention if you are preapproved for the mortgage you'll need and can provide verification of cash for the down payment and closing costs.

Many buyers feel that cash is king. If buyers are willing and able to pay all cash with no mortgage, no hassling with the lender and no appraisal contingency, they feel they're owed a price concession.

Not all sellers agree. Some, who are confident in the value of their home, would rather work with an offer from a well-qualified buyer who needs to obtain a mortgage but who will pay a higher price.

Before you start negotiating, you should understand as much as you can about the other party. For instance, if the sellers are moving to a retirement home, they might go for the highest-priced offer in a multiple-offer situation, even though it might not be ideal in other regards. If they are liquidating their last asset, every penny will count.

An all-cash or large-cash-down buyer might not be able to negotiate a "deal" based on the fact that no lender will be involved. But if the home is a good value and suits your long-term needs, you might increase your offer price and include a mortgage. This way, you conserve cash for other uses.

HOUSE HUNTING TIP: Many buyers don't want to negotiate. They want their first offer to be their best offer. Usually, the only time this is effective is if yours is the only offer, the house is priced right for the market, and you offer full price. In this market, you're better off planning for some negotiation, and not putting all your cards on the table at once.

In most areas, the home-sale market still favors buyers. A lot of sellers are selling for less than they paid. Some have to bring money to the closing. Sellers who have owned for years are selling for less than they would have years ago. It's natural that they would want to try for the highest price possible.

Negotiations are about more than price. Generally, the fewer the contingencies or the cleaner the contract, the more attractive it will be to the seller. Closing and possession dates can become issues at the bargaining table. What's included and excluded, time periods to satisfy contingencies, and virtually everything in the contract is negotiable.

Since everything is up for grabs, be clear about what's not negotiable -- for instance, you can't go over a certain price. Show flexibility in areas that will hopefully be valuable to the sellers, such as buying "as is" regarding some needed repairs.

Don't waste your time with sellers who are firm at a price that is considerably over market value. Wait until they become realistic while you continue looking. Some sellers eventually get tired of having their home listed and reduce the price to market value. Others don't.

Sellers need to understand that buyers in today's market will walk away from a negotiation if they feel they're not getting anywhere or are being treated unfairly. Buyers could become suspicious or disappear if they're told by the sellers or their agent that other buyers are lining up to make an offer when they aren't.

THE CLOSING: A smart strategy is to defend your position while being honest and fair with the other party.

Contact Tami Winbury Keller Williams Realty for all your Real Estate needs.  805-798-3412 www.Shortssale.org

Diane Hiamer

Top 5 Tax Breaks for Homeowners

Top 5 Tax Breaks for Homeowners

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Q: We bought a house this year!  Can I write this off on my 2011 taxes? How much of it? Tax Information for Homeowners

A: First things first: Congratulations! You've become a homeowner, and seem to have done so using an enviable financial arrangement. But now that you own a home, you might need to shift the way you think and look at some things, including your taxes and other financial matters.

Owning a home is one of those landmarks that signify financial adulthood. And one of the things that responsible financial adults do is get professional help when the situation requires it. Taxes are one of those areas that often do warrant calling the pros in.

I'm not just shilling for the tax prep industry here, either: The ultimate aim of using a tax professional is to make sure you get every deduction, credit and other tax advantage for which you qualify, without jacking up your chances at triggering the universally dreaded Internal Revenue Service audit by claiming dubious deductions.

Your mortgage debt is fairly small, as was your home's purchase price, though I don't know whether they are large or small in the context of your overall financial picture (i.e., income, assets, investments, etc.).

The fact that you saved or somehow came up with such a sizable chunk of change to put down makes me hesitate to assume that your finances are as simple as your mortgage balance might otherwise lead me to believe.

So, it might be the case that you can easily handle your own taxes -- in fact, it's even possible that your real estate-related deductions won't even outweigh the standard deductions, so that filing a simple form without even itemizing your deductions is actually the financially advantageous move.

Whether that's the case cannot be determined in a vacuum -- you may have other financial and tax issues going on. But with software and tax preparation services as inexpensive as they are, starting at under $20 for simple returns, I think it behooves you to get some professional advice and ensure you get the deductions you need.

Hiring a tax preparer might be a worthwhile investment to make, even if just this year, so he or she can brief you on what records you should keep and strategies you should do moving forward, like home repair and improvement receipts, or documentation of your use of an area of the home as a home office.

Now, let's talk more substantively about the deductions that are available to you, in the event you do decide to itemize your taxes (IRS Publication 530 offers a more nuanced view into Tax Information for Homeowners):

1. Mortgage interest deduction. Assuming this home is your personal residence, 100 percent of the mortgage interest you owe and pay before Dec. 31, 2011, is deductible on your 2011 taxes. In January, your mortgage lender will send you a form documenting the precise amount of interest you paid, although most lenders also now make this form immediately available to borrowers online.

Chances are good that you paid some amount of advance interest on your home loan at closing -- expect to see that on your statement from your lender, but you should also be able to find it on the HUD-1 settlement statement you received from your escrow agent at closing.

2. Property tax deductions. Again, assuming that this is the home you live in most of the time, you should be able to deduct 100 percent of the property taxes you've paid to your state and/or local taxing agency this year.

3. Closing-cost deductions. Discount points and origination fees paid to your mortgage lender and/or broker at closing are frequently deductible, but there are rules around this, which tax software and/or professionals can help you make sure you meet. Also, state and local transfer or stamp taxes paid at closing are generally deductible on your federal returns.

Beyond these basics, there are various home improvements (especially those that increase your home's energy efficiency), state and local tax credits for buying a foreclosure, and other tax advantages that might be available to you.

My advice is to work with an experienced, local tax preparer or, at the very least, use reputable tax preparation software to ensure that you get the maximum tax advantages available to you as a result of your new role as a homeowner.

Contact Tami Winbury Keller Williams Realty for all your Real Estate needs. 805-798-3412                                 DRE# 01878369

Tara-Nicholle Nelson

Why You Should Mortgage Shop

 Why You Should Mortgage Shop

Selecting a lender before knowing price rarely ends well

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Anyone completing a course in microeconomics would find great difficulty applying what he or she learned about competition to the home mortgage market. The market meets the major requirement of a competitive market in having many buyers and many sellers, but the benefits associated with competitive markets are conspicuously lacking. Instead of the expected single price that barely covers the sellers' costs and is available to all buyers, mortgage prices are all over the lot. Some borrowers pay competitive prices, but many pay more.

Why competition doesn't work

The core reason that competition in the home mortgage market doesn't generate the benefits that the textbooks lead us to expect is that most mortgage borrowers are required to select a lender before they know the price. No market will function well under that condition.

Some mortgage borrowers are not aware of this condition, and shop different lenders as if they could make a selection based on price. Most mortgage borrowers, however, don't try to shop; they select or are selected by a single lender, to the dismay of many observers. But the nonshoppers may instinctively realize what many experts have not fully grasped, which is that shopping in this market is largely futile.

I confess that it took awhile before I realized this myself. Over the years, I wrote several articles on "how to shop for a mortgage," which I am now in the process of revising. The corrected title will be more like "how to minimize the loss from having to select a lender without knowing that lender's price."

Why mortgage borrowers can't shop price

Multiple prices: The microeconomics textbooks assume that there is only one price that covers the buyer's payment obligation to the seller in full. In the case of mortgages, however, there are at least two prices: the interest rate and total lender fees. On adjustable-rate mortgages (ARMs) there are also rate caps, the rate index used, and the margin over the index. An interest rate all by itself means very little.

While multiple prices complicate shopping by borrowers, the difficulties would be surmountable if not for the additional problems noted below.

Changeable product: The textbook analysis of competition assumes that the product or service being sold can be precisely defined and doesn't change. If you price a horse but deliver a mule, as in "Fiddler on the Roof," the price doesn't mean anything.

In the case of mortgages, two critical factors affecting the price are not known with certainty until the borrower has selected the lender and applied for the mortgage. These are the credit score and loan-to-value (LTV) ratio, which are determined by the lender based on a credit report and property appraisal ordered by them.

While a preliminary price quote may be based on estimates provided by the borrower, that price is subject to change. Since the financial crisis, such changes have occurred with increasing frequency, and have been larger, in some cases leading to outright rejection.

Uncommitted price quotes: The textbook analysis of competition assumes that buyers can buy at the prices quoted by sellers. In the mortgage market, however, lenders have no obligation to lend at the price they quote until they lock, which may take days or even weeks. In the meantime, the quoted price is very likely to change with the market, which is very volatile. Quoted prices are reset every day and sometimes during the day.

Unsavory lender practices

The inability of borrowers to shop effectively is exploited by some lenders using a variety of unsavory practices.

Lowball scamming is the practice of quoting a price to a borrower below the price the lender is actually willing to accept. The purpose is to be selected by borrowers who believe they can shop price. Lowballing is endemic on Internet-based referral sites, which display price quotes by dozens or hundreds of lenders.

Market-volatility scamming exploits borrowers already onboard but not yet locked by taking advantage of changes in the market. If market prices increase, the borrower is charged the higher price, but if market prices decrease, the borrower is charged the price quoted earlier. In the second case, most borrowers are content to receive the price they were quoted earlier.

Property-valuation scamming exploits borrowers whose loans have been locked before their home appraisal has been received. If the appraisal comes in lower by enough to raise the loan-to-value ratio past a notch point where the price increases, the lender increases the price accordingly. But if the appraisal comes in higher by enough to reduce the loan-to-value ratio past a notch point where the price should decrease, the original lock price is retained.

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The writer is professor of finance emeritus at the Wharton School of the University of Pennsylvania. Comments and questions can be left at www.mtgprofessor.com. By Jack Guttentag
 

American Dream of Homeownership Continues Amid Foreclosures

American Dream of Homeownership Continues Amid Foreclosures

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Yahoo! Real Estate Survey shows consumer resilience in the face of foreclosure

By now, nearly five years after the real estate market meltdown began, you'd think virtually no housing consumer has been unaffected. To start, more than 5 million homes have been foreclosed and repossessed by lenders; 10 million homeowners are underwater (owing more on their homes than the homes are worth); and untold millions who want to offload their homes either can't or are trying -- and struggling -- to sell.

And while nearly everyone who pays for the place they live in has experienced some impact from the real estate recession, it looks like one thing remains insulated from damage: our belief in the value of homeownership.

Surprisingly, the people who you would expect were the most emotionally and financially scarred by the foreclosure crisis -- homeowners who have lost their homes -- still cling tightly to their belief in the value of homeownership, according to the results of a Yahoo! Real Estate study that polled 1,500 housing consumers, including more than 400 foreclosed homeowners.

Only 43 percent of the respondents who had actually lost their homes said their belief in homeownership had suffered as a result.

Among the 10 percent of respondents who experienced a foreclosure that led to a loss of primary residence:
 

Source: Yahoo! Real Estate Home Horizons 2012 survey of 1,500 U.S. homebuyers, sellers, owners and renters.

Further, there was not much difference in the share of respondents who had personally experienced foreclosure who still believe that homes are good investments (64 percent) compared with those who had no personal experience with foreclosure who hold the same belief (76 percent).

Source: Yahoo! Real Estate Home Horizons 2012 survey of 1,500 U.S. homebuyers, sellers, owners and renters.

The results underscore how resilient the dream of homeownership truly is. Survey respondents who had lost their personal homes to foreclosure were as likely to say they plan to buy a home in the future as respondents who hadn't experienced the financial and emotional trauma of losing a home to foreclosure.

Foreclosed homeowners have experienced firsthand the advantages of homeownership -- especially the tax, lifestyle and psychological advantages -- and they miss them, the survey shows.

You might wonder what would possess a foreclosed homeowner -- after going through the months or years of stress while missing mortgage payments (and/or trying to get the bank to modify their loans), the breathless anxiety of having to move or being evicted, and the years of credit and financial rehab after the foreclosure -- to ever want to buy or own another home again?

As I see it, several phenomena might be at play in keeping their desire to be homeowners alive. It's entirely possible that this group had a stronger-than-average belief in homeownership before they even bought the homes they lost in the first place.

This might have made them more likely to take a subprime loan or buy a more expensive home than they could sustainably afford, making them more susceptible to foreclosure than others.

If you loved living in and owning your own home, decorating and customizing it at will, and knowing that a big chunk of your monthly housing costs (i.e., your mortgage interest and property taxes) are tax deductible, it can be tough to take what feels like a personal financial step backward from owning to renting a home -- no matter what the financial pundits might say about renting vs. owning.

From a psychological perspective, there's even an argument that the fact that these people have lost their homes might be making them want homes even more than they would have had they never been homeowners to begin with.

And lest you think buyers and renters have gotten a free pass from foreclosure crisis effects, millions of would-be buyers who are desperate to strike while the home-value iron is hot are finding themselves stymied, unable to qualify for today's tight mortgage guidelines.

Even renters now have much more competition, in the form of foreclosed homeowners, which has driven rents up -- way up, in some markets. And 72 percent of surveyed homebuyers and sellers said the housing crisis has affected their housing plans.

Tara-Nicholle Nelson is author of "The Savvy Woman's Homebuying Handbook"

Spanish-language real estate search site

California REALTORS® launch Spanish-language real estate search site

Contact Tami Winbury Keller Williams Realty for all your Real Estate needs.  805-798-3412 www.TamiWinbury.com   Spanish Translator.

Consumer site Sucasa.net developed as sister site to California Living Network

The California Association of REALTORS® has launched a consumer-facing website for Spanish speakers looking for California real estate, the association has announced.

The site is Sucasa.net (the Spanish phrase "su casa" translates to "your house") and it is a sister site to the English-language California Living Network. Both are powered by Realtor.com and contain the same multiple listing service data.

