Sunday, January 7, 2018

Look out Buyers and Sellers, all indicators for 2018 is positive in the housing market.Interest rates are holding as to the rates.In the Desert valley our market is favorable with the average prices increased from the last two years. Some areas are really hot.Some are reducing their prices to sell quickly in the higher price sale market. In the age 55 plus, the homes are selling on the golf courses
because of the views.In the market for families , four bedrooms and more are in demand.
Future opinions for the Coachella Valley are mixed as to the economy.However,new construction
of single family homes are coming alive.
Palm Desert city planners are to be going to a new look on San Pablo and El Paseo appealing
to a more neighborhood friendly atmosphere with town centers with street revisions to appeal to younger adults. Time frame maybe less than five years.
Received a greeting Carolene Ke Liu from San Francisco regarding the very, very active Real Market
throughout the city and Silicon Valley.She is a contact from my past who represents Private Wealth Mortgage Banker for US Bank. 415-677-3695 who does various loan products.
Of course, here there are some find Mortgage lenders that I also recommend right here.
The rental market is also active and rents have increase for homes and condo's for the great demand.
Contact me, I am loyal, honest,sincere and on time.

Monday, April 10, 2017

How to find an Investment Property

Have you ever wondered in today’s market environment with real estate drastically different than it was just a few short years ago. Finding properties to invest in isn’t what it used to be. A lot has changed in those few short years. The changes are not as insurmountable obstacles as they are inconveniences. Those that find themselves able to adapt to the current year, 2017, should have no trouble finding investments properties.
If you are interested in discovering some of these new techniques, call me and we can get you started.

Thursday, October 10, 2013

Market Getting Stronger in Coachella Valley - October 2013

According to the most recent article in the Desert Sun, Our Housing market is on the rise.  Excerpts of the article are below.
The Desert Sun - Palm Springs, Calif.
Author: Fong, Dominique

The California housing market will coast through a steady recovery into the next year, buoyed by rising median home prices and a drop in distressed property sales, according to a 2014 market forecast released Tuesday from the California Association of Realtors.
"The share of equity sales has increased sharply," Leslie Appleton-Young, chief economist for the association, said during a conference call for reporters. "That illustrates what a housing recovery looks like."
In 2009, 60 percent of home sales in California were bank repossessions, but they now total 5 percent of all sales, Appleton-Young said. Foreclosed homes have shuttled through the pipeline, easing the market from heavily distressed property sales to a robust spike in equity sales.
The forecast projects 444,000 homes sold next year across the state, a 3.2 percent gain from the 430,300 sales estimate for this year. The California median home price is expected to reach $408,600 this year, up 28 percent from 2012. The price is expected to inch up to $432,800 in 2014, according to the forecast.
The Coachella Valley has mirrored the state's upward trend. In August, the median home price rose 25 percent from the year before to $250,000, according to DataQuick, a San Diego-based firm tracking real estate data.
The spike in prices may persuade more underwater homeowners to put their home on the market, housing experts said. More listings trickling in will help expand the current three-month inventory shortage. A normal supply is six to seven months, Appleton-Young said.

Monday, February 18, 2013

Massive Set-Backs in the Housing Sector

February 13, 2013
By Peter Miller

It really could happen. It’s possible that thousands of pages of financial rules just issued by the Consumer Financial Protection Bureau (CFPB) could be tossed out, leaving a mortgage marketplace with far-higher loan rates, lower home values and far-ranging uncertainty.

In a mortgage marketplace which remains fragile everything done to date by the CFPB — including its just-issued mortgage guidelines — could be thrown in the dumper. The strange twist is that despite lobbying and public statements to the contrary, much of the lending industry might well prefer to see the CFPB survive.

Here’s why:

The CFPB is an outgrowth of Wall Street reform, the Dodd-Frank legislation produced as a reaction to the foreclosure crisis and the need to reduce marketplace risk. But while Wall Street reform passed Congress, 44 Republican senators opposed to the legislation were able to block the confirmation of a CFPB director. Without a director, the Bureau could not officially move forward, meaning that many of the tasks required under Dodd-Frank could not begin — including the publication of specific guidelines relating to mortgages and foreclosures.

