California Real Estate Market News

January 17, 2012

Venice Canals Home For Sale

This warm and inviting waterfront beach home is completely remodled with character and charm, situated on the highly desired Venice Canals. Located on the waterfront, this property is a rare find zoned for 2 units and is easily transferable to a Single Family Residence. Totally transformed by current owner, this home is filled with sunshine and boasts a magnificent floor plan. Featuring hardwood floors, a gourmet kitchen and a waterfront patio perfect for entertaining guests or relaxing after a long day.

Property Details – Venice Canals Home

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Property Photos

Property Map

http://bit.ly/zASxiQ+Howland+Canal,+Los+Angeles,+CA&aq=1&oq=225+howlan&sll=34.163807,-117.802277&sspn=0.236636,0.152092&vpsrc=0&ie=UTF8&hq=&hnear=225+Howland+Canal,+Los+Angeles,+California+90291&ll=33.983082,-118.466093&spn=0.014608,0.022295&t=m&z=14&iwloc=A&output=embed
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December 5, 2011

Foreclosure Solutions

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Foreclosure Solutions

December 5, 2011

Foreclosure Solutions

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Foreclosure Solutions

October 25, 2011

Pricing Your Home To Sell

Real Estate pricing is probably the most critical task you will face when selling your home. Sellers naturally want to get the best price and the best terms for their home for the time that it is on the market. However, determining your home’s worth isn’t always a straight forward process as there are pitfalls. If you price your house too high, you may not receive any offers. and your house may languish on the market for weeks, losing its “marketability”. If you price it too low, you may end up losing money.

Ultimately, the best price for your home is the amount that a buyer is willing to pay at the time you’re selling. An experienced, trained Realtor® will be able to help you gauge your home’s value.

A Guide to Pricing Your Home In Today’s Market

While several factors influence the pricing of a home, the most common and reliable method is the comparative market approach. Get a Comparative Market Analysis (CMA). This is a report that provides a suggested sales price based on the prevailing market. Your Realtor® can provide a CMA, usually for free. It is not an appraisal. In a CMA, your Realtor® examines recent sales in your neighborhood of properties matching your house’s age, square footage and features.

Active listings (other homes for sale) are scrutinized as these listings are your competition. An examination should also be made of withdrawn and expired listings. Very often these listings didn’t sell because of pricing issues and you can profit from these lessons. Based on this accumulated data, your Realtor will arrive at what he believes is a fair and reasonable price.

CONSIDERATIONS WHEN PRICING YOUR HOME
Property Location – If the home is located in a noisy, busy neighborhood it may not be attractive and, therefore, will command a lower price. Is it in a desirable location? Is the property close to transportation and other amenities such as schools, shopping centers, post offices, etc?

Needs of the seller – Is there pressure to sell quickly? Is the sale contingent on another sale?

Season – Statistically, more homes are put on the market in the Spring and Summer creating more competition.

Tenure – Is the property leasehold or fee simple? Generally, leasehold properties sell for less than fee simple properties.

Condition of the home – Does the house have “curb appeal”? Is it new? Does it look fresh or run down? Does it have attractive features?

Other factors – These include the prevailing interest rates, the economy, the crime rate, employment and timing.

Remember, when pricing your home, you must be emotionally detached. The market doesn’t care how much you originally paid for your house. Nor does it care about the time and cost that you put into improving it. In slow markets especially, you must be prepared to price your property in keeping with the market forces.

There is a danger in overpricing your home with the intent to establish a “strong” negotiating position. Qualifying buyers who would otherwise consider your property will disqualify it automatically based on its unreasonably high price.

WHAT YOU CAN DO TO SELL YOUR HOME QUICKLY
Work closely with your Realtor®. Ask questions and consider his/her advice. This person is a trained professional. Your Realtor’s® knowledge of the market along with his/her negotiation skills, experience and “street smarts” will serve you well.

Make your house more attractive. This doesn’t mean you have to launch major improvements. Look at your house through the eyes of a prospective buyer: Does the lawn need to be mowed? Should clutter be removed? Would the front door benefit from a little paint?

Go on a field trip. Visit open houses in your neighborhood to get a feel for the market. Compare your home to these real estate offerings.

Do your research. Scan the real estate section of the Sunday newspaper for any new houses for sale in your area.

REAL ESTATE TERMINOLOGY
The specialized language of real estate can often be confusing and mysterious. Here are some common terms that you’ll encounter:

October 24, 2011

Fannie Mae and Freddie Mac propose new options for loan modifications

http://bitly.com/vwy7uz
Freddie Mac and Fannie Mae have developed a new loan modification options for financially distressed homeowners that may begin as soon as October 1, 2011. The new program has been dubbed the “Standard Modification”. The Standard Modification has been designed for borrowers that have proven to be ineligible for a home affordable modification (HAMP) or have defaulted on a trial payment for a previous modification. Highlights of this program include reducing mortgage principal and monthly payment amounts by at least 10% each.