"With Spanish ranking as the second most widely spoken language in the U.S. and Spanish speakers making up (a significant percentage) of California's population, we recognize the market potential for this homebuyer population," said LeFrancis Arnold, CAR's president, in a statement.

As of 2010, 28.9 percent of California's population spoke Spanish or Spanish Creole, according to the U.S. Census Bureau. Of the state's 37.3 million inhabitants, 37.6 percent identified as Hispanic or Latino and of those in that group 5 and up, 76 percent spoke Spanish.

On Sucasa.net, users can search for for-sale homes or rentals by city and state or ZIP code and filter their search by price range, number of bedrooms and bathrooms, property type, property features, home size, lot size, and how long ago the property was built. Results appear in list view, map view or grid view.

The site took about six months to develop, according to CAR. The association used a combination of professional translators and a variety of focus groups to translate the site's navigational elements and other standardized text.

Because of their sheer number and need for ongoing maintenance, property descriptions and listings details on the site are machine-translated, CAR told Inman News

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Are Short Sales Worth the Trouble?

Are Short Sales Worth the Trouble? Yes

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For anyone who has braved the housing market in the past four years, short sales have become synonymous with high risk and high reward. But with so many discounted properties on the market today, are they really worth a buyer's trouble? Maybe -- if you have a lot of time and a strong stomach.

 http://youtu.be/qz5a5zStUXM

Unlike foreclosures, in which the owner has walked away and the bank is looking to unload a vacant -- and sometimes, vandalized -- property, a short sale isn't a distressed home that will sell at a rock bottom price. The homeowner is underwater (meaning he owes more on his mortgage than the property is worth), and he has a financial hardship such as a job loss, medical, divorce. But to limit the damage to his credit rating, at which point the bank has agreed to absorb the loss. The bank benefits because they do not have to go through the expense of a foreclosure.  According to RealtyTrac, short sales typically went for nearly 10 percent less than the market price in the first quarter of 2011. (Foreclosures sold at a 35 percent discount.)

What makes the transaction tricky for the buyer is that you're negotiating not only with the homeowner but the bank -- and that creates three big headaches:

1. It may take a long time.

Normally, when you make an offer on a house, you'll hear back within days, or even hours. But banks move very slowly these days because their representatives are overloaded with cases. You might wait 30 to 60 days for a response, perhaps longer if there's a second mortgage on the property and therefore a second bank. The total process can easily take as long as six months from start to finish. "For someone moving a family or relocating for a new job," says Parmelly, "that kind of timeline is incredibly difficult."

2. Your offer can't be contingent on selling your current home.

Banks generally won't accept offers on short sales if they're contingent on selling your current house to get the funds you need. "Even if the buyer is already under contract, there are just too many things that can go wrong," says Parmelly, "and then all the dominoes fall." So unless you're a first-time homebuyer, you don't need the equity from your current home, or you're a real estate investor, it's unlikely that you can make a short sale work.

3. It's an as-is sale.

Banks also typically won't consider short-sale offers that have inspection contingencies in them. So you can either do your inspection before you make your offer -- which would mean spending $500 to $1,000 on the outside chance that you can make a deal (and less than a quarter of short-sale offers lead to a purchase ).

As long as you're prepared for these hurdles, you may just land yourself a bargain. But make sure to work with a veteran Realtor like Tami Winbury because you want someone who knows the ins and outs of the process and can protect your interests throughout the negotiations. And since short sales aren't necessarily identified on Realtor.com or the part of the MLS data sheet that buyers see, always ask your agent whether any house is a short sale before bothering to look at it.

Then, if you fall in love with a house that's a short sale, get yourself a mortgage pre-approval -- another short-sale requirement. You can do that without putting down any money.

Contact Tami Winbury Keller Williams Realty 805-798-3412 www.ShortsSale.org for all your Real Estate needs. DRE#01878369

How to Buy After a Foreclosure

How to Buy After A Foreclosure

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Homeowners facing foreclosure seem to be desperate to buy again.

Frequently, I receive inquiries from someone who hasn't yet lost their home to foreclosure but anticipates they soon will, and wants to be able to get back into the market.

In the same breath, many of these folks say they're ready to pay top dollar for their next home, and pay an additional premium if they are forced to rely on lease-to-own, seller financing, or a hard-money mortgage.

Others claim they don't want to miss out on the opportunity to build equity in a home instead of paying rent, or cite the tax advantages of homeownership as the piece they particularly want to retain.

My advice is almost always this: Slow down! Most legitimate loan programs now impose a three-year-plus waiting period after a borrower loses a home to foreclosure, even if they would otherwise qualify for a mortgage based on their credit score, income and assets.

Here are four suggestions for how you can wisely use that waiting period to recover from a foreclosure -- these steps also do double duty in terms of setting you up for success and sustainability the next time you buy a home.

1. Feel the pain.

Many folks are still in the early stages of grief at the loss of their home: anger and denial. They are angry at the bank, and in denial about the loss of their home and its advantages, from status to tax write-offs.

What I know is that getting through this grief is an essential first step to truly moving forward. Inherent in grief is an acknowledgement that something is dead and over. The acceptance of that finality is what allows you to move forward and learn the lessons that such experiences can teach.

As long as you're stuck in the emotional protestations of how unfair it was that you lost your home, or spinning in a place of outrage about the Wall Street bailouts, you're probably not making emotional progress to the point where you can begin to learn from your experience.

2. Metabolize the loss.

Henry Cloud, bestselling author of "Necessary Endings: The Employees, Businesses, and Relationships That All of Us Have to Give Up in Order to Move Forward" (Harper Business, 2011), recommends that we treat our painful past experiences as our bodies do food, metabolizing them by taking away the lessons we can distill from them that will fuel our future decisions, and leaving behind the pain and other toxic wastes from the experience.

Individuals and couples should take time out to acknowledge what has happened, and distill and discuss mistakes that were made and insights you've gained so that you can avoid repeating them in the future. It's a meaningful method for progressing past grief and repositioning yourself to make smarter decisions about your money and your mortgage for the rest of your life.

3. Avoid rebound home purchases.

There's a whole lot of what I call tuition -- the price we pay to learn life lessons -- involved in the loss a home to foreclosure. If rush in too quickly to the next home purchase, chances are good we'll miss the lesson and get nothing for the tuition. This is evident in the gymnastics many foreclosed homeowners are considering going through in order to buy a home at all costs. These may mirror their willingness a few years ago to take on an unsustainable mortgage, which is what got some portion of them into foreclosure in the first place.

Trying to replace our losses on the rebound, be it after a breakup or after a foreclosure, is how people end up repeating their mistakes. Making new, unsustainable mortgage commitments and chronically overspending or over borrowing is no different from your friend who keeps repeating the same old dysfunctional relationship patterns, year after year.

4. Heal your finances.

My advice to foreclosed homeowners is to devote some real time to working on their finances, without worrying about buying another home. Get your debt paid down or off. Change your spending habits and your overall relationship with money. Get your taxes current and paid. Save some money. Create the habit of paying every bill on time every time. Eliminate unnecessary monthly expenses. Work the programs in "365 Days to Organized Finances or Financial Recovery," or some similar book, or both. Focus for awhile on your career development.

Tara-Nicholle Nelson is author of "The Savvy Woman's Homebuying Handbook" and "Trillion Dollar Women: Use Your Power to Make Buying and Remodeling Decisions."

You Don't Have to Lead to Foreclosure

You Don't Have to Lead to Foreclosure

Contact Tami Winbury Keller Williams Realty for all your Real Estate needs 805-798-3412 www.ShortsSale.org

There are government reports out informing that most homeowners who lose their home to foreclosurenever call the bank to determine whether they can work something out with them, despite the ubiquitous government, bank and media education campaigns encouraging them to do just that.

While a number are strategic defaulters who plan to walk away from the home in any event because of its deep negative equity, the vast majority are folks who have lost a job, seen their business income decline during the recession and/or had their payment adjust steeply upward sometime over the past couple of years, and have simply fallen behind on the payments.

Simply ignoring the bank's calls and letters does not just get a distressed homeowner out of a hard conversation or two; the ultimate results of this plan of inaction include losing the property to foreclosure and bank repossession, including eviction and having to find another place to live.

Could those things happen anyway, even if you do reach out to the bank? Absolutely. But there are still millions of homeowners every year who are able to save their homes, under a bank or governmentloan modification or refinance program, or even amicably agree to a less traumatic surrender of the property than foreclosure, by short-selling the property or negotiating a deed-in-lieu of foreclosure.

It only makes sense to try.

But not everyone does. Here are a few of the emotions and psychological underpinnings I suspect motivate a homeowner in mortgage distress to completely avoid the situation and fail to seek help with keeping their homes. And just in case you recognize yourself in any of these, I've also included some steps for deactivating these issues and rethinking your (non-)approach.

1. Fear and panic. The thought of not being able to make your mortgage payment -- and then actually missing it -- induces a constant, chronic state of fear and overwhelming dread. If you have a contingency plan in place -- a check you know is coming, or a new job where you'll get your first check in a week or two -- those emotions are manageable. But if you have no backup plan, or it falls apart, fear quickly comes to panic -- and panic is paralyzing.

If you're about to miss a mortgage payment or have just missed one, and are feeling that paralyzing panic of not knowing what to do next, decide to do just one thing today -- right now -- to break the hold of that panic. First things first: Search the Web to get educated about the foreclosure process in your state.

On average, it takes 22 months of missed payments before banks foreclose on a home, on today's market. That's not to say you should plan on missing that many, because many states allow foreclosure after six months, and even a single missed month can be difficult to ever recover from.

But it should also help you understand that you'll probably not be evicted tomorrow, and you probably do have some time to try to work something out, whether with the bank or with your own financial situation.

Any little item you do will help put the kibosh on your panic. So, go to your mortgage company's website and figure out who it is you are supposed to call. Calendar your time to call the bank, or call them right now. Just do something, no matter how little, but do it now.

2. Guilt and shame. The longer you've been a responsible homeowner, the more susceptible you are to feeling guilt and shame at the prospect of needing to reach out and ask someone for help.

If feelings of guilt for making a bad mortgage choice five years ago or shame at having lost your ability to support your family and make the mortgage payments are holding you back from making the call, get over it. Guilt and shame are the lowest-energy, least productive of all the human emotions.

And the fact is, you certainly are not alone in having chosen an unsustainable mortgage or having lost your job. The guilt and shame you feel now, if this describes you, are nothing compared to what you will feel if you lose your home without having given the effort to save it your best college try.

3. Intimidation. Perhaps things would be different if this was unfolding back in the days of the friendly neighborhood banker. These days, homeowners read headline after headline about the banks having foreclosed on the wrong people, flat out refused to help hundreds of thousands of homeowners who were targeted by the government housing programs, and running loan modification applicants through an insane rigmarole of lost documents and required resubmissions and last-minute notices that the home is on the auction block.

I have personally known people so intimidated and overwhelmed at the thought of even taking on this David vs. Goliath-style battle that they just pack their bags and move out as soon as they know they're going to miss a payment.

If this describes you, consider getting some help in dealing with the banks. There is a lot of free help around.

Visit NACA.com and learn about their extremely successful, nearly free HomeSave program.

If you live in one of the "Hardest Hit" states or D.C., contact your state's housing finance agency, which can directly assist you with designated "Hardest Hit" funds, and has particularly unique and powerful options for those receiving unemployment insurance or who are back at work but struggling to get caught up on their mortgage payments.

Additionally, many HUD-approved credit counseling services will negotiate with your lender on your behalf in a delinquent mortgage situation, for very low or no cost.

Contact Tami Winbury Keller Williams Realty for all your Real Estate needs 805-798-3412 www.ShortsSale.org  DRE# 01878369

Tara-Nicholle Nelson

Buying a Home? Take a Look Around Video

Buying a Home? Take a Look Around!

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DRE# 08178369

Important First Time Homebuyers Info.

Handling High Closing Costs

Handling High Closing Costs

Lowballing Your Offer is Risky Business

Lowballing Your Offer is Risky Business

Call Tami Winbury Keller Williams Realty 805-798-3412 for all your Real Estatae Needs

Let's say you are a buyer and you have found a house that meets your needs and its listing price is in your financial comfort zone. You have reviewed recent comparable sales for like properties. You have established what you think the value of the home is. You are armed with a pre-approval if you are going to seek financing or have copies of statements verifying liquid funds if you are paying cash. You are ready to make an offer and open good-faith negotiations for the house.

Okay, so stop for a moment and think of yourself as a pitcher...a baseball pitcher. Think of the seller as the batter at the plate. The catcher's mitt is like the comps - the target you are aiming for. Are you with me?

Pitchers have more than one pitch. Each pitch is used for a different strategy. Offers are the same. You can make a full-price offer with super strong terms - a fast ball pitch down the middle of the plate. If a house is priced at market value and there is strong competition from other buyers, your fast ball is the best option. And you may have to go over the ask...that is put a little extra on that pitch!

You can make an offer somewhere at the bottom of the zone of established value. That is like throwing a slider or a breaking ball low and inside...if it is interesting enough (strong terms like a high percentage down, no mortgage contingency, waiving of inspections), the seller will take a look at that pitch and may swing (a decent counter offer comes back to you) or a check swing (no or low counter offer).

Or, you can combo up some strong terms with a sensible value price...that's like throwing a knuckleball in the strike zone and let the seller make contact. Get the ball in play and see if you can reach agreeable terms and price for both sides.

Lately, I am seeing too much of the dangerous pitch choice...the wild pitch. Lowball offers are like wild pitches. Wild pitches are so far out of the zone, the catcher doesn't see it coming, can't catch it and the batter is puzzled and trying not to get injured. Same thing with lowball offers. They insult the seller, confuse the agents about your motivation and there is no basis in anything concrete to support the offer. Pitchers who pitch wild pitches get pulled. The seller reacts the same way by making no counter offer and saying "NEXT!" and some other choice words I cannot type here. Your wild pitch of an offer has set a tone for the negotiation and vicariously painted a picture of yourself as being opportunistic, or unrealistic or not serious. If the seller is able to remain calm and let you make an improvement, you are lucky. But the damage has been done. You have left the door wide open for another buyer to come in and give the seller incentive to listen more closely to them as direct response to your lowball offer.

