Thursday, April 30, 2009

Home owners - Is now the time to move up?

Current home owners are asking themselves - is now a good time to move up? Many are considering a move sooner rather than later.

What are some reasons for making that move right now?

1. Low interest rates
2. Increased supply of homes on the market so you can find your next home
3. Lower home prices will mean you spend less for your next home
4. Home buyers are in the market. Well-priced homes are selling. Yours can too.

Even with the price of your current home being affected by today's real estate market, many are seizing the opportunity to get into their next (dream) home now! Some are selling now, and then choosing to rent and take a "wait and see" approach.

Whatever your strategy, the opportunities are out there!

Sunday, April 26, 2009

4611 Vineta Avenue, La Canada Flintridge, CA 91011 - home for sale




Video of Fran and Rowena listing. Wonderful four bedroom home on desirable street in La Canada Flintridge. Grounds include fenced pool, fruit trees and grassy lawn.

For additional information, a color brochure or a confidential appointment to see this property, please call Fran and Rowena of Dilbeck Realtors at (818) 952-0077.

Dilbeck Realtors is independently owned and operated. Information deemed reliable, but not guaranteed.

Friday, April 24, 2009

New Single Family Home Sales Down

The U.S. Census Bureau and the Department of Housing and Urban Development have released the March 2009 statistics for new, single-family home sales nationwide. The number of sales was 356,000 (on an annual adjusted basis), reflecting a .6% downturn over February's 358,000 number. However, on a year-over-year basis, the 2009 number was approximately 30.6% less than March 2008.

As for the median home price? The press release stated "The median sales price of new houses sold in March 2009 was $201,400; the average sales price was $258,000."

To read the press release (PDF file): March new home sales



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Thursday, April 23, 2009

Nationwide Existing Home Sales Down

The National Association of Realtors® is reporting that existing home sales fell slightly during the month on March. The numbers show that existing home sales "...declined 3.0 percent to a seasonally adjusted annual rate of 4.57 million units in March from a downwardly revised level of 4.71 million in February, and were 7.1 percent lower than the 4.92 million-unit pace in March 2008."

Interesting ... especially due to the activity in the distressed real estate market (translation: foreclosures, REOs, short sales - read our prior post about Foreclosure Sales Up) Our guess - buyers are tiring of the downside to these distressed sales (read: Washington Post: Foreclosure Sales Stalled by Red Tape and our prior post about Two Real Estate Markets).

And, the report on home prices? NAR says "Although prices rose from February to March, the national median existing-home price for all housing types was $175,200, down 12.4 percent from March 2008. The price increase from February to March was 4.2 percent, which is much higher than the typical 1.8 percent seasonal increase between those two months. Distressed properties, which accounted for just over half of all transactions in March, typically are selling for 20 percent less than traditional homes."

To read more: NAR existing home sales March



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Wednesday, April 22, 2009

California Foreclosure Sales UP

Much to no one's surprise, sales of foreclosures in the first quarter of 2009 were up nationwide. RealtyTrac® reports that "...foreclosure filings — default notices, auction sale notices and bank repossessions — were reported on 803,489 properties in the first quarter, a 9 percent increase from the previous quarter and an increase of nearly 24 percent from Q1 2008. One in every 159 U.S. housing units received a foreclosure filing during the quarter."


Nevada led the way in the first quarter "...with one in every 27 housing units receiving a foreclosure filing — more than five times the national average." Closer to (our) home, California was not far behind with "...the nation’s third highest state foreclosure rate, with one in every 58 housing units receiving a foreclosure filing."



You might have read one of our prior blog posts from March 5 - Two Real Estate Markets.


To read more: RealtyTrac press release

Tuesday, April 21, 2009

California Dept of Real Estate Gone?

Have you heard about California Assembly Bill 33 (AB33)? It is sponsored by California Assemblyman Pedro Nava. He describes on his official website that the bill "Combines the Department of Financial Institutions, Department of Corporations and Department of Real Estate into the California Department of Financial Services into a one stop shop regulator providing clarity for licensees and increased consumer protections".

The Bill is to be considered by Assembly Business and Professions Committee on April 28th. The California Association of Realtors has come out in opposition to the Bill.

Governor Schwarzenegger's statement is here: Governor Schwarzenegger Press Release on AB 33

We'll be watching next week.

Monday, April 20, 2009

4413 Shepherds Lane, La Canada Flintridge, CA 91011 - home for sale



Video of Fran and Rowena listing. Lovely estate property nestled in Descanso Gardens area of La Canada Flintridge. Premier amenities.

For additional information, a color brochure or a confidential appointment to see this property, please call Fran and Rowena of Dilbeck Realtors at (818) 952-0077.

Dilbeck Realtors is independently owned and operated. Information deemed reliable, but not guaranteed.

Tuesday, April 14, 2009

Free Home Buyer's Fair

If you are in the Los Angeles area this coming weekend, there is a free home buyer's fair being held at the Los Angeles Convention Center on Saturday, April 18 and Sunday, April 19. Sponsored by the Los Angeles Times and the California Association of Realtors®, there will be a lot of information available.

For additional information, the official website is here: 2009 Home Buyer's Fair

Wednesday, April 08, 2009

California Real Estate Property Taxes

Important information for California homeowners!

The second installment of California property taxes become delinquent if not paid by April 10 at 5 pm, or close of business day, whichever is later.

Read (PDF document): 2009 Property Tax Calendar

For additional information, there is a PDF document from the California State Board of Equalization here: California property tax Publication 29

For a list of County Assessors, go here: California County Assessors

As background, California property taxes are divided into two halves, based on the July 1 to June 30 fiscal year:

First half covering the July 1 to December 31 period are due on November 1 and delinquent if not paid before December 10th at 5 pm

Second half covering the January 1 to June 30 period are due on February 1 and delinquent if not paid before April 10 at 5 pm.

Friday, April 03, 2009

Second Week of Lower Mortgage Rates

Yes, mortgage rates are still feeling the pinch of the economy. National statistics indicate an increase in home purchases (read: National Association of Realtors - pending home sales increase in February), however we are hearing from home buyers that they are looking for value, and many are on the sidelines for personal reasons. Among the reasons we are hearing are job insecurity, waiting for the "bottom", working to improve their credit rating and to save more money to meet lender loan requirements.

Bankrate.com reports that for the second week in a row, mortgage rates are at a record low (dating from when Bankrate.com started their rate survey). As reported, "The average 30-year fixed-rate dropped 6 basis points, to 5.13 percent...One year ago, the 30-year fixed was 6.12 percent; four weeks ago, it was 5.41 percent."

Read more about current rates here: Bankrate.com April 2 interest rate roundup

Thursday, April 02, 2009

New California Mortgage Protection Program

As of Thursday, April 2, California home buyers will have a new mortgage protection program. The C.A.R. Housing Affordability Fund Mortgage Protection Program provides an "Insurance Policy" for "...involuntary unemployment and accidental death & disability coverage...", covering a primary residence only.

The qualifications for the new program are:
· Be a first-time home buyer – someone who has not owned a home in the last three years.
· Open escrow April 2, 2009, or later, and close on or before December 31, 2009
. Use a California REALTOR® in the transaction
· Purchase the property in California
· Be a W-2 employee (cannot be self-employed or military personnel)

There are more specific qualifications, terms and conditions are on the Application, which can be found here (pdf document): C.A.R. Housing Affordability Fund Mortgage Protection Program

You should know that funds for this program are limited and "Applications will be reviewed and Insurance Policies will be awarded on a first come, first served basis until Program funds are depleted or until HAF discontinues the Program, whichever occurs first."