The problem seemed to end with President Barrack Obama’s recess appointment of Richard Cordray in July 2011. With Cordray in place, the CFPB entered the regulatory process and in the past few weeks has just issued guidelines concerning such things as loan servicing, allowable lender compensation plans, high-cost mortgage disclosure rules and ability-to-repay requirements.

If you’re a lender, you want these rules. The reason is that Wall Street reform protects lenders from virtually-all borrower lawsuits when low-risk loans are originated. Basically, the okay loans include FHA, VA and conventional financing with points and fees equal to 3 percent or less of the loan amount and with a loan application which is fully documented.

But now, under a case called Noel Canning v. NLRB, a court has thrown out recess appointments made by President Obama to the National Labor Relations Board because the requirements for a “recess” appointment were not met. Since the circumstances of the NLRB situation are the same as the appointment of Cordray there’s little doubt that his appointment will be challenged.

If Cordray’s appointment is ruled invalid, then three results are likely:

First, Dodd-Frank remains in force but with the guidelines missing many investors may see more risk in the marketplace, meaning it will be tougher to get a mortgage. That will pressure mortgage rates higher — and home prices lower.

Second, among the potential losers would be Fannie Mae, Freddie Mac, the FHA, and private-sector lenders, who hold title to more than a million properties they would like to unload. With more short sales, REOs and foreclosures coming in 2013, a decline in the housing sector would damage lender portfolios, shareholder values and a large part of the economy.

Third, there are widespread second thoughts regarding Wall Street reform — and the reason is money. The Mortgage Bankers Association reports profits per loan reached $2,465 in the third quarter of 2012. This compares with $917 two years earlier. Existing home prices went up 11.5 percent in 2012, evidence of significant improvement.

If it happens that the Cordray appointment is struck down then it could take years to build new guidelines. That’s a lot of uncertainty — and there’s no guarantee, from a lender’s perspective, that the revised guidelines won’t be worse or that new liabilities and lawsuits won’t pop up.

Tuesday, June 26, 2012

Inventories of homes for sale in California continued to shrink in May

Homes on the market in May 

represented just 3.5 months of supply

By Inman News
Inman News®

Inventories of homes for sale in California continued to shrink in May, as the highest pace of sales since February 2009 reduced the supply of available homes to just 3.5 months -- down from 4.2 months in April and 5.7 months at the same time a year ago.
Many housing analysts view a six-month supply of homes as a good balance of supply and demand -- anything less means there are not enough homes to meet demand.
"Low housing inventory continues to be the critical issue in the California market," said California Association of REALTORS® Chief Economist Leslie Appleton-Young in a statement accompanying the release of the latest numbers. "Inventory levels have not been this low since December 2005, when the supply matched the current level."
Sales of existing, single-family detached homes were up 3.4 percent from April, to a seasonally adjusted annual rate of 572,260 in May, CAR said. That's the fastest pace of sales since February 2009, when homes were selling at a seasonally adjusted rate of 598,770 per year.
The San Francisco Bay Area had the greatest shortage of homes for sale, with inventory levels in the two- to three-month range for Santa Clara, San Mateo, Alameda and Contra Costa counties, Appleton-Young said. A seven-month supply is normal, CAR said in releasing data from more than 90 REALTOR® associations and multiple listing services.
The inventory figures could provide ammunition to critics of plans to allow bulk sales of Fannie Mae and Freddie Mac real estate owned (REO) properties. The National Association of REALTORS® has urged that such programs be "implemented on a strictly limited, as-needed basis," citing estimates by analysts at Barclays Capital that private investors are converting 800,000 homes a year into rentals.
Fannie and Freddie's federal regulator, the Federal Housing Finance Authority (FHFA), has said it will approve bulk sales only in markets where there's a glut of properties on the market.
The first "REO to rental" sale of 2,490 Fannie Mae "real estate owned" (REO) properties will be limited to eight markets: Atlanta (572 properties); Los Angeles-Riverside, Calif. (484 properties); Phoenix (341 properties); Las Vegas (219 properties); Chicago (99 properties); Southeast Florida (418 properties); Central and Northeast Florida (190 properties); and Western Florida (167 properties).
But last month, California REALTORS® got behind a bill introduced by Rep. Gary Miller, R-Brea, that would prohibit bulk sales of Fannie Mae REO homes in the state.
Months' supply of housing, May 2012 

