Housing News Today Centers Around Foreclosures:
There are currently 1.5 Million loans in active foreclosure but there are 3.5-4 million additional loans the banks are holding that are also in trouble. And those newer jumbo loans made within the past 12 months are defaulting at a greater rate than before. The reason for these new jumbo defaults seems to point to jobs losses.
Other News Making Headlines:
China Selling Accelerates, Stocks Tumble 6.7%
Fewer Americans Fear Healthcare Costs: Poll
Lehman Claims Could Reach $100 Billion: PwC
As Internet Turns 40, Barriers Threaten its Growth
Japan Democrats Take Power, Challenges Loom
Merkel Loses Ground to Left in German States
Tribune May Exit Bankruptcy This Fall: Report
GM to Form China Venture with FAW
AIG Weighing Many Options for ILFC
Rep. Frank Eyes Fed Audit, Emergency Lending Curbs
Monday, August 31, 2009
Wednesday, August 26, 2009
New Home Sales Up In July 9.6%!
Housing Numbers Keep Getting better but always remember that real estate is local. There are different things going on in different neighborhoods so having someone that is knowledgeable and that you trust help advise you is critical to buying or selling well.
New Home Sales Are Up 9.6 Percent in July (vol. 433,000) - good news!
The reasons could be as follows:
First Time Home buyer tax credit
In California there is a 10,000 dollar tax credit for buyers of new homes.
A buyer of a new home in California could, if they qualify, take advantage of both credits.
Builders have been giving incentives to buyers such as upgraded appliances, financing, etc
Affordability has increased due to price and loan rates
But with all this good news there are still struggles in the market.
Obtaining jumbo loans continues to be a challenge for most buyers and this has greatly affected homes values in areas with homes over 1 million dollars.
New Appraisal Guidelines are further complicating closings when "out of area" appraisers try to calculate home values and/or because of the new requirements.
The tax credit for first-time buyers may expire the end of November
Many Adjustable mortgages are due to reset soon
More foreclosures are waiting to come to market (shadow inventory)
Commercial real estate showing serious signs of trouble
Unemployment keeps rising
But Let's End On A Good Note:
I am working with a few buyers on the West side of Los Angeles and we have lost out on many properties because of bidding wars! Yes, buyers are buying and making offers in good locations and on properties that are priced well. Those Sellers that get their home priced right SELL THEIR HOME and most often, have a choice of whom they will sell it to. Remember, getting a loan is difficult so you want the most qualified buyer!
If you have any questions or comments please send me an email of give me a call.
Connie
New Home Sales Are Up 9.6 Percent in July (vol. 433,000) - good news!
The reasons could be as follows:
First Time Home buyer tax credit
In California there is a 10,000 dollar tax credit for buyers of new homes.
A buyer of a new home in California could, if they qualify, take advantage of both credits.
Builders have been giving incentives to buyers such as upgraded appliances, financing, etc
Affordability has increased due to price and loan rates
But with all this good news there are still struggles in the market.
Obtaining jumbo loans continues to be a challenge for most buyers and this has greatly affected homes values in areas with homes over 1 million dollars.
New Appraisal Guidelines are further complicating closings when "out of area" appraisers try to calculate home values and/or because of the new requirements.
The tax credit for first-time buyers may expire the end of November
Many Adjustable mortgages are due to reset soon
More foreclosures are waiting to come to market (shadow inventory)
Commercial real estate showing serious signs of trouble
Unemployment keeps rising
But Let's End On A Good Note:
I am working with a few buyers on the West side of Los Angeles and we have lost out on many properties because of bidding wars! Yes, buyers are buying and making offers in good locations and on properties that are priced well. Those Sellers that get their home priced right SELL THEIR HOME and most often, have a choice of whom they will sell it to. Remember, getting a loan is difficult so you want the most qualified buyer!
If you have any questions or comments please send me an email of give me a call.
Connie
Tuesday, August 25, 2009
Just Listed A Great Home in 90210
I just listed a beautifully remodeled approx 3000 sq ft One-Story Spanish home with serene views of the city of Beverly Hills, located on quiet cul-de-sac and with traditional spanish accents throughout. This home features 4 Bdrms plus a Maids, a Large Pool, a Living room with a pitched roof & views of city, a luxurious Master Bath and so much more! Most of the rooms open to the pool or have city views and it is just 5 minutes from the center of Beverly Hills and the Beverly Hills Hotel for convenience. For more details call Connie De Groot, Licensed Realtor/Broker in Beverly Hills at Ph 310 913.1184!
Monday, August 10, 2009
HOUSING SALES IN BEVERLY HILLS 90210 AND SANTA MONICA 90402
CONNIE’S MARKET UPDATE !