So, when you are ready to make an offer think of yourself as a pitcher with a choice of pitches. AVOID WILD PITCHES. Study your target. Get that offer over the plate and give the batter something to look at and consider swinging at! If you can put the ball in play, you are on your way to buying a house.

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Mortgage rates stay low, buyers not biting

Mortgage rates stay low, buyers not biting

Purchase loan demand near 15-year low

Contact Tami Winbury Keller Williams Realty DRE#01878369 for all your Real Estate needs. 805-798-3412 http//www.ShortSale.org

Mortgage rates are hovering not far above record lows set during the first week in October, but demand for purchase loans hit a low last week not seen since 1996, surveys of lenders show.

Freddie Mac's latest Primary Mortgage Market Survey showed rates for 30-year fixed-rate mortgage (FRM) averaging 4.11 percent with an average 0.8 point for the week ending Oct. 20.

That's virtually unchanged from 4.12 last week, and not far above the all-time low in records dating to 1971 of 3.94 percent set during the week ending Oct. 6. Rates on the popular 30-year fixed-rate mortgage were at 4.21 percent this time a year ago, before climbing to a 2011 high of 5.05 percent in February.

For 15-year fixed-rate mortgages, rates averaged 3.38 percent with an average 0.8 point, essentially unchanged from 3.37 percent last week. The 15-year mortgage hit an all-time low in records dating to 1991 of 3.26 percent during the week ending Oct. 6.

At this time a year ago, 15-year loans were averaging 3.64 percent, before climbing to a 2011 high of 4.29 percent in February.

Rates on five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) loans averaged 3.01 percent with an average 0.6 point, down slightly from 3.06 percent last week, and not far off the all-time low in records dating to 2005 of 2.96 percent registered during the week ending Oct. 6. A year ago, the five-year ARM averaged 3.45 percent, before hitting a 2011 high of 3.92 percent in February.

The one-year Treasury-indexed ARM averaged 2.94 percent with an average 0.6 point, up from 2.9 percent last week but still within range of a low in records dating back to 1984 of 2.81 percent seen during the week ending Sept. 15. At this time last year, the one-year ARM averaged 3.3 percent before hitting a 2011 high of 3.4 percent in February.

Looking back a week, a separate survey by the Mortgage Bankers Association showed demand for purchase loans fell a seasonally adjusted 8.8 percent during the week ending Oct. 14, to the lowest level since December 1996. Purchase loan demand was down 5.1 percent from the same time a year ago.

Applications to refinance were down 16.6 percent from the previous week, but refi requests still accounted for 77.6 percent of all mortgage loan applications.

In a forecast issued Monday, economists at Fannie Mae said they expect rates on 30-year fixed-rate mortgage loans to average 4 percent next year and 4.2 percent in 2013. Fannie Mae's forecast calls for sales of new and existing homes to grow by less than 1 percent next year, to 5.28 million, before picking up by 6.5 percent in 2013.

"In this type of environment, the housing market remains very sluggish and consumers' willingness to dig into their savings to purchase big-ticket items is very low," said Fannie Mae chief economist Doug Duncan in a statement. Duncan said leading indicators "point to housing sales bouncing near the bottom at least through the end of 2012."

The large inventory of distressed homes working their way through the market is putting downward pressure on prices, Duncan said, and with fall and winter being a weak seasonal sales period home prices are likely to show declines after firming for several months.

By Inman News

Contact Tami Winbury Keller Williams Realty DRE#01878369 for all your Real Estate needs.

Home Buyer's Mistakes

Home Buyer's Mistakes

Buyers' agent, Tami Winbury Keller Williams Realty, specializes in representing the particular interests of homebuyers. www.TamiWinbury.com DRE#01878369

Energy-efficient Window Coverings may qualify for Tax C

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Your insulated window coverings, such as blinds and drapes, may be eligible for a $500 tax credit, but take a deep breath before you go out and celebrate. Although the IRS has a pretty wide definition of “insulation,” it doesn’t specifically mention window coverings.

But it doesn’t exclude them, either. Some companies, such as Hunter Douglas, say certain coverings they make are eligible and back up their claims by issuing a manufacturer’s certification statement saying so. Some tax experts believe that because these coverings don’t provide insulation as their main purpose, the IRS will eventually strike down these certifications.

Do your energy-efficient window coverings qualify?

If a company provides a certification statement, you’re almost certainly OK—for now. Even if the IRS later denies the company’s claim, it’s unlikely you’ll lose your credit retroactively.

Window coverings that currently may qualify for the federal tax credit include:

• Honeycomb shades

• Plantation shutters

• Draperies, especially those identified as “insulated drapes”

• Window films with insulating properties

Avoid tax hassles later

• Always insist on a manufacturer’s certification for energy-efficient window coverings you purchase. Ads and smiling handshakes just aren’t good enough.

• Don’t assume that if one company is giving a manufacturer’s certification, a similar product from another company is also covered.

• If the IRS forces a company to withdraw a product’s certification and you buy it after the cancellation, you can’t say, “You used to certify it, so I’m still covered.”

What to do with a certification statement

You won’t have to submit the certification statement with your tax return, but you’ll need it and a copy of the sales receipt for your records. Stash your statement with your important papers for the year, and file IRS Form 5695 with your tax return.

• Effort:Low 1 hr (file IRS Form 5695)
• Saves:Med $500

Read more: http://www.houselogic.com/home-advice/windows-doors/energy-efficient-window-coverings/#ixzz1b94qOMiV

Property Lines & Boundaries

Property Lines & Boundaries

Contact Tami Winbury Keller Williams Realty 805-798-3412  DRE# 01878369 for all your real estate needs.

Fences should not be considered an indication of property boundaries. Legal property boundaries are demarcated by surveyor pins or stakes. These are typically 1/2" to 3/4" round iron pipes flush or buried slightly below land surface. Newer pins might have yellow or orange caps that indicate the surveyor's license number.

Locating property lines can be challenging. Older surveyor pins tend to erode. Older property markers could be metal posts, rebar, pipes or car axles. Those having difficulty locating their surveyor pins, also called corner pins, should contact their city or county government and get a copy of their plat map.

A plat map will identify each specific lot located in a subdivision — as well as the shape and dimension of the lot — and where the surveyor pins are located.

If a plat map is not available, or no pins are found, the next step is to contact a registered land surveyor to locate the property lines and set new surveyor pins. The boundary surveyor will thoroughly research city and county records relating to the land and all adjacent property. After research, the field work begins, reconciling the research with the onsite analysis on the property to determine the final boundary lines.

Boundary surveys might also include property improvements, fences, power lines and any encroachments crossing the property lines. Costs of a boundary survey can vary depending on property size, terrain, vegetation, location and season.

A survey is strongly recommended before subdividing, improving or building on land. Building beyond property lines could result in being forced to alter or remove a structure, fines and lawsuits.

To purchase your next property call Tami Winbury Keller Williams Realty 805-798-3412 DRE# 01878369

Robert Clark- Prospect Mortgage

Tree Falls Over Property Line: Who Pays?

If a neighbor's tree damages your property, your insurance company should pay to repair the damage, then decide whether to seek reimbursement from your neighbor. Image: NOAA

When a neighbor’s tree falls over your property line, yell TIMBER, then call your insurance company. Home owners policies cover tree damage caused by perils like wind and winter storms. Most policies cover hauling away tree debris if the mess is associated with house damage; some will cover cleanup even if no structures were harmed.

When a tree falls

Your neighbor is responsible when a tree falls over your shared property line only if you can prove he was aware that his tree was a hazard and refused to remedy the problem. Regardless, your insurance company restores your property first, and later decides whether or not to pursue reimbursement from the neighbor or his insurer if the neighbor was negligent in maintaining the tree.

Before a tree falls

Write a letter to your neighbor before his dead, diseased or listing tree falls through your roof or over your property line.

The letter should include:

• Description of the problem

• Photographs

• Request for action

• Attorney letterhead—not necessary but indicates you mean business.

Trim their trees

If the limbs of a tree hang over your property line, you may trim the branches up to the property line, but not cut down the entire tree. If a tree dies after your little pruning, the neighbor can pursue a claim against you in civil or small claims court. Depending on the laws of your state, your neighbor may have to prove the damage was deliberate or caused by negligence, but may also be able to recover up to three times the value of the tree.

Before you cut, tell your neighbors what you intend to do to protect your property. They may offer to trim the whole tree instead of risking your half-oaked job.

Your tree falls

It’s always a good idea to take care of your big and beautiful trees, and keep receipts for trimmings and other care.

But if your tree falls over a neighbor’s property line, do nothing until their insurance company contacts you. You may not be liable unless you knew or should have known the tree was in a dangerous condition. If you pruned a tree or shored up trunks to prevent problems, gather your receipts to prove your diligence.

Call Tami Winbury Keller Williams Realty for all your Real Estate needs 805-798-3412 www.LiveOjai.com DRE#01878369

Read more: http://www.houselogic.com/home-advice/home-insurance/tree-fall-property-line/#ixzz1afcAIH4S

How long must I wait before obtaining financing after bankruptcy, for

Financing after bankruptcy, foreclosure, Short Sale

3 keys to qualify for mortgage using cash income

3 keys to qualify for mortgage using cash income

 Tami Winbury Keller Williams Realty  805-798-3412  DRE#01878369  (repost)

FHA Mortgages Make Homes Affordable For First Time Homebuyers

FHA Mortgages Make Homes Affordable For First Time Homebuyers

Tami Winbury Keller Williams Realty

repost

Realtors Expect 1% Rise in Calif. Home Sales

Realtors Expect 1% Rise in Calif. Home Sales

Google+

Google+ has been open to the public for about 11 weeks now… Of course, in that short time, there have been many a blog post on it with the topics ranging from how it may or may not be the death of Facebook or Twitter to the rants and raves regarding the likeliness of its survival. One thing is for sure – no one can predict what will happen with this new networking platform and honestly, there is no lost sleep over here. I satisfy my passion for social networking and connecting over on the aforementioned sites… Well, except for one thing – my beloved Hangout (aka: cloud video conferencing).  Contact Tami Winbury Keller Williams Realty 805-798-3412 DRE# 01878369 for the best real estate Online resources and marketing.

It was “love at first experience”… that moment I attended my first Hangout. Sure, you can video chat inside Facebook or Skype, but the technology on those two platforms can’t touch the Hangout. The G-geeks behind the tech truly leverage the power of Google’s infrastructure - not like the peer-to-peer (P2P) tech embraced by the others above. Not to mention, one of my favorite Google+ Hangout features, the automatic switch of focus to the person talking; promoting that person to the main screen, while the other chatters are featured in small tiles underneath the big screen.

Yes, I’ve heard the loud whisper of complaints about the browser integration Hangouts currently require you to download a plug-in… but no worries, Google is already working on a solution for this.

Alright, that’s enough geek-speak… for now, all you need to know is that their current solution dramatically reduces the latency experienced in multi-user video chat – a definite PLUS in my book. (pun intended) Oh, and it is FREE.

People often ask me what happens in all of the Hangouts I participate in and host… and my answer is simply – CONNECT. Your sphere is likely growing “geographically” like mine is, right? If I only stop and catalogue the Inman events attended over the last 18 months… all of them have inspired and solidified many connections with people from all over the globe! So, how can anyone truly keep in touch with these new connections IRL – especially when there are hundreds or thousands of miles between them? Well, my solution has been IVL (In Virtual Life) using Hangouts.

For the record, the “Hangout” was created to be serendipitous and “public” in nature. If you can SEE people hanging out that means you are welcome to join in… period.

HOWEVER, most of my interactions are in focused, invitation-specific Hangouts. I just create a circle of friends on Google + and “schedule” Hangouts with them using Google Calendar. For example, my #powerwomen group meets twice a month to share business development ideas, inspire progress/growth, and provide a valuable support network. Other fave Hangouts have been about harnessing the power of apps like Evernote, brainstorming ways to integrate an iPad into Real Estate client interactions, and even watching a few YouTube training videos and then discussing them – right inside Hangout.

Still not convinced? Here are some more examples of how I use it: My BFF shoots me a text that she needs to chat… and my immediate reply is text or Hangout? A coaching client on the East Coast has a question about her biz strategy – the two of us pop on Hangout and hash it out. I also actually offered the newest #swaggagurlz team member her job via Hangout!! This communication platform has replaced nearly 80% of the “phone/conference calls” on my calendar. If the other person is not on Google+, I send them an invite, walk them through the set up, and voilà- we are off and Hanging Out! Every single connection has gone on to implement the Hangout in their lives. The bottom line is that a Hangout is more focused and productive than a call. Simply put, you HAVE to pay attention – they can SEE you. Need I say more? Okay, how about they are usually more FUN and engaging too?

If you haven’t put your toe in the G+ water yet – do yourself a favor and try it, if only to adventure in “Hangout Land”. I am happy to share a Google Plus invite if you need one… and believe me, once you are there, Google’s “How To Host a Hangout” instructions will be all you need to get going!

If you are using Hangouts in a creative way or have a unique idea, please share that in the comments below. Also, Google announced another round of exciting upgrades coming to Hangouts, including: screensharing, sketchpad, and Google docs integrations… Let’s imagine the possibilities together!

Happy Hanging Out

Reposted by Tami Winbury Keller Williams Realty 805-798-3412

Survey: Down Payment an Obstacle to Homeownership for Most

Survey: Down Payment an Obstacle to Homeownership for Most

Call Tami Winbury Keller Williams Realty  805-798-3412  www.Shortssale.org

More than half of renters who wish to buy a home say the biggest imediment is saving enough for a down payment, according to the latest American Dream survey from real estate search and marketing site Trulia released today.