State/region/county       May 2012     April 2012     May 2011
Southern California

Los Angeles
Orange County
Riverside County
San Bernardino
San Diego
Source: California Association of Realtors


Friday, May 18, 2012

8 things to know about buying a home today

Use mortgage preapproval to your advantage
By Dian Hymer
Inman News®
Share This
The home-sale market is showing signs of life. More buyers are confident now than they were a year ago that now might be a good time to buy. Interest rates are near all-time lows and home prices in some areas are back to 2002-2003 levels.
Some analysts are finally suggesting that we may be headed for recovery. If you have a secure job, plan to stay put and feel this is the right time for you to buy a home, consider the following.
In most places in the country, home prices are still declining. It has only been recently that the market picked up and it's too soon to know if this will result in a sustainable increase in prices.
The recent home sales in areas around California's Silicon Valley defy the norm. Significant job growth in the area combined with a low inventory of good homes for sale has resulted in multiple offers with buyers bidding the price up sometimes hundreds of thousands of dollars over the asking price.
In other high-demand, low-inventory areas, you may find yourself bidding against other buyers, perhaps even more than once. This doesn't necessarily mean that the price will be bid up significantly over the asking price. This will vary from one listing to the next depending on property location, condition and price.
It's important to research the local community where you want to buy. Find out what homes are selling for, if multiple offers are common and if listings are selling for more than the asking price. This will help you make a realistic offer that might be accepted when you find a home you'd really like to buy. It helps to work with an experienced local real estate agent.
Some sellers in high-demand niche markets intentionally list their home at a low price hoping to stimulate multiple offers. If you see such a listing and there are a lot of buyers wanting to make offers, you will be better able to know how high your offer would need to be to win the contest if you have done your due diligence.
HOUSE HUNTING TIP: Whether you're anticipating competition or not, you should be preapproved for the mortgage you'll need to complete the purchase before you write an offer. In competition, this will make a big difference, particularly if everyone else who is offering is preapproved. It also lets you know what you can afford. And, it puts you in a good bargaining position with the seller.
Buyers aren't the only participants in the housing market that have heard the news that the market has improved. Some sellers are putting their homes on the market because they've been waiting for a better time to sell. This is good news for buyers looking in low-inventory markets.
You should expect that you will have to negotiate. Many of today's sellers are selling for less than they paid. Even though the market has improved a bit, sellers may be disappointed with the current market value of their home. Be prepared to negotiate, not just the initial price, but after inspections are completed if items come up that you hadn't anticipated.
Include realistic contingency time frames in your purchase contract for loan and appraisal approval if you're applying for a mortgage. The recent uptick in the market means that lenders are suddenly overwhelmed.
In mid-March, buyers in Oakland, Calif., who were seeking approval for a jumbo loan were told they could close a transaction in 21 days. Not only could they not close in 21 days, it took more than 21 days for loan approval due to lender backlog.
THE CLOSING: Underwriters could require that additional conditions be met before you can be approved. Act quickly to avoid further delay.


This is a current article in response to the market changing in the Coachella Valley home sales. The prices are GOING UP in some areas because of supply and demand principles.  Sales are good in our valley.  

We agree with all that is being said regarding the changing markets -- lower inventories, closer-to-list-price negotiations, and the potential for rising prices. But the issue we now encounter are the appraisals are lagging behind the market; therefore, they do not match the current market values or the sold price.

Challenges of the appraisals are met with disdain and then disapproval. Outcome: The buyer does not get the home they want at the price they are willing to pay, and the seller can't sell their home at the current, rising market value. This perpetuates the slow recovery.
Carl & Rae-Lynne Swigart
Prudential Georgia Realty
Cumming, Ga.