Tuesday, May 1, 2007
Referrals and Recommendations on Resources...
Recently, I received an email from a blog reader who asked if I could give a recommendation for a moving company. One thing that I want to emphasize is that real estate agents and brokers are a GREAT source of recommendations for various services and needs. Just to give you an idea of the extent of my resource list, I can give recommendations on contractors, movers, inspectors, attorneys, asbestos abatement, bee hive removal, carpet cleaning, ceiling repair, chimney work, cleaning services, computer help, and the list goes on. So when that blog reader thought that a realtor was a good place to turn for a recommendation, well he was absolutely correct. Feel free to contact me should you ever need a good name for a particular service. Chances are that I have someone on my resource list who I could refer you to.
Monday, April 30, 2007
Woodbine Street Tree Planting and Block Party
Seems like everything went off without a hitch! Unfortunately, I wasn't able to attend much of the event, but all the trees look great and I hear that a lot of people were having fun. Stay tuned for some photos of the event.
Wednesday, April 25, 2007
Fast Facts
Below are some facts about the housing market in California, courtesy of California Association of Realtors (CAR):
Calif. median home price March 07: $580,090
Calif. highest median home price by C.A.R. region March 07:
Santa Barbara So. Coast $1,200,000
Calif. lowest median home price by C.A.R. region March 07:
High Desert $320,830
Mortgage rates - week ending 4/19:
30-yr. fixed: 6.17%; Fees/points: 0.5%
15-yr. fixed: 5.89%; Fees/points: 0.5%
1-yr. adjustable: 5.45%; Fees/points: 0.7%
(Source: Freddie Mac)
Statewide, the median home price increased 3.2 % from March 06. Look for a blog post with this kind of information pertinent to our local community.
Calif. median home price March 07: $580,090
Calif. highest median home price by C.A.R. region March 07:
Santa Barbara So. Coast $1,200,000
Calif. lowest median home price by C.A.R. region March 07:
High Desert $320,830
Mortgage rates - week ending 4/19:
30-yr. fixed: 6.17%; Fees/points: 0.5%
15-yr. fixed: 5.89%; Fees/points: 0.5%
1-yr. adjustable: 5.45%; Fees/points: 0.7%
(Source: Freddie Mac)
Statewide, the median home price increased 3.2 % from March 06. Look for a blog post with this kind of information pertinent to our local community.
Foreclosures and California...
It seems that people are talking a lot about foreclosures in California, but nobody really is aware of the statistics and the current effect on the local markets.
Q: Why has there been more talk about foreclosures lately?
A: Recently, the number of Notices of Default (NODs) has been increasing. A Notice of Default is given by the bank when the homeowner is behind on mortgage payments, and this is the first step in the foreclosure process. Statewide, the first quarter 2007 default level (46,760 NODs) was the highest since second quarter 1997 (47,912 NODs). The first quarter 2007 NODs was up 148% from first quarter 2006 NODs, and up 23% from the last quarter of 2006.
Q: What areas have the highest and lowest likelihood of mortgages going into default?
A: Highest likelihood of entering default is occuring in Riverside, Sacramento, and Contra Costa Counties. Lowest likelihood of going into default is occuring in San Francisco, Marin, and San Mateo Counties.
Q: Why are Notices of Default increasing?
A: The loans going into default were made during a time when appreciation rates were high and subprime lending was commonplace. Many people were taking advantage of adjustable rate mortgages, which have a low teaser introductory rate that resets after a predetermined period of time. Thereafter, the rate will increase and cause loan payments to increase accordingly. The ultimate result is that people cannot afford to pay the mortgage and ultimately go into default.
Q: How is Los Angeles affected?
A: Here are the numbers--The number of default notices in Los Angeles County during first quarter 2007 was up 110% from first quarter 2006. 8,843 notices were given.
Q: How does this compare to other times when defaults were high?
A: The number of default notices in Los Angeles County is 60 % LOWER than the peak in 1996, indicating the severity of the 1996 recession as well as strength in todays market.
Q: How has all of this affected home prices?
A: So far, the effect on today's market is negligible, according to DataQuick. DataQuick is the company who has analyzed all the defaults and you can learn more by visiting their website.
Also, I have not noticed a lot of foreclosures on the Westside. Prices continue to increase, and the Westside real estate market always tend to deviate from national, and even regional, trends.
Q: Why has there been more talk about foreclosures lately?