October 24, 2011

Notice of Default warnings surged in August

Los Angeles, California – October 24th, 2011 Mortgage servicers and banks have increased their efforts against homeowners that have fallen behind on their payments in what looks to be a new wave of foreclosures. According to Realty Trac Inc., the number of US homes that received an initial default notice, the first step in the foreclosure process, jumped 33% in August from July.
This spike in default notices indicates that banks are starting to take quicker actions against homeowners that have defaulted on their mortgage. Foreclosure activity came to a near halt this time last year when problems with faulty paperwork surface. Banks have worked these kinks out of the system and appeared to be prepared to fire up their foreclosure machines once again. Homeowners behind on their mortgage may see their days of free rent coming to an end in the near future.
A spike in foreclosures could potentially turn around the US housing market faster. Many leading economists believe that the faster we flush our system of these toxic loans, the faster we can return to building a robust real estate market. As long as there is a glut of distressed real estate on the market, the housing recovery will continue to move at a snail’s pace.
Any ideas with my activity in foreclosures continue to weigh down property values and create uncertainty among prospective buyers interferes that prices may further decline. Banks have begun sifting through a backlog of homes that initially entered the foreclosure process months if not years ago. That’s bad news for homeowners that have become used to missing payments for several months without the threat of a foreclosure in their rearview mirror. Some homeowners have stayed in the house for 2 to 3 years without making a payment. These days will soon be history.
California saw a 55% increase in homes receiving a notice of default last month. Banks are now on track to repossess some 800,000 homes this year alone. The top 10 states with the highest foreclosure rates in August are California, Arizona, Georgia, Idaho, Michigan, Florida, Illinois, Colorado and Utah.
Homeowners that are delinquent on their home loan should seriously consider applying for a short sale to avoid a foreclosure. Call Allen Brodetsky at Boutique Realty to learn how you can receive up to $3000 in moving assistance and help mitigate having to pay income taxes on the difference between your loan amount and what your house sells for. Allen Brodetsky he has successfully negotiated hundreds of short sales for both his clients and other realtors.
Boutique Realty, Los Angeles’ Premier Real Estate Company

September 28, 2011

What is a Short Sale

A short sale is when a bank/lender/servicer agrees to accept a reduced amount on a mortgage to avert a probable foreclosure auction or bankruptcy. Under a “short sale” scenario the prospective buyer would be purchasing the home from the lender as opposed to the current homeowner. The benefit to the current homeowner is that they have the opportunity to get from under a home that is currently under water or they have become delinquent and do not have the option of satisfying their delinquent payments to the lender and afford the cost normally associated with a standard real estate sale (i.e. real estate commissions, closing cost, etc.). The benefit to the purchaser is they generally obtain the home for a substantial savings.
http://bitly.com/oMcr6G

September 27, 2011

Mar Vista Home For Sale

http://bit.ly/orDOJy

Charming Spanish style retreat located in a highly desired quiet area of Mar Vista. This lovely home demostrates the definition of pride of ownership. Property is situated on a corner lot with lush green landscaping. Remodeled kitchen boasts stainless steel appliances and open floor plan. Spacious living and dining room with vaulted cielings and hardwood floors. Backyard offers a beautifully landscaped sitting area and play area with grass.

Property Details – Mar Vista Home

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Property Map

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September 27, 2011

Mar Vista Home For Sale

http://bit.ly/orDOJy

$705,000

3701 Meier Street

Mar Vista, CA 90066

Contact Allen Brodetsky of Boutique Realty

allen@boutiqueproperties.net

(818) 881-8883

September 23, 2011

Almost 25% of Mortgages Still Underwater

http://bit.ly/nHOlRw According to the research gathered by core logic and analyzed by Allen Brodetsky, President of ASB Capital & Boutique Realty, almost 11,000,000 properties, which equates to roughly 22.5% of all US homes, have negative equity in their home.

Alarming Real Estate Trend on the Horizon

The first two quarters of fiscal year 2011 have shown a declining trend in foreclosures. This can be attributed to the Robo signing fiasco with many of the major lending institutions. That story is now behind us. Many mortgage lenders including Bank of America, the nation’s leading mortgage servicer, have fired up there foreclosure machines and are beginning to replenish their supplies of real estate owned properties. Postponing foreclosure sale dates has become increasingly difficult if not impossible. Core logic researchers have found that nearly 3/4 of all underwater borrowers are paying above market interest rates on their home loans. The chance for borrowers to endure negative equity is increasing day by day. JP Morgan Chase analysts expect home prices to drop another 5% by the beginning of 2012.

President Obama and his administration have continued to work on proposals to boost refinancing activity and help borrowers with minimal negative equity qualify for Fannie Mae and Freddie Mac loans. Ironically, some of the hardest hit markets have shown improvement in values over the last year. This can be attributed to banks foreclosing on homes in high foreclosure risk areas and flushing the market of negative equity.

Protect Your Home with ASB Capital & Boutique Realty

ASB CAPITAL GROUP and ALLEN BRODETSKY, strongly recommend refinancing your home mortgage if you are paying above a 4.75% on your home loan. Current interest rates for a 30 year fixed mortgage are hovering between 3.75 and 4%. Time may be running out to refinance if the projections by J.P. Morgan Chase and core logic holds true. As housing prices fall due to foreclosure and short sale activity, it will be increasingly difficult for borrowers to refinance with their equity diminishing. Most conventional loans require at least 20% equity to avoid paying PMI (Mortgage Insurance).

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