THE MARKET AWAKENS

Nothing stays the same forever, especially the real estate market.  Just like the stock market, what goes up eventually comes down and so goes

the circle of life. 

This month we've seen some great improvement in South Bay home prices.  We're slowly moving away from the Foreclosures and Short Sales (although we still may see more to come from the "shadow inventory" some of the banks are holding.)  Meantime, we're holding our breath - anticipating a interest rate hike - long overdue.  A lot of folks are still not convinced that now is the time to roll out their plans for moving into bigger homes or selling the family home which they've outgrown for something more manageable.  I suggest that NOW is the time to start moving forward.  We have a perfect blend - lowest interest rates in history accompanying comparatively modest home prices.  If you are trading up, the money you save on your "up leg" will more than make up for any lag in increased value for your present home.  It's all numbers. 

I'm sending out Market Update Profiles to all my clients over the next few months.  If you're not in my current database, call me and I'll do the same for you.  My job has always been to provide information so you can make an intelligent informed decision.  That starts with looking at the big picture and narrowing it down to how it will play into your life and family plans.  My husband teases me with my own mantra ... if you fail to plan you plan to fail!  We are now in a transitioning market.  Take advantage of the window and watch how these changes play into your goals and dreams. 
Of course, I can help you visualize and project whatever you have in mind.  Then when you're ready to move forward, I can help you make it all happen.  That's my job - your Real Estate Consultant For Life and all it brings...

Meantime, I have a little girl looking for a "forever" home.  She's a sweet 4 year old English Bulldog.  She plays with all my dogs (and cats) and has taken up a post as the best watchdog ever to earn her keep.  She needs someone who will walk her (she loves walks) and give her some attention (not that much but a little.)  She will return those favors ten fold.  Let me know if you or someone you know would like to adopt this wonderful companion pooch.  It's good Karma you know - doesn't hurt to pay it forward. 

Have a great month and please feel free to call me with any of your real estate questions. I'm here to help. 

Charlie :)
Team South Bay Realty
24214 Hawthorne Blvd. Suite B
Torrance, CA 90505
310-378-4440

RED FLAGS

Today, buyers are looking for a Great Deal.   Sometimes we forget that a great deal is about a lot more than just the price.  So many of our distressed properties today (those in foreclosure or involving short sales) have not been maintained for quite a while.  Think about the homeowner who can't afford to pay the mortgage payment.  Do you think this homeowner is being diligent about the maintenance?   So, here are just a few RED FLAGS to look for when choosing a "smoking buy" in today's market ...

RED FLAGS

 Steep slopes (especially of concern in areas of periodic heavy rains and in areas sloped to create subdivisions, which have resulted in many landslides.)

Floors that appear unlevel

Cracks in the foundation, walls, or ceilings

Doors and door casings which are not square to each other

Water stains on walls or ceilings

Smell of dampness in structure

Apparent additions or structure modifications

(were additions or modifications done under a valid building permit?)

 Presence of an oil heating system or evidence of a prior oil heating system

Soft floors in an area such as a bathroom or kitchen

Evidence of poor caulking in tub/shower surround areas

Use of manufactured siding

Gas or oil furnaces that show yellow flames

Evidence of water stains on crawl space piers, footings, or walls

Evidence of crumbling concrete foundation walls (often, older homes in California were built with sand that contained a great deal of organic material. This material over time breaks down and simply leaves the foundation concrete in a deteriorated state)

Evidence of standing water on a property

 

When I am showing a home to one of my buyers, while they are looking at the floorplan and the backyard and the upgraded kitchen, I'm looking for signs on my "Red Flag" list.  Better to find these problems before we close the escrow than having to deal with the headache and expense of curing or repairing after close.  I have several very good Home Inspection Companies that I highly recommend.  If you are thinking about buying a home in this market with over 50% distressed home inventory, call me first.  Even if you are using another Realtor (which I certainly hope you are not) you will still need a very good home inspector.  It doesn't hurt to have more than one set of eyes examining the home before you pay for the inspection either!  (That would be mine and yours first of all.)  It pays to know what you're buying or know exactly what you are paying before you commit.  Call Your Real Estate Consultant For Life!

You'll be glad you did...

Charlie & Dyna  

 

 

OWE MORE ON YOUR HOME THAN IT'S WORTH? GOOD NEWS!

If you owe more on your home than it's worth, I have some good news for you! No Short Sale Deficiencies: Starting January 1, 2011, a seller's first trust deed lender cannot obtain a deficiency judgment against the seller after a short sale. Providing written consent to a short sale shall obligate the first trust deed lender to accept the sales proceeds as full payment and discharge of the remaining amount owed on the loan. This law applies to first trust deeds secured by one-to-four residential units, but does not limit the lender from seeking damages for fraud or waste by the borrower. Senate Bill 931. Governor Schwarzenegger vetoed Senate Bill 1178, our sponsored bill, which would have extended California's anti-deficiency protection to refinance loans.

If you owe more than your home home is worth and don't know what to do, call me, I can help! You can also check out my Short Sale Website for answers to some common questions in today's market.

As we near the Holiday season for 2010, please start thinking about ways to help some of our South Bay families in need this year. Although we are blessed to have fewer foreclosures and homeless families than most areas in the county, we still have friends and neighbors in need. If you have a request for your neighbor or friend, let me know. We are starting to collect Holiday Gifts for kids and food bank supplies for families. If you can contribute, please call and I will pick up. If you or a friend or neighbor needs help please let us know. We are here to support our community in any way we can!