A: Recently, the number of Notices of Default (NODs) has been increasing. A Notice of Default is given by the bank when the homeowner is behind on mortgage payments, and this is the first step in the foreclosure process. Statewide, the first quarter 2007 default level (46,760 NODs) was the highest since second quarter 1997 (47,912 NODs). The first quarter 2007 NODs was up 148% from first quarter 2006 NODs, and up 23% from the last quarter of 2006.
Q: What areas have the highest and lowest likelihood of mortgages going into default?
A: Highest likelihood of entering default is occuring in Riverside, Sacramento, and Contra Costa Counties. Lowest likelihood of going into default is occuring in San Francisco, Marin, and San Mateo Counties.
Q: Why are Notices of Default increasing?
A: The loans going into default were made during a time when appreciation rates were high and subprime lending was commonplace. Many people were taking advantage of adjustable rate mortgages, which have a low teaser introductory rate that resets after a predetermined period of time. Thereafter, the rate will increase and cause loan payments to increase accordingly. The ultimate result is that people cannot afford to pay the mortgage and ultimately go into default.
Q: How is Los Angeles affected?
A: Here are the numbers--The number of default notices in Los Angeles County during first quarter 2007 was up 110% from first quarter 2006. 8,843 notices were given.
Q: How does this compare to other times when defaults were high?
A: The number of default notices in Los Angeles County is 60 % LOWER than the peak in 1996, indicating the severity of the 1996 recession as well as strength in todays market.
Q: How has all of this affected home prices?
A: So far, the effect on today's market is negligible, according to DataQuick. DataQuick is the company who has analyzed all the defaults and you can learn more by visiting their website.
Also, I have not noticed a lot of foreclosures on the Westside. Prices continue to increase, and the Westside real estate market always tend to deviate from national, and even regional, trends.
Thinking about buying a house? Where do I start?
Most weekends, I hold open houses across the Westside, and many people come through browsing to get a feel for what their money can buy. More often than not, many people walk into a place that is not suited to their needs, and end up spinning their wheels and only see a "good" place now and then. This is where the real estate agent comes in and makes life easier.
When you start thinking about buying, do your research and use a realtor to learn the state of the market. Have prices been increasing, decreasing, or steady? Should I wait or buy now? Your realtor can help you answer these questions.
Now you have made the decision that you want to start looking for a place to buy. THE VERY FIRST THING YOU SHOULD DO IS TALK TO A LENDER AND GET PRE-APPROVED!!!! Why?
When you start thinking about buying, do your research and use a realtor to learn the state of the market. Have prices been increasing, decreasing, or steady? Should I wait or buy now? Your realtor can help you answer these questions.
Now you have made the decision that you want to start looking for a place to buy. THE VERY FIRST THING YOU SHOULD DO IS TALK TO A LENDER AND GET PRE-APPROVED!!!! Why?
- For one, you need to know how much you can afford to buy. Many people think they know what they can afford. Unfortunately, if you can't get approved for that price point, then you are out of luck when you want to buy that pricey home. Your realtor uses your pre-approval to streamline the search and only focus on properties within your price range.
- When you find the property you want to buy, you have a designated period of time to prove to the seller that a lender has pre-approved you for a loan that can cover the price. If you can submit proof that you have pre-approval with an offer, it makes for a stronger offer. Some buyers take offense to their realtor requesting the client to obtain a pre-approval before taking them to see properties. I believe my clients, but the sellers don't believe anything until they see it in writing, and the sellers are the people who need to be convinced!
Now that you have the pre-approval out of the way, you consult with your realtor and tell him or her the location and type of property you want to be living in. LET YOUR REALTOR DO THE WORK FOR YOU!!!! Your realtor should be previewing properties to narrow down the search, and should only be taking you to properties that come close to your likes. Otherwise, what is the point of having a realtor?!?! Also, let your realtor know if he or she is on target with the places you are seeing. It is ok to communicate your reactions with your realtor so that they can do a better job next time. Eventually, you and your realtor locate the right property, and you then write an offer to purchase the house. This is where the fun begins, and I will save the escrow process for another blog entry.
Happy house hunting!
Wednesday, April 18, 2007
Block Party and Tree Planting Schedule
Come to Woodbine Street between Overland Avenue and Glendon Avenue to take part in the Woodbine Street First Annual Block Party and Tree Planting event. The following lays out the schedule for the day, and below you can find more details about the event. Please join and feel free to email me if you have any further questions!