Market research firm Harris Interactive conducted the biannual online survey for the company between Aug. 30, 2011, and Sept. 1, 2011. The survey included 1,392 homeowners and 758 renters.

The majority, 70 percent, of respondents said owning a home is part of their American dream, unchanged from the last survey in January. This attitude toward homeownership rose with age, from 65 percent of 18- to 34-year-olds to 76 percent of those 55 and older.

Among current homeowners, 80 percent said they plan to buy another home in the future and 57 percent said owning a home is among the best long-term investments they could make, Trulia said.

Among renters, 59 percent said they aspired to own a home, but of those, 51 percent said saving enough for a down payment was their biggest obstacle to homeownership at this time.

Those in the 18-to-34 age group were most likely to cite this as their biggest concern (62 percent). Other obstacles cited by respondents include qualifying for a mortgage (36 percent), having a poor credit history (34 percent), inability to pay off existing debt (31 percent), not having a stable job (29 percent), and declining home values (13 percent).

"From saving enough for a down payment to qualifying for a mortgage and having a poor credit history, today's aspiring homeowners face many financial obstacles in order achieve their American dream of homeownership," said Jed Kolko, Trulia's new chief economist, in a statement.

"These obstacles keep some would-be homeowners from taking advantage of low mortgage rates; on the other hand, they prevent some people from buying homes they can't really afford," he said.

"Government homeownership policies can target some of these obstacles to homeownership, but only stronger economic recovery will help households facing multiple obstacles become better able to buy homes."

The survey also found that, among those who said homeownership is part of their American dream, ideal home size has trended smaller over the past year. At this time in 2010, 9 percent said their ideal home size was more than 3,200 square feet compared with 6 percent now. A range of 1,401 to 2,000 square feet was ideal for 32 percent in this survey, compared with 28 percent a year ago.

Source: Trulia

Both the youngest (18-34) and oldest (55 and older) age groups surveyed expressed preferences that indicate they'd prefer to live in urban centers: shorter commutes to work for the former and proximity to restaurants and shops for the latter.

"Long-term housing demand will recover, even though today's prices tell a different story," Kolko said. "But the homes that people will want in the future will look different than today's housing stock. Retiring baby boomers won't want big suburban houses: They care more about easy access to restaurants and retail and will be willing to trade down. High gas prices -- which make long-distance commuting more expensive -- will accelerate this trend, as would changes to the mortgage interest deduction that reduce demand for expensive homes."

Also today, Trulia announced Kolko's appointment as chief economist.

By Inman News
Inman News Kolko

Tami Winbury Keller Williams Realty Ojai Ventura 805-798-3412 http://www.LiveOjai.com

How Fannie Mae and Freddie Mac Save You Money

Loans owned or guaranteed by Fannie Mae and Freddie Mac save homeowners thousands in interest payments. Image: Image Source/Getty Images

If all you read is the headlines, you might think mortgage market giants Fannie Mae and Freddie Mac have cost the taxpayers billions. However, a deeper look into these two government-sponsored enterprises (GSEs) reveals a decades-long history of making mortgages more affordable, benefiting not just individual homeowners, but whole communities.

Fannie Mae and Freddie Mac are federally chartered organizations designed to bring global capital to local communities by purchasing and guaranteeing loans made by mortgage lenders.

As a homeowner, there are several ways you benefit from Fannie Mae and Freddie Mac. If your loan is owned or guaranteed by one of them, you pay a lower interest rate. And, when the time comes to sell your home, the pool of buyers capable of getting a mortgage is much wider thanks to Fannie Mae and Freddie Mac. To see how a loan guaranteed by one of the GSEs helps you save money, download our free PDF worksheet.

Homeowners who qualify for a Fannie Mae or Freddie Mac mortgage, called a conventional loan, typically get interest rates that are ¼% to ½% lower than non-Fannie Mae, non-Freddie Mac loans. At times when other mortgage funding dries up, the rate difference between GSE and non-GSE loans has jumped to between 1% and 2%.

On average, homeowners who have GSE loans save $17,000 over the life of a 30-year loan. Since 30 million Americans have a GSE-backed loan, that adds up to more than $500 billion in savings for U.S. homeowners.

GSEs stabilize the market

Despite the financial advantage the GSEs create, not everyone supports their mission. Some critics worry that Fannie Mae and Freddie Mac are taking on too much financial risk by guaranteeing mortgages in the current economic climate. Others believe the GSEs should be purely private entities, functioning without an implied or explicit government guarantee at all.

Falling home prices and rising unemployment have challenged the GSEs. When the subprime mortgage crisis hit and expanded into the prime market, there was a sharp decline in home prices and a sharp increase in mortgage delinquencies and foreclosures. The crisis put extreme financial pressure on both Fannie Mae and Freddie Mac.

By mid-2010, the two companies had required $145 billion of taxpayer support. However, without those funds, the GSEs would have gone under, putting an end to the steady flow of funds into the U.S. mortgage market.

“Absent the engagement of the government through the GSEs and FHA, what was a bad situation would have been catastrophic for the housing market, and potentially catastrophic for the broader economy,” says Nicolas P. Retsinas, director of Harvard University’s Joint Center for Housing Studies and Freddie Mac board member.

Today, the GSEs remain one of the few reliable sources of home mortgage funding, along with mortgages insured by the Federal Housing Administration. In 2010, 80% of U.S. home loans were bought, or guaranteed, by Freddie Mac and Fannie Mae.

Loan limits

Congress sets a maximum Fannie Mae and Freddie Mac maximum loan limit. Homeowners who need to sell find that there are more borrowers for homes priced at or below the GSE maximum loan amount, which is $417,000, or up to as much as $729,750 for some high-cost areas.

It can be hard for buyers to find lenders willing to lend more than the GSE loan limits because lenders have to hold such loans in their bank portfolio in the current financial situation. Until the recent financial crisis, lenders were able to sell mortgages above the GSE limits to companies that turned them into private mortgage-backed securities.

Until the summer of 2008, the nationwide loan limit was $417,000, far too low to be of use to many homeowners and prospective homebuyers in California and other high cost areas, says U.S. Representative Brad Sherman (D-Calif.), who has proposed legislation raising the loan limits permanently to $729,750.

“Buyers in high cost areas, such as Southern California, are at an extreme disadvantage simply because of where they choose to work and live,” he says. “For the overall economy to recover, every part of the housing market needs to improve, including high cost areas.”

Higher loan limits can also help homesellers. If the limits correspond to market values, buyers can use less-expensive GSE loans, so the number of buyers who can afford your home increases. With more potential buyers, competition for individual properties increases. With more competition, the value of the property can increase.

In the final analysis, the benefits of the GSEs outweigh the cost. Their long track record of making mortgages available in all markets benefits homeowners, communities, and the nation as a whole.

Jeannette Bernay

Tami Winbury Keller Williams Realty 805-798-3412  DRE#01878369 http://www.ShortsSale.org

Should You Ask Seller to Carry-back Mortgages

Moving with Children

Moving with Children

Moving can be especially unnerving for children. Younger kids often become confused when their daily routine is disrupted, while adolescents fear the loss of friends and dread making new ones. But there are steps you can take to help alleviate their fears, and get them involved in the move.

Your Family Friendly Service Realtor call Tami Winbury Keller Williams Realty 805-798-3412 Helping you and Your Family!

Communication Is Key. First, it's important for parents to explain the moving process by providing children with as much information as possible and allowing them to participate in decision-making discussions. This will help relieve anxiety.

Talk about the positive aspects of their new home, school and neighborhood. Try to communicate the idea that the new home can be even better than the old one. Encourage questions and invite children to talk about their worries.

Manage Your Stress. Children are attuned to parental stress-levels, so try to manage your stress as much as possible. Having a plan, creating a moving checklist, staying organized and packing wisely are all ways to minimize your moving-day stress.

Rehearse Ahead of Time. For younger children, the move should be an exciting adventure. Act out moving day ahead of time by letting your children pack their things, and tell moving stories to build anticipation.

If possible, take children with you to look at potential, neighborhoods, homes and schools. This can ease the transition. If your children are really young, consider hiring a baby-sitter while you pack. Otherwise, let your kids participate in the move, so they can understand what's going on. Even so, don't be dismayed if your child exhibits regressive behavior. It's normal.

HUD GRANTS $10M 
TO HELP FAMILIES DEAL WITH MORTGAGE MODIFICATION

HUD ANNOUNCES MORE THAN $10 MILLION IN COUNSELING GRANTS TO HELP FAMILIES DEAL WITH MORTGAGE MODIFICATION AND MORTGAGE SCAMS


Funding 139 local housing counseling agencies & 23 intermediary agencies nationwide:

Call Tami Winbury at Keller Williams Realty today for answers about Short Sales, Foreclosures and Traditional Real Estate Today!  DRE#01878369 www.shortssale.org

In an effort to help families keep their homes and avoid mortgage scams, HUD today (09/02/11/) announced more than $10 million in housing counseling grants. This is unspent funding from the 2010 appropriation that was re-competed and awarded to HUD-approved counseling agencies.

"The funding announced today is specifically earmarked to provide counseling assistance relating to mortgage modification, avoiding potential mortgage scams, and assisting victims of scams," said HUD Secretary Shaun Donovan. "It is crucial that we support these agencies in helping struggling families do whatever is possible to avoid foreclosure without being victimized by so called mortgage 'rescue' companies."

HUD is awarding $3 million to 139 local housing counseling agencies nationwide, and more than $7 million to 23 housing counseling intermediary agencies. These funds are designed to serve residents in the nation’s top 100 metropolitan areas that are experiencing the worse foreclosure problems.

The funding is predominately for foreclosure prevention counseling, assistance with application to Federal and other mortgage modification and loss mitigation programs, and related outreach. It will also support outreach and counseling efforts designed to identify and assist victims of mortgage modification scams, and report those cases to the applicable authorities.

HUD awards grants under the housing counseling program through a competitive process. Organizations that apply for grants must be HUD-approved and are subject to performance reviews to maintain their HUD-approved status.

For a list of all grants, organized by state, visit HUD's website at: http://portal.hud.gov/hudportal/documents/huddoc?id=CnslngGrantsState110829.xlsx

For summary of each grant, organized by state, visit HUD's website at: http://portal.hud.gov/hudportal/documents/huddoc?id=CnslngGrantsSum110824.pdf

To find out more about HUD’s Housing Counseling Program, please visit: http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/hcc/hcc_home

For information on all of HUD’s Grant Opportunities please visit: http://portal.hud.gov/portal/page/portal/HUD/program_offices/administration/grants/fundsavail

Call Tami Winbury Keller Williams Realty today!

Watch this video to discover what a HUD home is:  http://www.youtube.com/watch?v=TzeKMRONlrs 

REO, preforeclosure properties selling at a larger discount

REO, preforeclosure properties selling at a larger discount

RealtyTrac: Share of distressed real estate sales dips in Q2

The share of bank-owned homes and homes in some stage of foreclosure dropped 5 percent from the first quarter to the second quarter, falling from 36 percent to 31 percent, but was up from 24 percent in second-quarter 2010, according to a report released today by foreclosure data provider RealtyTrac. For a Free List of Bank Owned Home contact Tami Winbury Keller Williams Realty 805-798-3412 http://www.shortssale.org

And distressed properties are selling at a larger discount these days, RealtyTrac reported:

• The average sales price of a bank-owned (also known as real estate owned or REO) home was $145,211 in the second quarter, which was about 40 percent below the average sales price of a nonforeclosure home. That compares with a 36 percent discount in first-quarter 2011 and a 34 percent discount in second-quarter 2010.
• The average sales price of a preforeclosure home (preforeclosures, which are homes in default or scheduled for sale at public auction, are often sold in a short-sale process) was $192,129 in the second quarter, which is 21 percent below the average sales price of a nonforeclosure home. That compares with a 17 percent discount in first-quarter 2011 and a 14 percent discount in second-quarter 2010.

There were 162,680 sales of bank-owned homes to third parties in the second quarter, RealtyTrac also reported, roughly flat compared with the 162,900 reported in the first quarter and down 10 percent from second-quarter 2010. REO sales accounted for 19 percent of home sales in the second quarter, compared with 23 percent in the first quarter and 15 percent in second-quarter 2010.

There were 102,407 sales of preforeclosure homes to third parties in the second quarter of this year, up 19 percent from the first quarter but down 12 percent compared to second-quarter 2010. These sales accounted for 12 percent of sales in the second quarter of this year, flat with the first quarter and up 10 percent compared to second-quarter 2010.

"The jump in preforeclosure sales volume, coupled with bigger discounts on preforeclosures and a shorter average time to sell preforeclosures, all point to a housing market that is starting to focus on more efficiently clearing distressed inventory through more streamlined short sales -- at least in some areas," said James Saccacio, RealtyTrac CEO, in a statement.

"This gives distressed homeowners who do not qualify for loan modification or refinancing -- or who are not interested in those options and want to sell -- a better chance of completing a short sale to avoid foreclosure." Expedited short sales, he added, "also give lenders the opportunity to more pre-emptively purge nonperforming loans from their portfolios," and avoid a lengthy foreclosure and REO process.

Among those metro areas with at least 100 foreclosure-related sales in the second quarter, Louisville, Ky., had the largest average foreclosure discount -- 54 percent below the average sales price of nonforeclosure homes. Florida's Sebastian-Vero Beach metro area was second on the list with an average foreclosure discount of 53 percent, followed by Milwaukee (51 percent), Pittsburgh (51 percent), and Kalamazoo, Mich. (50 percent), RealtyTrac reported.