ACTIVITY FOR AUGUST 1 - AUGUST 10 2009
NOW IN ESCROW FIRST 10 DAYS OF AUGUST 2009
NOW IN ESCROW FIRST 10 DAYS OF AUGUST 2009
418 ROBERT LN, Beverly Hills
$ 9,000,000
126 N MAPLE DR, Beverly Hills
$1,795,000
9831 PORTOLA DRIVE, Beverly Hills
$779,000
NOW SOLD/CLOSED FIRST 10 DAYS OF AUGUST 2009
806 N RODEO DR, Beverly Hills
lISTED AT $12,000,000
SOLD AT $9,500,000
1860 COLDWATER CYN DR, Beverly Hills
LISTED AT $1,239,000
SOLD AT $1,150,000
2100 N BEVERLY DR , Beverly Hills
LISTED AT $3,95,000
SOLD AT $3,850,000
$ 9,000,000
126 N MAPLE DR, Beverly Hills
$1,795,000
9831 PORTOLA DRIVE, Beverly Hills
$779,000
NOW SOLD/CLOSED FIRST 10 DAYS OF AUGUST 2009
806 N RODEO DR, Beverly Hills
lISTED AT $12,000,000
SOLD AT $9,500,000
1860 COLDWATER CYN DR, Beverly Hills
LISTED AT $1,239,000
SOLD AT $1,150,000
2100 N BEVERLY DR , Beverly Hills
LISTED AT $3,95,000
SOLD AT $3,850,000
403 20TH STREET, Santa Monica
LISTED AT $ 3,195,000
SOLD AT $ 3,050,000
Sunday, August 9, 2009
What's Happening...Multiple Offers Again?
We are now seeing that buyers are rushing to those properties in the good locations/established neighborhoods that are priced well. That's good news for some but not for those buyers who lost out on a property they loved. Many buyers today are scratching their heads in dismay because they have heard there are DEALS and that they have the POWER yet many buyers are experiencing something quite different.
Just last week, I took out a buyer to see a new listing. There were over 50 people that came to the open house and that was amazing since the open house was not even advertised! We wrote an offer the next morning on that property but found out that the agent already received 3 other offers! I had a difficult time explaining to my client, who was also a first-time buyer, that she had to rush and to fight for this property. Most buyers think that this is their market and are surprised and angry to experience something reminiscent of a few years ago.
My client couldn't believe that someone would pay "asking" in this market and I understood her confusion because looking at current sales in the building, the asking price could have been a little high! So why did these buyers rush to make offers? This is what many do not quite understand. The reason is that the current supply of properties also effects the results. In this case, this property, according to recent sales in the building, may have been a little high, but considering the existing inventory, it looked like a DEAL. When I walked into the property I was equally amazed because I had seen nothing in the area that offered this much value. My buyer lost out on this property in Brentwood, California. After much discussion, my client did agree to fight for the property and did offer the "asking price " in the counter-offer she was provided. Unfortunately, my client who is a doctor with excellent credit did not succeed here because the other buyer offered over asking and with ALL CASH. In this case the "all cash" was a plus since the accepted price may not have appraised.
If you are a buyer and do not wish to compete in this manner then consider homes that have been on the market for over 100 days and those homes that are also over-priced. Here you will most likely be the only interested party and will have the time to perhaps negotiate a great deal.
Think about it. If you wish to discuss this more, feel free to call me.
Connie De Groot
Coldwell Banker - Los Angeles
http://www.conniedegroot.com/
Just last week, I took out a buyer to see a new listing. There were over 50 people that came to the open house and that was amazing since the open house was not even advertised! We wrote an offer the next morning on that property but found out that the agent already received 3 other offers! I had a difficult time explaining to my client, who was also a first-time buyer, that she had to rush and to fight for this property. Most buyers think that this is their market and are surprised and angry to experience something reminiscent of a few years ago.
My client couldn't believe that someone would pay "asking" in this market and I understood her confusion because looking at current sales in the building, the asking price could have been a little high! So why did these buyers rush to make offers? This is what many do not quite understand. The reason is that the current supply of properties also effects the results. In this case, this property, according to recent sales in the building, may have been a little high, but considering the existing inventory, it looked like a DEAL. When I walked into the property I was equally amazed because I had seen nothing in the area that offered this much value. My buyer lost out on this property in Brentwood, California. After much discussion, my client did agree to fight for the property and did offer the "asking price " in the counter-offer she was provided. Unfortunately, my client who is a doctor with excellent credit did not succeed here because the other buyer offered over asking and with ALL CASH. In this case the "all cash" was a plus since the accepted price may not have appraised.
If you are a buyer and do not wish to compete in this manner then consider homes that have been on the market for over 100 days and those homes that are also over-priced. Here you will most likely be the only interested party and will have the time to perhaps negotiate a great deal.
Think about it. If you wish to discuss this more, feel free to call me.
Connie De Groot
Coldwell Banker - Los Angeles
http://www.conniedegroot.com/
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