Tuesday, May 26, 2009

Home Prices Continue Decline Nationally

The Standard and Poors Case-Shiller Index report through March, 2009 was released today. The report states that "...the U.S. National Home Price Index continues to set record declines".

Metropolitan areas recorded a year-over-year decline of slightly more than 19% for the first quarter. Record monthly declines were noted in Minneapolis, Detroit and New York.

On the flip side, there were some metropolitan areas that recorded improved statistics year-over-year, or when looking at the statistics compared with the month of February, 2009.

To read the press release from Standard and Poors, go here: Case-Shiller Home Price Indices (Note: This is a PDF document)

Learn more: Read about the Case-Shiller Home Price Index

Thursday, May 21, 2009

Unclaimed Property and Money

Who knew after we posted a link on Facebook last night to search for unclaimed property that there would be such a reaction? To our surprise we found money for our family members, and now several friends and clients have told us that they have found money and property (a safe deposit box) too!

So, we thought we would share it with our friends who read this blog.

While it's not "real estate", it is "property" ... so allow us the latitude, please.

There may be money or property for you - just waiting to be claimed! In the state of California, you can search for unclaimed property here:
California unclaimed property search

We used the "individual search" function and started by putting only a last name. When there were too many results, we put only the first initial of the first name (in case there were any derivatives of the first name).

Other states have similar searches. Put "unclaimed property search" + (state name) in your search bar to find the link and start searching!

Let us know if you find money or property! Send us an email: blog(at)lacanadarealestate.com

Thursday, May 14, 2009

Five Tips for Buying a Foreclosure

We've been working with a number of home buyers whose home of choice happens to be a bank-owned property. Yes, it has been interesting ... walking into a home and finding an empty room where the kitchen should be, or finding rooms with missing light fixtures, etc.

But, for some the property they want to call "home" is part of the "distressed" sale market. And, with this type of property/seller, it can be quite a different transaction.

Here are five tips for buying a foreclosure:

1. Be patient. The banks work on their own time frame, and this does not include weekends or evenings. Most have files and offers stacked up, and are trying to get through them as quickly as possible. The banks don't want the properties on their books any longer than they have to.

2. Do your due diligence. There are fewer disclosures on bank-owned property, and as such, the risk is with the buyer. Have inspections so that you are comfortable with your level of knowledge about the property condition. Some lenders will provide a termite inspection/clearance, some will not. If not, consider paying for one yourself. Inspect - inspect - inspect.

3. Know your budget. Yes, bank-owned properties are generally below "market" value. However, we are seeing multiple offers on these properties, with the eventual sales price going for more than asking. When you combine the increased sales price, the amount of money you spend on inspections, and then include necessary repairs (that are funded with cash out of pocket) ... make sure the property really does fit your budget.

4. Pick yourself up and do it again. You may not get the first property you make an offer on - or the second - or the third. If your offer is not selected, then move on to another property. There are more homes coming on the market every day.

5. Use a real estate agent. Using a real estate agent will give you access to the greatest number of homes; and with their professional guidance and expertise, will help you succeed in today's real estate market.

Sunday, May 03, 2009

Housing Market Opens Up in Spring

Real estate is blooming this spring as reported in five markets - Los Angeles, Las Vegas, Nevada; Greenville, South Carolina; Sarasota, Florida; and Myrtle Beach, South Carolina.

While many news stories are about the downturn in sales and prices, these local experts are reporting brisk home buying traffic and increased optimism about this year's real estate sales. Low prices and favorable interest rates are attracting buyers, in addition to incentives.

Read more about these five spring real estate markets here: Buyers Spring Back into Favorite Real Estate Markets

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Friday, May 01, 2009

787 Starlight Heights Drive, La Canada Flintridge, CA 91011 - home for sale



Video of Fran and Rowena listing. Three bedroom townhome on cul-de-sac near La Canada Country Club. Lovely patio and gardens with golfcourse and mountain views.

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.