Top 10 States with Largest Volume of Foreclosure Sales in Q2 2011

Top 10 States with Largest Share of Foreclosure Sales in Q2 2011 (as a percentage of total sales)

Top 10 States with Highest Average REO Discount

Top 10 States with Highest Average Preforeclosure Discount

9 States with Rise in Share of Foreclosure Sales (Q2 2010-Q2 2011)

Top 10 States with Largest Decline in Share of Foreclosure Sales (Q2 2010-Q2 2011)

For a Free List of Bank Owned Homes, PreForeclosures, Short Sales, REO's contact Tami Winbury Keller Williams Realty 805-798-3412 http://www.shortssale.org

If the seller won't disclose, the home inspector will!

If the seller won't disclose, the home inspector will!

When someone talks to me about selling their home, price is the first thing that comes up. My standard phrase is "price it accordingly", then we discuss what I mean by that.

You know all those issues you have just lived with over the years and chose to ignore? Well, they will come up. It is a given. And the buyers will not want to live with the issues, trust me on that one. If you can fix it, do so. If you can't or won't fix it, price it according to the actual condition. (If you think you can hide something about the condition of your home, think again.) Then you must disclose!  Even with a short sale.

(Cue stage right) Bring in the home inspector.

Did you honestly think that he wouldn't find the bucket you have in the attic used to catch the water pouring in from the active leak you have going on there? He will, and boy oh boy will the buyers be angry.

It may cost you the sale....

The fact you painted over the water stains on the ceiling will not deter this pesky home inspector. They use the CSI method of investigations. You know... the flashlight technique. Walls, joints, ceilings. That beam of light hitting the wall tells all. Fix the leak first, then paint. And note it on the disclosures... (as a side note, just painting over an area that has water damage will show up... that darned inspector has Xray vision or something)

Or it might cost you the sale....

When the outside of the house is rotting, which is causing water problems, either fix it and disclose, or price it according to the condition and disclose. The inspector will find it, the buyers will be angry and...

It may cost you the sale....

When the inspector finds serious issues in an inspection that were not disclosed, I can tell you that the buyer begins to fear that there may be even bigger issues that you are hiding.

And that WILL cost you the sale.

And as a side note, if you think you can just move on and try again, remember this. Your agent Tami Winbury at Keller Williams Realty is bound by law to disclose known issues, even if you choose not to.

Contact Tami Winbury Keller Williams Realty 805-798-3412 today! 

2 California MLSs merge to become largest in nation

2 California MLSs merge to become largest in nation

CAR backing CRMLS as statewide MLS

By Matt Carter
Editor's note: This story has been updated to clarify that Tarasoft and Discover Software Inc. provide the MLS platforms currently used by CRMLS.

Visions of a statewide multiple listing service in California are a step closer to reality today, with the California Regional Multiple Listing Service Inc. (CRMLS) announcing a merger that will double its size and make it the nation's largest, with 68,000 participants and subscribers.

CRMLS will merge with Anaheim-based SoCalMLS, itself one of the nation's largest with more than 33,000 members. The merger has been approved by the boards of directors of both MLSs, a spokeswoman for the California Association of REALTORS® said.

San Dimas-based CRMLS was formed last year to carry on CAR's vision of building a statewide MLS. After CAR launched its calREDD MLS system in Northern California, it agreed to merge that effort into Pomona-based Multi-Regional Multiple Listing Service Inc. (MRMLS).

That brought participation in the fledgling statewide MLS to 22 REALTOR® associations. The merger announced today brings a total of 33 REALTOR® associations from around the state under the umbrella of CRMLS.

CAR, which holds an ownership stake in CRMLS, represents 160,000 members who belong to 113 local REALTOR® associations. The Department of Real Estate lists 447,642 licensed real estate brokers and agents, a figure that includes mortgage brokers.

SoCalMLS President Len Herman said merger discussions began last November.

"We just think this is great -- from the first time we sat down to talk about it, we had no disagreements," Herman said. "I sell real estate for a living. I have never been in a transaction that went so smoothly."

CRMLS President Rob Arrietta will serve as president of the merged company, with Herman remaining as part of the transition team, the companies said.

CRMLS CEO Art Carter, who will continue to serve as the top executive at the merged MLS, said that while there are "a lot of synergies" to be realized through a merger, all SoCalMLS employees will be making the transition. SoCalMLS CEO Adrese Roundtree will become chief operating officer of CRMLS.

"As the organization grows and changes, the staffing will change as well," Carter said.

Both CRMLS and SoCalMLS are members of CARETS (California Real Estate Technology Services), a joint venture that allows 40 REALTOR® Association around the state to share listings, and REALTORS® Property Resource, a national property and listings database backed by the National Association of Realtors.

That means there's no need to integrate CRMLS and SoCalMLS listings, Carter said.

"From a merger standpoint, it's not typical, because both of us have each other's data in our systems already," Carter said.

SoCalMLS members will continue using their existing software platform, MarketLinx Tempo, and MarketLinx's new MLS system, Fusion, which SoCalMLS is in the process of implementing.

"Being partners in CARETS, if we hadn't put a press release out to members, they probably wouldn't have known" about the merger, Herman said. "They already have the data, the phone numbers won't change, it's the same people on the other end of the phone -- that's how clean and smooth this is going to be."

CRMLS members currently have a choice, at the association level, of employing the Tarasoft Matrix MLS platfom or software provided by Discover Software Inc. Eventually, CRMLS members will be able to choose from all of the software platforms currently used by both MLSs, Carter said.

With both MLS already sharing data, the motivation for the merger was to achieve greater efficiencies and economies of scale, and improve member services, Carter said. Asked if mergers with other CARETS members could also accomplish the same goal, he said, "Nothing is imminent. We are always open to talking to people."

As for the future prospects of a statewide MLS, Carter said, "We're continuing to talk (to MLSs and REALTOR® associations) up and down the state, and where it makes sense, we're going to forge relationships in those situations."

Welcome to Ojai

Welcome to Ojai...Shangri La in Southern California

Just a few miles up Highway 33, but a world away from the headaches and traffic that thwart much of Southern California is the small town of Ojai. About 12 miles inland from Ventura, Ojai is the smallest city in Ventura County, and we are darn proud of it. Tami Winbury Keller Williams Realty is a top realtor in the area. DRE#01878369

 

Ojai's charms are many. The community has long been known as a haven for artists, musicians and health enthusiasts. A village ”as we locals call it”of about 8,000, Ojai is a vibrant place with so much natural beauty that it gained fame decades ago when the area was photographed to represent Shangri-La in the 1939 movie, The Lost Horizon.

 

Filled with delightful shops, art galleries and a host of places to retreat from the fast-paced lifestyle that can knot the nerves, Ojai invites you to walk its oak-shaded paths taking some time to drink in the serenity of it all.

 

The Chumash Indians are the first known residents of Ojai, and it is from their word 'âhwaiâ' meaning 'moon' that the name Ojai is derived. One of the oldest towns in Ventura County, Ojai was settled in the 1800s and incorporated as a city in 1921. Nestled in the Ojai Valley, the town is surrounded by peaks that give off a glow in the evening light known as the pink moment.

 

One of the prominent early settlers was Edward D. Libbey, a wealthy glass manufacturer who is responsible for the layout of the town. It was Robert Winfield who built the stately Arcade that today houses shops and eateries, but it was Libbey's money and his vision that the town have a distinctive center faithful to its Spanish heritage. Thus Libbey teamed with architect Richard Requa from San Diego and together they created what today draws the eye and captures the heart.

In 1917 a fire took much of the town and offered Libbey a

Pink Moment when the day's fading light bathes the nearby mountains in shades of pink and purple

clean slate, so to speak. The western-style town was left in ashes; the Spanish Revival architecture that unites the area arose from those ashes to become stately landmarks and historic sites. Libbey constructed a home for himself on Foothill Road as his vision for the town was taking hold. The post office tower and the lovely pergola that covers the sidewalk in front of Libbey Park are fruits from the Libbey-Requa team. They also built the El Roblar Hotel, a building that houses the Oaks Spa today, an architectural gem that was restored to its former glory by the Cluff family with the help of historically minded architect and local citizen, David Bury.

 

The wonderful climate of the Ojai Valley has drawn many who wish to rejuvenate their health and enjoy the dry air and seemingly never-ending sunshine. Again, early settlers established the reputation of Ojai as a center of physical and mental health. Well known for its new age gurus and the coexistence of protestants, Catholics and yoga practitioners, a rich fabric of spiritualism has evolved with room for all.

 

In 1889 Sherman Thacher made the trip west in search of farmland. Instead, he started Thacher School, a school very much a part of the community to this day. William Thacher, Sherman's brother, gathered some area tennis players and began a few minor competitions. From these humble beginnings, sprang The Ojai, the oldest amateur tennis event of its kind in the United States. The Ojai draws up to 30,000 spectators and is so large that it overtakes every public and many private courts in the Ojai Valley and beyond. Famous for its tea tents, the tournament challenges some of the top collegiate players in California and has offered locals and visitors an opportunity to see high caliber players like Billy Jean King, Arthur Ashe, Jimmy Connors, Michael Chang, Pete Sampras, Lindsay Davenport and other names that loom large in tennis.

 

Traditions are important to the life and lifestyle of Ojaians. When the Thomas Aquinas Church outgrew their quaint chapel on Ojai Avenue, it was purchased, repaired and now houses the Ojai Valley Museum.

The Ojai Library is a small building with a lovely atmosphere also on Ojai's main drag. A few years ago, there was talk of moving the library, expanding its programs

A full moon shines its light on the historic tower that is Ojai's premier icon

and relocating it to another area. The idea did not prove successful as many in Ojai could not tolerate the idea that their beloved library would not be in the location that they'd come to love. These days, funds are being raised to expand the library in the location where it has grown roots as large as the trees that surround it.

 

With so much scenic beauty and a sense of place, it is little wonder that locals and visitors relish the opportunity to enjoy the great outdoors of the Ojai Valley. The Ojai Valley Trail runs for more than nine miles with a parallel path for horses. If you want to meet half the town, that is a good place to start. Bicyclists, walkers, joggers and those exercising pets from dogs to pigs can be seen on the trail.

 

Among the outdoor treasures are the many parks that dot the city. In the middle of town is the pride of Ojai: Libbey Park. There mighty oaks give shade to a playground for children, and there are plenty of paths and picnic areas. So loved are the majestic oaks that the public mourns their removal, and despite the fact that a couple were diseased, a local man actually chained himself to one a few years ago to protest its removal. In the end the trees were considered too dangerous and too close to the children's play area to allow them to stand and they were removed after a public service.

 

Libbey Park is the site of many events, none more popular than the Ojai Music Festival. Held in early June at the Libbey Bowl amphitheater, its concerts fill the air with vibrant music drawing large crowds who fill the wooden benches and lawns around Libbey Bowl. Libbey Park also contains a bandstand where local musicians play at free summer concerts.

 

Also in June, the popular Ojai Wine Festival is held at nearby Lake Casitas. Vintners come from many wine-producing areas providing tasting and yet another opportunity for visitors to linger. Even if youv'e missed the Wine Festival, go to Lake Casitas to let the kids play at the Casitas Water Adventure. Or enjoy the peace of fishing at this premier fishing lake that is known for its world class bass fishing. The Lake Casitas recreation area

Ojai's pergola at night

has more than 400 campsites and lots of picnic areas.

 

Ojai nurtures its art and artists. The Ojai Center for the Arts, Summer Art Stroll, Ojai Studio Artists Tour and Art in the Park offer venues for an abundance of artistic expression. Numerous galleries show the work of local artists and those from afar. A work of art is displayed publicly in the Arcade Plaza, a newly redeveloped area behind the shopping Arcade where a bronze poppy fountain sends water flowing freely over its broad base. Art is even shown in City Hall where the Ojai Arts Commission rotates artwork every few months to feature a different artist.

 

Ojai's reputation as a golfing paradise brings many to the city. The Ojai Valley Inn and Spa is listed as one of the top 25 golf resorts in North America. The course is as challenging as it is lovely. The Inn undertook renovations a few years ago to emerge more beautiful than ever including an already famous spa that is available to work out any kinks picked up on the award-winning golf course. Soule Park, a beautiful public course that delivers great value for the money along with spectacular views, is just past downtown on Ojai Avenue.

 

All that outdoor activity can make one hungry and Ojai is a perfect place to locate just the right food to nourish body and soul. Numerous restaurants dot the village, many taking advantage of local harvests with an abundance of fresh food.

 

For a taste of small-town Americana come to Ojai's Independence Day Parade and festivities. The parade is the epitomes of small town charm. Everyone who is not in the parade is watching the parade from their lawn-chair seats that line Ojai Avenue for a day or two before the event. The parade features a few homemade floats and lots of kids and horses. See local cheerleaders, dancing young girls in tutus, boys in their judo gear and others on bicycles decked out in the red, white and blue. There is no better place to be to appreciate the joy of being a free American than watching the townspeople applauding one more time at the sight of their own marching to patriotic sounds.

Thank to the City of Ojai for above information.

Realtor.com, Yahoo Real Estate trading places in Web rankings

Realtor.com, Yahoo Real Estate trading places in Web rankings

Several sites in Hitwise top 10 rankings in alliances

Tami Winbury Keller Williams Realty is quickly dominating the online real estate market.

Realtor.com -- the official listing portal of the National Association of REALTORS® -- has been battling with Yahoo Real Estate for the top position in monthly real estate website rankings by Web metrics firm Experian Hitwise, trading places seven times in the last year.

Yahoo Real Estate came out on top again in July, capturing 7.43 percent of visits in the real estate category, compared with 7.15 percent for Realtor.com, Hitwise said.

Zillow ranked third, with 5.84 percent of visits, followed by Trulia (5.33 percent), MSN Real Estate (2.84 percent), Homes.com (2.55 percent), Rent.com (2.14 percent), AOL Real Estate (1.91 percent), Apartment Guide (1.62 percent) and Apartments.com (1.26 percent).

