24 August 2010

Three Reasons to Buy a Home Now

Stocks are up 50 percent from the March 2009 bottom. Some commodities have risen dramatically. The only asset class left in the cellar is real estate, says Michael Murphy, editor of the New World Investor stock newsletter.
As a result, Murphy is advising investors to buy now for these three reasons:
• Desperate sellers: Both home owners and lenders are eager to unload a flood of foreclosed and underwater properties. Buyers with the patience to push through these complex deals can save a bundle.
• Little competition. Because most people don’t have what it takes to negotiate their way through short sales and REOs, patient investors are winners.
• Low rates. Mortgage rates are at their lowest level in 40 years. If you believe inflation is inevitable, lock in now.

Source: MarketWatch, Michael Murphy (08/19/2010)

19 August 2010

This just in...Price Reduction!

3544 E. Harvard Court...just reduced to $159,500.
Build the home of your dreams in one of Visalia's most desirable gated subdivisions, Bonaventure.

Interested?  Give me a call, 310.500.8300...I look forward to hearing from you!

Very sincerely,

17 August 2010

The Benefits of Getting Pre-Approved

When you’re beginning your home search, you might be tempted to jump right into scouring the market for that dream home, figuring that you’ll worry about the loan once you find the house you want.
However, you put yourself in a much stronger position if you get pre-approved for a home loan before you start your home search. 
Here are three benefits to getting a pre-approval first:
  1. More Effective Searching: once you know how much you’re approved to borrow, you know precisely what you can afford.  This helps you save time and energy – and helps manage your expectations – when you can narrow your search to specifically that range of homes that fit within your price range.
  2. Stronger Position for Negotiating: you make yourself much more attractive to sellers when you come to them when you have a pre-approval in hand showing that you can, indeed, afford to buy their home.  You can come across as being a more serious buyer compared to others that may also be interested in the same property, which puts you at an advantage to getting the home that you want.
  3. Peace of Mind: there’s not much worse than falling in love with a home and then find out that you’re not approved for the amount that you were expecting.  Getting pre-approved before you begin your home search will put you at ease knowing that you know exactly what you can afford and what houses fit those needs.
Interested in getting started with the Pre-Approval process?  I would be happy to put you in contact with a reputable Mortgage Broker.  They are people I trust will give you and honest and accurate assessment of the market and your options.

This information is courtesy of my friend John Ciolino at First Capital Mortgage in Los Angeles.

12 August 2010

Mortgage Rates Hit Low of 4.44%

WASHINGTON — Mortgage rates sank to the lowest level in decades this week, pushed down by the weak economy and the Federal Reserve's move to help lift the recovery by purchasing government debt.

Mortgage buyer Freddie Mac says the average rate for 30-year fixed loans this week was 4.44 percent, down from 4.49 percent last week. That's the lowest since Freddie Mac began tracking rates in 1971.

The average rate on the 15-year fixed loan dropped to 3.92 percent, down from 3.95 percent last week and the lowest on record.

Rates have fallen since spring and the government's July jobs report has investors worried about the country slipping back into recession. They are shifting more money into the safety of Treasury bonds, lowering their yields. Mortgage rates tend to track those yields.

And the Federal Reserve is pushing those yields down even further. The central bank said Tuesday it would buy Treasurys to help aid the recovery, using the proceeds from debt and mortgage-backed securities it bought from Fannie Mae and Freddie Mac.

That move alone will not be enough to push average rates down to 4 percent, said Bob Walters, chief economist at Quicken Loans. But rates that low are still a possibility if the economic outlook worsens even further. If investors became convinced that a renewed recession is likely, they would move even more money away from stocks and into bonds and mortgage debt. That would send rates down further.

"The silver lining to a bad economy is that interest rates fall," Walters said. "If you can lower your debt burden by refinancing, that's great."

Low rates have failed to spark home sales, which have plummeted this summer as the economy remains weak and credit standards stay tight. Applications to refinance home loans have grown but remain well short of a massive refinancing boom.

Overall home loan applications rose only 0.6 percent last week from a week earlier, the Mortgage Bankers Association said Wednesday.

To calculate the national average, Freddie Mac collects mortgage rates on Monday through Wednesday of each week from lenders around the country. Rates often fluctuate significantly, even within a given day.

Rates on five-year adjustable-rate mortgages averaged 3.56 percent, down from 3.63 percent a week earlier. Rates on one-year adjustable-rate mortgages fell to an average of 3.53 percent from 3.55 percent.

The rates do not include add-on fees known as points. One point is equal to 1 percent of the total loan amount. The nationwide fee for loans in Freddie Mac's survey averaged 0.7 a point for all loans except for 15-year mortgages, which averaged 0.6 of a point.

Copyright 2010 Associated Press. via Los Angeles Times, Business Section

06 August 2010


Mortgage Rate Falls Under 4.5 % !

Freddie Mac reports that long-term mortgage rates moved south again this week.

Interest on 30-year fixed loans hit a new low of 4.49 percent, compared to 4.54 percent last week and 5.22 percent a year ago; and the 15-year mortgage landed at 3.95 percent, down from 4 percent last week and 4.63 percent a year ago.

Five-year adjustable-rate mortgages reached a new low of 3.63 percent, down from 3.76 percent last week and 4.73 percent a year ago; while one-year ARMs fell to 3.55 percent from 3.64 percent last week and 4.78 percent a year ago.

Interested in taking advantage of these record low rates?  Contact me, and I would be happy to refer you to someone who I trust will give you an honest and accurate assessment.

Wishing you a wonderful weekend!!

Very sincerely,

Source: The Wall Street Journal, Amy Hoak and Nick Timiraos (08/06/10)

02 August 2010


To kick off the month of August.....the "DEAL OF THE WEEK" is:

916 East Chestnut

Located in Southeast Visalia, this home is a remarkable deal.  Get into this game and into this picturesque neighborhood (Kensington Manor) for $189,000 (that's $97/square foot).

This property is just under 2000 square feet, and has 3 bedrooms, 2 bathrooms, a bonus room (perfect for an office or study) AND a 3 car garage.  Large landscaped backyard...with plenty of room for a pool someday.

Interested?  Call me for your private showing today.

Looking?  I'd love the opportunity to find a deal that works for you.

Until next time.....stay cool.

Very sincerely,