7:00 – Street closure
7:30 – Woodbine Street organizers arrive and table set up
7:30 – Tree and Tool Distribution
7:30-8:45 – Set up AM volunteer food
8:45 – 12:00 – Tree Planting
8:45 – Morning Volunteer Check - In
10:00 – Yard Sale set up
10:30 – Vendors set-up time
11:00 – Afternoon Volunteer Check-In
11:30 – Set up PM volunteer food and tables
11:30 – Block Party begins
11:30 – DJ Begins
11:30-12:30 – Tree Clean up
12:00 – Lunch for volunteers
12:30 – Representatives Speeches (Councilman Weiss, Palms NC, Mar Vista CC)
1:00 – Doggie Parade
1:00 – First Raffle
1:30 - Relays
1:30 – Second Raffle
2:00 – Third Raffle
2:30 – Fourth Raffle
3:00 – Big Raffle Prize!
3:00 – Event ends
3:00 – 4:00 – Event Clean up
7:00 – Street closure
7:30 – Woodbine Street organizers arrive and table set up
7:30 – Tree and Tool Distribution
7:30-8:45 – Set up AM volunteer food
8:45 – 12:00 – Tree Planting
8:45 – Morning Volunteer Check - In
10:00 – Yard Sale set up
10:30 – Vendors set-up time
11:00 – Afternoon Volunteer Check-In
11:30 – Set up PM volunteer food and tables
11:30 – Block Party begins
11:30 – DJ Begins
11:30-12:30 – Tree Clean up
12:00 – Lunch for volunteers
12:30 – Representatives Speeches (Councilman Weiss, Palms NC, Mar Vista CC)
1:00 – Doggie Parade
1:00 – First Raffle
1:30 - Relays
1:30 – Second Raffle
2:00 – Third Raffle
2:30 – Fourth Raffle
3:00 – Big Raffle Prize!
3:00 – Event ends
3:00 – 4:00 – Event Clean up
Woodbine Street Tree Planting and Block Party
I recently received a flyer that was advertising the Woodbine Street Tree Planting and Block Party, and I wanted to help promote the event. On Saturday, April 28, 2007, the neighbors and residents of Woodbine Street, will host a family-friendly block party for the entire community. Inspired by their desire to get involved and to get to know their neighbors, they are organizing the first annual Woodbine Street Block Party! They are also inspired by the Mayor’s Million Trees LA campaign and will commemorate the event with generously donated trees from LADWP and TreePeople for plantings that will beautify Woodbine St. between Overland Avenue and Glendon Ave.
This event is completely organized by a diverse group of neighborhood volunteers. The vast majority live on Woodbine Street between Overland and Glendon Avenues. However, TreePeople, and other organizations, are providing outside volunteers for the tree planting event to make this project successful.
The benefits of a community block party that is inclusive of and embraces all people would be memorable and priceless, but they need your help to make it happen. Anything that you can donate or provide in the way of in-kind donations for the block party and tree planting will be genuinely appreciated. They will make sure to mention your generosity to the community and at the event. They especially need food and drinks for the volunteers (breakfast and lunch items for the day of the party are especially important). They also need donations in the form of refreshments, raffle prizes, money donations (for tree planting and rentals such as bouncer, canopies, etc.), decorations, and any other donations that you can think of.
If you have any questions about the Block Party, please feel free to call me or email me. You can also contact Manuel Huerta at manuel@sparcmurals.org. If you are a vendor, please also let us know if you would like to reserve a table from 10:30am-3pm on the day of the event.
This event is completely organized by a diverse group of neighborhood volunteers. The vast majority live on Woodbine Street between Overland and Glendon Avenues. However, TreePeople, and other organizations, are providing outside volunteers for the tree planting event to make this project successful.
The benefits of a community block party that is inclusive of and embraces all people would be memorable and priceless, but they need your help to make it happen. Anything that you can donate or provide in the way of in-kind donations for the block party and tree planting will be genuinely appreciated. They will make sure to mention your generosity to the community and at the event. They especially need food and drinks for the volunteers (breakfast and lunch items for the day of the party are especially important). They also need donations in the form of refreshments, raffle prizes, money donations (for tree planting and rentals such as bouncer, canopies, etc.), decorations, and any other donations that you can think of.
If you have any questions about the Block Party, please feel free to call me or email me. You can also contact Manuel Huerta at manuel@sparcmurals.org. If you are a vendor, please also let us know if you would like to reserve a table from 10:30am-3pm on the day of the event.
Subscribe to:
Posts (Atom)