For real estate brokers and agents seeking to reach clients through ads on the sites, the dominance of the top 10 real estate sites is further underscored by alliances that Zillow and Realtor.com operator Move Inc. have forged with other top 10 sites. Between them, Move and Zillow can now sell advertisements on five sites that attract one in four visits in the real estate category.

Under the terms of an advertising alliance with Yahoo Real Estate, Zillow manages a common set of for-sale listings and sells targeted ads to real estate agents and brokers that appear on both sites.

The latest numbers from Hitwise show that together, Zillow and Yahoo Real Estate captured 13.3 percent of visits in the real estate category in July.

Listing searches on MSN Real Estate are displayed as framed results from Realtor.com, including featured home listings that are paid advertisements. Move also powers the site's new home and rental searches.

This week Move also began powering searches of listings AOL Real Estate receives from Move subsidiary ListHub, which syndicates listings from multiple listings services that have information on about 85 percent of homes for sale. Move is coordinating sales of ads to real estate brokers and agents on both sites.

MSN Real Estate and AOL Real Estate have both climbed in the Hitwise rankings this year. AOL Real Estate soared from 18th in January to fifth place in April and June, before falling back into eighth place in July. MSN Real Estate began the year in ninth and climbed into fifth in May, a position it reclaimed in July.

Together, Realtor.com, MSN Real Estate and AOL Real Estate captured 11.9 percent of visits in the real estate category in July, according to Hitwise.

View larger image. Source: Experian Hitwise

Hitwise reported that sites on its top 10 list captured 38 percent of traffic among all real estate category websites.

That compares with the 10 percent combined market share of the next 10 most popular sites: MyNew Place (1.21 percent), ZipRealty (1.21 percent), HomeAway (1.07 percent), Re/Max Real Estate (1.04 percent), Rentals.com (1.03 percent), Weichert.com (0.97 percent), HomeFinder (0.95 perent), ForRent.com (0.93 percent), LoopNet (0.92 percent) and Redfin (0.86 percent).

The top real estate search terms tracked by Hitwise in July also reflect the fact that the brand names used by major search portals have become household names.

Zillow -- which also made its debut as a publicly traded company last month -- was the No. 1 real estate search term or phrase in July, followed by "realtor.com," "trulia," "zillow.com," "remax," "realtor," "century 21," "coldwell banker," "apartments for rent" and "homes for sale."

Fast-moving sites included The Real Deal New York, up 16 places to 210; Enterprise Works, up 892 places to 1,547; McDonald Group GMAC Real Estate, up 935 places to 2,000; Data Tree, up 352 places to 519; TexasLiving.com, up 301 places to 1,079; Outer Beaches Realty, up 88 places to 280; Governors Club, up 105 places to 688; Cusato Cottages, up 340 places to 967; Lake Place, up 83 places to 207; and Retrove, up 115 places to 661.  Don't underestimate Tami Winbury Keller WIlliams Realty at http://www.shortssale.org 

3 Money Lessons from US Credit Downgrade

3 money lessons from US credit downgrade

Americans waited with bated breath on our congressional leadership to resolve the debt ceiling crisis. At the 11th hour, a deal was struck to cut spending and raise the nation's debt ceiling, avoiding the potential that the U.S. would default on at least some of its obligations.

But the deal didn't provide new tax revenue, and the spending cuts it identified fell short of what analysts with the ratings agency Standard & Poor's thought was needed for the country to begin getting a handle on the national debt. On Aug. 5, Standard & Poor's downgraded the U.S.'s AAA long-term credit rating to AA+ -- a historic first.

Paradoxically, Treasury yields and mortgage rates plummeted in the wake of the decision, as panicked investors moved money out of global stock markets and into the relative safety of U.S. government bonds and securities that fund most mortgage lending.

But in the long run, the government's borrowing costs -- and everyone else's -- may very well increase. If investors share the view of analysts at Standard & Poor's -- that achieving a government spending plan that not only contains growth in public spending but also raises revenue "will remain a contentious and fitful process" -- Treasurys could fall out of favor with investors. That would push Treasury yields up, and rates on mortgages, credit cards and other loans would be likely to follow.

Hopefully, one bright side of this debt drama will be to shock the nation into deficit-reducing action. Another silver lining? There are three key lessons we can all take away from the nation's credit downgrade and apply to our own personal finances:

1. Don't flirt with late payments. America did not actually default on any of its debt -- not even a single payment was missed or late -- and it still took a credit hit.

Many individual consumers also flirt with late payments on their accounts, trying to take advantage of the 30 days after a payment is due that a creditor must wait to report the account delinquent to the credit bureaus, or otherwise missing a payment here or there. You're only human, right? And how much harm could a day or two do, you might wonder?

Credit card companies have been on a contract-revising tear lately, and some credit card companies now have the right to jack up your 6 percent interest rate to nearly 30 percent if you make your payment even one day late. Also, without a system for paying things on time, every time, it becomes much easier for a bill to slip through the cracks, resulting in an actual 30-day-late mark on your credit report. While neither of these outcomes is $100 billion bad, they are both undesirable.

2. Credit isn't everything -- unless you need it. Through having challenged credit or just finding credit difficult to get these last few years, many consumers have discovered that their lives and their financial decision-making fundamentally improve when they can't use credit. One way I've done this is by simply saving and paying for things in cash, at much lower prices than I would have spent if I were going to finance them.

However, if you're gearing up to make a large purchase on credit -- like a home -- the difference between a good credit score and an OK one can be the difference of many thousands of dollars in increased interest rates. And that can be the difference between being able to afford a home with the square feet or in the neighborhood you like, and not.

So, if you even think you'll be buying a home or a car in the near future, be conscious about all your financial moves and get educated about their likely impact on your credit score before you make them. Sometimes, things you think would bring your score up have a surprising effect -- your best bet is to connect with a mortgage broker as early as possible so you can have months or years to polish up your credit score, and an adviser on tap to consult before you pay something off or close out any accounts.

If you've decided to forgo credit purchases for the foreseeable future, shift your focus to setting and achieving financial goals such as getting out of debt, stuffing your cash cushion with more financial feathers or investing for retirement.

3. The less debt, the better. The ultimate reason behind the U.S. credit downgrade was that the rating agency closely watched what happened in the debt ceiling debate. The debt ceiling compromise will cut about $2 trillion in spending over 10 years. But without additional spending cuts (opposed by Democrats) and tax increases (opposed by Republicans), Standard & Poor's estimates that government debt will still continue to rise, from an estimated 74 percent of gross domestic product at the end of 2011 to 79 percent in 2015 and 85 percent by 2021.

Apparently, the days when the name of the game was to take as much debt as you can pay for month to month are long gone. Fundamentals like reducing debt, it would seem, are back in style.

Now, the average consumer certainly didn't have the opportunity to run up a few trillion in debt before they got cut off or their credit was dinged. But FICO and other credit-scoring algorithms do reward consumers who have a low credit utilization ratio, meaning that they responsibly use credit, but have a large amount of unused credit.

Under FICO's system, the ideal scenario is for 70 percent of available credit to be free. Living in a constant state of maxed-out credit balances is penalized in consumer credit, just as it was in the federal credit debacle.

In a crisis or pinch, borrowers with maxed-out bills are much more likely to default. And maxed-out bills are also a signal of poor financial management, waving a red flag that you live above your means, and might even be using credit cards to live off of (sort of like our government does).

If you are the type who has a dozen credit cards that stay at or near their limits at all times, you should take that as a warning sign that you need to realign your spending with your income or otherwise work on healing your relationship with money. Start a program of tracking what you spend every month, as a jumpstart to a debt reduction plan and a commitment to live within your income, after your savings and investments come off the top.

Tami Winbury- Keller Williams Realty 805-798-3412   DRE# 01878369

Tara-Nicholle Nelson is author of "The Savvy Woman's Homebuying Handbook" and "Trillion Dollar Women: Use Your Power to Make Buying and Remodeling Decisions." Tara is also the Consumer Ambassador and Educator for real estate listings search site Trulia.com.

Morning Snapshot- Rates & Stocks

Morning Snapshot- Rates & Stocks

It's time to own tangible assests!  http://www.LiveOjai.com

Rate markets a little better this morning after heavy selling yesterday took mortgage prices down 41/32 (128 bp). The see saw continues in the stock market, down one day hard, up strong the next day; uncertainty still rules markets. Yesterday the stock indexes jumped 423 (DJIA) after dumping 520 on Wednesday; this morning the key indexes are actually better. Can we have two up days in a row? We will have to wait until the close to see, the volatility remains extreme and not possible to predict where markets will trade the next five minutes let alone for the next six hours.

At 8:30 July retail sales were up 0.5% overall and up 0.5% when auto sales are extracted; a little better than forecasts on the ex autos sales. June retail sales, originally reported up a very weak 0.1% were revised to +0.3%. There was no noticeable reaction to it. Sales in July were the best in four months suggesting consumers, while conservative, are still buying.

At 9:30 the DJIA opened up 90, the 10 yr note at 2.28% -5 bp and mortgage prices +16/32 (.50 bp) frm yesterday's close.

At 9:55 the U. of Michigan mid-month consumer sentiment index, expected at 63.0 frm 63.7 at the end of July, tumbled to 54.9, the lowest index read since May 1980. The current conditions component fell to 69.3 frm 75.8 and the 12 month outlook index fell to 40 frm 55. A very weak report that has pushed mortgage prices higher from 9:30 and took some wind out of the stock indexes although still holding gains. Not really much of surprise given the current economic outlook and consumer anger was over.

At 10:00 June business inventories expected up 0.6%, were up 0.3%; sales up 0.4%leaving a 1.28 month supply unchanged from May.

This morning France reported its quarterly GDP at zero, no growth. More evidence that Europe's economies are softening just as we have here. European industrial production unexpectedly fell in June, it fell 0.7% from May. European economic confidence weakened in July and manufacturing growth slowed, based on a survey of purchasing managers. Euro-region growth probably weakened in the second quarter from 0.8% in the previous three months, European Central Bank President Jean-Claude Trichet said on Aug. 4. In the year, the economy may expand about 1.9% before cooling to 1.7% in 2012.

Turkey, Greece and South Korea trying to stem the heavy selling in equity markets have banned short sales. The take away is that by doing so the volatility will lessen and remove some of the panic. Likely the bans have helped our market in early trade this morning. Banning shot sales has never really worked before where it has been implemented, but the initial reaction generally does slow it down. In the longer perspective the markets will go where investors want it to go, based on underlying fundamentals.

Renewed talk this morning that most economists are now expecting another QE move from the Fed. If the Fed does another easing move it isn't likely to increase employment anytime soon. The advantage, and possibly the logic in another easing, is that the Fed could drive long term rates even lower and push mortgage rates down to levels never seen before. Doing so would likely keep re-financing going, lowering debt service for consumers thus increasing consumer spending. Taking it further, if consumers increase spending the hope is that businesses will increase hiring. From my perspective, driving rates lower won't meet the expectations; homeowners will take advantage of it but won't open purses for much increase in discretionary spending. Until consumer confidence increases about our leadership in this country, consumers rightly will continue to be cautious. New polls out show citizens have very little confidence in Washington, Republicans, Democrats and Pres Obama. After the embarrassing performance over the debt ceiling America is fed up. Any QE move from the Fed will likely be announced on August 26th at Jackson Hole.

The mortgage market is continuing to exhibit extreme day to day volatility. Mortgage rates will stay low with the Fed intent on keeping rates down, however until the 10 yr treasury note falls below 2.00% (now 2.27%) prices in the mortgage markets will continue to trade in wide interday swings. The bond and mortgage markets are still technically overbought, that may keep mortgage rates vulnerable for awhile. The wider perspective remains bullish, the near term outlook is for continued choppy trading.

Guild Mortgage with Bob Brenner

Home Ownership Useful Information

Read more: http://www.houselogic.com/articles/home-ownership-matters/#ixzz1UlCf1mIj

First Time Home Buyers-10 Steps to Home Ownership

A New Way Renters Improve Credit

A New Way Renters Improve Credit
One credit bureau now factors on-time rental payments into its credit files.

Ready to create equity and buy a house?  Stop paying rent Call Tami Winbury Keller Williams Realty 805-798-3412.  When it comes to credit history and credit score, renting doesn't get much respect. Unlike homeowners whose credit benefits from on-time mortgage payments, renters don't see any positive effects on their credit from making rent payments on time. But that's starting to change.

Experian now is including rental payment histories in its credit reports and scores. That's because it recently bought RentBureau, a credit bureau that receives rental payment histories from apartment owners and managers.

The database includes more than 8 million renters – just a fraction of the nation's 96 million renters. But those included in the database who make on-time rent payments now have a way to improve their Experian credit score. "Given that one-third of the U.S. population rents, we felt it was imperative to reflect the true creditworthiness of those individuals who responsibly pay their rent," said Brannan Johnston, vice president and managing director, Experian RentBureau.

In the past, only negative information about renters (such as evictions) has been reported to the credit bureaus, says Bill Hardekopf, CEO of LowCards.com and author of The Credit Card Guidebook. Experian and RentBureau now give apartment owners incentives to report rental payment histories because, in return, they get access to a large database to screen applicants. To find out if your rental payments are being reported, ask your apartment manager.
http://www.VenturaCountyHomesForSale.net DRE#01878369 Tami Winbury Keller Williams Realty
Reprinted with permission.

Market Leader eEdge Update

Market Leader eEdge Update

Keller Williams eEdge contract helps boost revenue

Market Leader Inc. -- a provider of marketing and "software as a service" products to real estate franchisors, brokerages and agents -- said it trimmed second-quarter losses to $2.8 million as revenue grew 43 percent from a year ago, to $8.3 million. That compares with a $3.1 million loss during the same quarter last year and a $4.3 million loss for the first three months of 2011.

The Kirkland, Wash.-based company said its bottom line was boosted by revenue the company earned for providing the lead management, contact management and marketing design components of Keller Williams' eEdge platform for agents.

Market Leader has said it stands to receive at least $10 million from Keller Williams over the five-year term of the eEdge agreement, plus whatever additional revenue it can generate by selling premium software and services to nearly 80,000 Keller Williams agents.

Market Leader announced Thursday that it had acquired SharperAgent, a provider of online and print marketing suites with more than 30,000 real estate agent users.

The two companies will work together to build an integrated software platform for franchisors and real estate brokerages providing lead generation, customer relationship management, social media and blogging integration, online and offline marketing, agent and office websites, and other tools.

Although company executives said the real estate market will continue to be "sluggish," they expect additional revenue growth in the second half of the year. Market Leader expects to achieve positive adjusted earnings before interest, taxes, depreciation and appreciation (EBITDA).

GreatSchools launches App!

GreatSchools launches app for Apple devices

GreatSchools, a national nonprofit that maintains profiles of public and private schools, has launched a mobile app that can be downloaded to Apple's iPhone, iPad and iTouch devices and allows users to view and share school details, including ratings and reviews.

Keller Williams Realtor, Tami Winbury refers her clients to http://www.greatschools.com during every transaction.  Her websites http://www.LiveOjai.com and  http://www.VenturaCountyHomesForSale.com link to GreatSchools also.  As a former teacher Tami recognizes the value of this very informative website.  "Now I use the app daily.  I realize the value GreatSchools offers me and my clients."

"The app is particularly relevant to residential real estate agents," GreatSchools said in a press statement, as schools can influence prospective homebuyers' purchase decisions. The app provides information for about 125,000 public and private schools in the U.S. The app was unveiled during the Real Estate Connect conference last week in San Francisco.

TO find a home near GreatSchools contact Tami Winbury today at 805-798-3412.

Top iPhone apps to read, scan, sort business cards

Top iPhone apps to read, scan, sort business cards

Most popular free and paid downloads

You may know by now that I am a Keller Williams Techi!  I love apps!!!  If you have any questions or want to follow my tweets and blog go to http://www.VenturaCountyHomesForSale.net  or call Tami Winbury 805-798-3412 

Enjoy!

Source: TopAppCharts.com.
 

Frequently Asked Questions about Flips

Frequently asked questions about Flips

1. What is a flip?                                                                                                                                                                                              Call Tami Winbury Keller Williams Realty  for information on houses for sale 805-798-3412 http://www.venturacountyhomesforsale.net

a. Any transfer of title within the past 12 months.

1) Sales <90 days. The Transaction must be exempt or meet the waiver requirements to be allowed.

2) Any sale within 91-180 days that has appreciated 100% or more requires a 2nd appraisal.

3) Any sale with 181-365 days that has appreciated 5% or more requires the u/w to evaluate the increases and determine the possibility that HUD may choose to ask for a 2nd appraisal at post audit review . (We do not automatically condition for a 2nd appraisal)

Exception would be when the person transfers title to their sole LLC or Corp.

2. What must I do if my property is a true flip?

The transaction must be exempt from the 90 day flip rule OR it must be eligible for the Waiver to the 90 day restriction. If not, the contract cannot be executed until after 90 days from the seller’s acquisition.

Note: Waivers are not allowed on Bonds, DAP’s or 203k loans.

3. What would be considered an Exception to the <90 day rule

a. If the Seller is a State or Federally Charter Institution seller an REO property.

b. If the property was transferred to the employer or relocation company in connection with a relocation of an employee (aka the owner of the property) The u/w must provide in his/her file the documentation that show the original owner was being relocated by the employer.

c. If the seller acquired the property by inheritance.

d. Please refer to the FHA u/w guidelines section 37 for additional exceptions for Federal, State and Local government agencies.

4. What do I need to look for in regards to obtaining the <90 day Waiver

a. Is this an Arms Length with no Identity of Interest Transaction?

b. Does the seller hold recorded title?

c. If the seller is an LLC, Corporation or Trust; are let in good standing with the state and federal regulations?

d. Is there anything in the properties profile that shows this property had previous flipping within the past 12 months prior to the Sales contract?

e. What was the sellers original purchase price?

f. Was the property marketed openly. The appraisal will need to comment on this. The appraisal needs to have the any dates and sales prices that were listed or changed from the time is was put out for sale to our contract. This may be difficult to document if it was a FSBO.

g. If the sales price is <20% a second appraisal and property inspection is not required.

h. If the new sales price is at 20% or more than the sellers original purchase price, a 2nd appraisal and a property inspection is required. The 2nd appraisal may not be charged to the borrower.

5. When is a second appraisal required?

a. If the sale is less than 90 days and requires the flip “waiver” and the property value has increased 20% or more as per the waiver requirement OR

b. All sales, regardless of the seller, between 91-180 days and the increase is 100% or more.

c. The cost may not be charge to the borrower.

Note: This does not apply to sales less than 90 days and have documentation that it’s exempt from the 90 day restriction as per ML 06-1

Tami Winbury Keller Williams Realty DRE#01878369 http://www.LiveOjai.com

California Home Prices Rise

• The Unsold Inventory Index for existing, single-family detached homes was 5.0 months in June, down from 5.5 months in May, but up compared with June 2010’s 4.6-month supply. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.
• Thirty-year fixed-mortgage interest rates averaged 4.51 percent during June 2011, down from 4.74 percent in June 2010, according to Freddie Mac. Adjustable-mortgage interest rates averaged 3.0 percent in June 2011, compared with 3.86 percent in June 2010.
• The median number of days it took to sell a single-family home was 50.3 days in June 2011, compared with 41.5 days for the same period a year ago.
• View Unsold Inventory by price point. 

Tami Winbury Keller Williams Realty http:///www.liveojai.com   or   http://www.venturacountyhomesforsale.net   805-798-3412  DRE#01878369

Why Not Assume an FHA Loan

Deal-Breakers for Potential Buyers

It is easy to remove critically important features and amenities that could be deal-breakers for potential buyers. However, in this market, keeping prices competitive generally means rethinking design decisions made prior to the recession. Here are some ways to value-engineer your home to cut prices down while keeping design standards high. Contact local realtor Tami Winbury 805-798-3412 to help you purchase your new home or sell your home. 

1. Bring the fireplace inside. Historically the wood-burning fireplace was a brick chimney located on an outside wall extending to the roof. As the fireplace evolved into a gas or electric appliance, projecting the firebox outside the wall can only be justified if the room becomes too small by not doing so. 

3. Smaller porches. People love having a porch in front of their house, but (evaluate the costs of) two or three porch sizes -- small, medium or large.

4. Master bath options. The oversized soaking tub takes up a lot of space, and many buyers would prefer to do without it. The most common solution is to include a 42-by-60-inch tub-shower combo with a separate shower as an option -- although vice versa can work as well. The extra space (could be used as) a linen closet.

5. Foundation alternatives. We are seeing slab foundations creep north into traditional basement markets. By adding storage space over the garage and in attic roof trusses, storage space can be delivered more cost-effectively.

6. Straight-up walls. By minimizing foundation jogs and covering most or all of the first floor with second-floor space, the cost per square foot will be minimized. Eliminate two-story and vaulted space and minimize second-floor setbacks, except to provide interest in the elevation.

7. Option the powder room. This is aggressive cost-cutting, but we are seeing this more often even in mid-price models. Use the space as a closet, and rough in the plumbing for a future installment as a home improvement project.

8. Straight-run stairs. During the heyday housing market almost all stairs had at least one turn or angle, generally with a landing included. Straight runs are more cost-effective and can turn at the base or top of the steps with a one-step landing for interest.

9. Simplified roof systems. Try to reduce the number of roof truss profiles to two or three, and keep roof pitches reasonable for transport and assembly costs. Use bearing walls where possible to avoid large girder trusses.

10. Window count and placement. (Evaluate whether the home design is) over-windowed. Do secondary bedrooms have one or two windows? Does the master suite have two or three? Given a choice of locations, windows on the front wall/street facade will add perceived value.It is easy to remove critically important features and amenities that could be deal-breakers for potential buyers. However, in this market, keeping prices competitive generally means rethinking design decisions made prior to the recession. Here are some ways to value-engineer your home to cut prices down while keeping design standards high.

Tami Winbury Keller Williams Realty 805-798-3412 http://www.venturacountyhomesforsale.net DRE#01878369

James Wentling is principal of James Wentling | Architects

6 tips for timing a real estate purchase

6 tips for timing a real estate purchase

How fence-sitters can get a jump on the competition

In mid-June, interest rates on home loans were lower than they were a year ago. However, this failed to ignite the housing market. Many buyers and homeowners would like to make a move, but some find it impossible to make a decision. They are commonly referred to as fence-sitters, poised to make a move when the time seems right.

The housing market is unlikely to turn around soon, but this doesn't mean that now is not a good time to buy or sell. It depends on your personal situation and market conditions in the area where you plan to buy or sell.

Become an expert on your local market or call Tami Winbury Keller Williams Realty 805-798-3412 http://www.venturacountyhomesforsale.net . Knowing a good deal when you see it or what price to ask if you decide to sell depends on having a good understanding of how much properties are selling for in your neighborhood.

While you're trying to decide what to do, line up a team that can help you accomplish your goal when you decide to move ahead. You can do this by researching online, attending open houses in the area and asking a real estate agent to keep you on top of market fluctuations.

Your decision to buy should be based on your personal financial situation, not on the national or global economy. For example, if you bought during the bubble market and are now getting divorced, you'll probably sell for less than you paid.

But, if the house is too expensive for one to support, it may be cheaper in the long run to cut your losses and sell now. No one knows how long the housing downturn will last. Prices could move lower before rebounding. This is not an ordinary recession.

HOUSE-HUNTING TIP: Don't get caught up following the herd. Just because most people in your area aren't buying or are having difficulty selling doesn't mean that you shouldn't make a move. Just make sure if you're a buyer that you have job security, a relatively healthy economy in your local area and a plan to stay put for at least 10 years.

The housing market will be volatile going forward. Good economic news will help fence-sitters make the decision to get serious about moving. Bad news of any sort can cause the market to stall. To take advantage of the upticks in the market, you need to be prepared in advance.

Tami Winbury is a good local real estate agent towork with who understands your needs, and wait to buy or sell until the time is right for you. It could take you a year or so to make the final decision. Some agents don't have the patience to stick it out.

Tami will educate you about the market and the idiosyncrasies of the home-sale business in your area. Ask her to kept informed about sales in the area. Many agents are set up to do this electronically, which is an easy way to keep you informed without taking up a lot of the agent's time.  She will set you  on the local MLS drip and you will receive information about every house that comes on the market that meets your selected criteria.

One of the most difficult aspects of the current home-sale business is financing the transaction. Find a loan agent or mortgage broker who is a real professional, has been in the business for years and who understands what current underwriters will require from you to process your loan.  Tami has several recommendations contact her today.

Assemble all the financial documents you'll need for loan approval even before you start looking. Ask Tami to have your loan package previewed by an underwriter so that you know beforehand if there are any problems.

THE CLOSING: Remedy these in advance so that they don't cause last-minute delays in closing.

Dian Hymer, a real estate broker with more than 30 years' experience, is a nationally syndicated real estate columnist and author of "House Hunting: The Take-Along Workbook for Home Buyers" and "Starting Out, The Complete Home Buyer's Guide."

6 popular video editing apps for Android

6 popular video editing apps for Android

A list of popular mobile downloads

Tami Winbury Keller Williams Realty is a techi-Realtor who knows the importance of technology in Real Estate.  Contact her for more info. about Apps and how smart phones successfully impact her sales.  Download her personal Real Estate App at:  Keller Williams Realty Tami Winbury  currently available on droids and iphones, ipads, xoom.

Editor's note: The following is a list of the most popular photo editing apps in the Android Market, based on a keyword search at market.android.com. The rankings are based on total number of downloads and total number of user reviews.

 

 

 

VidTrim - Video Trimmer
Goseet
Media & Video
4.2 stars
4,031 reviews
Install
VidTrim is a video editor and organizer for Android. This is the free ad supported version of VidTrim Pro.

 

 

Lapse It • Lite • Time-Lapse
Interactive Universe
Media & Video
3.3 stars
81 reviews
Install
Lapse It allows you to capture pictures at regular intervals, and to shoot some spectacular events that usually take a relatively long time.




 

BestShot(Lite)
RanDido
Media & Video
2.5 stars
66 reviews
Install
(WVGA or higher is recommended.) BestShot(Lite) is a video editing application. It automatically edits and displays pictures or movies taken by a mobile phone or digital camera.

 

 

 

Lapse It • Time-Lapse
Interactive Universe
Media & Video
3 stars
52 reviews
$1.99 Buy
Lapse It allows you to capture pictures at regular intervals; it means that you can shoot some spectacular events that usually take a relatively long time and compress them.
 

 

Always Shop for a Mortgage

It's is a Good Time to Assess Energy Use

It's a Good Time to Assess Energy Use

For more useful info. contact Tami Winbury Keller Williams Realty http://www.venturacountyhomesforsale.net

Home Safety Electrical Inspection

Is your home safe? Print out this checklist and do this inspection and see for yourself what might need fixing.

For more useful tips contact Tami Winbury Keller Williams Realty 805-798-3412  http://www.venturacountyhomesforsale.net

Home Safety Electrical Inspection

Provided to you by Portland General Electric.

Some Practical Organizing Tips

Some Practical Organizing Tips 

1.  Take a look at your life.

Where do you see EXCESS around you? Is your life

3. Make a list of small CHANGES-

2. Simplify ONE area of your life—

job, your home, your spending—at a time. If you do too much at once,

you will just get overwhelmed. Tackle the biggest thorn in your side first,

then move on to the next biggest pain in the neck.

If I Sell My Home, Will I Pay Capital Gains?

If I Sell My Home, Will I Pay Capital Gains?

The IRS permits a maximum exclusion on capital gain of $250,000 for individuals and $500,000 for married couples filing a joint return who sell their home, but of course some conditions apply. Call Tami Winbury Keller Williams Realty to help you sell your house.

For the five-year timeframe prior to the date of the sale of your primary residence, you must meet the Ownership and Use Tests the IRS provides in Publication 523, Selling Your Home. These rules ensure you have owned the home for at least two years, and lived in the home for at least 24 months out of the last five years. Additionally, you may not have excluded a gain on your taxes from the sale of a different home within the last two years. Note that if you sell your property for less than your original purchase price, you cannot claim a capital loss.

A 'reduced maximum exclusion' can apply to those who must sell their home due to a change in their place of employment, health issues, or unforeseen circumstances that affect qualified individuals. In all cases, it is best to consult your tax professional or IRS guidelines if you have any questions about the taxes you may be responsible for if you sell your home.

Tami Winbury Keller Williams Realty 805-798-3412

Real Estate is Crazy Busy!!!

Real Estate is crazy busy in Ojai! I opened 1 escrow on Friday, another will open this Tuesday, a Short Sale offer was accpeted and sent to negotiator this week, I am in the middle of negotiating a $2M offer and my land listing is in negotiation... Rookie of the Year is going for Sophmore of the Year!   Want to get in on the action and best deals!  Call me today!  Happy 4th of July!  Tami Winbury 805-798-3412 

Pinpointing an end to the distressed real estate market

Pinpointing an end to the distressed real estate market

I wanted to share this article I found. Tami Winbury Keller Williams Realty

Q: When do you estimate the return of the fully "standard sale" market?

A: My friend, I went out of the business of gazing into my real estate crystal ball a long, long time ago. Once was, every year I was asked to predict precisely when in the next year the market would recover.

Nowadays, the most I'll do is call out several markets a year that I think are showing signs that they'll do better than average like Ojai, Ca. -- things like net population growth, net job growth, low unemployment rates and high affordability all generally point to a city that will fare better than others.

As well, there are a few markets in which demand is so restricted by tight land-use guidelines and the very minimal availability of land that they tend to fare relatively well throughout a recession, like my own San Francisco Bay Area stomping grounds. Relatively.

These days, I won't even have a discussion about when the real estate market will recover without having a long talk about what recovery actually means! Used to be, people wanted to know when home values would return to their peak. After a four-year-long reality check that peak pricing was based on some fundamental market dysfunctions, though, now those asking about recovery often simply crave to know when the hemorrhage will end (i.e., when the foreclosure rate will slow down or when home values will stop declining).

So, your question is smartly framed: When will the market once again return to a state in which the vast majority of sales are "standard" sales (by which I presume that you mean not short sales and notforeclosures)?

Given that somewhere between 30 and 40 percent of the sales currently on the market are distressed transactions involving homes on which the sellers owe more than the home's fair market value or bank-owned properties, a return to a market climate of mostly "standard" sales will reflect a massive change in the market, in the direction that virtually everyone would call recovery.

I can't give you a date and time at which you can click on the latest report and should expect to see zero foreclosures; actually, even in the most thriving markets there are a couple of foreclosures here and there. However there are a number of indicators we can look to to give us a general sense for the soonest we can expect distressed properties will become a much smaller share of the market than they are now.

So, far, 2011 is on track to have a record-high rate of foreclosures -- even compared to the last few years. In part, this is due to the long-overdue foreclosures that backed up when the robo-signing scandal caused widespread foreclosure freezes last fall.

Those freezes have largely been lifted, and where they haven't, they will soon be, as the banks are now approaching a settlement with the attorneys general who called them on the carpet for widespread failure to read documents and failure to verify facts before they foreclosed on borrowers' homes. These thaws have and will continue to spike the already record pace of foreclosures throughout this year.

Additionally, 2011 and 2012 will be peak years for the resetting of adjustable-rate mortgages that were originated at the peak of the market, around 2006-07.

As those mortgages continue to reset in large numbers, and their owners find themselves unwilling to continue paying on homes that are worth so little, or unable to refinance their mortgages because their homes' values have declined so vastly, we'll likely see these resets continue to contribute to the foreclosure rate.

It could easily be late 2012 or early 2013 before we see the foreclosure rate come down dramatically -- maybe later, and as many as 24-48 months thereafter before we would see the market realistically absorb most of these foreclosures.

And this just takes foreclosures into account! Because so many Americans are so deeply upside down, we could see an elevated rate of short sales for years and years to come.

What could brighten up this fairly grim outlook? Anything the banks or the attorneys general do to coerce the banks to start writing down principal on home loans would help -- whether you think it's fair or not, the data shows that negative equity is a very weighty contributing factor to foreclosures, strategic and otherwise.

And negative equity is certainly the cause of every short sale. Also, a significant uptick in serious loan modifications that would ease upside-down homeowners' payment burden might also get us back to a "standard sale" market in a shorter period of time.

However, what we know is likely to happen is that the loan market will continue to tighten up, making it harder for even willing and creditworthy buyers to buy, as Fannie Mae and Freddie Mac are phased out.

Anything that slows down homebuying will slow down the absorption of distressed properties from the market. Similarly, a spike in inflation or increase in unemployment rate would also exacerbate the problem, extending the time it will take for the market to heal itself of these wounded properties.

I suppose that whether you think this outlook is grim or great depends on your position in the market. If you're a buyer or investor wondering how long this affordability window will be open, this is good news.

In most markets, prices aren't likely to skyrocket anytime soon (although you never know when rates will rise). If you're an owner or a seller trying to figure out when you'll be able to put your home on the market without the clearance-sale-priced competition, my opinion is that this won't be happening anytime soon.

But do talk with a local agent before you make any decisions, as real estate market dynamics are so locally specific that in a given town there may be markets where nothing is selling and others where multiple offers abound, at the same time.

Overall, though, it behooves any player in the real estate market to get familiar and comfortable with the bank-owned and short-sale sectors of the market. Barring any major shifts in how the mortgage industry handles distressed loans, we'll be seeing lots of these properties for quite some time.

Tami Winbury Keller Williams Realty DRE#01878369  805-798-3412  http://www.venturacountyhomesforsale.net      Tara-Nicholle Nelson

We Live in a Real Estate Microclimate

We Live in a Real Estate Microclimate

You might have heard a real estate commentator, analyst, or even broker or agent utter a relatively recent addition to the real estate lexicon, Real Estate Microclimate is hyperlocal. It is usually used to indicate that all markets are not the same, and do not operate in the same direction at the same time.  Contact Tami Winbury Keller Williams Realty for information about your local market.

This was the basis for the widespread belief that it was impossible to have a nationwide real estate recession, because markets are so different.

While that was clearly an overgeneralization, it is the case that we've seen different markets hit their peaks and troughs at different times and to widely varying degrees, based on the peculiarities of their local market. Las Vegas homes have lost about 60 percent of their value since their peak, while homes in Pittsburgh have lost less than 1 percent of their value, on average.

That's hyperlocal.

Nature offers an interesting parallel to this real estate phenomenon: microclimates. Wikipedia defines a microclimate as "a local atmospheric zone where the climate differs from the surrounding area. The term may refer to areas as small as a few square feet (for example, a garden bed) or as large as many square miles."

What creates real estate microclimates?

According to Tara a relatively short list of factors that cause a neighborhood, city, county or state to have its own real estate environment that operates independently from nearby areas or the national market at large:

Jobs: Areas that are job centers and have major employers in the area, with low unemployment rates and current or projected job growth, have different real estate market dynamics than other markets, largely because people want to buy homes where jobs are.

Universities: College-town real estate tends to be recession-proof compared to other towns, as towns anchored by one or more large universities tend to have a relatively steady and robust economic center and a constantly replenished demand for housing both for sale and for rent, in the form of students, faculty and staff members, and the workforce of the businesses that support the school(s).

Population booms: Districts that are experiencing an uptick in population -- whether by birth or by incoming migration -- also often experience their own real estate microclimates. It may come as a surprise that there are many cities and states in the U.S. that are actually experiencing net population decreases, as people move out for various reasons, including lack of jobs and affordable housing. Again, it's all about demand.

Overbuilding: Where homes are vastly overbuilt, as they were at the top of the market in the Sun Belt foreclosure hot spots like Arizona, Nevada, Florida and some parts of California, a microclimate of oversupply can develop.

And there's more -- next week we'll take a look at another set of elements within the ecology of an area's economy that cause it to have an independent real estate market microclimate of its own.

Tami Winbury Keller Williams Realty 805-798-3412  http://www.venturacountyhomesforsale.net  805-798-3412

Tara-Nicholle Nelson is author of "The Savvy Woman's Homebuying Handbook" and "Trillion Dollar Women: Use Your Power to Make Buying and Remodeling Decisions."

Mini Mansions are No Longer Instyle

Mini Mansions are No Longer Instyle

In America, bigger is always better, right? Our cars, our accomplishments, even our personalities have always been outsized. But the fact is that bigger isn't always better -- at least not when it comes to our houses.

Just a few years ago bigger was better.  I lived in Huntington Beach in a 1400 sq.ft. home on an 8000 sq.ft. lot and thought I was sufficating.  We had a monster sized truck and all the toys you could dream of.  It wasn't enough.  So we bought an acre of land and a nearly 4000 sq ft. home.  We are living large... too large.  I am lost in my house and I have too much stuff and clutter.  The yard is a whole other beast.  The expense of gardeners and water are unreal. 

Now, you'd think this would be the proverbial dream come true for most people. But like Citizen Kane at Xanadu, we always seemed ill at ease shuffling around all the stuff in the empty spaces in our so-called "home." My husband withdrawals to the office study the size of a normal suburban bedroom, or to the garage, where all his guy stuff is stashed.  And I to the kitchen where I hang out with the kids and guests who visit.

Not surprisingly, this made me wonder  about the use or value of all the rest of all the huge spaces that made up the bulk of living large. The problem with really big rooms is that we human beings are naturally ill at ease inhabiting them. Our primitive brains still feel more secure, and hence more comfortable, in spaces we can traverse in a few steps.

In the past, the huge public rooms of mansions served mainly to flaunt their owner's wealth and good taste -- though these attributes don't necessarily go together. Yet even the wealthiest masters of such houses carried on day-to-day life in a much more modest suite of rooms elsewhere in the place. Living in some huge, drafty hall, regardless of how sumptuous the decoration, was no more comfortable then than it is now. Are you interested in homes for sale?

Even in the face of this grinding recession, Americans are only slowly turning away from our 30-year obsession with bloated houses, despite the fact that we've already learned this lesson once before.

Around the mid-19th century, houses of every class, from mansions to workers' cottages, began to get bigger and bigger. Ceiling heights swelled from less than 8 feet during Colonial times to 12 feet in the Victorian era, while floor plans got more and more complicated.

Victorian kitchens grew into complex warrens of three or four rooms. Yet, rather than making their owners happier, these vast houses instead provoked a backlash -- especially among women, who typically got stuck having to keep them up. This disenchantment with the bloated Victorian design ushered in the bungalow homes of the early 20th century, with their credo of "smaller and simpler is better."

I miss our little house and little yard where we spent our evenings together.  I am so happy to see that Americans have come to the conclusion that bigger is not always better.  We no longer drive the monster truck, rather we drive a Prius and often ride our bikes around our new cozy town in Ojai, Ca.

We could learn a lot from these downsized homes of a century ago, provided we have the sense to think small for a change.

Tami Winbury Keller Williams Realty 805-798-3412  http://www.LiveOjai.com  http://www.venturacountyhomesforsale.net

Arrol Gellner's inspired this story.

Do You Trust Real Estate Agents?

Do You Trust Real Estate Agents?

REALTOR® Notebook

Trust is always an issue between consumers and salespeople. We make money by selling a house, and that causes buyers to question our motives when we say the home is a great property or "now is the best time to buy real estate."

My job is not to deceive buyers, but to present the homes I have listed in the best possible light. Even in today's market, once a listing has been on the market for more than three months, buyers become suspicious that there is something wrong with it.

Buyers have little awareness of what market times should be, or what they once were. First-time homebuyers, in particular, have a negative reaction to homes that have been on the market six months or more.

As an agent, I would love to know: What is wrong with buying a home that has been on the market for six months or two years? There are so many other factors to consider. Where is the home located? How many times has the price been reduced? Has the home had repairs or improvements made to it since it was first listed?

Sometimes sellers will take less money for a home that has been on the market for months or years, and that could be a good thing for a homebuyer.

If a consumer asks me how long a home has been on the market, I give them a complete history. If they ask me the date that it was listed, I give it to them. I provide that information for my buyers on any home they are interested in.

If a home is priced right and is located in the buyers' preferred neighborhood and has the amenities and features that the buyer is looking for, it should not matter how long the home has been on the market.

If I, Tami Winbury Keller Williams Realty, am representing the sellers, it is my job to market the home and to make it look as appealing to buyers as possible.

Eventually, consumers will have all of the information about homes on the market that agents have. I think that will be a good thing. Consumers really should not have to ask how long a home has been on the market.

For more information call Tami Winbury Keller Williams Realty 805-798-3412

View  http://www.liveojai.com to view properties for sale.

Teresa Boardman is a broker in St. Paul, Minn.

Foreclosure Overview

Foreclosure Overview
What is Foreclosure?

Shopping for a Home: It Should Be Fun!

New homes, old homes, big homes, small homes – they're all waiting for you to come take a look.

Align Home Purchase with You Life, Not the Market

Align Home Purchase with Your Life, Not the Market